TSX-V:
QEX
VANCOUVER, BC, March 10, 2021 /CNW/ - QUESTEX GOLD &
COPPER LTD. (TSXV: QEX) ("QuestEx" or the
"Company") would like to congratulate our largest
shareholder, Newmont Corporation ("Newmont"), and our
exploration neighbour, GT Gold Corp. ("GT Gold") on the
announcement of an all-cash transaction for the purchase of GT Gold
by Newmont. The transaction values GT Gold at approximately
C$456 million.
Joe Mullin, QuestEx CEO
comments, "Congratulations to our neighbour GT Gold. The
agreement between Newmont and GT Gold is tremendous news for GT
Gold shareholders, and for other stakeholders in the northern
corner of British Columbia's prolific Golden Triangle. Now, two of
the world's most successful and socially responsible mining
companies, Newmont and Newcrest Mining Limited ("Newcrest"),
are heavily invested in the district. QuestEx is especially well
positioned to benefit from the excitement and interest in the
district with our expansive and prospective land package, which
occupies the eastern and western borders of GT Gold's Tatogga
property. QuestEx's Castle property is of particular importance in
light of the announced agreement, because it includes ground that
might be critical to future mine development infrastructure, and
because it offers exceptional exploration opportunities,
encompassing 6.5 kilometres of the 10 kilometre-long, elongate,
trend of mineralized intrusions that are associated with GT Gold's
Saddle North and Saddle South discoveries."
Highlights of QuestEx's Property Position in the "Saddle/Red
Chris" District:
- Three properties with mineral tenures totalling 404 square
kilometres ("km")
- The Castle Property borders the western side of GT
Gold's Tatogga property and is along trend of both Saddle North and
Saddle South. Limited drilling of the 6.5-km-long portion of the
overall 10-km-long Castle-Saddle Trend, which lies on QuestEx
ground, has intersected widespread copper-gold porphyry style
mineralization. However, the porphyry systems on Castle have never
been tested to deep levels where both Saddle North and Newcrest's
Red Chris mine contain high-grade mineralized cores.
- The North ROK property, located on the eastern border
with GT Gold's Tatogga property and along BC highway 37, has a
current inferred resource containing 1.189 million ounces
("oz") gold ("Au")and 690 million pounds
("lbs") copper ("Cu") using a 0.2 Cu-equivalent
cut-off grade (43-101 technical report effective January 27, 2014) at the Mabon copper-gold
porphyry deposit. Drilling in 2017, which was not incorporated into
the resource, showed considerable opportunity for expansion of the
resource to depth where there may be increased grade (e.g. drill
hole NR27-035 with 30 metres [447.4 – 477.4m] of 1.38 grams per tonne Au and 0.36%
Cu).
- The Coyote property borders GT Gold's Tatogga property
to the west, Newcrest's Red Chris mine to the south, and the North
Rock property to the north and encompasses a portion of the
access-road to Red Chris. It has seen limited exploration and
contains a number of underexplored grassroots porphyry copper-gold
targets.
Qualified Person
Tony Barresi, Ph.D., P.Geo.,
QuestEx's President, a Qualified Person within the meaning of
National Instrument 43-101, has reviewed and approved the technical
information in this news release.
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, stakeholder engagement
and discovery.
ON BEHALF OF THE BOARD OF DIRECTORS OF QUESTEX GOLD &
COPPER LTD.
"Joseph Mullin"
Joseph Mullin
Chief Executive Officer and Director
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.