GoldQuest Releases Drilling Results From Romero, Dominican Republic; Includes Mineralization of 157 Metres Grading 1.07 g/t G...
October 30 2012 - 7:14AM
Marketwired Canada
GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") is pleased to announce assay results from three 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-108 which contained 157.0 metres grading 1.07 g/t gold and 0.40%
copper
-- Including 37.2 metres grading 3.31 g/t gold and 1.00% copper
-- LTP-107 which contained 101.0 metres grading 1.60 g/t gold and 0.74%
copper
-- Including 36.0 metres grading 3.52 g/t gold and 1.07% copper
Chief Executive Officer, Julio Espaillat commented, "The results confirm the
effectiveness of using IP surveys to generate targets along our Las Tres Palmas
Trend. These large step-outs to the east and south demonstrate that
mineralization occurs beyond the limits of the initial discovery and extends in
excess of 300 meters in the north-west to south-east direction".
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)
------------------------------------------------------------------------
LTP-105 60.0 99.0 39.0 1.04 0.10 1.04
------------------------------------------------------------------------
and
------------------------------------------------------------------------
119.47 231.65 112.18 0.87 0.43 0.87
------------------------------------------------------------------------
including
------------------------------------------------------------------------
119.47 149.0 29.53 2.16 0.47 2.16
------------------------------------------------------------------------
------------------------------------------------------------------------
LTP-107 145.0 246.0 101.0 1.60 0.74 1.60
------------------------------------------------------------------------
including
------------------------------------------------------------------------
206.0 242.0 36.0 3.52 1.07 3.52
------------------------------------------------------------------------
------------------------------------------------------------------------
LTP-108 64.79 109.46 44.67 1.49 0.03 1.49
------------------------------------------------------------------------
and
------------------------------------------------------------------------
142.0 299.0 157.0 1.07 0.40 1.07
------------------------------------------------------------------------
including
------------------------------------------------------------------------
165.5 202.69 37.19 3.31 1.00 3.31
------------------------------------------------------------------------
(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
known, although the host volcanic lithologies are sub-horizontal in orientation.
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-105, LTP-107 and LTP-108 can be
reviewed on GoldQuest's website at the following link:
http://www.goldquestcorp.com/images/cross_section/Assay90to108.pdf the collar
locations and hole azimuth and dips can be reviewed at
http://www.goldquestcorp.com/images/cross_section/UTMS_.xlsx.
The company has released 18 holes from the Romero discovery and remains active
with 3 drills continuing to test the entire Induced Polarization (IP) anomaly
and to define the extents of the mineralization (see plan map
http://www.goldquestcorp.com/images/cross_section/PLANMAP5.jpg for drill site
locations. All holes reported to date have intersected mineralization and
demonstrate the significance of the IP survey as an effective tool in targeting
mineralization in the area. The mineralization appears to be trending north-west
to the south-east, the same direction as the IP anomaly, and to be continuous
with the Hondo Valle mineralization (see cross-section A-A' at
http://www.goldquestcorp.com/images/cross_section/longgeo.jpg.
The reported holes herein represent large step-outs to the east and south-east
and have increased the drill tested area of the IP anomaly. Holes LTP-105 and
LTP-108 were collared south of the La Guama structure and demonstrate that the
mineralization extends south of it. Hole LTP-105 was drilled to the north
dipping at 60 degrees and due to natural drilling deviation the end of the hole
was 22 metres to the east, terminating between LTP-96 and LTP-103. Hole LTP-107
extends the mineralization over 200 metres east of the discovery hole, LTP-90,
and was drilled north of holes LTP 89 and LTP 91 which were drilled in the area
between the Hondo Valle and Romero anomalies. Hole LTP-89 returned 10 m grading
1.3 g/t gold and 0.1% copper and LTP-91 returned 14.05 m grading 2.4 g/t gold
and 0.7% copper. In both of cases the holes ended in mineralization (see release
of 23rd May 2012).
The Company's focus is to define the mineral potential of our concessions over
the Upper Tireo Formation, a Calco-Akaline volcanic package of rock of Upper
Cretaceous age. Drilling thus far has revealed a sub-horizontal Andesitic /
Dacitic volcanic package which has been altered by a hydrothermal mineralizing
system, impregnating the rocks based on porosity and fracture controls.
Mineralization consists of stock-work veining (stringers) and dissemination of
pyrite, chalcopyrite, localized sphalerite and minor occurrences of other
sulphide minerals.
The Company continues to focus on drilling at the Romero discovery zone, where
assays from eighteen 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 eastern area of the IP anomaly.
Environmental regulations in the Dominican Republic require that drill pads are
set back from watercourses, and the drilling pattern, with its larger step outs,
reflects this requirement.
The Company is currently drilling a deep vertical hole LTP-113 at the same
platform as the first deep hole, LTP-106, and is completing holes LTP-112 and
LTP-114. Hole LTP-112 is testing the north-eastern edge of the anomaly and hole
LTP-114 is inclined toward the west from the same platform as hole LTP-111 and
is testing the connection in the IP anomaly between Romero and Hondo Valle. 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 143,115,044 shares outstanding
(154,856,568 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
GoldQuest Mining Corp.
Julio Espaillat
President & Chief Executive Officer
+1-809-385-2222
jespaillat@goldquestcorp.com
GoldQuest Mining Corp.
Sebastian de Kloet
Investor Relations - Toronto
+1-416-214-9151
investorrelations@goldquestcorp.com
www.goldquestcorp.com
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