GoldQuest Reports Romero Results from In-Fill Drilling and Provides Exploration Update
02 Octobre 2013 - 3:00PM
Marketwired Canada
GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") announces assay results from six drill holes, including four
holes at the Company's 100% owned Romero Discovery along the Las Tres Palmas
trend and two at the La Rosa target, in the Dominican Republic.
The four in-fill holes at Romero are part of an on-going in-fill drill program
and they focused on delineating the southern area of the mineralization, which
has previously been lightly drilled. The results are being incorporated into the
mineral resource estimate being prepared in accordance with National Instrument
43-101 ("NI 43-101") by Micon International. The mineral resource estimate is on
schedule to be completed in the fall.
Two holes were drilled into the peripheral parts of the La Rosa, a geophysical
target one kilometer north-east of Romero, which failed to intersect
mineralization. Both holes encountered an upper portion of the stratigraphy and
the favorable units are interpreted to be deeper than 400 metres. No additional
drilling is planned for this target at this stage.
"The Romero holes are within a large, lower grade peripheral mineralized halo,
which add to the size of the mineralized envelope," commented GoldQuest CEO,
Julio Espaillat. "We look forward to the upcoming mineral resource at Romero,
while we continue to review and select other targets for drilling."
The results from the four new in-fill holes at Romero, and two regional holes at
La Rosa, are summarized in the table below:
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Gold
Gold (g/t) Gold
From To Interval (g/t) Copper 50 g/t top Equivalent
Hole_ID (m) (m) (m) uncut (%) cut-off (i)
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LTP-146 103.64 223.00 119.36 0.64 0.20 0.64 0.95
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Including
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103.64 170.00 66.36 0.84 0.32 0.84 1.34
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LTP-147 140.00 176.00 36.00 0.65 0.07 0.65 0.76
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LTP-148 76.77 89.00 12.23 0.79 0.02 0.79 0.82
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And
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107.00 204.22 97.22 0.45 0.05 0.45 0.53
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Including
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115.82 169.00 53.18 0.59 0.08 0.55 0.71
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LTP-149 88.52 203.00 114.48 0.38 0.26 0.38 0.78
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LR-01 No significant results
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LR-02 No significant results
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(i)Gold equivalent values calculated using a price of $1400 US/ounce for gold
and $3.18 US/pound of copper. No adjustment has been made for metallurgical
recovery, as these remain uncertain at this time. Gold Equivalent formula: AuEQ
g/t = Au(g/t) + ((Cu% x 22.0462 x 3.18)/(1400/31.1035))
Hole LTP-146 is an inclined hole drilled at an azimuth of 190 and a dip of 70
degrees, LTP-147 is an inclined hole drilled at an azimuth of 220 and dip of 60
degrees; LTP-148 is a vertical hole; and LTP-149 is an inclined hole drilled at
an azimuth of 220 and a dip of 70 degrees. Holes LR-01 and LR-02 are vertical
holes, drilled at the La Rosa target approximately 1 kilometre north-east of
Romero. The mineralized intervals do not necessarily represent true-widths of
the mineralized body. A 50 g/t top cut-off was applied to the gold grade. A
bottom cut-off of 0.15 g/t gold was used and samples below this value were
assigned a 0 g/t value.
A plan map showing the hole locations at Romero for all holes drilled to date
can be found at:
http://goldquestcorp.com/images/nr/Romero_Hole_Locations_October_2013.jpg
A plan map showing the hole locations at La Rosa for all holes drilled to date
can be found at:
http://goldquestcorp.com/images/nr/La_Rosa_Hole_Locations_October_2013.jpg
A complete set of all Las Tres Palmas drill hole collar coordinates and hole
directions can be found at:
http://goldquestcorp.com/images/nr/LTP_Location_and_Direction_October_2013.xlsx
A complete set of assay results for all Las Tres Palmas drill holes can be found at:
http://goldquestcorp.com/images/nr/LTP_Assays_October_2013.xlsx
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 for copper outside
of recommended tolerance limits. The Company has requested re-analysis of the
samples in this batch and will report any material differences in the results.
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://goldquestcorp.com/index.php/corporate/corporate-governance.
The assay results, QA/QC data and any other scientific or technical 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 143,980,044 shares outstanding
(157,831,568 on a fully diluted basis).
Forward-looking statements:
Statements contained in this news release that are not historical facts are
forward-looking information that involves known and unknown risks and
uncertainties. Forward-looking statements in this news release include, but are
not limited to, statements with respect to a new mineral resource estimate, the
merits of the Company's mineral properties, the Company's plans and exploration
programs for its mineral properties, including the timing of such plans and
programs; and the estimation of mineral resources. In certain cases,
forward-looking statements can be identified by the use of words such as
"plans", "has proven", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "at least", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words and phrases or
state that certain actions, events or results "may", "could", "would", "should",
"might" or "will be taken", "occur" or "be achieved".
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such risks
and other factors include, among others, risks related to commodity prices;
changes in general economic conditions; market sentiment; currency exchange
rates; the Company's ability to continue as a going concern; the Company's
ability to raise funds through equity financings; risks inherent in mineral
exploration; risks related to operations in foreign countries; uncertainties
inherent in the estimation of mineral resources; future prices of metals;
failure of equipment or processes to operate as anticipated; accidents, labor
disputes and other risks of the mining industry; delays in obtaining
governmental approvals; government regulation of mining operations;
environmental risks; title disputes or claims; limitations on insurance coverage
and the timing and possible outcome of litigation. Although the Company has
attempted to identify important factors that could affect the Company and may
cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, do not place undue reliance on
forward-looking statements. All statements are made as of the date of this news
release and the Company is under no obligation to update or alter any
forward-looking statements except as required under applicable securities laws.
Forward-looking statements are based on assumptions that the Company believes to
be reasonable, including expectations regarding mineral exploration and
development costs; expected trends in mineral prices and currency exchange
rates; the accuracy of the Company's current mineral resource estimates; that
the Company's activities will be in accordance with the Company's public
statements and stated goals; that there will be no material adverse change
affecting the Company or its properties; that all required approvals will be
obtained and that there will be no significant disruptions affecting the Company
or its properties.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
GoldQuest Mining Corp.
Julio Espaillat
President & Chief Executive Officer
+1-829-919-8701
jespaillat@goldquestcorp.com
GoldQuest Mining Corp.
Office of the Chairman - Toronto
+1-416-583-5606
wfisher@goldquestcorp.com
www.goldquestcorp.com
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