VANCOUVER, BC, NOVEMBER 26, 2007 - GoldQuest Mining Corp. ("GoldQuest" or the "Company") is pleased to announce the latest batch of drill results from exploration drilling on its 100% owned Las Animas project in the Dominican Republic. Results from an additional six drill holes (LA-21 to LA-26) totalling 1,137 metres are reported.
The highlights of the latest drilling from holes LA-21 to LA-26 are as follows:
- Massive sulfide drill intercept in hole LA-26 of 67.77 meters grading 3.38% Cu, 3.98% Zn, 1.49 g/t Au and 26.52 g/t Ag; the true width of this drill intercept is estimated to be 20 to 25 meters;
- Hole LA-26 has extended mineralization vertically from surface to a depth 355 meters and is interpreted as open and thickening at depth. The previous deepest intercept was 275 meters in hole LA-10;
- Massive sulfide drill intercept in hole LA-21 with 5.79 meters grading 3.66% Cu, 5.24% Zn, 14.77 g/t Au and 120.81 g/t Ag.
Alistair Waddell C.E.O. commented "these results continue to expand the Las Animas massive sulfide body and we are encouraged by the continuity of mineralization at depth and the possible thickening of the zone to greater than 20 meters. We are developing a better understanding of the geometry of this body and the gold values in hole LA-21 shows the variation in grade we can expect. Going forward we will to continue to further define the geometry and thickness of the mineralization at depth and along strike by drilling.
Hole LA-26 was drilled as a deep perpendicular "scissor hole" below hole LA-10 to test the continuity of the massive sulfides at depth. The hole was collared 74 m south of LA-13 and was drilled in a northerly direction at an inclination of -77°.
The hole cut rhyolite with increasing alteration to sericite schist down-hole, followed by massive sulfides, then siltstone hangingwall. The upper part of the hole to 265.10 meters is in massive rhyolite with sericite alteration, followed by pyritic sericite schist. There are localized banded, semi-massive to massive sulfide zones of pyrite replacing the matrix of hyaloclastite breccias. Bedding is typically at 40° to the core axis. The massive sulfide intersection extends from 330.70 to 398.47 meters and comprises pyrite, chalcopyrite, sphalerite and barite. This returned 67.77 meters grading 3.38% Cu, 3.98% Zn, 1.49 g/t Au and 26.52 g/t Ag. The massive sulfide in the first (stratigraphically lowest) part is massive textured interpreted as replacement, followed by a thicker zone that is poorly bedded and brecciated which is interpreted as bedded sea-floor exhalative with slumping, which may be related to the basin deepening. The upper part is bedded with exhalative and volcanic sediments. The massive sulfides are followed by (overlain by) white siliceous and sericite altered siltstone for 5.65 m to the end of the hole at 404.12 m.
This is the second longest drill intersection of massive sulfide drilled to date at Las Animas. The hole cut the massive sulfide at an angle of approximately 20°, indicating that the body dips 85° to the south and is overturned with an estimated true thickness of about 20-25 meters. This is significantly thicker than that intercepted in hole LA-13 and indicates downward thickening.
Hole LA-21 was drilled 27 m south of LA-19 and LA-20 on the next fence west of LA-26. The hole has an azimuth of 360°, inclination of -70° and a length of 161.72 meters. It intercepted sericite schist with pyrite to 131.78 meters followed by 5.79 m of massive sulfide. This consists of pyrite, chalcopyrite, sphalerite and barite (with core angle of bedding of 25 - 50°) and is followed by hangingwall siltstone to the end of the hole.
The massive sulfide returned 5.79 meters grading 3.66% Cu, 5.24% Zn, 14.77 g/t Au and 120.81 g/t Ag and includes one sample with 55.9 g/t Au. Mineralization extends into the hanging wall and footwall and is part of a wider interval of 24.00 m at 3.66 g/t Au, 30.09 g/t Ag, 1.47% Cu and 1.44% Zn. The intersection is correlated with the lower massive sulfide interval intercepted in hole LA-20 to give the body a dip of 55° south with overturned stratigraphy.
