GoldQuest Announces An
Initial Inferred Resource Of 0.4 Million Ounces Of Gold At La Escandalosa, In The Dominican Republic
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VANCOUVER, BC, November 16, 2010 - GoldQuest
Mining Corp. ("GoldQuest or the
"Company") is pleased to announce a NI 43-101 compliant resource on
its 100% owned La Escandalosa project in the
Dominican Republic. The initial inferred resource is 4,862,835 tonnes grading 2.596 g/t gold at a nominal cut-off of
0.3 g/t of gold containing 405,924 ounces of gold (refer to table
below). The project is open both to the south and to the north towards another
discovery of gold mineralization by the Company at Hondo Valle, approximately
1.2 kilometres north of La Escandalosa.
Inferred mineral
resources for Escandalosa
Sur
|
Cutoff
grade
Au (g/t)
|
Tonnes
|
Au (g/t)
|
Au
(ounces)
|
Cu (%)
|
Cu
(tonnes)
|
Zn (%)
|
Zn
(tonnes)
|
Ag (g/t)
|
Ag
(ounces)
|
0.3
|
4,862,835
|
2.596
|
405,924
|
0.156
|
7,583
|
0.209
|
10,179
|
2.34
|
366,456
|
The sub-horizontal deposit is approximately 600 metres along strike and 500
metres wide with the average thickness of 13.3 metres. The best drill holes
were 26 metres of 11.4 g/t gold and 53 metres of 3 g/t gold
(refer to the Company's news release dated July 6, 2010).
This month, the concession containing both La Escandalosa and Hondo Valle
received a 3 year exploration permit extension, which may be further extended
for another 2 years, and all requisite environmental approvals are now in place
for drilling to proceed. The Company's board of directors has approved the
immediate initiation of a comprehensive drill program both to upgrade the
existing resource and to test potential extensions to the north and south.
GoldQuest's President and CEO, Anna Stylianides, commented, "GoldQuest is
pleased with its success in the discovery of mineral resources in the Dominican
Republic and the delivery of this gold resource to complement the NI 43-101
compliant polymetallic resource at Las Animas announced in 2009. It is a
testament to the excellent technical expertise we have on the ground in the
Dominican Republic."
The Company believes that there is exploration potential for the discovery of
additional mineralization in structural feeder zones or possibly related to
porphyry copper-gold type mineralization. The La Escandalosa property contains
stratiform gold mineralization with copper, silver and zinc of intermediate
sulfidation epithermal style. Alteration and mineralization has been traced for
2,200 metres from Hondo Valle to La Hilguera (a map of the drill holes location
at La Escondalosa is available on the Company's website at www.goldquest.com,
under the heading "Las Tres Palmas").
Pursuant to applicable regulatory requirements, the Company is to file on SEDAR
a NI 43-101 compliant technical report (the "Technical Report")
titled "NI 43-101 Technical Report and Mineral Resource Estimate for the
Escandalosa Project, Province of San Juan, Dominican Republic", which is
available on the Company's website at www.goldquestcorp.com.
The Technical Report containing the resource calculation was completed by
Independent Qualified person, Dr. Stewart D. Redwood, FIMMM, Panama City,
Panama. Sufficient drilling has been carried out from surface at the
Escandalosa Sur zone to define the geology and geometry of the deposit, and to
estimate an inferred mineral resource in accordance with CIM standards and
definitions as required by NI 43-101. The mineral resource at Escandalosa Sur
has a strike length of about 600 metres. Twenty-five holes have been drilled at
Escandalosa Sur with a total length of 3,291 metres in three programs between
2006 and 2010. The deposit was modeled as a flat-lying body and the tonnage was
estimated using a polygonal model. The average thickness of the mineralized
horizon at a 0.3 g/t Au cut-off is 13.3 metres, with a minimum of 4.0 metres
and a maximum of 29.0 metres. Gold and silver were cut at 15.0 grams per tonne
and 30 grams per tonne, respectively. Copper grades were cut to 0.6%, and zinc
to 1.20%.
Dr. Redwood was also responsible for sample QA/QC. Samples from the first two
drill programs were prepared and analyzed by ALS Chemex in Vancouver, and those
from the third drill program were prepared by Acme Analytical Laboratories Ltd
in Maimon, Dominican Republic, and analyzed at their laboratories in Santiago
and Vancouver. Gold was assayed by fire assay with atomic absorption
spectrophotometer ("AAS"), inductively coupled plasma atomic emission
spectrometer (ICP-ES), or gravimetric finish. Silver, copper and zinc were
analyzed by ICP together with a suite of multi-elements, and over-limit samples
were rerun by aqua regia digestion and AAS finish, or by multi-acid digestion
and ICP-ES analysis. Blank, standard and duplicate samples were routinely inserted
for quality assurance and quality control.
On behalf of the Board of Directors,
Anna Stylianides
President & Chief Executive Officer
For further information please contact:
Dan Maarsman
Investor Relations - Vancouver, Canada
Tel: +1-604-632-4333
investorrelations@goldquestcorp.com
About GoldQuest
GoldQuest is a Vancouver based exploration company with projects in the
Dominican Republic and Spain, and is traded on the TSX-V under the symbol GQC.V
and in Frankfurt / Berlin with symbol M1W. Dr. Stewart D. Redwood, PhD, FIMMM,
Consulting Geologist for the Company is a Qualified Person as defined by NI
43-101 and has supervised the preparation of the information used in this news
release. William Fisher P.Geo, a Qualified Person as defined by NI 43-101 and a
director of the Company, reviewed the release for accuracy.
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.
Forward-looking
statements:
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.
This news release contains
"forward-looking information" that is based on the Company's
expectations, estimates and projections as of the dates which those statements
were made. 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. All statements, other than
statements of historical fact, included herein including, without limitation,
statements about the exploration permit of the concession containing both La
Escandalosa and Hondo Valle and exploration potential of the La Escandalosa
property. 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 market prices, exploitation and exploration success,
continued availability of capital and financing 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.
Copyright �
2010 GOLDQUEST MINING CORP. (GQC) All rights reserved. For more information
visit our website at http://www.goldquestcorp.com/ or send email to investorrelations@goldquestcorp.com ..