GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") is pleased to announce a maiden National Instrument 43-101 (NI
43-101) compliant resource estimate on its 100% owned Romero deposit and an
update of the Romero South (previously Escandalosa) NI 43-101 resource estimate,
which is located 950 metres south of Romero, see Table 1 below.
Highlights:
-- Fast track maiden indicated resource estimation achieved for Romero
-- 75% of the contained metal occurs within the higher confidence indicated
category due to the low variability of the gold grade of the deposit and
concentrated drilling density near the core of the deposit.
-- The Company believes there is good potential for underground bulk mining
at Romero
-- Romero and Romero South are considered a single project
"High grade, long drill hole intersections from the Romero Project have
translated into a high quality resource statement within 17 months of the Romero
discovery," commented Julio Espaillat, GoldQuest's CEO. "At a $150 net smelter
return cut-off Romero includes a coherent high-grade indicated core of 6.23
million tonnes grading 6.9 g/t gold equivalent, containing 1,386,000 ounces of
gold equivalent, which also encourages us to consider commencing early economic
studies to advance the project towards a mining decision."
Table 1: Mineral Resources for Romero and Romero South Estimated by Micon
International Limited as of October 29, 2013
----------------------------------------------------------------------------
Ag AuEq
Au Cu Zn (g/ (g/ Au AuEq
Category Zone Tonnes (g/t) (%) (%) t) t) Ounces Ounces
----------------------------------------------------------------------------
Indicated Romero 17,310,000 2.55 0.68 0.30 4.0 3.81 1,419,000 2,123,000
----------------------------------------------------------------------------
Romero South 2,110,000 3.33 0.23 0.17 1.5 3.80 226,000 258,000
----------------------------------------------------------------------------
Total Indicated 19,420,000 2.63 0.63 0.29 3.7 3.81 1,645,000 2,381,000
Resources
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----------------------------------------------------------------------------
Inferred Romero 8,520,000 1.59 0.39 0.46 4.0 2.47 437,000 678,000
----------------------------------------------------------------------------
Romero South 1,500,000 1.92 0.19 0.18 2.3 2.33 92,000 112,000
----------------------------------------------------------------------------
Total Inferred 10,020,000 1.64 0.36 0.42 3.8 2.45 529,000 790,000
Resources
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Key assumptions of the mineral resource estimates for Romero and Romero South
deposits are as follows:
1. The mineral resource estimate for the Romero and Romero South deposits has
been prepared and categorized for reporting purposes by B.T. Hennessey, P.Geo.,
and A.J. San Martin, MAusIMM(CP)., of Micon, following the guidelines of the
Canadian Institute of Mining, Metallurgy and Petroleum. Both Mr. Hennessey and
Mr. San Martin are Qualified Persons as defined by NI 43-101 on the basis of
training and experience in the exploration, mining and estimation of mineral
resources of gold deposits and they are both independent of GoldQuest.
2. Resource estimate assumptions.
- Drill core assays from GoldQuest's 2013 drill hole database, comprising all
holes in the LTP series between LTP-01 and LTP-150.
- Micon has verified over 80% of the assay database against original laboratory
certificates delivered directly from the lab and reviewed the QA/QC procedures
used in the sampling protocol. Micon is satisfied that the quality of the data
is sufficient for resource estimation.
- Samples were composited to a 2 metre sample length.
- Grades at Romero capped as follows: Au = 72.2 g/t, Cu = 6.37%, Zn = 6.91% and
Ag = 60 g/t.
- Grades at Romero South capped as follows: Au = 20.5 g/t, Cu = 1.25%, Zn =
1.65% and Ag = 15 g/t.
- Average specific gravity is assumed to be 2.94 g/cc at Romero and 2.72 g/cc at
Romero South.
- NSR formula considered the following metal prices: gold = $1400/ounce, copper
= $3.18/pound, zinc = $0.95/pound and silver = $22.50/ounce.
- The following costs were used in the NSR: mining = $30/t (Romero) and $24/t
(Romero South); processing = $12.50/t and G&A = $2.50/t. The weighted (by metal
price) average recovery of the 4 elements from the Romero South met test-work
was 76.7%.
- NSR cut-off = ($30 + $12.50 + $2.50) / 0.767 at Romero (rounded to $60) and
($24 + $12.50 + $2.50) / 0.767 at Romero South (rounded to $50).
- NSR input formula for cut-off = (Au g/t x $45.01) + (Ag g/t x $0.72) + (Cu% x
$70) + (Zn% x $21).
- Block model with regular-shaped blocks measuring (X) 10 m by (Y) 4 m by (Z) 4
m estimated with the Ordinary Kriging (OK) method at Romero.
