VANCOUVER, B.C, February 15, 2008 - GoldQuest Mining Corp. ("GoldQuest" or the "Company") is pleased to announce the latest batch of results from the ongoing exploration drill programme on its 100% owned Las Animas project in the Dominican Republic. In addition, the Company is pleased to present several new targets along strike from the principal massive sulphide zone defined by geochemical sampling and geological mapping in the district 100% controlled by GoldQuest.
HIGHLIGHTS
- Drill hole LA-27 returned an intercept of 7.15m grading 2.71% Cu, 5.22% Zn, 7.36 g/t Au and 72.51 g/t Ag expanding mineralization 75m further down-dip from drill hole LA-21;
- Drill hole LA-31 returned an intercept of 6.48m grading 1.58% Cu, 5.43% Zn, 2.74 g/t Au with 73.13 g/t Ag expanding mineralization 85m further down-dip from hole LA-11;
- Soil sampling and detailed geological mapping has defined several new coincident Au+/-Ba+/-Cu+/-Zn anomalies on or close to the critical sediment-felsic volcanic contact where the massive sulphide mineralization in known to occur. This includes a cluster of ten soil samples (on 50 x 50 meter spaced grid) which average 0.25 g/t Au.
Commenting Alistair Waddell, President & C.E.O. said "results continue to expand the principal massive sulphide body and show excellent continuity of mineralization and grades at depth. Even more encouraging now that the Company has started to expand on the district scale exploration is coincident soil sample anomalism with geology where one would expect massive sulphide bodies to be present. Massive sulphide bodies typically do not occur in isolation and the Company is now exploring for new bodies as well as continuing to drill the principal zone. The bigger drill rig currently on site will enable us to test the down dip extensions of the massive sulphide beyond the current 400 meter level as well as drill the newly defined geochemical targets".
New targets - Geochemical Sampling Results
Results for a total of 848 soil samples have now been received covering in excess of 4.5 kilometres of the critical sediment-felsic volcanic contact where the principal zone of massive sulphide mineralization is located. The results show anomalism along the contact both to the NW and SE of the principal zone with one new area in particular being highly anomalous. The Guazumitas Zone located 950 meters southeast of the main zone comprises of a contiguous cluster of ten 50 x 50 meter spaced soil samples occurring on and close to the sediment-volcanic contact which average 0.25 g/t Au with a maximum of 0.52 g/t Au. This new target also has corresponding anomalies in other elements including Ag (Max 1.97 ppm), Cu (Max 161 ppm), Zn, (Max 204 ppm), As (Max 254 ppm), Ba (Max 967 ppm), Hg (Max 349 ppm), Pb (Max 1092 ppm) and Sb (Max 14.55 ppm). The anomaly occurs at the southeast limit of the current soil sample grid and is still open to the northeast and southeast. The soil sample grid is currently being extended to fully define this new target.
A separate zone of anomalies occurs 1.3 kilometres northwest of the principal massive sulphide zone on the mapped sediment-volcanic contact which returned several contiguous soil samples anomalous in various elements including Au, Ag, Cu, Ba, Sb, Pb and Zn.
A third anomaly occurs away from the sediment-volcanic contact where the anomalies noted above occur. The third target occurs on and close to a contact between felsic volcanics and a mafic volcanic unit. Located approximately 1.7 kilometres southwest of the principal massive sulphide zone, soil sampling has defined a zone broadly anomalous in Cu, Bi, Sb and Te.
Drilling: Holes LA-27 to LA-33
LA-27 is located 45 meters northwest of LA-26 (Cross section 4) and was drilled to test the down dip extension of that intercepted in drill holes LA-19, 20 and 21. LA-27 was drilled to the north with a -70º dip and a total depth of 248.49 meters. The hole was drilled from the footwall volcanics towards the hangingwall sediments and intercepted 7.15 meters of massive sulphide mineralization from 220.00 to 227.15 meters grading 7.36 g/t Au, 72.51 g/t Ag, 2.71 % Cu and 5.22% Zn. This intercept extends massive sulphide mineralization 75 meters down-dip from LA-21.
