GoldQuest: Acceleration of Drilling Activities at Tireo Belt, Dominican Republic
TSX VENTURE: GQC
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 9, 2017) - GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest" or the "Company") is pleased to report on progress for the expected 40 hole, 10,000 metre drilling program on its 100% owned Tireo properties in the Dominican Republic.
To date, 16 holes have been completed with a single drilling crew. Hole 17 is in progress. So far, 8 targets have been drilled of the 20 targets in the current program, totaling 4573 m (see map). Assays from 3 targets have been reported.
Dr. Alan Galley, a Volcanogenic Massive Sulphide (VMS) specialized geologist who has worked extensively on gold-rich VMS deposits, is on site with the Company's exploration team reviewing the drill core and data and is assisting in optimizing future drilling in this campaign. An early return to the Cachimbo VMS discovery area (see release of 11th January 2017) is being planned with the deployment of a second drill crew.
"The drill program is proceeding well and, as usual, we will issue assay results in batches," commented Bill Fisher, GoldQuest's Executive Chairman. "Based on favorable - but early-stage - results, we look forward to deploying a second drill crew on the Cachimbo discovery to accelerate our exploration activities there. We believe that GoldQuest is well-funded and positioned to be one of the most active mineral exploration and development companies of 2017."
The near-surface Cachimbo discovery was found in the third target drilled, intersecting a new Volcanogenic Massive Sulphide (VMS) zone which returned 14 g/t gold, 74 g/t silver, 12% zinc and 1% copper over 5 metres. The hole was collared 80 metres from at-surface sampling that returned 167 g/t (5.4 oz/t) of gold. The new mineralization is open in both directions along strike and is located 20.5 kilometres south of GoldQuest's Romero gold/copper project, hence is a new occurrence.
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. The Company is permitting the Romero Gold Copper project, following the publication of the Pre Feasibility Study on November 11th 2016, as well as drilling the surrounding Tireo district. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with the symbol M1W.