GoldQuest Releases Drill Results at Las Tres Palmas, Dominican Republic; Includes 52 Metres Grading 1.3 g/t Gold and 1.24% Co...
November 27 2012 - 5:00AM
Marketwired Canada
GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") is pleased to announce an exploration update including assay
results from five additional holes from its ongoing drill program at the Romero
gold/copper discovery, and the commencement of a deep-looking Induced
Polarization (IP) survey of the Company's 100% owned Las Tres Palmas trend in
the Dominican Republic.
Exploration Highlights include:
-- LTP-111 which contained 52.0 metres grading 1.31 g/t gold and 1.24%
copper within a mineralized envelope of 80.0 metres grading 0.93 g/t
gold and 0.85% copper
-- Phase 2 deep-looking IP survey to commence
-- investigating Las Tres Palmas trend, specifically west of Romero and
north of La Escandalosa
-- planned to penetrate to a depth of 500 metres
"The Romero mineralized zone now extends over 400 metres from the north-west to
the south-east, representing less than 25% of the IP anomaly between Romero and
Escandalosa, and remains open in both directions", commented Julio Espaillat,
GoldQuest's Chief Executive Officer. "Sulphide mineralization has been
identified in every hole, and a higher grade gold/copper corridor appears to be
present within the overall IP anomaly, which is interpreted to represent
sulphide mineralization. Our next phase of IP surveys will expand the coverage
and confirm if the anomaly and the mineralization system continue to the
north-west."
The Company has engaged Insight Geophysics of Ontario, Canada to commence a
second phase of IP surveys at Las Tres Palmas. This survey will utilize
deep-looking technology with penetration to depths of up to 500 metres, where
previous surveys only penetrated to 280 metres. The survey will extend the IP
coverage to the west of Romero with the intention of providing deeper and higher
resolution information at Romero and refine the known anomalies south of Romero.
Line cutting has been completed and it is anticipated that the survey equipment
will move to site later this week with the surveys to begin in December and
continue into the first half of 2013.
The results from the five new holes at Romero 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-106 195.0 361.0 166.0 0.67 0.16 0.67
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LTP-109 130.0 145.68 15.68 0.42 0.01 0.42
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hole stopped early due to drilling problems
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----------------------------------------------------------------------------
LTP-110 97.97 109.73 11.76 0.55 0.01 0.55
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and
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186.35 210.70 24.35 0.43 0.05 0.43
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----------------------------------------------------------------------------
LTP-111 163.0 243.0 80.0 0.93 0.85 0.93
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including
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187.0 239.0 52.0 1.31 1.24 1.31
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LTP-112 188.75 204.0 15.25 0.27 0.03 0.27
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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 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-106, LTP-109, LTP-110, LTP-111 and
LTP-112 can be reviewed on GoldQuest's website at the following link:
http://www.goldquestcorp.com/images/cross_section/Assay90to112.pdf the collar
locations and hole azimuth and dips can be reviewed at
http://goldquestcorp.com/images/cross_section/UTMS-nov.pdf.
The company has released 23 holes to date from the Romero discovery and remains
active with 3 drills continuing to systematically test the entire Induced
Polarization (IP) anomaly and to define the extents of the mineralization (see
plan map - interpreted higher grade gold copper corridor
http://goldquestcorp.com/images/Nov27DrillMap_with_arrows.jpg for drill site
locations. See cross-section A-A' at
http://goldquestcorp.com/images/Nov27Section.jpg.)
The latest drill hole intercepts reported herein, holes LTP-111 and LTP-112,
were drilled towards the eastern edge of the chargeability IP anomaly at Romero.
Hole LTP-111 is the furthest hole to the east drilled at Romeo and represents a
step out of approximately 100 metres from previous drilling. The mineralization
at Romero, now extends over 400 metres in the north west - south east direction
and remains open in both directions.
Hole LTP-106 was the first deep hole drilled at Romero, was inclined at -70
degrees and drilled towards the north and ended approximately 230 metres below
the bottom of hole LTP-93. The final length of the hole was 704.8 metres and it
confirmed the mineralization south of the La Guama structure, although
mineralization at depth was not considered significant. The hole is the furthest
step-out to the south, where large portion of the chargeability anomaly remains
untested. Future deep holes will utilize the deep IP survey for targeting and
testing the Romero mineralization at depth.
Hole LTP-109 was terminated above the target horizon due to technical issues.
The hole was planned to test the potential for additional mineralization in the
south-eastern portion of the IP anomaly. Currently hole LTP-117 is being drilled
to test the area.
Hole LTP-110 was drilled towards the south and encountered two lower grade
mineralized zones at the 98 metre and 186 metre depths down the hole. The hole
appears to be drilled to the south and west of the higher grade gold and copper
trend the Company has been exploring within the Romero area.
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 143,255,044 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
+1-829-919-8701
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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