Click here to close now.


News Feed Item

GoldQuest Releases Drill Results and Exploration Update at Tireo Project in the San Juan District, Dominican Republic

VANCOUVER, BC--(Marketwired - July 31, 2014) - GoldQuest Mining Corp. (TSX VENTURE: GQC)(FRANKFURT: M1W)(BERLIN: M1W) ("GoldQuest" or the "Company") is pleased to announce an exploration update including assay results from four holes from its ongoing drill program which commenced May 2014 on its 100% owned San Juan concession group in the Dominican Republic, which includes the Romero gold/copper deposit (see press release dated October 29, 2013). Drilling is underway at a porphyry target at La Guama North, and the larger La Bestia target will be drilled shortly. The updated map can be found here:

Assays have been received for four holes, LTP 158,159,160 and LTP-161. A further two holes, LTP 162 and 163 have been completed with assays pending and LTP 164 is in progress. LTP 158, LTP 160 and LTP-161 were drilled between the Romero and Romero South deposit, and all three holes terminated above or adjacent to the target zone and LTP 159 was drilled to the east of Romero South All holes were within the alteration halo consistent with Romero style hydrothermal systems. No significant intersections have been encountered to date and more ground geophysics is required on the root zone which extends to the south and outside of the current ground IP coverage.

"The drilling reported today was seeking to link the Romero and Romero South mineralizations," commented Julio Espaillat, GoldQuest's CEO, "The results indicate that any gold and/or copper mineralization is likely to be encountered at deeper or adjacent locations as the alteration seen in the drill core is consistent with being a lower temperature and pressure than the conditions required to deposit gold and copper in a Romero type system. The drill program is now focusing on shallower targets to the north and west of Romero."

                                              Interval   Gold g/t           
       Hole ID          From (m)     To (m)        (m)      Uncut       Zn_%
       LTP-158             33.53      37.00       3.47       1.59          -
                           40.50      46.00       5.50       0.26          -
                          173.00     177.00       4.00       0.19          -
                           299.0      303.0       4.00       0.18          -
       LTP-159            162.00     168.50       6.50       0.18          -
                          505.00     509.00       4.00       0.46          -
       LTP-160             32.00      52.00      20.00       0.38       0.17
                          122.00     156.00      34.00       0.24       0.07
                          192.02     220.00      27.98       0.21       0.40
                          258.00     310.00      52.00       0.26       0.17
       LTP-161                    Not significant interceptions             

The results and sub intervals summarized in the table above have a bottom cut-off of 0.15 g/t of gold. A top cut of 50 g/t gold is used, however no samples in this release exceeded 50 g/t. The intervals may not represent true mineralization widths and the exact orientation of the mineralization at this stage of the drilling is not yet known, although the host volcanic lithologies are sub-horizontal in orientation.

LTP-158 - Intersected pervasive pyrite mineralization with patchy weak gold, copper and zinc. Detailed thin sections revealed the hole intersected the upper part of hydrothermal system and that stronger potential remains below. The hole was stopped short of the target depth due to a combination of drill capacity and a large fault zone. Additional deeper drilling will be considered at a later date once stronger near surface targets have been drilled.

LTP-159 - Targeted a previously unidentified deep root zone to the Romero South mineralization. The drilling encountered alteration and pyrite mineralization associated with weak gold, copper and zinc. Drilling confirmed the anticipated alteration system at a depth of 500 metres and to the east of the deposit, as identified in the airborne ZTEM survey, encountering two weakly mineralized zones where both the upper and deeper zone matched the targets. The ZTEM conductive anomaly continues for several kilometres to the south and additional drilling will be considered once the area has been covered with ground IP geophysics.

LTP-160 - Intersected similar results as LTP-158 and also appears to be in the upper part of the targeted hydrothermal system. The hole did not reach the targeted depth due to a combination of drill capacity and a large fault zone. Additional deeper drilling will be considered at a later date once stronger near surface targets have been drilled.