LA-22 was drilled 11 m north of hole LA-07 with azimuth to the south at an inclination of -65° to test the continuity of the mineralized horizon below that intercepted in LA-07. The hole was collared in hanging wall siltstones to 53.20m. There is 2.74 m of sulfide-rich sericite schist at 47.26 m to 50.00 m, with 25% pyrite coated by chalcocite. It is oxidized from 48.70 m. This is followed by 3.20 m of siltstones (50.00-53.20 m) and a 0.40 m quartz vein. Sericite schist starts at 53.60 m and continues to the end of the hole at 100.62 m. The hole returned 64.22 meters grading 0.31 g/t Au from 36.42 to 100.62 meters. The mineralized horizon is represented by sulfide-rich sericite schist. This section shows a downwards facies transition from barite with sulfides (now gossan) on surface in LA-07, to sulfidic sericite schist in LA-22.
Hole LA-23 was drilled 53 meters SSW of LA-18 and 18 meters west of LA-21. It was drilled at an inclination of -75° to the NNE for a length of 213.43 meters. The hole cut rhyolite and sericite schist with alteration intensity decreasing down-hole. The contact with the hangingwall siltstone was reached at 208.75 m, indicating a steepening of the contact from 40° to about 80° south. The stratigraphy is overturned and no mineralization was present at the contact although there are sulfide rich zones within the sericite schist. The hole returned two intervals of mineralization within sericite schist including 18 meters grading 0.29% Zn (from 42.00 to 60.00 m) and 20 meters grading 0.24% Zn (from 190.0 to 210.00m).
LA-24 was a vertical hole drilled to the south of LA-17 to 91.47 meters depth. The hole cut rhyolite with a decrease in intensity of alteration downhole from sericite schist in the upper part to illite altered rhyolite and transition to chlorite alteration. The sericite and illite alteration have up to 5% disseminated coarse pyrite. The contact with black carbonaceous siltstone is at 83.70 m with trace pyrite and 2% goethite. No massive sulfides were intercepted in this hole but the contact zone returned 10.42 meters grading 0.44% Zn from 81.05 meters to the end of the hole. The zinc values and the alteration in the LA-24 hanging wall sediments correlate with those drilled in hole LA-12 which returned 60.45 meters grading 0.48% Zn suggesting there may be another zone of massive sulfide mineralization nearby.
LA-25 was drilled on the western gossan zone, 19 meters north of hole LA-15 and inclined at -55° to the south below LA-15, below the gold-bearing gossan outcrop, and across LA-14 to test the mineralization at greater depth. The hole was entirely in rhyolite to the final depth of 167.68 m. There is a 0.93 m interval of massive sulfide between 102.14-103.07 m with a massive texture and medium grain size. The hole did not return any significant values.
Going forward the Company's objective is to continue to further define the geometry and thickness of the mineralization at depth and along strike by drilling. The company has recently secured a contract for a more powerful drill rig from Energold Drilling Corp. capable of drilling much deeper holes than at present. The new drill is expected to arrive in the Dominican Republic in December ready to commence drilling in the New Year.
The Company has also embarked on a programme of geological mapping and detailed follow up of various gossans and anomalous zones sampled during the first phase mapping of the district including outcrop, float and stream sediment anomalies. In terms of project scale exploration the work programmes can be divided into two parts, the first being in the area of the massive sulfide body directly along strike where the company is extending the current soil survey both to the northwest and southeast beyond the current limits of the existing soil grid. The second part is a more regional programme following up gossan, float and stream sediment anomalies generated during the regional sampling programme. This will consist of more detailed geological mapping, localised soil grids and infill stream sediment samples covering the 26.1 Km2 of contiguous claims which cover a large block of prospective felsic volcanic rocks which host the Las Animas massive sulfide mineralization.
Results from further drilling will be released as soon as they are received from the laboratory. Further information including updated maps and cross sections will be posted on the GoldQuest website shortly.
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 the exact true widths of the massive sulfide body. In the case of core duplicates and repeat analyses, the average value has been used. NSV = No significant values.
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 and copper discoveries.
Dr Stewart D. Redwood, FIMMM, Consulting Geologist to the Company is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the content of this news release. Preparation and geochemical analyses of samples were carried out by Acme Analytical Laboratories Ltd. 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 with symbol M1W.
For further information please contact:
President & Chief Executive Officer
On behalf of the Board of Directors
"signed" Alistair Waddell
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This news release contains certain statements that may be deemed "forward-looking statements". 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.
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