VANCOUVER, BC–(Marketwired – October 01, 2015) – GoldQuest Mining Corp. (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W) (“GoldQuest” or the “Company”) is pleased to report the results of the first 3 drill holes of its recently completed 6 hole 2015 drill program on its 100% owned Romero gold/copper deposit in the Dominican Republic. The holes were designed to move inferred material to the measured and indicated categories that will allow it to be included in feasibility level economic studies. All holes met or exceeded expectations in terms of grade and thickness, based on the existing mineral resource block model.
Highlights include LTP‐169 which intersected 43 metres of 7.9 g/t gold (cut) and 1.4 % copper, equaling some of the highest grades drilled at Romero, which included 8 metres grading 29.3 g/t gold (cut) and 2.2 % copper, and the best interval being 2m grading 119.7 g/t gold (uncut) and 5.24% copper. This interval exceeded expected grades and thickness based on the mineral resource block model. This intercept is estimated to be true width based on the known geometry of the zone. In addition, hole LTP‐168 reported two separate intercepts of 85 metres grading 2.39 g/t gold and 0.41% copper and 48 metres grading 1.17 g/t gold and 0.46% copper.
“These first three holes tested areas of inferred resources, away from the high grade core of the Romero deposit. Hole LTP 169 exceeded our expectations based on the block model grades and highlights the potential to increase the amount of high grade material outside the core deposit area,” commented Julio Espaillat, President and Chief Executive Officer. “As we move the Romero Project forward it is anticipated that minimal further drilling, if any, will be needed for the pre‐feasibility study.”
|From||Interval||Gold g/t||Copper||Silver||72 g/t top|
|Hole ID||(m)||To (m)||(m)||Uncut||%||Zinc %||g/t||cut‐off|
All the results and sub intervals summarized in the table above have a top cut‐off of 72 g/t of gold as supported in the October 29, 2013 NI43‐101 Mineral Resource estimate. Interval widths may not represent true thickness of the deposit. All holes are inclined, LTP‐168 drilled at azimuth of 40 degrees and dipping at ‐55 degrees, LTP‐169 drilled at azimuth of 180 degrees and dipping at ‐55 degrees and LTP‐170 drilled at azimuth 225 and dipping at ‐85 degrees.
The hole locations are shown on the map found here: http://www.goldquestcorp.com/images/maps/GQC-Romero_Pre-Feas_holes_Sept30-15.pdf
The Romero pre‐feasibility drill program was designed to improve the confidence in the mineral resource estimate, collect geotechnical and hydrology data for the mine design and to supply material for the next phase of metallurgical test work. All holes have been completed with assays remaining from 3 holes. All of the holes have been logged for geotechnical data to refine the underground mine design and the geotechnical study by SRK Engineering is in‐progress. Immediately following the assaying of the half core samples, the remaining material was put in cold storage to prevent oxidation and thus provide reliable and readily available material for metallurgical testing planned for the pre‐feasibility study.
Holes LTP‐168 and LTP‐169 are crisscrossing angled holes which targeted an area of inferred mineral resources outside of the core of the Romero deposit which were included in the Preliminary Economic Assessment and scheduled to be mined in the early years of the mine. Hole LTP‐169 intersected higher than expected gold and copper grades and cuts through the deposit perpendicularly and thus the mineral interval represents the true width of the deposit in that area. Hole LTP‐168 was drilled at an angle to the north to gather geotechnical data close to the planned main ramp for the Romero mine and to improve confidence in the deposit. Hole LTP‐170 is a steeply dipping hole which targeted inferred resources approximately 300 metres to the south‐east of the core of Romero.
The Company will release the results of the remaining 3 holes when their analysis is 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 five per 100 samples. Within the results disclosed herein there were two samples that had results above the recommended tolerances, one for gold and the other for copper. A portion of the batches will be re‐assayed. In GoldQuest’s drill programs, composite intervals were chosen using a combination of geological criteria and mineralization, averaging around two 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 (Vancouver); metallic fire assay and multi‐element ICP‐MS were assayed by ACME Analytical Laboratories (Vancouver). 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.
GoldQuest is a Canadian based mineral exploration company with projects in the Dominican Republic. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W, with 145,955,044 shares outstanding (159,611,207 on a fully diluted basis) as at the date of this release.
Statements contained in this news release that are not historical facts are forward‐looking information that involves known and unknown risks and uncertainties. Forward‐looking statements in this news release include, but are not limited to, statements with respect to the 2015 drill program, the results of the drill program and the interpretation of the results of the drill program, further drilling, the timing of drilling and assay results, mineral resource estimates, the merits of the Company’s mineral properties, future drill programs and studies, and the Company’s plans and exploration programs for its mineral properties, including the timing of such plans and programs. In certain cases, forward‐looking statements can be identified by the use of words such as “plans”, “has proven”, “expects” or “does not expect”, “is expected”, “potential”, “likelihood”, “appears”, “budget”, “scheduled”, “estimates”, “forecasts”, “at least”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved”.
Forward‐looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward‐looking statements. Such risks and other factors include, among others, risks related to uncertainties inherent in drill results and the estimation of mineral resources; commodity prices; changes in general economic conditions; market sentiment; currency exchange rates; the Company’s ability to continue as a going concern; the Company’s ability to raise funds through equity financings; risks inherent in mineral exploration; risks related to operations in foreign countries; future prices of metals; failure of equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks; title disputes or claims; limitations on insurance coverage and the timing and possible outcome of litigation. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward‐looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, do not place undue reliance on forward‐looking statements. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward‐looking statements except as required under applicable securities laws. Forward‐looking statements are based on assumptions that the Company believes to be reasonable, including expectations regarding mineral exploration and development costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company’s current mineral resource estimates; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained and that there will be no significant disruptions affecting the Company or its properties.
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.
GoldQuest Mining Corp.
President & Chief Executive Officer
Executive Chairman — Toronto