LTP-161 - Did not intersect significant mineralization and the hole is above and too far east of the desired core of the hydrothermal system. 

Exploration Update

The complete San Juan property has been flown with airborne magnetics and electro magnetics (EM) by Geotech Geophysics in February and March 2014, the first ever comprehensive airborne survey done in the district. Favorable exploration areas identified from the airborne magnetics and EM are focused on with our comprehensive ground program. The ground program involves detailed mapping and deep penetrating ground IP by Insight Geophysics. In recent weeks we have identified a new chargeable anomaly 7 kilometers north-west of the Romero Targets and to the north of the current drilling at North Guama, which the Company expects will be drilled in due course.

This new anomaly, named La Bestia, has similar geophysical characteristics to Romero, and surface mapping and sampling have been encouraging. Argillic alteration with zones of intense silicification has been traced extensively at surface and is coincident with the anomaly. Regional reconnaissance in 2013, following the Romero discovery, identified mineralized quartz veins at the north-east limit of the anomaly.

The individual assay intervals from holes LTP-01 through LTP-161 can be reviewed on GoldQuest's website at the following link: 

The collar locations and hole azimuth and dips can be reviewed at:

Geological Model

The geological interpretation of the mineralization found at the Romero Project is an intermediate epithermal sulphidation system, which preferentially occurs in the flat lying dacite unit. Generally the lower contact of the dacite unit is more strongly mineralized and the highest gold and copper values occur towards the centre of the mineralized body, with a gold+zinc zone followed by a pyrite halo marking the outer periphery.

Dr. Richard H. Sillitoe, one of the world's leading experts in epithermal and porphyry deposits, recently visited the Company's Las Tres Palmas project and noted, "Much of the previously defined mineralization in the Hondo Valle and Escandalosa sectors, south along the mineralized trend from Romero, displays this distal gold-zinc association, suggesting that additional, proximal, copper-rich centres may exist."

The Company continues to expand the coverage of ground IP geophysics which has been successful at identifying sulphide mineralization and which led to the discovery of Romero. To date ground IP geophysics have been completed over an area of 4,300 hectares, representing less than 25% of the concession areas held or under application by GoldQuest.

The Company will continue to release new drill hole results in batches as their analysis is completed. ACME Labs have been instructed to release assays to the Company only once the batches have been completed.

As part of the Company's Quality Assurance and Quality Control procedures (QA/QC), most of the high grade intervals are re-assayed and the Company is awaiting these check samples. In addition, systematic re-assaying of intervals is in progress, to confirm compliance of blanks and duplicates checks. The Company also reviews results from Certified Standard Reference materials (CRSM or Standards), which are inserted at a rate of 5 per 100 samples. Within the results disclosed herein there were 2 samples which had results below, and 1 sample above the recommended tolerances for copper. The samples were outside of significant mineralized intervals and the batches will not be re-assayed.

In GoldQuest's drill programs, composite intervals were chosen using a combination of geological criteria and mineralization, averaging around 2 metres core length. The drill core is cut in half with one half of the core sample shipped to ACME Labs by GoldQuest technicians. The remaining half of the core is kept at the company core shack for future assay verification, or any other further investigation. Assays within intervals below the 0.005 g/t detection limit for Au were given a zero value. All drill samples were prepared and screened by ACME Labs (Santo Domingo); metallic fire assay and multi-element ICP-MS were assayed by ACME Analytical Laboratories (Chile). Gold values are determined by standard fire assay with an AA finish, or, if over 10.0 g/t Au, were re-assayed and completed with a gravimetric finish. QA/QC included the insertion and continual monitoring of numerous standards, blanks and duplicates into the sample stream, at random intervals within each batch. The comprehensive GoldQuest Quality Assurance and Quality Control protocols can be viewed on GoldQuest's website at:

The information in this press release has been reviewed and approved by Mr. Jeremy Niemi, P. Geo., Vice President, Exploration of GoldQuest and a Qualified Person for the technical information in this press release under NI 43-101 standards.

