GoldQuest Reports Assay Results From the Second Hole at Romero, Dominican Republic; Includes 159 Metres Grading 4.5 g/t Gold ...
July 18 2012 - 8:00AM
Marketwired Canada
GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") is pleased to announce the assay results of hole LTP 92, the
second vertical hole into the Romero discovery, within the Company's 100% owned
Las Tres Palmas trend in the Dominican Republic. The location is 25 metres to
the west and 4 metres lower in elevation than the discovery hole LTP 90, which
returned 231 metres grading 2.4 grams per tonne (g/t) gold (see release of May
29, 2012). Hole LTP 92 displayed similar characteristics to hole LTP 90, with an
upper gold unit from 28 metres below surface, with low copper and some zinc,
followed by deeper, higher grade gold and copper horizons at depth. The
highlights of Hole LTP 92 were 159 metres grading 4.45 g/t gold from 212.5
metres to 372 metres, including a sub interval of 75.5 metres grading 9.01 g/t
gold and 1.06% copper. A higher horizon from 120 metres to 144 metres returned
24 metres grading 7.5 g/t gold and 0.86% copper. The hole was continued until
the portable drill rig could drill no further and was terminated at 399 metres.
Gold was present from 24 metres to the bottom of the hole, with certain horizons
displaying enrichment in gold and base metals.
"Results from hole LTP 92 are a significant addition to our understanding of the
Romero mineralization, and extends at depth 138 metres below the initial
discovery hole," commented Julio Espaillat, GoldQuest's CEO. "The two drill rigs
have completed holes 93, 94 and 95 and drilling of 96 and 97 is in progress.
Deep drilling with portable rigs is slower than normal, but is providing us
valuable insight to the geometry of the deposit."
The potential quantity and grade of the mineralization is currently conceptual
in nature, there has been insufficient exploration to define a mineral resource
and it is uncertain if further exploration will result in the target being
delineated as a mineral resource.
The individual assay intervals from the complete hole can be reviewed on
GoldQuest's website at the below link.
http://www.goldquestcorp.com/pdf/news/LTP-92_AssayTable.pdf
The results and sub intervals are summarized in Table 1 below. The results
reported have a bottom cut-off of 0.15 g/t gold. There is insufficient data to
establish a specific top cut-off; however, in Table 1, an arbitrary top cut of
50 g/t gold has been used for the calculations, with the adjusted gold grade
noted (refer to the link below for information with respect to the location,
elevation, azimuth and depth of the holes).
http://www.goldquestcorp.com/images/nr/NEWROMERO.jpg
---------------------------------------------------------------------------
Cut off 0.15ppm Au
---------------------------------------------------------------------------
Au_ppm (High
From (m) To (m) Interval (m) Au_ppm Cu_% value cut 50ppm)
---------------------------------------------------------------------------
28.2 82.0 53.8 0.63 0.02 0.63
---------------------------------------------------------------------------
120.0 144.0 24.0 7.50 0.86 6.88
---------------------------------------------------------------------------
212.5 372.0 159.5 4.45 0.95 4.14
---------------------------------------------------------------------------
Including
---------------------------------------------------------------------------
212.5 288.0 75.5 9.01 1.06 8.35
---------------------------------------------------------------------------
Including
---------------------------------------------------------------------------
243.9 288.0 44.1 15.03 1.43 13.9
---------------------------------------------------------------------------
Including
---------------------------------------------------------------------------
320.0 346.0 26.0 0.54 2.04 0.54
---------------------------------------------------------------------------
As part of the Company's Quality Assurance and Quality Control procedures
(QA/QC), most of the high grade intervals have been re-assayed and the Company
is awaiting these check samples. In addition, systematic re-assaying of
intervals is in progress, to confirm compliance of blanks and duplicates checks.
Cross sections and correlation between these and other holes will be published
once assays from other holes are reported.
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. The comprehensive
GoldQuest Quality Assurance and Quality Control protocols can be viewed on
GoldQuest's website at
http://www.goldquestcorp.com/index.php/corporate/corporate-governance.
The information in this press release has been reviewed and 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.
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 126,498,601 shares outstanding
(141,048,601 on a fully diluted basis).
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 exploitation and exploration success,
continued availability of capital, financing and required resources (such as
human resources, equipment and/or other capital resources) 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.
GoldQuest Mining (TSXV:GQC)
Historical Stock Chart
From Jun 2024 to Jul 2024
GoldQuest Mining (TSXV:GQC)
Historical Stock Chart
From Jul 2023 to Jul 2024
