GoldQuest: Drill Results at Las Tres Palmas, Dominican Republic and Extension of the Guama Induced Polarization Trend
12 Abril 2013 - 6:30AM
Marketwired Canada
GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") announces assay results from eight drill holes on the
Company's 100% owned Las Tres Palmas trend in the Dominican Republic. The holes
tested the northern and eastern boundaries of the Romero gold/copper discovery
zone and around the Escandalosa NI 43-101 compliant mineral resource.
In addition, new Induced Polarization ("IP") geophysics has extended the
recently announced Guama IP trend to over three kilometres in length and up to
two kilometres in width, and remains open to the north and south (see
exploration map) The trend includes three high chargeability occurrences within
a broad chargeability high, with the central zone previously reported on March
27th, 2013. The northern target is open to the north, and is considered a broad
circular anomaly with a more chargeable outer portion, coincident with float
samples up to 34% native copper, and a less chargeable central area. Based on
this IP signature, preliminary interpretation suggests an intrusive centre. The
southern target is only partially covered by the IP survey at this time, and is
open to the south and west, associated with silicified chip samples returning up
to 17% copper. IP surveys will be extended over the next few weeks to cover
extensions of the Guama trend.
"This round of drilling and the drop off in copper and gold grades is consistent
with the lower chargeability on the periphery of the Romero anomaly," commented
Julio Espaillat, GoldQuest's Chief Executive Officer. "Las Tres Palmas trend
appears to now have at least two separate gold centres, where enhanced
mineralization within a proposed feeder zone, as seen in LTP 94, (235 metres
grading 7.9 g/t gold and 1.4% copper; see release of August 27th, 2012) has been
identified at the first, Romero, but no feeder zone has been located to date at
the second centre, Escandalosa. The 3 km long IP Guama trend, 2 kms west of
Romero, is coincident with numerous high-grade copper outcrops and appears to be
longer and wider than the mineralized Las Tres Palmas trend. The Guama trend
will be drilled as soon as mapping, sampling and geophysical data has been fully
compiled, and IP cross sections have been completed."
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
Hole_ID (m) (m) (m) uncut (%) cut-off
----------------------------------------------------------------------------
LTP-125 63.08 68.58 5.50 0.36 - 0.36
------------------------------------------------------------------
354.00 369.00 15.00 0.36 - 0.36
------------------------------------------------------------------
407.00 413.00 6.00 0.35 - 0.35
----------------------------------------------------------------------------
LTP-126 176.45 209.00 32.55 0.17 - 0.17
------------------------------------------------------------------
221.00 249.00 28.00 0.17 - 0.17
----------------------------------------------------------------------------
LTP-127 410.00 458.00 48.00 0.17 0.04 0.17
------------------------------------------------------------------
480.36 495.00 14.64 0.28 0.17 0.28
----------------------------------------------------------------------------
LTP-128 92.00 134.00 42.00 0.57 - 0.57
------------------------------------------------------------------
245.00 261.00 16.00 0.28 - 0.28
------------------------------------------------------------------
346.00 382.00 36.00 0.61 - 0.61
----------------------------------------------------------------------------
LTP-130 79.35 89.46 10.11 2.72 0.09 2.72
------------------------------------------------------------------
124.00 140.00 16.00 0.76 0.35 0.76
----------------------------------------------------------------------------
LTP-131 212.00 240.00 28.00 0.42 0.06 0.42
----------------------------------------------------------------------------
LTP-134 No Significant Intersections
----------------------------------------------------------------------------
(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 drilling reported herein can be viewed on online in two drilling maps. Of
the eight holes released today, LTP-125, LTP- 128 and LTP 130 tested the deep IP
targets around Escandalosa, seeking a potential sulphide rich root to
Escandalosa, where a 43-101 compliant inferred resource of 3.1 million tonnes
grading 3.14 g/t gold has been found by GoldQuest (see release of August 20th,
2012). The drilling did not encounter high grade mineralization consistent with
a feeder zone, and further drilling is being considered to understand the
Escandalosa system. In addition to the Escandalosa holes, LTP-126 was an infill
hole drilled between Romero north and Romero south. and LTP 129 an inclined hole
and LTP 131 a vertical hole, were collared 160 metres south of LTP-126 and
tested the eastern flank of Romero. Hole LTP 134 tested the eastern end of the
Romero south IP anomaly, that appears to be enriched in pyrite, the source of
the IP anomaly, but weakly mineralized in gold and copper.
Drilling is ongoing, with samples from holes LTP-132 and LTP 33 delivered to
Acme laboratories for assay. LTP-135 and LTP-136 have been completed and are
being logged and sampled. LTP-137 is in progress south of Romero, and further
drilling is being planned to better define Romero. Two drill rigs are being
readied to drill the Guama trend and other anomalies on the property including
targets along the Las Tres Palmas trend.
The individual two metre assay intervals from all holes on drilled on the Las
Tres Palmas trend are available online (see Las Tres Palmas Assays), in addition
the collar location, hole azimuth and dips for Las Tres Palmas holes are also
available (see UTMS Table).
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 were 2 samples, which had results outside the
recommended tolerances for copper. The samples in this batch are not from a
mineralized interval and the Company has not requested re-assay of the batches.
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 (see 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 143,980,044 shares outstanding
(157,481,568 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 drilling programs
and the IP program. 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
Corporate Communications - Toronto
+1-416-214-9151
investorrelations@goldquestcorp.com
www.goldquestcorp.com
GoldQuest Mining (TSXV:GQC)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
GoldQuest Mining (TSXV:GQC)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