About GoldQuest

GoldQuest is a Canadian-based mineral exploration company with projects in the Dominican Republic traded on the TSX-V under the symbol GQC.V and in Frankfurt/Berlin with symbol M1W, with 145,755,044 shares outstanding (159,331,209 on a fully diluted basis), as at July 31, 2014.

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", "indicate" 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 exploitation and exploration success, differing results from re-assays or other analytical procedures with respect to the drill results, continued availability of capital, financing and required resources (such as human resources, equipment and/or other capital resources) 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, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Image Available:

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Mobile messaging has been a popular communication channel for more than 20 years. Finnish engineer Matti Makkonen invented the idea for SMS (Short Message Service) in 1984, making his vision a reality on December 3, 1992 by sending the first message ("Happy Christmas") from a PC to a cell phone. Since then, the technology has evolved immensely, from both a technology standpoint, and in our everyday uses for it. Originally used for person-to-person (P2P) communication, i.e., Sally sends a text...
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 17th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity
SYS-CON Events announced today that Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, will keynote at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Chris Van Tuin, Chief Technologist for the Western US at Red Hat, has over 20 years of experience in IT and Software. Since joining Red Hat in 2005, he has been architecting solutions for strategic customers and partners with a focus on emerging technologies including IaaS, PaaS, and DevOps. He started his career at Intel in IT and Managed Hosting followed by leadership roles in services and sales engineering at Loudcloud and Linux startups.
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
The IoT market is on track to hit $7.1 trillion in 2020. The reality is that only a handful of companies are ready for this massive demand. There are a lot of barriers, paint points, traps, and hidden roadblocks. How can we deal with these issues and challenges? The paradigm has changed. Old-style ad-hoc trial-and-error ways will certainly lead you to the dead end. What is mandatory is an overarching and adaptive approach to effectively handle the rapid changes and exponential growth.
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
SYS-CON Events announced today that Machkey International Company will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Machkey provides advanced connectivity solutions for just about everyone. Businesses or individuals, Machkey is dedicated to provide high-quality and cost-effective products to meet all your needs.
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
Docker is hot. However, as Docker container use spreads into more mature production pipelines, there can be issues about control of Docker images to ensure they are production-ready. Is a promotion-based model appropriate to control and track the flow of Docker images from development to production? In his session at DevOps Summit, Fred Simon, Co-founder and Chief Architect of JFrog, will demonstrate how to implement a promotion model for Docker images using a binary repository, and then show h...
As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ability. Many are unable to effectively engage and inspire, creating forward momentum in the direction of desired change. Renowned for its approach to leadership and emphasis on their people, organizations increasingly look to our military for insight into these challenges.
The IoT is upon us, but today’s databases, built on 30-year-old math, require multiple platforms to create a single solution. Data demands of the IoT require Big Data systems that can handle ingest, transactions and analytics concurrently adapting to varied situations as they occur, with speed at scale. In his session at @ThingsExpo, Chad Jones, chief strategy officer at Deep Information Sciences, will look differently at IoT data so enterprises can fully leverage their IoT potential. He’ll sha...
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi's VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driv...
The enterprise is being consumerized, and the consumer is being enterprised. Moore's Law does not matter anymore, the future belongs to business virtualization powered by invisible service architecture, powered by hyperscale and hyperconvergence, and facilitated by vertical streaming and horizontal scaling and consolidation. Both buyers and sellers want instant results, and from paperwork to paperless to mindless is the ultimate goal for any seamless transaction. The sweetest sweet spot in innov...
SYS-CON Events announced today that Key Information Systems, Inc. (KeyInfo), a leading cloud and infrastructure provider offering integrated solutions to enterprises, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Key Information Systems is a leading regional systems integrator with world-class compute, storage and networking solutions and professional services for the most advanced softwa...