- Block model with regular-shaped blocks measuring (X) 10 m by (Y) 10 m by (Z) 2
m estimated with the Ordinary Kriging (OK) method at Romero South.
3. Micon considers a $60 NSR cut-off at Romero to be reasonable with potential
for economic extraction in a bulk tonnage underground mine and a $50 NSR cut-off
at Romero South to be reasonable with potential for economic extraction in a
room and pillar underground mine.
4. The resource estimate has been classified using the CIM Definition Standards
- For Mineral Resources and Mineral Reserves. Specifically the Indicated and
Inferred based upon the following criteria:
- Resource blocks estimated with at least 6 samples from 3 distinct drill holes
within the range of the variogram were assigned to the Indicated category (55m
along strike, 75m down dip at Romero and 50 along strike and 70m down dip at
Romero South).
- All remaining resource blocks within the geological model were assigned to the
Inferred category.
5. It is Micon's opinion that there are no known environmental, permitting,
legal, title, taxation, socio-economic, marketing or political issues which
exist that would adversely affect the mineral resources for Romero and Romero
South presented above. The mineral resources presented herein are not mineral
reserves as they have not been subject to adequate economic studies to
demonstrate their economic viability. They represent in-situ tonnes and grades
and have not been adjusted for mining losses or dilution.
6. A portion of the mineral resource estimate has been calculated as Inferred as
there has been insufficient exploration to define the resources as an indicated
or measured mineral resource. It is uncertain if further exploration will result
in upgrading them to an indicated or measured mineral resource category.
7. Effective date of the resource estimate is October 29, 2013.
Pursuant to applicable regulatory requirements, the Company is to file within 45
days on SEDAR a NI 43-101 compliant technical report (the "Technical Report")
titled "NI 43-101 Technical Report and Mineral Resource Estimate for Romero
Project, Province of San Juan, Dominican Republic", which will also be available
on the Company's website at www.goldquestcorp.com.
The Romero discovery was first announced in a release on May 23, 2012. Since
that time, 60 holes totalling 26,606 metres have been drilled along the trend,
contributing to the initial Romero resource estimate and the update at Romero
South.
The mineral resources at Romero occur in a kilometre long deposit that extends
from close to the GoldQuest exploration camp towards the north-west. Along the
long axis it is up to several hundred metres wide and is at its thickest towards
the core. The core of the deposit is the Indicated resource, which appears to
have favorable geometry for large tonnage underground mining (see link to
cross-section
http://goldquestcorp.com/images/nr/Romero_Project_Mineral_Resources_Oct_29_2013.pdf).
For the purpose of reporting the resources, Micon selected a NSR cut-off of $60
as an estimate of what might be a reasonable marginal cost of extraction at
Romero.
Romero South mineral resources occur 950 metres south of Romero in a flat lying
tabular body which is tens of metres thick and appears to be favorable for room
and pillar underground mining. For the purpose of reporting the resources, Micon
selected a NSR cut-off of $50 as an estimate of what might be a reasonable
marginal cost of extraction at Romero South.
There is potential for additional mineralization between the two bodies based on
limited drilling and favorable geophysical data. Future studies are planned to
examine the economics and technical aspects of mining at both deposits as well
as to test the mineral potential proximal to the resources.
In both deposits, Micon has considered that the mineralization is polymetallic
and four metals have contributed to the estimation of the resources, with the
value dominated in the indicated resource by gold (68%) and copper (26%), with
gold (67%) and copper (23%) in the inferred category. The contained metals which
make up the gold equivalent are as follows (Moz = million ounces; Mlb = million
pounds weight):
Indicated resources: 1.65 Moz gold, 270 Mlb copper, 124 Mlb zinc & 2.3 Moz silver
Inferred resources: 0.53 Moz gold, 81 Mlb copper, 95 Mlb zinc & 1.2 Moz silver
Tables which outline the mineral resource block model at varying NSR cut-off
values demonstrate the low sensitivity of the model to a rising cut-off (see
Tables 2, 3, 4 and 5 below).
The two resources reported herein occur in close proximity and are considered a
single project for any future economic and technical development studies. Thus
the Company is consolidating these within The Romero Project and the previously
named Las Tres Palmas trend has been re-named the Romero trend. The Romero
Project cover approximately 3 kilometres or less than10% of the Company's
concessions in the San Juan area, where the land position consists of granted
concessions and other concessions under application. Regional exploration of the
remainder of the Company's concession group in the San Juan region has been
named The Tireo Project, which includes previously reported areas such as
Jengibre and Guama.
The data 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. B. Terrence Hennessey, P.Geo., of Micon has reviewed this press
release.