LA-28 is located 80 meters southwest of LA-12 and was drilled as a "scissor hole" to test the sediment-volcanic contact at depth beneath hole LA-12 which did not cross the sediment-volcanic contact but returned 60.45 meters grading 0.49% Zn in the hangingwall sediments suggesting the possibility of another nearby massive sulphide body. LA-28 was vertical hole drilled to a depth of 189.04 meters. The hole crossed the contact at 157.50 meters without hitting massive sulphide mineralization but returned 22 meters grading 0.86% Cu including 6 meters grading 1.30% Zn from the hangingwall sediments. It is the Company's belief that this may represent a deeper as yet blind body and it is the intention of the Company to test this zone with further drilling at depth and along strike.
LA-29 is located 375 meters west of LA-26 and was drilled to test anomalous soil sample geochemistry. LA-29 was drilled at an azimuth of 045º a dip of -65º to a depth of 196.66 meters. The hole remained in sericitic altered felsic volcanics and intercepted an interval of 84 meters grading 0.32% Zn with a maximum of 2 meters grading 2.72% Zn.
LA-30 is located 110 meters west-southwest of LA-12 and was drilled to test a mapped fold hinge on the sediment-volcanic contact between the "Western Zone" and hole LA-12 which returned 60.45 meters grading 0.45% Zn in hangingwall sediments. LA-30 was drilled at an azimuth of 315º and a dip of -75º to a depth of 74.70 meters intercepting the sediment-volcanic contact at 46.74 meters. No mineralization was intercepted at the contact.
LA-31 is located 52 meters south of holes LA-04, 05 and 11 (Cross section 2) and was drilled to test the down-dip extension of the massive sulphide mineralization intercepted in those holes. LA-31 was drilled to the north with a -65º dip and a total depth of 285.39 meters. The hole started in sericitic altered footwall volcanics intercepting an upper zone grading 26 meters at 0.35 g/t Au from 136.00 to 162.00 meters. At depth, the hole intercepted 6.48 meters of massive sulphide mineralization from 270.22 to 276.70 grading 2.74 g/t Au, 73.13 g/t Ag, 1.58% Cu and 5.43% Zn before entering the typical hangingwall sedimentary sequence. This intercept extends massive sulphide mineralization 85 meters down-dip from hole LA-11.
LA-32 is located 104 meters northeast of LA-07 and was drilled to test the westward extension of mineralization at the sediment-volcanic contact and the hinge zone of a large fold. Hole LA-32 was collared in the hangingwall sediments and drilled on an azimuth of 225º with a dip of -65º to a total depth of 114.32 meters. The hole intercepted the sediment-volcanic contact at 91.46 meters and no massive sulphide mineralization was present.
LA-33 is located 111 meters northwest of LA-29 and 246 meters southwest of LA-30 and was drilled to test a zone of anomalous soil sample geochemistry. LA-33 was drilled at an azimuth of 045º and a dip of -55º to a total depth of 138.71 meters.
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Length Gold Silver Copper Zinc
Hole From (m) To (m) (M) g/t g/t % %
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LA-27 220.00 227.15 7.15 7.36 72.51 2.71 5.22
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LA-28 164.00 186.00 22.00 NSV NSV 0.86 0.49
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including 176.00 182.00 6.00 NSV NSV 1.21 1.30
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LA-29 26.00 110.00 84.00 NSV NSV 0.04 0.32
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LA-31 136.00 162.00 26.00 0.35 0.72 NSV 0.12
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and 270.22 276.70 6.48 2.74 73.13 1.58 5.43
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Table 1: Length-weighted average grades of drill holes. Note that
the lengths are drill intersection widths and that there is
still insufficient data to calculate true widths of the
massive sulfide body. In the case of core duplicates and
repeat analyses, the average value has been used. NSV
equals No significant values.
About GoldQuest
GoldQuest is an Exploration company focused on the Dominican Republic. Through regional grass-roots generative exploration and new geological models, the Company has built a portfolio of new gold, copper and zinc discoveries.
David J. Hall, Vice Chairman and Director to the Company is the qualified person as defined by National Instrument 43-101 and has reviewed the content of this press release. Preparation and geochemical analyses of all samples were carried out by Acme Labs in Santiago. Standards, blanks and duplicates are routinely inserted into all sample batches for quality assurance and quality control.
GoldQuest is traded on the TSX-V under the symbol GQC.V and in Frankfurt / Berlin with symbol M1W.</em.
For further information please contact:
Alistair Waddell
President & Chief Executive Officer
Laara Shaffer
Investor Relations
Tel: +1-604-632 4333
www.goldquestcorp.com
This email address is being protected from spambots. You need JavaScript enabled to view it.
On behalf of the Board of Directors
"signed" Alistair Waddell
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.