GoldQuest: Drill Results at Romero, Dominican Republic; Includes Deepest Mineralization to Date of 123 Metres Grading 2.64 g/...
September 25 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 three holes from the
Romero gold/copper discovery, within the Company's 100% owned Las Tres Palmas
trend in the Dominican Republic.
Highlights include:
-- LTP-99: 146 metres grading 0.42 g/t gold and 0.74% copper
-- Including 72 metres grading 0.51 g/t gold and 1.31% copper
-- LTP-100: 123 metres grading 2.64 g/t gold and 0.33% copper
-- (the deepest mineralization to date at the property)
"Our understanding of the mineralization at Romero continues to expand in all
directions and we are particularly excited about extending to approaching 500
meters from surface. Holes LTP 98, LTP 99 and LTP 100 are in the northern
section of the Induced Polarization anomaly and our current focus is on the
centre and south-eastern sections of the anomaly," commented Julio Espaillat,
GoldQuest's CEO. "We see variation in the intensity of mineralization and ratios
of copper to gold which may be related to variations in porosity of the volcanic
host rocks. Like all previous holes, mineralization was evident to the bottom of
such holes."
The results from the new holes are summarized in the table below:
---------------------------------------------------------------------------
Gold (g/t)
Gold 50 g/t
From To Interval (g/t) Copper top cut-
Hole_ID (m) (m) (m) Uncut (%) off(i)
---------------------------------------------------------------------------
184.0 294.0 110.0 0.59 0.24 0.59
----------------------------------------------------------
Including
LTP-98 ----------------------------------------------------------
220.0 270.0 50.0 1.00 0.32 1.00
----------------------------------------------------------
361.1 432.8 71.7 0.53 0.16 0.53
---------------------------------------------------------------------------
124.1 164.0 39.9 0.62 0.07 0.62
----------------------------------------------------------
254.3 400.8 146.5 0.42 0.74 0.42
LTP-99 ----------------------------------------------------------
Including
----------------------------------------------------------
258.0 330.0 72.0 0.54 1.47 0.54
---------------------------------------------------------------------------
184.0 210.0 26.0 1.13 0.30 1.13
----------------------------------------------------------
240.0 256.0 16.0 0.80 0.16 0.80
----------------------------------------------------------
LTP-100 353.3 476.0 122.7 2.64 0.33 2.50
----------------------------------------------------------
Including
----------------------------------------------------------
398.0 442.0 44.0 6.35 0.53 5.97
---------------------------------------------------------------------------
(i) Note: All the results and sub intervals summarized in the table above
have a bottom cut-off of 0.15 g/t of gold. An arbitrary top cut of 50 g/t
gold was used until sufficient data is available to define an appropriate
top cut for the project.
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 individual assay intervals from the
complete hole can be reviewed on GoldQuest's website at the following link
www.goldquestcorp.com/images/nr/20120925/Assay90to100-1.pdf and the collar
locations and hole orientations can be reviewed at
www.goldquestcorp.com/images/nr/20120925/UTMS.pdf.
Results reported within have tested the northern area of the Induced
Polarization (IP) anomaly at the Romero project (see plan map
www.goldquestcorp.com/images/nr/20120925/map_3.jpg for drill site locations).
Current drilling is testing the central and south-eastern areas of the anomaly
and the potential at depth.
North-to-south and west-to-east cross sections showing gold and copper
mineralization are available at
www.goldquestcorp.com/images/nr/20120925/North_South_East_West.jpg.
Simplified geology sections showing the sub horizontal nature of the
dacite/andesite host rocks can be reviewed at
http://goldquestcorp.com/images/maps/bbbbb.jpg.
The Company continues to focus on drilling at the Romero discovery zone, where
assays from ten holes have been reported to date. Drilling of five additional
holes, LTP-101 through to LTP-105 has been completed and assays are pending. The
company is currently drilling holes LTP-106, LTP-107 and LTP-108. The company
will continue to release new drill hole results in batches as their analysis is
completed. ACME labs have 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 are 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. The
Company also reviews results from Certified Standard Reference materials (CRSM
or Standards) which are inserted at a rate of 5 per 100 samples. Within the
results disclosed herein there were 2 samples which had results below the
recommended tolerances. The samples in these batches are being re-assayed and
the Company is awaiting the results from these samples.
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 other
further investigation. Assays within intervals below the 0.005 g/t detection
limit for Au were given a zero value. 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 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.
Jeremy Niemi, P.Geo., the Director, Technical Services of GoldQuest and a
Qualified Person for the technical information in this press release under NI
43-101 standards.
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 141,715,267 shares outstanding
(154,576,567 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,
differing results from re-assays or other analytical procedures with respect to
the drill results, 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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