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
(157,806,568 on a fully diluted basis).
Forward-looking statements:
This news release contains certain statements that may be deemed
"forward-looking statements", including statements regarding the Company's
expectations and plans for its mineral projects, including its technical
programs. 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.
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.
Table 2: Romero Indicated Resources Sensitivity to NSR Cut-off
(reported cut-off marked with (i))
---------------------------------------------------------------------------
Au-
Cut-off Cum. Au Ag Cu Zn Eq. Au Au-Eq.
Category ($) Tonnage g/t g/t % % g/t Ounces Ounces
---------------------------------------------------------------------------
Indicated greater 6,230,000 5.21 4.6 0.94 0.36 6.92 1,043,000 1,386,000
than 150
---------------------------------------------------------------------------
Indicated 140.0 6,810,000 4.92 4.6 0.93 0.35 6.60 1,077,000 1,446,000
---------------------------------------------------------------------------
Indicated 130.0 7,470,000 4.64 4.5 0.91 0.35 6.29 1,114,000 1,510,000
---------------------------------------------------------------------------
Indicated 120.0 8,200,000 4.36 4.5 0.89 0.34 5.97 1,149,000 1,575,000
---------------------------------------------------------------------------
Indicated 110.0 9,090,000 4.06 4.4 0.87 0.34 5.64 1,187,000 1,648,000
---------------------------------------------------------------------------
Indicated 100.0 10,100,000 3.77 4.4 0.84 0.33 5.31 1,226,000 1,723,000
---------------------------------------------------------------------------
Indicated 90.0 11,390,000 3.47 4.3 0.81 0.33 4.95 1,269,000 1,811,000
---------------------------------------------------------------------------
Indicated 80.0 13,000,000 3.15 4.2 0.77 0.32 4.57 1,317,000 1,909,000
---------------------------------------------------------------------------
Indicated 70.0 14,950,000 2.84 4.1 0.73 0.31 4.19 1,367,000 2,013,000
---------------------------------------------------------------------------
Indicated 60.0(i) 17,310,000 2.55 4.0 0.68 0.30 3.81 1,419,000 2,123,000
---------------------------------------------------------------------------
Indicated 50.0 20,080,000 2.28 3.9 0.63 0.30 3.46 1,471,000 2,231,000
---------------------------------------------------------------------------
Indicated 40.0 23,400,000 2.02 3.8 0.57 0.29 3.11 1,522,000 2,338,000
---------------------------------------------------------------------------
Indicated 30.0 27,490,000 1.78 3.7 0.51 0.28 2.76 1,573,000 2,440,000
---------------------------------------------------------------------------
Table 3: Romero Inferred Resources Sensitivity to NSR Cut-off
(reported cut-off marked with (i))
---------------------------------------------------------------------------
Au-
Cut-off Cum. Au Ag Cu Zn Eq. Au Au-Eq.
Category ($) Tonnage g/t g/t % % g/t Ounces Ounces
---------------------------------------------------------------------------
Inferred greater 1,460,000 3.84 5.1 0.58 0.48 5.04 180,000 237,000
than 150
---------------------------------------------------------------------------
Inferred 140.0 1,690,000 3.61 5.0 0.57 0.48 4.79 196,000 261,000
---------------------------------------------------------------------------
Inferred 130.0 1,990,000 3.36 4.9 0.55 0.48 4.52 215,000 289,000
---------------------------------------------------------------------------
Inferred 120.0 2,370,000 3.10 4.7 0.54 0.48 4.24 236,000 323,000
---------------------------------------------------------------------------
Inferred 110.0 2,830,000 2.86 4.6 0.52 0.48 3.97 260,000 361,000
---------------------------------------------------------------------------
Inferred 100.0 3,410,000 2.62 4.5 0.50 0.47 3.69 287,000 405,000
---------------------------------------------------------------------------
Inferred 90.0 4,080,000 2.39 4.4 0.48 0.47 3.43 314,000 450,000
---------------------------------------------------------------------------
Inferred 80.0 5,020,000 2.14 4.3 0.46 0.47 3.14 346,000 507,000
---------------------------------------------------------------------------
Inferred 70.0 6,340,000 1.88 4.2 0.43 0.47 2.83 383,000 577,000
---------------------------------------------------------------------------
Inferred 60.0(i) 8,520,000 1.59 4.0 0.39 0.46 2.47 437,000 678,000
---------------------------------------------------------------------------
Inferred 50.0 11,850,000 1.33 3.9 0.34 0.45 2.12 506,000 808,000
---------------------------------------------------------------------------
Inferred 40.0 17,340,000 1.07 3.8 0.28 0.43 1.76 596,000 983,000
---------------------------------------------------------------------------
Inferred 30.0 24,420,000 0.87 3.6 0.23 0.41 1.48 685,000 1,160,000
---------------------------------------------------------------------------
Table 4: Romero South Indicated Resources Sensitivity to NSR Cut-off
(reported cut-off marked with (i))
---------------------------------------------------------------------------
Au-
Cut-off Cum. Au Ag Cu Zn Eq. Au Au-Eq.
