Announcement • Apr 23
Q-Gold Resources Ltd. Receives U.S. Forest Service Approval for Angel’S Camp Exploration Program At Quartz Mountain Gold Project
Q-Gold Resources Ltd. had received approval from the United States Forest Service for its Angel's Camp exploration program at its Quartz Mountain gold project, located on National Forest System land in Oregon, USA. The geochemical soil sampling program is anticipated to allow the company to systematically evaluate what is believed to be the very prospective Angel’s Camp target area across approximately 2,660 acres and generate high-quality data to prioritize future drill targets. Combined with the anticipated approval from the United States Forest Service of the Quartz Mountain drilling plans, the company is well-positioned to execute a comprehensive summer and fall 2026 exploration and technical drilling program in preparation for the initiation of the Quartz Mountain feasibility study. The Quartz Mountain Gold Project is situated on National Forest System land administered by the United States Forest Service in Oregon. The Quartz Mountain Gold Project consists of two primary areas: Angel's Camp and Quartz Mountain. Q-Gold Resources Ltd. has submitted exploration authorization applications to the United States Forest Service for both target areas, and the company is now confirming that the Angel's Camp upcoming exploration activities have been formally approved. The Angel's Camp exploration program will focus on a comprehensive geochemical soil sampling campaign designed to systematically sample the project area and identify gold anomalies for the prioritization of drill targets. This program has been authorized by the United States Forest Service and will cover approximately 2,660 acres, encompassing roughly half of the eastern portion of the Quartz Mountain Gold Project claim block known as Angel's Camp. The geochemical data generated through this program will be integrated with existing geological information to develop a prioritized drill target model, guiding the company’s subsequent drilling activities at the project. Q-Gold Resources Ltd. plans to initiate its summer exploration program at the Quartz Mountain Gold Project in late June 2026, with field activities continuing through the summer and into the fall. The program is designed to advance both the Angel's Camp geochemical survey and, pending United States Forest Service approval of the Plan of Operations, the Quartz Mountain metallurgical, density, hydrology, geotechnical and exploration drilling program, as the company progresses towards a feasibility study respecting the project. Results from both programs will be reported as they become available, and the company looks forward to providing ongoing updates as exploration advances. The Quartz Mountain Gold Project is located in Lake County, southern Oregon, and represents Q-Gold Resources Ltd.’s flagship asset. Acquired from Alamos Gold Inc. in Fourth Quarter 2025, the project is strategically situated in a historically productive gold district with excellent infrastructure access. Q-Gold Resources Ltd. recently published summary of economic results of its forthcoming preliminary economic assessment for the Quartz Mountain Gold Project. The principal highlights of the preliminary economic assessment were: After-Tax NPV (5%) of USD 1,710 million and After-Tax IRR of 55.2% based on a 24-month trailing average gold price of USD 3,265/oz — materially below current spot gold of approximately USD 4,800/oz, highlighting significant additional upside in the current gold price environment. Cash operating costs of USD 1,010/oz and All-In Sustaining Costs of USD 1,216/oz position Quartz Mountain competitively among North American gold projects. 14-year mine life with average annual gold production of 135,400 oz, peak annual production of 166,300 oz, LOM gold recovery of 79.6%, and a low strip ratio of 0.65:1. Initial capital of USD 290 million (including equipment taxes and working capital) delivering a rapid after-tax payback of 1.80 years. Quartz Mountain is situated in Lake County, Oregon, within the United States — a stable, supportive multi land use jurisdiction. Constructive relationships with the United States Forest Service, Oregon state government, and Lake County stakeholders provide the important social license and permitting momentum. The preliminary economic assessment confirms the technical and economic viability of the project and provides the foundation for the company to advance toward a Feasibility Study. Planned 2026 drilling and exploration programs will focus on metallurgical test work, resource expansion and infill to upgrade resource. The preliminary economic assessment will be made available on the company’s SEDAR+ profile and on the company’s website on or before May 23, 2026. The scientific and technical information contained in this news release has been reviewed and approved by Fred Brown, P.Geo., an independent consultant to the company, and Dr. Andreas Rompel, Vice President Exploration and a director of Q-Gold Resources Ltd., Pr.Sci.Nat., each a “qualified person” within the meaning of National Instrument 43-101 — Standards of Disclosure for Mineral Projects.
