GoldQuest Mobilizes Drill Rig to Site of Romero Discovery at 100 Percent Owned Las Tres Palmas Property
May 29 2012 - 9:58AM
Marketwired Canada
GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) is pleased
to announce that the Company has mobilized a portable drill rig to the site of
its recent Romero Gold and Copper Discovery at its 100 percent owned Las Tres
Palmas project. Las Tres Palmas contains Romero, and La Escandalosa Sur and
Hondo Valle mineralizations. LTP 90, the only hole to date in the Romero
discovery, returned an assay result of 231 metres grading 2.4 g/t gold. This
true width of this mineralization is unknown at this time. The portable rig, the
same unit that made the initial discovery, will test the Romero mineralization
and the program will be announced shortly. This program will principally test
for the lateral continuity of the mineralization.
"We are pleased to have a drill rig available to mobilize onto the site
immediately," commented Julio Espaillat, GoldQuest's CEO. "With only a single
hole at Romero, it is essential to recommence drilling to establish the
potential for further mineralization, as a single hole establishes the
geological setting but needs more research to assess its significance."
GoldQuest will be exhibiting at the upcoming Cambridge House Convention in
Vancouver on June 3rd and 4th 2012, where the Company is speaking about the
discovery on Sunday June 3rd.
An updated drilling results table is set out below, which includes the copper
results for the last hole, LTP -91, at Las Tres Palmas, which in the Company's
previous press release of May 23rd 2012 was marked as "pending", thus completing
the assays from the recent drill program. LTP 91 is located in the Hondo Valle
zone which is to the southeast of the Romero mineralization.
The table corrects mineralized intervals recalculated during data checking by
the Company and the following chart should be used as the Company's official
disclosure in place of the table in GoldQuest's press release dated May 23rd
2012. All the intervals are calculated using the first original assay without a
top cut and a bottom cut of 0.15 g/t gold, where all intervals below that number
are treated as zero, and intervals in the text are rounded.
Highlighted corrections, in the table below, are available on SEDAR. The low
copper zone should read 71 m grading 1.12 g/t gold and 0.03% copper from 33
metres to 104 metres, which was previously reported in the text as containing 70
m grading 1.36 g/t gold and 0.04% copper from 33 metres to 103 metres and in the
table as 58 metres grading 1.36 g/t gold and 0.04% copper from 33 metres to 91
metres. The intervals of the underlying section should read 160 m grading 3.0
g/t gold and 0.62% copper from 104 metres to 264 metres, which was previously
reported in the text as containing 160 m grading 2.9 g/t gold and 0.62% copper
from 104 metres to 264 metres, and in the table as 160 m grading 4.7 g/t gold
and 0.78% copper. The mis-grades in the table were due to the fact that two
lines were inadvertently consolidated and the grade of a 58 metre section (4.7
g/t gold and 0.78% copper) were aligned with the 160 metre interception. This 58
metre section should read 4.9 g/t gold and 0.78% copper from 200 metres to 258
metres. Also from 216 metres to 258 metres, 42 metres returned 6.63 g/t gold an
increase from 6.26 g/t gold, and from 216 metres to 228 metres, 12 metres
returned 18.25 g/t gold an increase from 16.95 g/t gold. These results have also
been corrected on the Company's website.
Table 1. Summary of Las Tres Palmas 2012 Drilling
----------------------------------------------------------------------------
Hole From To Interval (m) Au (g/t) Cu (%) SECTOR
----------------------------------------------------------------------------
LTP-77 160.00 168.00 8.00 0.72 - La Escandalosa
----------------------------------------------------------------------------
and 198.00 202.00 4.00 0.73 -
----------------------------------------------------------------------------
LTP-78 No significant values La Escandalosa
----------------------------------------------------------------------------
LTP-79 52.27 68.00 15.73 0.91 - La Escandalosa
----------------------------------------------------------------------------
including 60.00 68.00 8.00 1.28 -
----------------------------------------------------------------------------
LTP-80 No significant values La Escandalosa
----------------------------------------------------------------------------
LTP-81 154.00 166.00 12.00 0.89 - Los Tomates Sur
----------------------------------------------------------------------------
and 194.00 198.00 4.00 0.55 -
----------------------------------------------------------------------------
LTP-82 50.00 54.00 4.00 0.33 - Los Tomates
Norte
----------------------------------------------------------------------------
LTP-83 34.00 56.00 22.00 5.99 0.23 La Escandalosa
Sur
----------------------------------------------------------------------------
including 38.00 52.00 14.00 9.07 0.24
----------------------------------------------------------------------------
LTP-84 264.00 271.90 7.90 2.96 0.52 La Escandalosa
----------------------------------------------------------------------------
and 278.00 282.00 4.00 0.72 -
----------------------------------------------------------------------------
LTP-85 26.60 36.61 10.01 0.53 - Hondo Valle Sur
----------------------------------------------------------------------------
LTP-86 136.00 138.00 2.00 0.34 - Los Tomates
----------------------------------------------------------------------------
LTP-87 74.00 78.00 4.00 0.38 - Los Tomates
Norte
----------------------------------------------------------------------------
LTP-88 64.00 70.00 6.00 0.44 - Los Tomates
Norte
----------------------------------------------------------------------------
LTP-89 130.00 151.43 21.43 0.66 0.34 Hondo Valle
----------------------------------------------------------------------------
including 146.00 151.43 5.43 1.69 0.97
----------------------------------------------------------------------------
and 177.00 205.00 28.00 0.67 0.13
----------------------------------------------------------------------------
including 195.00 205.00 10.00 1.27 0.12
----------------------------------------------------------------------------
LTP-90 33.00 264.00 231.00 2.42 0.44 Romero
----------------------------------------------------------------------------
including 33.00 103.74 70.74 1.12 0.03
----------------------------------------------------------------------------
and 103.74 264.00 160.26 2.99 0.62
----------------------------------------------------------------------------
including 103.74 148.00 44.26 3.53 0.77
----------------------------------------------------------------------------
including 200.00 258.00 58.00 4.93 0.78
----------------------------------------------------------------------------
including 216.00 258.00 42.00 6.63 1.04
----------------------------------------------------------------------------
including 216.00 228.00 12.00 18.25 2.14
----------------------------------------------------------------------------
LTP-91 186.00 222.00 36.00 1.14 0.37 Hondo Valle
----------------------------------------------------------------------------
including 191.95 206.00 14.05 2.36 0.72
----------------------------------------------------------------------------
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://www.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 (125,108,601 on a
fully diluted basis).
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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