GoldQuest Granted the Descansadero Concession, Dominican Republic and Commissions ZTEM Airborne Survey
09 January 2014 - 9:30PM
Marketwired Canada
GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") is pleased to announce the issuance to GoldQuest of the
Descansadero concession, adjacent to its Romero Gold/Copper Project in the
Dominican Republic. The Company has also commissioned a 3,000 line kilometre
helicopter borne geophysical survey covering its 100% owned Tireo Project,
including both the concessions granted to the Company and concessions that are
under re-application, which are expected to be granted to GoldQuest in due
course. The geophysical survey is the first Electro Magnetic survey ever flown
over this belt.
"GoldQuest now has 6,750 hectares granted and 7,694 hectares pending,
representing around 60 kilometres strike length of the highly prospective Tireo
volcanic Formation, " commented Julio Espaillat, GoldQuest's CEO, "Geological
knowledge and data from our Romero discoveries will provide valuable insight
into further target selection, as we seek further gold and copper
mineralization."
The Descansadero Concession
The Dominican Republic's Secretary of State for Industry and Commerce granted to
GoldQuest the 725 hectare concession which is 1 kilometer north of the Romero
Project, covering part of the Tireo volcanic Formation. The Company recently
published a NI 43-101 mineral resource estimate at the Romero Project which
included approximately 2.4 million ounces of gold equivalent Indicated mineral
resources and approximately 0.8 million ounces of gold equivalent Inferred
mineral resources (see the Company's October 29, 2013 press release and the
table below). The Company is carrying out a Preliminary Economic Assessment at
Romero, which is expected to be completed in early Q2 2014 (see the Company's
November 28, 2013 press release).
The Descansadero concession is located directly north and adjacent to the Los
Comios Concession. The map link to
http://goldquestcorp.com/images/press_release/GQC_Concession_Map.jpg shows the
location of the new concession and the extent of the ZTEM survey, and the 2013
ground Induced Polarization (IP) program which identified a new chargeability
trend, the Guama Trend which extended across the Descansadero concession (see
the Company's April 12, 2013 press release).
Exploration Update
The Company has signed an agreement with Geotech Limited of Canada to fly an
extensive ZTEM and magnetometry survey over all of its concessions in the Tireo
Formation, totaling approximately 3,000 line kilometres, at a combination of 100
and 200 metres line spacing. The helicopter based survey will improve the
understanding of the geology and mineral potential along trend from Romero. The
equipment is currently en route to the Dominican Republic. The survey is
expected to commence in the coming weeks and will provide insight into the
conductivity, magnetism, alteration and structure of the belt, in light of the
Romero discoveries, which will be covered as part of the survey. The data will
complement the Induced Polarization, ground magnetic, mapping and sampling
programs which has generally been confined to an area within 5 kilometres of
Romero, leaving the majority of the Tireo Formation essentially unexamined to
date.
Concurrent with the survey, the Company has exploration crews completing focused
mapping, sampling and ground magnetic surveys in high priority areas along trend
from Romero, and further ground work to refine targets generated by the ZTEM
survey is planned. Anomalies generated by this work and the ZTEM survey will be
drilled in 2014.
At December 31, 2013, the Company had approximately $11 million in treasury and
is funded to complete the 2014 work programs.
Table 1: Mineral Resources for Romero and Romero South Estimated by Micon
International Limited as of October 29, 2013 (See the Company's October 29,
2013 press release)
----------------------------------------------------------------------------
Au Cu Zn Ag AuEq Au AuEq
Category Zone Tonnes (g/t) (%) (%) (g/t) (g/t) Ounces Ounces
----------------------------------------------------------------------------
Indicated Romero 17,310,000 2.55 0.68 0.30 4.0 3.81 1,419,000 2,123,000
----------------------------------------------------------------------------
Romero
South 2,110,000 3.33 0.23 0.17 1.5 3.80 226,000 258,000
----------------------------------------------------------------------------
Total Indicated
Mineral
Resources 19,420,000 2.63 0.63 0.29 3.7 3.81 1,645,000 2,381,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred Romero 8,520,000 1.59 0.39 0.46 4.0 2.47 437,000 678,000
----------------------------------------------------------------------------
Romero
South 1,500,000 1.92 0.19 0.18 2.3 2.33 92,000 112,000
----------------------------------------------------------------------------
Total Inferred
Mineral
Resources 10,020,000 1.64 0.36 0.42 3.8 2.45 529,000 790,000
----------------------------------------------------------------------------
The data in this press release has been reviewed and approved by Mr. Jeremy
Niemi, P.Geo., the Director, Technical Services 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 143,980,044 shares outstanding
(160,098,233 on a fully diluted basis).
Forward-looking statements:
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 mineral resource estimates, the
helicopter borne survey, the Preliminary Economic Assessment, the merits of the
Company's mineral properties, future studies, the potential for underground
mining, 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", "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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
GoldQuest Mining Corp.
Julio Espaillat
President & Chief Executive Officer
+1-829-919-8701
jespaillat@goldquestcorp.com
GoldQuest Mining Corp.
Office of the Chairman - Toronto
+1-416-583-5606
wfisher@goldquestcorp.com
www.goldquestcorp.com
GoldQuest Mining (TSXV:GQC)
Historical Stock Chart
From May 2024 to Jun 2024
GoldQuest Mining (TSXV:GQC)
Historical Stock Chart
From Jun 2023 to Jun 2024
