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Re: News Release - Monday, November 26, 2007
GoldQuest Announces Further Drill Results from Las Animas
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VANCOUVER, BC, NOVEMBER 26, 2007 - GoldQuest Mining Corp. ("GoldQuest"
or the "Company") is pleased to announce the latest batch of drill
results from exploration drilling on its 100% owned Las Animas project
in the Dominican Republic. Results from an additional six drill holes
(LA-21 to LA-26) totalling 1,137 metres are reported.
The highlights of the latest drilling from holes LA-21 to LA-26 are as
follows:Alistair Waddell C.E.O. commented "these results continue to
expand the Las Animas massive sulfide body and we are encouraged by the
continuity of mineralization at depth and the possible thickening of
the zone to greater than 20 meters. We are developing a better
understanding of the geometry of this body and the gold values in hole
LA-21 shows the variation in grade we can expect. Going forward we will
to continue to further define the geometry and thickness of the
mineralization at depth and along strike by drilling.
"
Hole LA-26 was drilled as a deep perpendicular "scissor hole" below
hole LA-10 to test the continuity of the massive sulfides at depth. The
hole was collared 74 m south of LA-13 and was drilled in a northerly
direction at an inclination of -77�.
The hole cut rhyolite with increasing alteration to sericite schist
down-hole, followed by massive sulfides, then siltstone hangingwall.
The upper part of the hole to 265.10 meters is in massive rhyolite with
sericite alteration, followed by pyritic sericite schist. There are
localized banded, semi-massive to massive sulfide zones of pyrite
replacing the matrix of hyaloclastite breccias. Bedding is typically at
40� to the core axis. The massive sulfide intersection extends from
330.70 to 398.47 meters and comprises pyrite, chalcopyrite, sphalerite
and barite. This returned 67.77 meters grading 3.38% Cu, 3.98% Zn, 1.49
g/t Au and 26.52 g/t Ag. The massive sulfide in the first
(stratigraphically lowest) part is massive textured interpreted as
replacement, followed by a thicker zone that is poorly bedded and
brecciated which is interpreted as bedded sea-floor exhalative with
slumping, which may be related to the basin deepening. The upper part
is bedded with exhalative and volcanic sediments. The massive sulfides
are followed by (overlain by) white siliceous and sericite altered
siltstone for 5.65 m to the end of the hole at 404.12 m.
This is the second longest drill intersection of massive sulfide
drilled to date at Las Animas. The hole cut the massive sulfide at an
angle of approximately 20�, indicating that the body dips 85� to the
south and is overturned with an estimated true thickness of about 20-25
meters. This is significantly thicker than that intercepted in hole
LA-13 and indicates downward thickening.
Hole LA-21 was drilled 27 m south of LA-19 and LA-20 on the next fence
west of LA-26. The hole has an azimuth of 360�, inclination of -70� and
a length of 161.72 meters. It intercepted sericite schist with pyrite
to 131.78 meters followed by 5.79 m of massive sulfide. This consists
of pyrite, chalcopyrite, sphalerite and barite (with core angle of
bedding of 25 - 50�) and is followed by hangingwall siltstone to the
end of the hole.
The massive sulfide returned 5.79 meters grading 3.66% Cu, 5.24% Zn,
14.77 g/t Au and 120.81 g/t Ag and includes one sample with 55.9 g/t
Au. Mineralization extends into the hanging wall and footwall and is
part of a wider interval of 24.00 m at 3.66 g/t Au, 30.09 g/t Ag, 1.47%
Cu and 1.44% Zn. The intersection is correlated with the lower massive
sulfide interval intercepted in hole LA-20 to give the body a dip of
55� south with overturned stratigraphy.
LA-22 was drilled 11 m north of hole LA-07 with azimuth to the south at
an inclination of -65� to test the continuity of the mineralized
horizon below that intercepted in LA-07. The hole was collared in
hanging wall siltstones to 53.20m. There is 2.74 m of sulfide-rich
sericite schist at 47.26 m to 50.00 m, with 25% pyrite coated by
chalcocite. It is oxidized from 48.70 m. This is followed by 3.20 m of
siltstones (50.00-53.20 m) and a 0.40 m quartz vein. Sericite schist
starts at 53.60 m and continues to the end of the hole at 100.62 m. The
hole returned 64.22 meters grading 0.31 g/t Au from 36.42 to 100.62
meters. The mineralized horizon is represented by sulfide-rich sericite
schist. This section shows a downwards facies transition from barite
with sulfides (now gossan) on surface in LA-07, to sulfidic sericite
schist in LA-22.
