VANCOUVER, BC, Oct. 26, 2021 /CNW/ - QUESTEX GOLD &
COPPER LTD. (TSX-V: QEX) ("QuestEx" or the
"Company"), is pleased to announce that it has completed the
final payment in accordance with a mineral property option
agreement on the Moat property (the "Moat Option
Agreement"), which is located adjacent to Newmont Corporation's
("Newmont") Tatogga property in British Columbia's ("BC") Red Chris
Mining district (Figure 1). A total of 881,612 common shares of
QuestEx with a value of $700,000 were
issued to the vendors, a group of arms-length individuals, on
October 25, 2021. QuestEx now holds a
100% interest in the Moat property.
Joe Mullin, CEO of QuestEx
comments: "The Red Chris District is one of the most active
and exciting areas within British
Columbia's prolific Golden Triangle. It boasts recent
development of a new mine (Red Chris), new discoveries at Saddle
North and Saddle South, definition of large and rich gold and
copper resources at Saddle North and Red Chris, and the active
participation of two global mining giants, Newmont and Newcrest.
With the acquisition of the Moat property, QuestEx now has 100%
ownership of its entire 40,452 hectare land package within this
rapidly growing mining and exploration district. The Moat property
occupies prospective and strategic ground adjacent to Newmont's
recently purchased Tatogga property (see fourth bullet point
below), and geological evidence suggests that the Saddle North and
Saddle South mineral trends on the Tatogga property cross the
boundary onto QuestEx's property. The Moat property is an
outstanding addition to our already enviable land position in the
district."
Recent Corporate and Geological Activity in The Red Chris
District
QuestEx has one of the largest land packages in the
Red Chris District with 100% ownership of mineral tenures covering
40,452 hectares ("ha"). The district is located within
the territory of the Tahltan First Nation, in the northern tip of
BC's Golden Triangle and has seen extraordinary geological and
corporate activity since 2019 including:
- August 15, 2019, Newcrest Mining
Limited ("Newcrest") purchases a 70% interest in the Red
Chris Mine from Imperial Metals for US$804
million ("M").
- May 1, 2020, Newcrest purchases
the GJ property from Skeena Resources.
- July 6, 2020, GT Gold Corp
("GT Gold") releases an inaugural Mineral Resource Estimate
for Saddle North, which contains 3.5M
ounces ("oz") gold ("Au") and 1,809M pounds ("lb") copper ("Cu")
Indicated and 5.5M oz Au and
2,982M lb Cu Inferred.
- March 10, 2021, Newmont and GT
Gold announce the sale of GT Gold to Newmont in an all-cash
transaction valuing GT Gold at C$456M.
- March 31, 2021, Newcrest releases
an updated Mineral Resource Estimate for Red Chris, which contains
13M oz Au and 3.7M tonnes Cu Measured and Indicated, and
1.9M oz Au and 0.57M tonnes Cu Inferred.
- April 16, 2021, Newmont
participates in QuestEx financing, purchasing 2,425,790 shares in
QuestEx, maintaining its 16.13% equity interest in the Company and
its rank as QuestEx's largest shareholder.
- October 12, 2021, Newcrest
releases Red Chris Block Cave Pre-Feasibility Study outlining an
estimated initial 31 year mine life, 17% internal rate of return,
and C$2.3 billion net present
value.
The Moat and Castle Properties
The 1,691 ha Moat
property occupies an elongated belt on the east side of QuestEx's
100% owned Castle property where it borders Newmont's Tatogga
property (with the Saddle North Cu-Au-Silver ("Ag") deposit,
and Saddle South Au-Ag discovery; Figure 1). The Castle-Saddle
trend, which is prospective for porphyry copper-gold systems
similar to Saddle North, spans approximately 10 kilometres
("km") from Newmont's Saddle North deposit westwards onto
QuestEx's now 100% owned Moat property and the Castle property
(Figure 1) where porphyry style mineralization has been intersected
by shallow drilling at Castle Main and Castle East (e.g. 2.14% Cu,
4.88 grams per tonne ("g/t") Au and 73.2 g/t Ag over 4
metres ("m") in historical drill hole CA13-03). Now
combined, the Castle and Moat properties contain approximately 6.5
km of the overall 10-km-long, highly prospective, Castle-Saddle
trend. In addition to containing ground prospective for Saddle
North style porphyry Cu-Au mineralization, geological work
conducted by QuestEx in 2020 documented mineral systems on the Moat
property that may be continuations of those found at Saddle South
on the Tatogga Property (see news releases 21-01 and 21-06 titled
"QuestEx Gold & Copper tracks indications of Gold-Silver-Copper
mineralization west from GT Gold's Saddle South onto Castle").
We seek safe harbor.
Qualified Person
Tony
Barresi, Ph.D., P.Geo., QuestEx's President, a Qualified
Person within the meaning of National Instrument ("NI")
43-101, has reviewed and approved the technical information in this
news release.
About QuestEx
QuestEx Gold &
Copper Ltd. is exploring for gold and copper with a focus on
the Golden Triangle and Toodoggone areas of British Columbia, Canada. It has 100%
ownership of one of the largest portfolios of mineral tenures in
British Columbia's metal-rich
Golden Triangle. The portfolio includes the 312 square kilometre
KSP property, which is surrounded by some of the most important
past and current mining and development projects in British Columbia (e.g. Eskay Creek, Snip, Brucejack, KSM, Johnny Mountain); QuestEx intends to release a
NI 43-101 mineral resource estimate for the Inel gold system,
located on the KSP property, in 2022. In the northern corner of the
Golden Triangle in the Red Chris mining district QuestEx's
portfolio includes the Castle property, a porphyry copper-gold
project located adjacent to Newmont's Tatogga property, and along
trend of the Saddle North porphyry copper-gold deposit (>10
million ounces gold, in all categories). Other properties include
North ROK, Coyote, and Kingpin in the Golden Triangle, Sofia in the Toodoggone district, and Heart
Peaks and Hit in other strategic districts within British Columbia. These assets are being
advanced by a newly assembled technical and management team with
experience in exploration, permitting and discovery.
ON BEHALF OF THE BOARD OF DIRECTORS OF QUESTEX GOLD &
COPPER LTD.
"Joseph Mullin"
Joseph Mullin
Chief Executive Officer and Director
Neither TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of TSX-V) accepts responsibility
for the adequacy or accuracy of this release.
NR 21-17
Cautionary Note Regarding Forward-Looking
Statements
All statements, trend analysis and other information
contained in this press release about anticipated future events or
results constitute forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate",
"expect" and "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other
similar expressions. All statements, other than statements of
historical fact, included herein, are forward-looking statements.
Although the Company believes that the expectations reflected in
such forward-looking statements and/or information are reasonable,
undue reliance should not be placed on forward-looking statements
since the Company can give no assurance that such expectations will
prove to be correct. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements, including the risks, uncertainties
and other factors identified in the Company's periodic filings with
Canadian securities regulators as well as the risk that the ongoing
COVID-19 pandemic may have on the Company's business. Important
factors could cause actual results to differ materially from
QuestEx expectations. Forward-looking statements are based on
estimates and opinions of management at the date the statements are
made. QuestEx does not undertake any obligation to update
forward-looking statements except as required by applicable
securities laws. Investors should not place undue reliance on
forward-looking statements.
SOURCE QuestEx Gold & Copper Ltd.