GoldQuest Granted the Descansadero Concession, Dominican Republic
and Commissions ZTEM Airborne Survey
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 9, 2014) -
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) |
|
Category |
Zone |
Tonnes |
Au (g/t) |
Cu (%) |
Zn (%) |
Ag (g/t) |
AuEq (g/t) |
Au Ounces |
AuEq 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.
GoldQuest Mining Corp.Julio EspaillatPresident & Chief
Executive
Officer+1-829-919-8701jespaillat@goldquestcorp.comGoldQuest Mining
Corp.Office of the Chairman -
Toronto+1-416-583-5606wfisher@goldquestcorp.comwww.goldquestcorp.com
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