GoldQuest Announces Results from Seven Holes Drilled at its Escandalosa Sur Gold Project, Dominican Republic: Includes 20.0 M...
January 11 2012 - 7:00AM
Marketwired Canada
GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") is pleased to announce assay results from the last seven holes
drilled in their recently completed Q4 drilling program at its La Escandalosa
Sur property, located in the southwest of the Dominican Republic. These seven
holes reported are part of the ten mineralized holes drilled in December 2011
for a total of 1,070 meters. Assays of the first three holes of the program,
were reported in a press release by the Company dated December 15th, 2011.
Drill results are located in the table below and all the holes were mineralized,
ranging from 14.0 meters grading 5.34 g/t in hole LTP-070 and 20.0 meters
grading 4.04 g/t gold in hole LTP-071 to 4.0 meters at 2.18 g/t in hole LTP-072.
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Inter-
ELEV DEPTH val Au
HOLE_ID EASTING NORTHING _M DIP _M From To (m) (g/t) SECTOR
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LA
ESCAN-
LTP-70 258597 2113945 1119 -90 105.16 46.00 60.00 14.00 5.34 DALOSA
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88.00 94.00 6.00 1.40
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LA
ESCAN-
LTP-71 258585 2114027 1102 -90 73.15 20.00 40.00 20.00 4.04 DALOSA
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LA
ESCAN-
LTP-72 258619 2114068 1087 -90 114.34 64.00 68.00 4.00 1.51 DALOSA
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96.00 100.00 4.00 2.18
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LA
ESCAN-
LTP-73 258726 2114128 1082 -90 153.92 75.33 82.00 6.67 2.33 DALOSA
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100.00 116.00 16.00 3.30
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LA
ESCAN-
LTP-74 258736 2114077 1090 -90 124.97 70.00 88.00 18.00 1.01 DALOSA
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98.00 110.00 12.00 0.83
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LA
ESCAN-
LTP-75 258676 2114074 1125 -90 124.97 85.78 102.00 16.22 5.50 DALOSA
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Include 88.00 99.68 11.68 7.51
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LA
ESCAN-
LTP-76 258526 2113971 1092 -90 54.86 12.00 24.00 12.00 6.80 DALOSA
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Julio Espaillat, Chief Executive Officer stated, "We are encouraged by the
results of this drill program in which every hole was mineralized with gold.
These results confirm our confidence in the gold potential of the 3.5 kilometers
long high chargeability, low resistivity and low magnetic ground geophysical
anomaly which has been drilled for less than one third of its length. It is the
Company's intention that the geophysical anomalies will continue to be drilled
in early 2012."
10 holes were drilled for a total of 1,070 meters. Samples from the altered and
mineralized section intercepted from holes LPT-070 to LTP-076, were prepared at
the ACME lab in Maimon and assayed at their laboratory in Chile. Goldquest
Quality Assurance and Quality Contol QA/QC can be viewed on our website at:
http://goldquestcorp.com/corporate/corporate-governance.html
The program tested lateral extensions of the known La Escandalosa Sur
mineralization and included confirmatory infill drilling of the same zone to
increase knowledge and drill density of the deposit. The location of the
drillholes can be found on our website at:
http://www.goldquestcorp.com/images/DrillHoles_NovDec2011_LE.JPG
GoldQuest's NI 43-101 compliant inferred resource at La Escandalosa Sur is 4.86
million tonnes grading 2.60 g/t gold (at 0.3 g/t gold cut off) and was posted on
SEDAR on November 16, 2010. The Company has also completed a drilling program at
the Hondo Valle mineralization, which is located 1,600 metres north of La
Escandalosa Sur, where the best drill hole returned 29.00 metres grading 2.18
g/t gold (hole LTP-065, see press release dated May 16, 2011). The potential
quantity and grade of the Hondo Valle mineralization is not the subject of a NI
43-101 compliant inferred resource, is conceptual in nature, there has been
insufficient exploration to define a mineral resource and the Company is
uncertain if further exploration of the will result in the Hondo Valle
mineralization being delineated as a mineral resource at this time. Both La
Escandalosa Sur and Hondo Valle lie on the Zone A Induced Polarization (IP)
anomaly which GoldQuest's geologists believe may be related to the gold
occurrences in the district. La Escandalosa Sur extends 600 metres north to
south in the central portion of Zone A, which extends in total for over 3.4
kilometres north to south.
About GoldQuest
GoldQuest is a Vancouver-based mineral exploration company with projects in
Spain and the Dominican Republic, traded on the TSX-V under the symbol GQC.V and
in Frankfurt/Berlin with symbol M1W with 103,508,601 shares outstanding and
112,066,851 fully diluted basis. The recent trading range has been C$0.07 to
C$0.14.
The information in this press release has been approved by Mr. William Fisher,
P. Geo., a qualified person for the technical information in this press release
under NI 43-101 standards and the chairman and a director of GoldQuest Mining
Corp.
On behalf of the Board of Directors,
Julio Espaillat, President & Chief Executive Officer
Forward-looking statements:
This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical fact, that address events or developments that
GoldQuest expects to occur, are forward looking statements.
Forward looking statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects", "plans",
"anticipates", "believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Although GoldQuest believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual
results may differ materially from those in forward looking statements. Factors
that could cause the actual results to differ materially from those in
forward-looking statements include market prices, exploitation and exploration
success, continued availability of capital and financing and general economic,
market or business conditions. Investors are cautioned that any such statements
are not guarantees of future performance and actual results or developments may
differ materially from those projected in the forward-looking statements.
Forward looking statements are based on the beliefs, estimates and opinions of
GoldQuest's management on the date the statements are made. GoldQuest undertakes
no obligation to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should change,
except as required by law.
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