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Re: News Releases - Monday, December 22, 2008
GoldQuest Reports Drill Results from New Gold Zone at Las Animas
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VANCOUVER, BC, DECEMBER 22, 2008 -- GoldQuest Mining Corp. ("GoldQuest"
or the "Company") is pleased to report drill results from ten holes
completed on its 100% owned Las Animas project located in the central
Dominican Republic. The Las Animas project is excluded from the Gold
Fields Option Agreement.
HIGHLIGHTS
- New gold-zone discovered at Las Guazumitas, 950 meters southeast of
main Las Animas Zone;
- Drill hole LA-44 intercepted 27.95 meters grading 1.32 g/t Au;
- Drill hole LA-45 intercepted 18.00 meters grading 1.32 g/t Au;
- Las Guazumitas is disseminated gold mineralization with base metals,
hosted by sericite altered rhyolite;
- Partially tested gold-in-soil anomaly approximately 1,200 meters long
by 200 meters wide.
The drill results of the last ten
Diamond drill holes totalling 1,879
meters of the Phase 3 drill programme at Las Animas are reported. Nine
of these holes (1,208 m) were drilled in the Las Guazumitas zone
located approximately 950 meters southeast of the main Las Animas zone.
Results from a tenth hole completed on the main Las Animas zone are
also reported.
Drilling at Las Guazumitas tested a large gold in soil anomaly defined
over an approximate 1,200 by 200 meter area. The soil gold anomaly
trends in a north-south direction obliquely across the topography and
is still open to the south. The anomaly is terminated at the north end
by a NE-trending creek which follows a late fault zone. Surface
trenching within the soil anomaly returned 9.10 meters grading 4.33 g/t
Au and grab samples of rock float in the area returned values up to
21.40 g/t Au. The soil anomaly correlates with a mapped body of
sericite schist approximately 1,200 meters long, which is elongated
north-south and 150 to 200 meters wide. North of the sericite schist
and gold anomaly there are sediments with a NE-strike which are the
eastward continuation of the sediments that form the hanging wall to
massive sulphide mineralization at the main Las Animas zone. The
sediments appear to thin and pinch out to the east of Las Guazumitas.
Gold mineralization is related to sericite alteration and bands of
disseminated to semi-massive pyrite in the schistosity. Gold is
associated with silver, lead, zinc, barium and anomalous arsenic,
antimony, copper, and molybdenum. Mineralization is interpreted to be
related to either a blind massive sulphide body or a deep epithermal
intermediate sulphidation system hosted by felsic volcanic rocks
possibly related to an underlying or adjacent intrusive or porphyry
source that has either not been identified or is not exposed at
surface.
Hole LA-38 was a deep hole drilled directly south of LA-26 on the main
Las Animas Zone. It was drilled to test for the continuation of the
massive sulphide body directly below hole LA-26 which returned a drill
intercept of 67.77 meters grading 3.38% Cu, 3.98% Zn, 1.49 g/t Au and
26.52 g/t Ag. LA-38 intercepted 631.20 meters of sericite altered
rhyolites before intersecting 0.71 meters of pyritic semi-massive
sulphide with 0.17 g/t Au and 0.22% Zn, interpreted to be a band of
massive sulphide within the footwall felsic volcanics. This
interpretation is significant since it extends the alteration zone 153
meters vertically below LA-26, and implies potential mineralization
over 500 meters below surface. The hole continued in weakly altered
rhyolite to a depth of 671 m.
Hole LA-41 returned anomalous Au from surface with 16.25 meters grading
0.34 g/t Au in sericite schist with up to 50 ppm Mo. Gold values
correlate with amount of hematite and jarosite after sulphides. The
hole also returned 9.35 m from 43.00 m grading 0.45 g/t Au in sericite
schist with pyrite, with 8.1 g/t Ag, 0.15% Cu, and 0.28% Zn.
Hole LA-42 intercepted 10.60 m grading 0.53 g/t Au with 24.90 g/t Ag
and 0.13% Pb in oxidized sericite schist. The hole was drilled below
the trenching that returned 9.10 meters grading 4.33 g/t Au.
