GoldQuest Mining Drills 26.6 Metres of 4.2 g/t Gold Equivalent at Cachimbo Discovery
TSX VENTURE: GQC
VANCOUVER, BC--(Marketwired - October 26, 2017) - GoldQuest Mining Corp. (TSX VENTURE: GQC) (
The new TIR-17-45 drillhole was drilled in the eastern part of the discovery, and intersected 26.57 m @ 3.36 g/t gold, 21.55 g/t silver, 0.03 % copper, 0.11 % lead and 0.55 % zinc. (4.20 g/t AuEq.*) within a wider mineralized envelope of 94.56 m @ 1.88 g/t AuEq*. The richest horizon was found in a silica-barite matrix, associated with the upper parts of a VMS system from 7 metres below surface. Hole TIR-17-45 was drilled from the same drill pad as hole TIR-17-44, where the top 70 metres of assays were reported last week. The remaining assays are reported today, showing the previously reported 21.0 m @ 10 g/t AuEq.* lies within a wider intersection of 125 m @ 2.6 g/t gold. Anomalous mineralization continues intermittently to the bottom of both drillholes.
"Our Cachimbo discovery is consistently showing higher gold grades in an upper horizon deposited on the seafloor, above longer, lower gold grade intervals, which may have been deposited below the seafloor. The company continues to do detailed mapping, ground geophysics and grid soil sampling as we develop new targets in tandem with ongoing step out drilling at Cachimbo," commented Bill Fisher, GoldQuest's CEO and Executive Chairman.
Step out drilling is ongoing, seeking a potential sub-seafloor copper-gold rich feeder system, analogous to the core of the Company's Romero deposit, which has not yet been recognized at Cachimbo.
A plan map and cross-sections showing the Cachimbo drilling can be found at the following links.
|Table 1. Tireo Drilling TIR -17-45 Intersection|
|*The Gold Equivalent (AuEq.) has been calculated using the following prices for metals (in USD): Gold $1300/oz; Silver $16/oz.; Copper $2.90/lb; Zinc $1.50/lb.; Lead $1.15/lb. Interval grades are calculated using uncapped assays. Gold values did not exceed 21 g/t. Intervals may not represent true widths. There is insufficient drilling to determine the exact orientation of the mineralized zones at this time.|
|Table 2. Collar location and directions for TIR-17-45|
As part of the Company's Quality Assurance and Quality Control procedures (QA/QC) the Company 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 no samples with results outside of the recommended tolerances for the standards. 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 Bureau Veritas Ltd in Maimon Dominican Republic; metallic fire assay and multi‐element ICP‐MS were assayed by Bureau Veritas Ltd, 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. Copper and zinc values exceeding 0.2% were re-assayed with a 4-acid digestion and AAS finish. When zinc values exceeded 10% a classic titration was carried out for zinc. 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 information in this press release has been reviewed and approved by William Fisher, P. Geo., CEO and Executive Chairman 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 and development 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. The Company is well funded to carry out the exploration programs reported on in this release and to advance the development of its Romero gold/copper discovery, also located in the Tireo Formation of the Dominican Republic.