- An indicated mineral resource of 4.04 million tonnes grading
5.30% lead (Pb), 6.50% zinc (Zn), and 41 g/t silver
(Ag), containing over 470 million pounds Pb, 577 million pounds Zn,
and 5.3 million oz Ag.
- An inferred mineral resource of 4.67 million tonnes grading
4.44% Pb, 5.40% Zn and 32.0 g/t Ag containing over 456 million pounds
Pb, 555 million pounds Zn, and 4.8 million ounces Ag.
A cut-off grade of 7.0% of combined Pb and Zn was used to define the
Toral mineral resources. Mineral resources that are not mineral
reserves do not have demonstrated economic viability. The resource
estimate and corresponding technical report dated April 14, 2011 were
prepared by independent consultants, Micon International Co Inc., and were
prepared using CIM definitions for mineral resources as required by NI
43-101.
"We are pleased to receive this Investigation Permit from the
Government of Galicia, as it allows GoldQuest to create critical mass in
the region and further enhance the company base metal portfolio in Spain,"
commented Julio Espaillat, the President and CEO.
The concession location can be seen on a map on the Company's website
at www.goldquestcorp.com.
GoldQuest's compilation of the unproven and unverified historical data of
investigations completed by EXMINESA between 1985 and 1990, indicated that
mineralization at Lago is similar to the Company's Toral property. The
mineralized horizons at Lago are hosted by detritic volcano sedimentary
units of Paleozoic age, folded by a syncline structure, which is disrupted
by vertical faulting sub parallel to the regional
deformation. Estimate mineralization reported by EXMINESA can be
traced by approximately 1,375 meters parallel to the axe of the
syncline. The results reported by EXMINESA range from 3.0 meters of
1.88% combined Pb and Zn to 9.5 meters of 9.54% combined Pb and Zn and
7.50 meters of 14.75% combined Pb and Zn. All such potential is conceptual
in nature, to date there has been insufficient exploration to define a
mineral resource, and at this time, it is uncertain if further exploration
will result in the target being delineated as a mineral
resource.
GoldQuest will initiate a comprehensive detailed mapping, geochemical
sampling and ground geophysical program to define both infill drilling and
new targets that may warrant drilling in the vicinity of the known
hydrothermal lead and zinc mineralization that remains open along the
strike and at depth. Proposed investigations will better define the
mineral potential of the property and the regional trend of the
mineralized horizons.
On behalf of the Board of Directors,
Julio Espaillat, President & Chief Executive Officer
About GoldQuest
GoldQuest is a Vancouver based mineral exploration company with
projects in Spain and the Dominican Republic, traded on the TSX-V under
the symbol GQC.V and in Frankfurt / Berlin with symbol M1W, with
103,508,601 shares outstanding. The recent trading range has been C$0.19
to C$0.40.
The qualified person for the technical information in this press
release for the purposes of National Instrument 43-101, is Mr. William
Fisher, P. Geo. Mr. Fisher is a Director of GoldQuest.
Forward-looking statements:
