Goldquest drills 138 m of 1.33 g/t AuEq at Las Tres
2013-02-22 08:27 ET - News Release
Mr. Julio Espaillat reports
GOLDQUEST: DRILLING UPDATE AT LAS TRES PALMAS, DOMINICAN REPUBLIC
Goldquest Mining Corp. is releasing assay results from three additional holes in the Romero gold/copper discovery zone on the company's 100-per-cent-owned Las Tres Palmas trend in the Dominican Republic.
Drilling highlights include:
LTP-123 contained 68 metres grading 1.76 grams per tonne gold and 0.29 per cent copper (2.23 grams per tonne gold equivalent) within a mineralized zone of 138 metres grading 1.00 gram per tonne gold and 0.20 per cent copper (1.33 grams per tonne gold equivalent).
LTP-124 contained 48 metres grading 1.21 grams per tonne gold and 1.02 per cent copper (2.88 grams per tonne gold equivalent).
These are the last results from the phase of drilling targeting the shallow induced-polarization interpretation that discovered the Romero mineralization. Future drilling will be guided by new, continuing deep geophysical data. New data collected this year have identified two distinct east-west-trending target zones at Romero. Drilling to date has focused on the Romero North zone, where highlights include LTP-94, which returned 235 metres grading 7.9 grams per tonne gold and 1.4 per cent copper (10.2 grams per tonne gold equivalent). Romero South, a newly identified trend, is essentially untested and returned a stronger and shallower chargeability anomaly than Romero North.
"We are pleased by the continued positive drilling results and the confirmation of our targeting approach," commented Julio Espaillat, Goldquest's chief executive officer. "Our geological modelling will assist us in seeking additional mineralization both at Romero and along the entire Las Tres Palmas trend."
The results from the new holes are summarized in the table.
From To Interval Au Cu AuEq
Hole (m) (m) (m) (g/t) (%) (g/t) (i)
LTP-122 195.24 294.00 98.76 0.41 0.12 0.61
LTP-123 134.00 272.00 138.00 1.00 0.20 1.33
including 172.00 240.00 68.00 1.76 0.29 2.23
and 338.00 424.00 86.00 0.28 0.09 0.43
LTP-124 144.00 158.00 14.00 1.14 0.11 1.32
and 254.00 302.00 48.00 1.21 1.02 2.88
(i) All the results and subintervals summarized in the table have a bottom
cut-off of 0.15 g/t of gold. A top cut of 50 g/t gold is used;
however, no samples in this release exceeded 50 g/t. 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 subhorizontal in orientation. Gold-equivalent
values are calculated using a three-year trailing average price of $1,616
(U.S.) per ounce for gold and $3.85 (U.S.) per pound of copper as of
Jan. 15, 2013. No adjustment has been made for metallurgical recovery, as
this remains uncertain at this time. Gold-equivalent formula:
AuEq g/t equals ((Cu per cent times 22.0462 times 3.85)/(1616/31.1035)).
Of the three holes released today, LTP-122 tested the area between the Romero North and South trends. The mineralization extends in a southeast direction where previous shallow holes left this area unknown. LTP-123 was an infill hole in Romero North and LTP-124 was drilled at the eastern end of Romero North (see a plan map with Romero drill locations at the company's website) (note: IP line 100E will be surveyed once drills have been deployed elsewhere, as IP survey results would not be accurate with active drilling in the vicinity).
Currently, LTP-125 is in the lab and was drilled at the Escandalosa North zone. LTP-126 is also in the lab and was drilled at the eastern end of Romero North. LTP-127 has been collared at Romero North's northern flank, which currently remains open, and is currently drilling. LTP-128 is currently drilling an IP target at Escandalosa North, and LTP-129 is drilling between Romero North and newly discovered Romero South (see a plan map located at the company's website).
The individual two-metre assay intervals from all holes drilled on the Las Tres Palmas trend are available at the company's website; in addition, the collar locations and hole azimuth and dips for all Las Tres Palmas holes can be reviewed at the company's website.
The company will continue to release new drill hole results in batches as analysis is completed. ACME labs has been instructed to release assays to the company only once the batches have been completed. The potential quantity and grade are 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, most of the high-grade intervals are reassayed, and the company is awaiting these check samples. In addition, systematic reassaying of intervals is in progress to confirm compliance of blanks and duplicates checks. The company also reviews results from certified standard reference materials, which are inserted at a rate of five per 100 samples. Within the results disclosed herein there were three samples that had results below the recommended tolerances. The samples in this batch are being reassayed, and the company is awaiting the results from these samples. Any future resource calculations will be calculated from compliant intervals, and if there is any material variation from the reported intervals on a hole-by-hole basis, then the company will report this in subsequent releases, but it is of the opinion that any variations are unlikely to be material.
In Goldquest's drill programs, composite intervals were chosen using a combination of geological criteria and mineralization, averaging around two metres in 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-gram-per-tonne 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 multielement 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 reassayed and completed with a gravimetric finish. Quality assurance and quality control 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.
The information in this news release has been reviewed and approved by Jeremy Niemi, PGeo, director, technical services, of Goldquest, and a qualified person for the technical information in this news release under National Instrument 43-101 standards.
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