GoldQuest Reports Drilling Results From the Dominican Republic Hole LTP 90: 231 Metres Grading 2.4 g/t Gold Including 160.3 M...
May 23 2012 - 4:15PM
Marketwired Canada
GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) is pleased
to announce results from a 15 hole drill program at its 100-percent-owned Las
Tres Palmas project, summarized in this release's Table 1.
The most northerly hole, LTP 90, tested a new geophysical target and discovered
the Romero gold and copper sulphide mineralization. The mineralization is open
in all directions, and the vertical hole was mineralized from 33 metres below
surface to 264 metres returning 231 meters grading 2.4 g/t gold. The discovery
hole contains a low copper section from 33 m to 103 m, 70 metres grading 1.3 g/t
gold and 0.04% copper, immediately followed by 160 m grading 2.9 g/t gold and
0.62% copper from 104 m to 264 m. where the hole was terminated within
mineralization for technical reasons.
LTP 90 is within the Las Tres Palmas mineralized trend, located in the west of
the Dominican Republic, and consists of 3 mineralizations, Romero, Hondo Valle,
and La Escandalosa Sur. Romero is located 300 metres northwest of the Hondo
Valle mineralization (see map at
http://www.goldquestcorp.com/images/nr/20120523/a.jpg), and 2.5 kilometres north
of La Escandalosa Sur mineralization, another gold discovery by GoldQuest,
consisting of a NI 43-101 inferred resource of 4.9 million tonnes grading 2.6
g/t gold containing 406,000 ounces of gold (see release of November 9, 2010).
The drill program was designed to test a 2.5 km section of a mineralized
corridor (see release of January 19, 2012), and the holes were spaced along the
whole length. Both La Escandalosa Sur and Romero lie on Las Tres Palmas' 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 southern portion of Zone A, which extends in total
for over 3 kilometres northwards.
"Hole LTP 90 at Romero is a remarkable drillhole, signaling a new gold discovery
in the Dominican Republic's emerging Upper Tireo gold belt. We are especially
pleased to see significant copper associated with the gold, and look forward to
further drilling shortly," commented Julio Espaillat, GoldQuest's CEO. "The
discovery is a tribute to the multidisciplinary approach employed by GoldQuest
and the systematic work done by the complete team."
The Romero Discovery - Hole LTP 90
The Romero gold/copper mineralization was discovered by drill hole LTP 90 which
is located 200 metres from an access road, and 500 metres from Goldquest's field
headquarters in the village of Hondo Valle. The vertical intersection of 231.0
metres grading 2.4 g/t gold, using a 0.15 g/t gold bottom cut-off, was from 30
metres below surface to 261 metres, bottoming in mineralization. The upper
portion from 33 m to 103 m, 70 metres grading 1.3 g/t gold, and 0.04% copper,
may have been depleted in copper through weathering processes. The underlying
portion from 103.7 m to 264.0 m, 160.3 metres grading 2.9 g/t gold and 0.62%
copper may represent primary and secondary copper mineralization which remains
open at depth (see http://www.goldquestcorp.com/images/nr/20120523/b.jpg and the
complete assay table at http://www.goldquestcorp.com/images/nr/20120523/c.pdf).
Within the mineralized envelope, the primary copper mineralization may be
increasing to depth as seen in a section of 12 m grading 16.95 g/t gold and
2.14% copper from 216 m to 228 m. The discovery hole is the most northerly hole
in 3 kilometre long Las Tres Palmas mineralized corridor and is open in all
directions. The location was selected principally from geophysics, with input
from geochemical sampling and detailed mapping by Goldquest geologists (see long
sections at http://www.goldquestcorp.com/images/nr/20120523/d.jpg), where the
drainage contains coarse gold. GoldQuest's concessions extend approximately 7
kilometers northwest of Romero.
The top of the mineralization at the northern part of the Hondo Valle
mineralization at hole LTP 89 is 999 m above sea level (asl) while the top of
Romero is 1,078 m asl, over a distance of 300 m, suggesting that Romero has been
up-faulted by about 79 m or is a separate mineralization. The target selection
was principally based on geophysical signatures of low resistivity and high
chargeability Induced Polarization (IP) and low magnetic signatures, a feature
of the structural corridor (see release of Jan 19, 2012), where known
mineralization of gold, with some copper is repeated at La Escandalosa Sur and
Hondo Valle mineralizations, within brecciated dacites, with abundant silica and
clay alteration.
