VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 13, 2013) - GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest" or the "Company") announces assay results from three in-fill drill holes at La Escandalosa on the Company's 100% owned Las Tres Palmas trend in the Dominican Republic. The holes were from the in-fill program at the La Escandalosa NI 43-101 compliant mineral resource, which is located within the Las Tres Palmas trend 1.5 kilometres south of the Romero discovery (see map of http://goldquestcorp.com/images/press_release/Escandalosa_Plan_Map_June_2013.jpg). The Company is also doing infill drilling at Romero, with the same objective as this program, to increase confidence of the data in advance of any NI 43-101 resource estimate.
The 3 holes were sited in consultation with the company's external Qualified Person (QP), B.T. Hennessey, P.Geo., of Micon, designed to provide increased confidence in the continuity of the gold mineralization, and increased data density, with the three hole program providing approximately 25 metre drill spacing in centre of the existing resource.
Highlights of these holes include:
- LTP-141 which contained 28.5 metres grading 10.11 g/t gold (uncut) and 0.31% copper
- LTP-142 which contained 58.1 metres grading 4.03 g/t gold (uncut) and 0.21% copper
- Including 30.0 metres grading 7.69 g/t gold (uncut) and 0.37% copper
- LTP-139 which contained 21.1 metres grading 4.58 g/t gold (uncut) and 0.24% copper
"The strong gold results are located close to surface, and remind us of the potential of La Escandalosa, particularly in the context of the adjacent Romero discovery" commented GoldQuest President and CEO Julio Espaillat. "The grade of both La Escandalosa and Romero gives us confidence in the potential of the complete Las Tres Palmas trend. Drilling is ongoing in the area, including the new geophysical targets on the Guama trend."
The results from the new holes are summarized in the table below:
15 g/t top cut-off
The mineralization at La Escandalosa is sub horizontal. The in-fill holes are vertical and the mineralized intervals represent approximate true-widths of the mineralized body. A 15 g/t top cut-off was applied to the gold grade which represents the 99th percentile on a cumulative frequency plot, as outlined in the NI 43-101 Technical Report dated August 14, 2012.
The 2012 Inferred Mineral Resources at La Escandalosa of 3.13 million tonnes at 3.14 g/t gold, using a 0.6 g/t gold cut-off, grade contains 316,000 ounces of gold. Subsequent to the data cut off for modeling the resource an additional 14 holes, including the 3 reported herein, have been drilled in the footprint of the existing resource. The company is working with Micon to examine the impact of the additional drilling on the classification and contained metal in the resource to determine if additional drilling is required prior to an updated NI43-101 Mineral Resource estimate.
The 3 new in-fill holes intersected similar grades and thickness and near surface mineralized characteristics as the adjacent holes LTP-07, LTP-41 and LTP-69, which were previously press released and details of the intervals are included for comparison in the table below.
|May 30, 2006||LTP - 07||26.00||89.00||63.00||2.09|
|July 6, 2010||LTP - 41||25.00||78.00||53.00||3.02|
|December 15, 2011||LTP - 69||56.00||84.00||28.00||3.57|
A complete set of all Las Tres Palmas drill hole collar coordinates and hole directions can be found at:
A complete set of assay results for all Las Tres Palmas drill holes can be found at:
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 from 2 separate batches, which had results outside the recommended tolerances. One was for gold and the other was for copper. The gold failure is not from a mineralized interval and the Company has not requested re-assay of the batch. The batch with the copper failure is being re-assayed.
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 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.
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).
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.
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.
President & Chief Executive Officer
GoldQuest Mining Corp.
Sebastian de Kloet
Investor Relations - Toronto