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Re: News Release - Friday, February 15, 2008
Goldquest Expands Las Animas Massive Sulphide Project and Defines
New Targets Along Strike
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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 -70� 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
045� a dip of -65� 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 315�
and a dip of -75� 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 -65� 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 225� with a dip
of -65� 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 045� and a dip of -55�
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
--------------------------------------------------------------------
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.
For further information please contact:
Alistair Waddell
President & Chief Executive Officer
Laara Shaffer
Investor Relations
Tel: +1-604-632 4333
www.goldquestcorp.com
investorrelations@goldquestcorp.com
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.
View News Release in PDF Format:
http://goldquest.pubco.net/i/pdf/2008-02-15_NR.pdf
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Copyright (c) 2008 GOLDQUEST MINING CORP. (GQC) All rights reserved.
For more information visit our website at http://goldquest.pubco.net/
or send mailto:info@goldquestcorp.com
Message sent on Fri Feb 15, 2008 at 8:48:06 AM Pacific Time
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