Table 1. Summary of Las Tres Palmas 2012 Drilling
----------------------------------------------------------------------------
HOLE ID From To Interval (m) Au (g/t) Cu (%) SECTOR(i)
----------------------------------------------------------------------------
LTP-77 160.0 168.0 8.0 0.72 - Escandalosa
----------------------------------------------------------------------------
& 198.0 202.0 4.0 0.73 -
----------------------------------------------------------------------------
LTP-78 No significant values Escandalosa
----------------------------------------------------------------------------
LTP-79 52.3 68.0 15.7 0.91 - Escandalosa
----------------------------------------------------------------------------
Including 60.0 68.0 8.0 1.28 -
----------------------------------------------------------------------------
LTP-80 No significant values Escandalosa
----------------------------------------------------------------------------
LTP-81 154.0 166.0 12.0 0.89 - Other(i)
----------------------------------------------------------------------------
& 194.0 198.0 4.0 0.55 -
----------------------------------------------------------------------------
LTP-82 50.0 54.0 4.0 0.33 - Other(i)
----------------------------------------------------------------------------
LTP-83 34.0 56.0 22.0 5.99 0.23 Escandalosa
----------------------------------------------------------------------------
Including 38.0 52.0 14.0 9.07 0.24
----------------------------------------------------------------------------
LTP-84 264.0 271.9 7.9 2.96 0.52 Escandalosa
----------------------------------------------------------------------------
& 278.0 282.0 4.0 0.72 -
----------------------------------------------------------------------------
LTP-85 26.6 36.6 10.0 0.53 - Hondo Valle
----------------------------------------------------------------------------
LTP-86 136.0 138.0 2.0 0.34 - Other(i)
----------------------------------------------------------------------------
LTP-87 74.0 78.0 4.0 0.38 - Other(i)
----------------------------------------------------------------------------
LTP-88 64.0 70.0 6.0 0.44 - Other(i)
----------------------------------------------------------------------------
LTP-89 130.0 151.4 21.4 0.66 0.34 Hondo Valle
----------------------------------------------------------------------------
Including 146.0 151.4 5.4 1.69 0.97
----------------------------------------------------------------------------
& 177.0 205.0 28.0 0.67 0.13
----------------------------------------------------------------------------
Including 195.0 205.0 10.0 1.27 0.12
----------------------------------------------------------------------------
LTP-90 33.0 264.0 231.0 2.42 0.44 Romero (ii)
----------------------------------------------------------------------------
Including 33.0 103.0 70.0 1.36 0.04
----------------------------------------------------------------------------
& 103.0 264.0 161.0 4.7 0.78
----------------------------------------------------------------------------
Including 103.7 148.0 44.3 3.53 0.77
----------------------------------------------------------------------------
180.0 204.0 24 1.14 0.78
----------------------------------------------------------------------------
& 216.0 258.0 42.0 6.26 1.04
----------------------------------------------------------------------------
Including 216.0 228.0 12.0 16.95 2.14
----------------------------------------------------------------------------
LTP-91 186.0 222.0 36.0 1.14 Pending Hondo Valle
----------------------------------------------------------------------------
Include 192.0 206.0 14.1 2.36 Pending
----------------------------------------------------------------------------
(i) Other targets along trend
(ii) New discovery
The Romero discovery is different from previous mineralization to the south, due
to its greater thickness of mineralization, more sulfides towards the north and
high gold values, associated with high copper values at depth, with individual
results up to 57.8 g/t gold and 3.4% copper over a two metre interval. The
previously reported thickest intersection at Las Tres Palmas was at La
Escandalosa Sur where LTP 07, containing 63.0 metres grading 2.1 g/t gold, and
the highest gold grade previously reported interval was in LTP 39 where 2 metres
graded 68.5 g/t gold (see releases of May 30, 2006 and July 6, 2010).
Preliminary core logging and interpretation suggests that the mineralization may
be related to a copper/gold bearing hydrothermal source for the mineralizing
fluids, where the metals are entrapped in the andesite/dacite units.
The potential quantity and grade of the Romero 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 Romero mineralization
being delineated as a mineral resource at this time.
The hole was drilled vertically and was sampled at approximately two metre
intervals. There is not sufficient data to calculate a meaningful top cutoff,
especially as all the high grade gold intervals contained significant copper.
The true width of the intersection is unknown, especially as the drillhole
bottomed in mineralization. As geologically consistent alteration and
mineralization was seen from 30m to 261m, the reporting of the complete interval
in entirety is considered valid. If a top cut of 50 g/t gold was employed
(internal sections of less than 0.15 g/t were calculated to be barren of gold)
the calculated intersection would have been 231 metres grading 2.3 g/t gold, a
loss of an insignificant 0.1 g/t gold, with no accounting for contained copper.
Only two internal waste intervals greater than 2 metres were reported, 12.7
meters and 6 m respectively, both containing gold below the 0.15 g/t gold
cut-off but were considered zero grade for the calculations.
La Escandalosa and Hondo Valle results
The 15 hole drill program also investigated other parts of the Las Tres Palmas
trend (as illustrated in map located online at
http://www.goldquestcorp.com/images/nr/20120523/e.jpg). No significant
mineralization was found south of La Escandalosa Sur or between La Escandalosa
Sur and Hondo Valle, which do not appear to be connected. Hole LTP 83 on the
northern flank of La Escandalosa returned 22 metres grading 6.0 g/t gold, and
will be considered in any future resource calculations. At Hondo Valle, holes
LTP 85 and 89 had mineralized intervals and LTP 91 returned 14.05 m grading 2.4
g/t gold. Hondo Valle includes results such as LTP 65 which returned 29 m
grading 2.2 g/t gold from 50 m to 79 m (see release of May 16, 2011) and LTP 02
which returned 42 metres grading 1.7 g/t gold from 0 m to 42 metres depth (see
release of May 2, 2006).
Gold in the Dominican Republic
The complete La Tres Palmas structural corridor, including the Romero discovery,
is located in the Upper Cretaceous aged Upper Tireo Formation, in the central
Dominican Republic. Unigold (TSX VENTURE:UGD) are also exploring in the Upper
Tireo Formation and recently reported drilling results from similar dacite
breccias including 70.0 metres grading 2.1 g/t gold, around 50 kilometers
northwest of Las Tres Palmas. Also hosted by dacite breccias, GoldQuest's
Jengibre discovery, located 28 kilometers southeast of Las Tres Palmas, hole JNG
02 returned 32 m grading 1.6 g/t gold. Barrick and GoldCorp's Pueblo Viejo mine
is located in the Lower Cretaceous aged Los Ranchos Formation, approximately 105
kilometres east of Las Tres Palmas, which contains proven and probable reserves
of 314.5 million tonnes grading 2.48 g/t, a high sulphidation system containing
25.3 million ounces of gold in reserves and further measured and indicated
resources of 10.9 million ounces of gold (See Barrick Form 40-F, 2011).
In GoldQuest's drill programs, composite intervals were chosen using a
combination of geological criteria and mineralization, averaging around 2 metres
core length. The drill core is cut in half with one half of the core sample
shipped to ACME Labs by GoldQuest Technicians. The remaining half of the core is
kept at the company core shack for future assay verification, or any further
investigation. Intervals below a bottom cut-off grade of 0.15 g/t Au were
calculated at zero gold. All drill samples were prepared and screened by ACME
Labs (Santo Domingo); metallic fire assay and multi-element ICP-MS, were assayed
by ACME Analytical Laboratories (Chile). Gold values are determined by standard
fire assay of a 50 gram charge with an AA finish, or if over 10.0 g/t Au, were
re-assayed and completed with a gravimetric finish. QA/QC included the insertion
and continual monitoring of numerous standards, blanks and duplicates into the
sample stream, at random intervals within each batch. Fully comprehensive
Goldquest Quality Assurance and Quality Control QA/QC protocols can be viewed on
our website at: http://goldquestcorp.com/corporate/corporate-governance.html.
About GoldQuest
GoldQuest is a Canadian based mineral exploration company with projects in the
Dominican Republic traded on the TSX-V under the symbol GQC.V and in
Frankfurt/Berlin with symbol M1W, with 110,108,601 shares outstanding
(126,766,851 on a fully diluted basis). The recent trading range has been C$0.05
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. (wfisher@goldquestcorp.com).
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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