Hole LA-43 intercepted rhyolite and rhyolite breccia with propylitic
alteration grading 0.13% Zn over 73.06 m. The hole was drilled to test
the extension of mineralization intercepted in hole LA-42.
Hole LA-44 intercepted sericite schist and rhyolite which returned an
interval of 27.95 m grading 1.32 g/t Au with 11.80 g/t Ag from the top
of hole. The hole also returned 14.40 m grading 0.19 g/t Au and 18.00 m
grading 0.16 g/t Au, 4.60 g/t Ag, and 0.24% Zn. The hole was drilled
below a deep surface pit that returned 2.60 g/t Au.
Hole LA-45 intercepted rhyolite and sericite schist. The hole
intercepted 18.00 m grading 1.32 g/t Au with 11.30 g/t Ag, 0.15% Cu,
0.16% Pb, and 1.00% Zn in sericite schist with sulphides. At depth the
hole intercepted 16.00 m at 0.32 g/t Au and 39.60 g/t Ag with 0.05% Cu,
0.30% Zn. The hole was drilled below a deep surface pit that returned
1.00 g/t Au.
Hole LA-46 The upper part of hole is anomalous in Zn over 67.95 m
grading 0.14% Zn in dacite and mudstone with volcanic sandstone and
volcanic breccia. At the base of this interval there is 5.06 m grading
0.14 g/t Au at a contact between volcanic sediments and rhyolite.
Hole LA-47 was completely in sericite schist drilled partially sub
parallel to schistosity. The hole has drill intervals of anomalous gold
associated with pyrite including 72.00 m grading 0.23 g/t Au including
3.26 m at 1.35 g/t Au. Results from drill holes LA-39 and 40 did not
return any significant results.
Hole From To Length Gold Silver Copper Lead Zinc Oxide or
(m) (m) (m) (g/t) (g/t) (%) (%) (%) Sulphide
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LA-41 4.57 20.82 16.25 0.35 0.01 Oxide
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and 27.00 31.00 4.00 0.24 Sulphide
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and 43.00 52.35 9.35 0.45 8.10 0.15 0.05 0.28 Sulphide
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and 71.00 80.77 9.77 0.21 Sulphide
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LA-42 73.22 83.82 10.60 0.53 24.90 0.13 Oxide
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and 79.77 88.10 8.33 0.24 Sulphide
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LA-43 58.00 131.06 73.06 0.13 Sulphide
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LA-44 3.05 31.00 27.95 1.32 11.80 0.20 Oxide
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and 45.53 59.94 14.41 0.19 Oxide
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and 72.00 90.00 18.00 0.16 4.70 0.09 0.03 0.24 Sulphide
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LA-45 54.00 72.00 18.00 1.32 11.30 0.15 0.16 1.00 Sulphide
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and 112.00 128.00 16.00 0.32 39.60 0.05 0.30 Sulphide
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LA-46 3.05 71.00 67.95 0.14 Oxide
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and 65.94 71.00 5.06 0.148 0.09 Oxide
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and 94.00 100.00 6.00 0.12 Sulphide
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LA-47 105.00 119.00 14.00 0.216 Sulphide
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and 153.00 225.00 72.00 0.232 Sulphide
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inc 205.74 209.00 3.26 1.356 Sulphide
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About GoldQuest
GoldQuest is a Vancouver based 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 including it's 100% owned Las Animas Au-Ag-Cu-Zn
project excluded from the Gold Fields joint venture.
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 samples were carried out by Acme Analytical
Laboratories Ltd. Standards and blanks 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
Dan Maarsman
Investor Relations -- Vancouver, Canada
Tel: +1-604-632 4333
www.goldquestcorp.com
investorrelations@goldquestcorp.com
On behalf of the Board of Directors "signed" Alistair H. 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) 2008 GOLDQUEST MINING CORP. (GQC) All rights reserved.
For more information visit our website at http://www.goldquestcorp.com/
or send mailto:investorrelations@goldquestcorp.com
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