TSX-V: QEX
VANCOUVER, BC, Dec. 16, 2020 /CNW/ - QUESTEX GOLD &
COPPER LTD. (TSXV: QEX) ("QuestEx" or the
"Company"), is pleased to announce that it has completed the
second of three anniversary payments in accordance with a mineral
property option agreement on the Moat property (the "Moat Option
Agreement"). A total of 900,397 common shares of QuestEx were
issued to the vendors on December 15,
2020. In order to obtain a 100% interest in the Moat
property, QuestEx is required to make a final option payment on or
before December 18, 2021.
The 1,691 hectare ("ha") Moat property occupies an
elongated belt strategically situated between GT Gold Corp.'s
("GT Gold") Tatogga property (with the Saddle North
copper-gold deposit, and Saddle South gold-silver discovery), and
QuestEx's 100% owned Castle property (Figure 1). The Castle-Saddle
trend, which is prospective for both porphyry copper-gold and
epithermal gold-silver systems, spans approximately 10 kilometres
("km") from GT Gold's Saddle North deposit westward across
the Moat property onto QuestEx's Castle property where porphyry
style mineralization has been intersected by shallow drilling at
Castle Main and Castle East (e.g. 2.14% copper, 4.88 grams per
tonne ["g/t"] gold and 73.2 g/t silver over 4 metres
("m") in historical drill hole CA13-03). Combined, the
Castle and Moat properties contain approximately 6.5 km of the
overall 10-km-long, highly prospective, Castle-Saddle
trend.
Tony Barresi, President of
QuestEx comments: "Control of the Moat property offers
QuestEx a strategic advantage in a district where new deposits are
being discovered and defined, and where major mining companies are
investing. The Moat property is along trend, 2.5 km west of GT
Gold's Saddle North deposit, which is expected to have a
preliminary economic assessment released on it in early 2021. In
addition, the Moat property is within 265
m of the westernmost drillhole that defines GT Gold's Saddle
South gold-silver system, which is expected to have a maiden 43-101
compliant mineral resource estimate completed on it in 2021.
Combined, the 19,269 ha Moat and Castle properties occupy some of
the most strategic and prospective ground in this very exciting
district."
Tony remarks further: "We are eagerly anticipating
geochemical results for soil and grab samples collected from the
Moat property during QuestEx's 2020 field program. The samples,
combined with a new Induced Polarization ("IP") survey,
follow up on a gold, silver, arsenic, copper and antimony soil
anomaly that appears to track across the QuestEx/GT Gold claim
boundary along the Castle-Saddle trend."
Pending Exploration Results
Laboratory delays have
prevented QuestEx from releasing results from the 2020 exploration
season. The 2020 exploration campaign on the Castle/Moat properties
included collection of 211 soil samples, 22 rock samples, 524
hyperspectral readings, and a 4.8-line km IP geophysical survey.
The majority of the fieldwork was conducted on the Moat property
along the boundary with GT Gold's Tatogga property. The
technical team at QuestEx is preparing to receive and validate the
results and release them as expeditiously as possible. Results from
a similar exploration campaign conducted on QuestEx's Sofia property in British Columbia's Toodoggone district are
also pending.
The Moat Option Agreement:
As previously disclosed in
its public filings, prior to QuestEx's acquisition of Buckingham
Copper Corp. ("Buckingham")
in August 2019, Buckingham had entered into the Moat Option
Agreement dated December 18, 2018
with a group of arms-length individuals to acquire a 100% interest
in the Moat property, adjacent to the Company's Castle property.
The Moat property is 1,691 ha in size and is comprised of 4 mineral
tenures. In order to exercise the Moat option, QuestEx was required
to issue common shares equal to $1,600,000 over three years. The first share
issuance of 689,655 common shares of the Company, valued at
$400,000, was made on December 18, 2019 and the second share issuance
of 900,397 common shares, valued at $500,000 was made on December 15, 2020. The final payment, valued at
$700,000 is due on or before
December 18, 2021.
We seek safe harbor.
Qualified Person
The Qualified Person responsible for the technical
information in this news release is Tony
Barresi, P.Geo., Ph.D., President of Colorado Resources, who
has approved the technical information included herein.
About QuestEx
QuestEx Gold & Copper Ltd. is exploring for high-grade gold
and copper with a focus on the Golden Triangle and Toodoggone areas
of British Columbia. The property
portfolio includes the Company's flagship Castle property, a
porphyry copper-gold project located in the Red Chris mining
district of the Golden Triangle neighbouring GT Gold's Tatogga
property, and Newcrest Mining's GJ property. Other properties
include KSP, North ROK, Coyote, and Kingpin in the Golden Triangle,
Sofia in the Toodoggone district,
and Heart Peaks and Hit in other strategic districts within
British Columbia. These assets are
being advanced by a newly assembled technical and management team
with experience in exploration, permitting and discovery.
ON BEHALF OF THE BOARD OF DIRECTORS OF QUESTEX GOLD &
COPPER LTD.
"Joseph Mullin"
Joseph Mullin
Chief Executive Officer and Director
NR 20-21
Cautionary Note Regarding Forward-Looking
Statements
All statements, trend analysis and other information
contained in this press release about anticipated future events or
results constitute forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate",
"expect" and "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other
similar expressions. All statements, other than statements of
historical fact, included herein, are forward-looking statements.
Although the Company believes that the expectations reflected in
such forward-looking statements and/or information are reasonable,
undue reliance should not be placed on forward-looking statements
since the Company can give no assurance that such expectations will
prove to be correct. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements, including the risks, uncertainties
and other factors identified in the Company's periodic filings with
Canadian securities regulators as well as the risk that the ongoing
COVID-19 pandemic may have on the Company's business. Important
factors could cause actual results to differ materially from
QuestEx expectations. Forward-looking statements are based on
estimates and opinions of management at the date the statements are
made. QuestEx does not undertake any obligation to update
forward-looking statements except as required by applicable
securities laws. Investors should not place undue reliance on
forward-looking statements.
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 release.
SOURCE QuestEx Gold & Copper Ltd.