Category ($) Tonnage g/t g/t % % g/t Ounces Ounces
---------------------------------------------------------------------------
Indicated greater 950,000 5.34 1.5 0.29 0.19 5.90 163,000 180,000
than 150
---------------------------------------------------------------------------
Indicated 140.0 1,040,000 5.11 1.5 0.28 0.19 5.66 171,000 189,000
---------------------------------------------------------------------------
Indicated 130.0 1,120,000 4.93 1.5 0.28 0.19 5.47 177,000 197,000
---------------------------------------------------------------------------
Indicated 120.0 1,210,000 4.73 1.5 0.27 0.19 5.27 184,000 205,000
---------------------------------------------------------------------------
Indicated 110.0 1,310,000 4.54 1.5 0.27 0.19 5.06 191,000 213,000
---------------------------------------------------------------------------
Indicated 100.0 1,420,000 4.34 1.5 0.26 0.19 4.86 198,000 222,000
---------------------------------------------------------------------------
Indicated 90.0 1,540,000 4.13 1.5 0.26 0.19 4.64 205,000 230,000
---------------------------------------------------------------------------
Indicated 80.0 1,660,000 3.94 1.5 0.25 0.18 4.45 210,000 237,000
---------------------------------------------------------------------------
Indicated 70.0 1,800,000 3.74 1.5 0.25 0.18 4.23 216,000 245,000
---------------------------------------------------------------------------
Indicated 60.0 1,940,000 3.55 1.5 0.24 0.17 4.03 221,000 251,000
---------------------------------------------------------------------------
Indicated 50.0(i) 2,110,000 3.33 1.5 0.23 0.17 3.80 226,000 258,000
---------------------------------------------------------------------------
Indicated 40.0 2,300,000 3.12 1.4 0.22 0.17 3.57 231,000 264,000
---------------------------------------------------------------------------
Indicated 30.0 2,550,000 2.87 1.5 0.21 0.16 3.30 235,000 270,000
---------------------------------------------------------------------------
Table 5: Romero South Inferred Resources Sensitivity to NSR Cut-off
(reported cut-off marked with (i))
---------------------------------------------------------------------------
Au-
Cut-off Cum. Au Ag Cu Zn Eq. Au Au-Eq.
Category ($) Tonnage g/t g/t % % g/t Ounces Ounces
---------------------------------------------------------------------------
Inferred greater 240,000 5.10 2.1 0.22 0.25 5.59 39,000 43,000
than 150
---------------------------------------------------------------------------
Inferred 140.0 280,000 4.74 2.2 0.22 0.27 5.25 43,000 47,000
---------------------------------------------------------------------------
Inferred 130.0 320,000 4.47 2.2 0.23 0.28 4.99 46,000 51,000
---------------------------------------------------------------------------
Inferred 120.0 360,000 4.24 2.2 0.23 0.29 4.77 49,000 55,000
---------------------------------------------------------------------------
Inferred 110.0 400,000 4.05 2.2 0.23 0.29 4.57 52,000 59,000
---------------------------------------------------------------------------
Inferred 100.0 460,000 3.76 2.2 0.22 0.28 4.27 56,000 63,000
---------------------------------------------------------------------------
Inferred 90.0 520,000 3.53 2.2 0.22 0.27 4.03 59,000 67,000
---------------------------------------------------------------------------
Inferred 80.0 610,000 3.23 2.1 0.22 0.27 3.73 63,000 73,000
---------------------------------------------------------------------------
Inferred 70.0 760,000 2.84 2.2 0.21 0.25 3.32 69,000 81,000
---------------------------------------------------------------------------
Inferred 60.0 1,060,000 2.34 2.2 0.20 0.21 2.78 80,000 95,000
---------------------------------------------------------------------------
Inferred 50.0(i) 1,500,000 1.92 2.3 0.19 0.18 2.33 92,000 112,000
---------------------------------------------------------------------------
Inferred 40.0 2,190,000 1.53 2.4 0.17 0.18 1.91 107,000 134,000
---------------------------------------------------------------------------
Inferred 30.0 3,090,000 1.21 2.5 0.15 0.18 1.58 120,000 157,000
---------------------------------------------------------------------------
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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