GoldQuest Expands Mineralization Footprint at Romero, Dominican Republic; Includes Mineralization of 231.6 Metres Grading 2.0...
October 11 2012 - 11:16AM
Marketwired Canada
GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") is pleased to announce assay results from four additional
holes from its ongoing drill program at the Romero gold/copper discovery within
the Company's 100% owned Las Tres Palmas trend in the Dominican Republic.
New drilling highlights include LTP-103 which contained 231.6 metres grading
2.04 g/t gold (uncut) and 0.30% copper including 35.6 metres grading 5.08 g/t
gold and 0.53% copper.
"Drilling continues to expand the Company's understanding of the Romero
mineralization in all directions, with the best hole of this current batch
trending towards the main Induced Polarization (IP) geophysical anomaly's
centre," commented Julio Espaillat, GoldQuest's CEO. "Ongoing drilling includes
the first deep hole below depths where previous holes stopped in due to drill
capabilities and continues to the south and east of the discovery holes."
The results from the new holes are summarized in the table below:
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Gold Gold (g/t)
From To Interval (g/t) Copper 50 g/t
Hole_ID (m) (m) (m) Uncut (%) top cut-off(i)
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LTP-101 268.0 289.0 21.0 1.89 0.07 1.89
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LTP-102 173.85 1.94 20.15 0.43 0.04 0.43
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and
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228.0 274.0 46.0 1.01 0.48 1.01
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and
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296.0 338 42.0 0.46 0.64 0.46
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and
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374.0 388.0 14.0 0.21 0.01 0.21
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LTP-103 193.4 425.0 231.6 2.04 0.30 1.91
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including
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193.4 229.0 35.6 5.08 0.53 5.08
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including
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241.0 309.0 68.0 2.84 0.24 2.38
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including
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332.65 425.0 92.4 1.06 0.27 1.06
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LTP-104 164.0 246.0 82.0 0.61 0.20 0.61
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(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 intervals may not represent true mineralization widths and the
exact orientation of the mineralization at this stage of the drilling is not yet
know, although the host volcanic lithologies are sub-horizontal.
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 holes LTP-101 to LTP-104 can be reviewed on
GoldQuest's website at the following link:
www.goldquestcorp.com/images/cross_section/Assay90to104.pdf the collar locations
and hole azimuth and dips can be reviewed at
www.goldquestcorp.com/images/cross_section/UTMS_Sheet1.pdf.
All results reported thus far at Romero have tested the northern and western
portion of the Induced Polarization (IP) anomaly (see plan map
http://www.goldquestcorp.com/images/cross_section/map13.jpg for drill site
locations). Hole LTP-103 extends the mineralization over 140 metres east of the
discovery hole, LTP-90. It intersected a broad mineralized zone of over 230
metres, with variations on grade being related to the variations in porosity of
the host volcanic suite. Holes LTP-101, LTP-102 and LTP-104 tested the
north-western and western edges of the IP anomaly.
North-to-south and west-to-east cross sections showing gold and copper
mineralization across Romero are available at:
North-to-South Cross Sections
www.goldquestcorp.com/images/cross_section/N-S_Section-258450E-Romero-October_11_2012.jpg
www.goldquestcorp.com/images/cross_section/N-S_Section-258550E-Romero-October11_2012.jpg
www.goldquestcorp.com/images/cross_section/N-S_Section-258600E-Romero-October_11_2012.jpg
www.goldquestcorp.com/images/cross_section/N-S_Section-258500E-Romero-October11_2012.jpg
West-to-East Cross Sections
www.goldquestcorp.com/images/cross_section/W-E%20Section-2116150N-Romero-October11_2012.jpg
www.goldquestcorp.com/images/cross_section/W-E_Section-2116200N-Romero-October11_2012.jpg
www.goldquestcorp.com/images/cross_section/W-E%20Section%20-2116050N-Romero-October11_2012.jpg
www.goldquestcorp.com/images/cross_section/W-E%20Section%20-2116100N-Romero-October11_2012.jpg
The Company continues to focus on drilling at the Romero discovery zone, where
assays from fourteen holes have been reported to date. Three drills continue to
operate at Romero and are focused on stepping out to expand the footprint of the
mineralization and testing the central and south-eastern area of the IP anomaly.
Drilling of 4 additional holes, LTP-105, LTP-107, LTP-108 and LTP-109 have been
completed and assays are pending. The company is currently drilling a deep hole
LTP-106, (currently at 651 metres), LTP-110 and LTP-111. 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 was 1 sample which had results below the
recommended tolerances. The samples in this batch 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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