GoldQuest Intercepts Significant Mineralization at Romero, Dominican Republic; Includes 258 Metres Grading 4.5 g/t Gold and 1...
July 30 2012 - 2:07PM
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 93, the
third vertical hole into the Romero discovery, within the Company's 100% owned
Las Tres Palmas trend in the Dominican Republic.
The results of hole LTP 93 are summarized as follows:
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Bottom cut-off 0.15 Gold g/t(1)
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Gold
From To Interval Gold (g/t) Copper (g/t)
(m) (m) (m) (Uncut) (%) (50 g/t top cut-off)
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44.58 100.0 55.42 1.25 0.03 1.25
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119.97 378.0 258.03 4.47 1.27 3.43
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Including
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126.0 324.47 198.47 5.68 1.54 4.33
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Including
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138.0 150.0 12.0 26.39 1.59 22.69
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And
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164.0 172.0 8.0 10.86 1.55 10.86
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And
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305.92 322.0 16.08 34.69 2.06 20.81
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Including
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315.83 322.0 6.17 74.11 2.28 37.94
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(1) The results and sub intervals summarized in the table above have a
bottom cut-off of 0.15 g/t gold. There is insufficient data to
establish a specific top cut-off; however, an arbitrary top cut of 50
g/t gold has been used for the calculations, with the adjusted gold
grade noted in the table (refer to the link below for information with
respect to the location, elevation, azimuth and depth of the holes
currently drilled and/or released).
The individual assay intervals from the complete hole can be reviewed on
GoldQuest's website at the following link:
www.goldquestcorp.com/images/pdf/LTP_93_AssaySite.pdf
Hole LTP 93 is a vertical hole located 25 metres to the east and 7 metres higher
in elevation from the discovery hole, LTP 90 and 50 metres to the west of hole
LTP 92. Hole LTP 93 displayed similar gross characteristics as holes LTP 90 (see
release of May 29, 2012) and LTP 92 (see release of July 18, 2012), with
mineralization seen directly below superficial landslip material, consisting of
an upper gold unit with lower copper and some zinc, followed by deeper, higher
grade gold and copper horizons at depth. A deep, high grade intersection was
observed between 305.9 metres and 322 metres, returning an uncut 16.1 metres
intersection grading 34.7 g/t gold, 2.06 % copper and 7.61 % zinc. The hole was
terminated at 433 metres. A west to east cross section showing mineralization to
scale in all three holes released at the Romero Discovery (LTP 90, 92 and 93) is
available at:
http://www.goldquestcorp.com/images/nr/20120730/NEW_E-W.jpg
"Hole LTP 93 is considered to contain the most mineralization seen in the holes
drilled to date and further adds to our understanding of the Romero
mineralization. The hole will likely be our deepest until a larger drill rig,
with deeper drilling capability, arrives on site, which is expected to occur
around the end of August," commented Julio Espaillat, GoldQuest's CEO. "While
the complete mineralization from top to bottom (using 0.15 g/t bottom cutoff,
where grades lower than 0.15 g/t are considered zero and a nominal 50 g/t top
cut off) is 388 metres grading 2.46 g/t gold and 0.88 % copper, and the various
horizons seem to be part of the same mineralizing system, the Company considers
it prudent to focus on reporting separately the copper poor section above and
the copper enhanced section below."
The potential quantity and grade of the mineralization are 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 Company continues to focus drilling at the
Romero discovery zone, where assays from holes LTP 90 and 92 (and now LTP 93)
have been reported, holes LTP 94, 95, 96 and 97 have been completed for
analysis, and the company is currently drilling LTP 98 and 99 (see
http://www.goldquestcorp.com/images/nr/20120730/map.jpg for drill site
locations). Going forward, as drill holes are completed more rapidly, the
Company will release drill hole results in batches. ACME labs has been
instructed to release assays to the company only once the batches have been
completed.
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. For holes LTP 90, 92 and 93, 11
blanks, 23 duplicates, and 26 standards were inserted, and 3 standards were
outside the recommended tolerances. These samples, plus the preceding 5 and the
subsequent 5 samples have been re-assayed to bring the data into the recommended
tolerances. Any future resource calculations will be calculated from compliant
intervals, and if there is any material variation from the reported intervals on
a hole by hole basis, then the Company will report this in subsequent releases,
but it is of the opinion of the Company that any variations are unlikely to be
material.
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 127,525,267 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.
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