Hole LA-23 was drilled 53 meters SSW of LA-18 and 18 meters west of
LA-21. It was drilled at an inclination of -75� to the NNE for a length
of 213.43 meters. The hole cut rhyolite and sericite schist with
alteration intensity decreasing down-hole. The contact with the
hangingwall siltstone was reached at 208.75 m, indicating a steepening
of the contact from 40� to about 80� south. The stratigraphy is
overturned and no mineralization was present at the contact although
there are sulfide rich zones within the sericite schist. The hole
returned two intervals of mineralization within sericite schist
including 18 meters grading 0.29% Zn (from 42.00 to 60.00 m) and 20
meters grading 0.24% Zn (from 190.0 to 210.00m).
LA-24 was a vertical hole drilled to the south of LA-17 to 91.47 meters
depth. The hole cut rhyolite with a decrease in intensity of alteration
downhole from sericite schist in the upper part to illite altered
rhyolite and transition to chlorite alteration. The sericite and illite
alteration have up to 5% disseminated coarse pyrite. The contact with
black carbonaceous siltstone is at 83.70 m with trace pyrite and 2%
goethite. No massive sulfides were intercepted in this hole but the
contact zone returned 10.42 meters grading 0.44% Zn from 81.05 meters
to the end of the hole. The zinc values and the alteration in the LA-24
hanging wall sediments correlate with those drilled in hole LA-12 which
returned 60.45 meters grading 0.48% Zn suggesting there may be another
zone of massive sulfide mineralization nearby.
LA-25 was drilled on the western gossan zone, 19 meters north of hole
LA-15 and inclined at -55� to the south below LA-15, below the
gold-bearing gossan outcrop, and across LA-14 to test the
mineralization at greater depth. The hole was entirely in rhyolite to
the final depth of 167.68 m. There is a 0.93 m interval of massive
sulfide between 102.14-103.07 m with a massive texture and medium grain
size. The hole did not return any significant values.
Going forward the Company's objective is to continue to further define
the geometry and thickness of the mineralization at depth and along
strike by drilling. The company has recently secured a contract for a
more powerful drill rig from Energold Drilling Corp. capable of
drilling much deeper holes than at present. The new drill is expected
to arrive in the Dominican Republic in December ready to commence
drilling in the New Year.
The Company has also embarked on a programme of geological mapping and
detailed follow up of various gossans and anomalous zones sampled
during the first phase mapping of the district including outcrop, float
and stream sediment anomalies. In terms of project scale exploration
the work programmes can be divided into two parts, the first being in
the area of the massive sulfide body directly along strike where the
company is extending the current soil survey both to the northwest and
southeast beyond the current limits of the existing soil grid. The
second part is a more regional programme following up gossan, float and
stream sediment anomalies generated during the regional sampling
programme. This will consist of more detailed geological mapping,
localised soil grids and infill stream sediment samples covering the
26.1 Km2 of contiguous claims which cover a large block of prospective
felsic volcanic rocks which host the Las Animas massive sulfide
mineralization.
Results from further drilling will be released as soon as they are
received from the laboratory. Further information including updated
maps and cross sections will be posted on the GoldQuest website
shortly.
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Hole Length From (m) To (m) Gold Silver Copper Zinc Oxide or
(m) (g/t) (g/t) (%) (%) Sulfide
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LA-21 18.88 7.12 26.00 NSV NSV NSV 0.26 Sulfide
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and 24.00 130.00 154.00 3.66 30.09 1.47 1.44 Sulfide
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including 5.79 131.38 137.17 14.77 120.81 3.66 5.24 Sulfide
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LA-22 64.20 36.42 100.62 0.31 NSV NSV NSV Sulfide
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including 16.00 72.00 88.00 0.27 NSV NSV 0.27 Sulfide
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LA-23 18.00 42.00 60.00 NSV NSV NSV 0.29 Sulfide
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and 20.00 190.00 210.00 NSV NSV NSV 0.24 Sulfide
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LA-24 10.42 81.05 91.47 NSV NSV NSV 0.44 Sulfide
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LA-26 67.77 330.70 398.47 1.49 26.52 3.38 3.98 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 the exact 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 samples were carried out by Acme Analytical
Laboratories Ltd. 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: +1-604-632-4333
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://www.goldquestcorp.com/
or send mailto:info@goldquestcorp.com
Message sent on Mon Nov 26, 2007 at 7:51:49 AM Pacific Time
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