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Re: News Release - Wednesday, August 29, 2007
GoldQuest Intercepts 19.09 Meters Grading 3.07% Cu, 3.91% Zn,
2.03 g/t Au and 33.01 g/t Ag and 17.68% Cu Over 3.13 Meters at
Las Animas
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VANCOUVER, BC, AUGUST 29, 2007 - GoldQuest Mining Corp. ("GoldQuest" or
the "Company") is pleased to announce the latest results of its ongoing
exploration drilling from its Phase II
Diamond drill program on its
100% owned Las Animas project in the Dominican Republic. Results from
an additional ten drill holes (LA-11 to LA-20) totalling 1,191.85
metres are reported. Drilling continues and the rig is currently
drilling hole LA-26 for a total of 2,605 meters to date in Phase II.
The highlights of the latest results from holes LA-11 to LA-20 are as
follows:
.. Massive sulfide intersection in hole LA-13 of 19.09 meters grading
3.08% Cu, 3.91% Zn, 2.03 g/t Au and 33.01 g/t Ag; this is the cross
"scissor hole" testing the mineralization intercepted in hole LA-10;
.. Two massive sulfide intercepts in hole LA-20 with12.97 meters grading
4.52% Cu, 0.23% Zn, 4.37 g/t Au and 558.26 g/t Ag, and 8.37 meters
grading 3.71% Cu, 1.11% Zn, 1.56 g/t Au and 29.42 g/t Ag;
.. Supergene enrichment zone intersected in LA-20 included 3.13 meters
grading 17.68% Cu;
.. Mineralization at Las Animas continues to be interpreted as being
thickened due to folding.
The drilling has clarified the geometry and thickness of mineralization
as intercepted in hole LA-10 - 142 meters grading 2.59% Cu, 1.91% Zn
and 2.5 g/t Au (reported in news release June 6, 2007). The Company is
now developing a far better geological understanding of the massive
sulfide body at depth. Hole LA-13, a cross "scissor hole" drilled on
same section as holes LA-10 & LA-06 in a northerly direction, returned
19.09 meters grading 3.07% Cu, 3.91% Zn, 2.03 g/t Au and 33.01 g/t Ag.
This is the second widest massive sulfide drill intercept on the
project. The Company's estimated true width of the massive sulfide body
at this point is between 15.00 to 19.09 meters.
The Company is pleased to report, as previously noted in the press
release dated June 6, 2007, that the intercept reported in hole LA-10
can be explained by drilling on a fold limb with a similar dip to the
inclination of the hole caused by folding and fault repetition of the
massive sulfide horizon. Hole LA-13 drilled across the zone from the
opposite direction and is interpreted as being close to the true width
of the mineralization at this point. Drilling indicates the massive
sulfide body intercepted in holes LA-13 and LA-10 is thickening and is
still open at depth. The Company's objective is to continue to further
define the geometry and thickness of the mineralization at depth and
along strike with ongoing drilling.
To test the extension of the mineralization to the west the Company
drilled holes LA-12, LA-17, LA-18, LA-19 and LA-20.
LA-19 and LA-20 were drilled on a new north-south fence 32 meters west
of the section that includes LA-06, LA-10 and LA-13. The Company is
encouraged by the fact that both holes intercepted the same mineralized
massive sulphide body, thus extending the known mineralization in a
westerly direction. Hole LA-19 was a shallow oxide hole drilled to the
north which intercepted 10.55 meters grading 2.29 g/t Au and 157.07 g/t
Ag. A deeper hole LA-20 drilled from the same pad beneath hole LA-19
returned two separate massive sulfide intervals which are interpreted
to
be the same massive sulfide body which has been repeated by faulting.
These intervals returned 12.97 meters grading 4.52% Cu, 0.22% Zn, 4.52
g/t Au and 558.26 g/t Ag and 8.37 meters grading 3.70% Cu, 1.11% Zn,
1.55 g/t Au and 29.42 g/t Ag. The former interval intersected high
grade supergene mineralization with grades of 17.68% Cu over 3.13
meters including 31.7% Cu over 0.85 meters, 25.2% Cu over 0.68 meters,
and 1070 g/t Ag over 6.2 meters.
