Welcome!

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: http://www.goldquestcorp.com/images/maps/GQC_IPMap-Targets-July312014a.pdf

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: http://www.goldquestcorp.com/images/spreadsheets/GoldQuest_AssaysJuly312014.xls 

The collar locations and hole azimuth and dips can be reviewed at: http://www.goldquestcorp.com/images/spreadsheets/GoldQuest_HoleLocationsJuly312014.xls

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: http://www.goldquestcorp.com/index.php/corporate/corporate-governance.

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: http://www.marketwire.com/library/MwGo/2014/7/30/11G019378/Images/GQC_IPMap-Targets-July312014a-418735534908.jpg

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
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captu...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...