GoldQuest Releases Drill Results at Las Tres Palmas, Dominican Republic; Includes 57 Metres Grading 2.16 g/t Gold and 0.85% C...
17 Janvier 2013 - 12:00PM
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 nine additional holes from its ongoing drill program at the Romero
gold/copper discovery on the Company's 100% owned Las Tres Palmas trend in the
Dominican Republic.
Drilling highlights include:
-- LTP-116 which contained 85.0 metres grading 0.79 g/t gold and 0.89%
copper (2.24 g/t gold equivalent)
-- LTP-118 which contained 48.78 metres grading 2.06 g/t gold and 0.71%
copper (3.32 g/t gold equivalent) within a mineralized envelope of 217.5
metres grading 0.74 g/t gold and 0.4% copper (1.39 g/t gold equivalent)
-- LTP-120 which contained 57.0 metres grading 2.16 g/t gold and 0.85%
copper (3.35 g/t gold equivalent) within a mineralized envelope of 237.0
metres grading 0.67 g/t gold and 0.43% copper (1.37 g/t gold equivalent)
"We continue to test a large geophysical anomaly which has been the best method
for us to date and will continue to do so moving forward," commented Julio
Espaillat, GoldQuest's Chief Executive Officer. "Recent drilling continues to
validate our interpretation of a North-west to South-east mineralized corridor
and we are encouraged that our ongoing deep Induced Polarization survey will
generate sufficient targets for our 2013 drill program."
The results from the new holes are summarized in the table below:
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Gold Gold
From To Interval (g/t) Copper Equivalent
Hole_ID (m) (m) (m) Uncut (%) (g/t)
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LTP-113 No significant results
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LTP-114 237.0 301.0 64.0 0.93 0.16 1.19
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LTP-115 No significant results
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LTP-116 243.0 328.0 85.0 0.79 0.89 2.24
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LTP-117 173.0 239.0 66.0 0.47 0.16 0.73
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LTP-118 201.0 418.5 217.5 0.74 0.4 1.39
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including
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273.22 322.0 48.78 2.06 0.71 3.22
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LTP-119 No significant results
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LTP-120 73.0 104.84 31.84 1.02 0.03 1.07
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and
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131.0 165.0 34.0 0.32 0.22 0.68
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and
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183.0 420.0 237.0 0.67 0.43 1.37
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including
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335.0 392.0 57.0 2.16 0.85 3.55
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LTP-121 Hole stopped due to drilling problems
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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. A top cut of 50 g/t gold is used, however no
samples in this release exceeded 50 g/t. 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. Gold equivalent values calculated using a
3-year trailing average price of $1616 US/ounce for gold and $3.85 US/pound of
copper as of January 15, 2013. No adjustment has been made for metallurgical
recovery as these remain uncertain at this time. Gold Equivalent formula: AuEq
g/t= ((Cu% x 22.0462 x 3.85)/(1616/31.1035)).
The individual assay intervals from holes LTP-113 through LTP-121 can be
reviewed on GoldQuest's website at the following link:
http://goldquestcorp.com/images/nr/LTP113-121Assays.xlsx. The collar locations
and hole azimuth and dips can be reviewed at
http://goldquestcorp.com/images/nr/UTMS.xlsx.
The Company has released 31 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
http://goldquestcorp.com/images/nr/Romero-Plan_Map_with_Collars-January_2013.jpg
for drill site locations). The mineralization remains open along strike to the
north and south-east and current drilling is targeting the favorable mineral
corridor.
Geological Model
The geological interpretation of the mineralization found along the Las Tres
Palmas trend is an intermediate epithermal sulphidation system, which
preferentially occurs in the flat lying dacite unit. Generally the lower contact
of the dacite unit is more strongly mineralized and the highest gold and copper
values occur towards the centre of the mineralized body, with a gold+zinc zone
marking the outer periphery.
Dr. Richard H. Sillitoe, one of the world's leading experts in epithermal and
porphyry deposits, recently visited the Company's Las Tres Palmas project and
noted, "Much of the previously defined mineralization in the Hondo Valle and
Escandalosa sectors, south along the mineralized trend from Romero, displays
this distal gold-zinc association, suggesting that additional, proximal,
copper-rich centres may exist."
The Company continues to expand the coverage of ground IP geophysics which has
been successful at identifying sulphide mineralization and which lead to the
discovery of Romero. The deep looking survey currently underway aims to locate
new targets which may represent copper-gold-rich Romero-style zones.
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.
The potential quantity and grade is 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.
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 and 1 sample
above 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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