LA-18 was a shallow hole drilled west of holes LA-19 and LA-20 and
intercepted an interval of massive sulfide returning 0.21meters grading
7.18 % Cu, 0.43% Zn, 1.09 g/t Au and 23.40 g/t Ag. The Company will
follow up this massive sulfide intercept with further drilling to test
mineralization at depth beneath hole LA-18.
Drill holes LA-12 and LA-17 were drilled further west of hole LA-18.
LA-12 remained in the hangingwall sediments due to folding at depth and
did not reach the target horizon, however, the hanging wall rocks
returned a broad interval of 60.45 meters grading 0.48% Zn which
continued to the bottom of the hole. The zinc values in the hangingwall
suggest there may be massive sulfide mineralization nearby at the
sediment-volcanic contact. Hole LA-17 was a shallow hole close to hole
LA-12 and did not return any significant values.
Three drill holes LA-14, 15 and 16 were completed on a large (400
meters) step-out west of LA-10 to test a gossan zone where surface
sampling of gossan blocks returned values of 21.30 g/t and 9.17 g/t
gold. LA-14 and LA-15 intercepted oxide mineralization in sericite
schists with grades of 0.82 g/t Au and 19.69 g/t Ag over 3.61 meters
(LA-14) and 0.22 g/t Au over 42.87 meters (LA-15). LA-16 did not return
any significant values. These shallow holes did not test the target
rhyolite-sediment contact to the north of the outcropping gossans which
is the location of the massive sulfide body some 400 meters to the
east. It is the Company's intention to further test this area as part
of the ongoing drilling.
LA-11 was drilled 98 meters south of LA-01 from the same platform as
LA-04 and 05 with azimuth of 360� north and inclination of -75� to test
the down-dip continuity of the massive sulfides. It drilled through the
footwall sericite schists with several strongly pyritic intervals and
returned 22.0 meters at 0.42 g/t Au and 0.64% Zn, but did not reach the
massive sulfide target due to technical drilling difficulties in a
large zone of soft sericitic clay. After several attempts to complete
the hole the decision was taken to abandon the hole at 140.25 meters.
The delays in announcing further results since its last release of June
6, 2007; were due to technical difficulties of drilling through
intensely altered rhyolites, and delays in the sample analytical lab.
The Company has addressed these issues by significantly upgrading the
size of the drill rig and has started to use a new commercial sample
preparation facility opened in the Dominican Republic by Acme
Analytical Laboratories Ltd.
The Company continues to drill at Las Animas in order to further define
the known mineralization as well as explore other targets on the
property. Results from the ongoing drilling will be released as soon as
they are received. Further information including updated maps and cross
sections will be posted on the GoldQuest website shortly.
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Len- Sil- Cop- Oxide
From To gth Gold ver per Zinc or
Hole (m) (m) (m) (g/t) (g/t) (%) (%) Sulfide
-----------------------------------------------------------------------
LA-11 34.00 56.00 22.00 0.42 NSV NSV 0.64 Sulfide
-----------------------------------------------------------------------
LA-12 142.00 202.45 60.45 NSV NSV NSV 0.49 Sulfide
Including 164.00 202.45 38.45 NSV NSV NSV 0.63 Sulfide
-----------------------------------------------------------------------
LA-13 222.00 241.09 19.09 2.03 33.01 3.08 3.91 Sulfide
-----------------------------------------------------------------------
LA-14 24.39 27.50 3.11 0.82 19.69 NSV NSV Oxide
-----------------------------------------------------------------------
LA-15 14.00 57.93 42.87 0.22 NSV NSV NSV Oxide
-----------------------------------------------------------------------
LA-18 55.96 56.17 0.21 1.09 23.40 7.18 0.43 Sulfide
-----------------------------------------------------------------------
LA-19 55.00 70.13 10.55 2.30 157.07 NSV NSV Oxide
-----------------------------------------------------------------------
LA-20 70.88 83.85 12.97 4.37 558.26 4.52 0.23 Transition
and 98.17 106.54 8.37 1.56 29.42 3.71 1.11 Sulfide
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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 = 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 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 all samples were carried out by ALS Chemex,
Vancouver. 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:
Laara Shaffer
Tel: 778-994 6111 (Vancouver)
Alistair Waddell
President & Chief Executive Officer
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.
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.
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. 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.
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Copyright (c) 2007 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 Wed Aug 29, 2007 at 9:22:54 AM Pacific Time
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