GoldQuest: Drilling at Cachimbo returns 148 m grading 0.8 g/t gold including 5.05 m grading 8.4 g/t gold
GoldQuest: Drilling at Cachimbo returns 148 m grading 0.8 g/t gold including
5.05 m grading 8.4 g/t gold
VANCOUVER, BC --(Marketwired – January 30th, 2018) - GoldQuest Mining Corp. (TSX VENTURE: GQC)
(FRANKFURT: M1W) (BERLIN: M1W) ("GoldQuest" or the "Company") is pleased to report assay results
from the latest seven drill holes from its Cachimbo Discovery located within the Company's 100% owned
Tireo Concessions in the Dominican Republic. Mineralization at Cachimbo remains open in all directions.
The Company's 50-km-long land package also hosts multiple targets areas and the multi -million-ounce
gold/copper Romero Project, 22 km to the north -west, which this week received approval from the
Ministry of Mines for a 75-year Exploitation License (see release of Jan 22nd, 2018).
Several holes display a repetitive characteristic at Cachimbo which include higher grade near surface
intervals within very broad (over 100m) intervals of lower grade mineralization below, characteristics
suggestive of deposition below or at the paleo seafloor. Highlights include hole TIR-17-50, a step-out to
the east of previous drilling, encountering a broad anomalous gold intersection from 55.6 m to 203.7 m
downhole of 148.1 m grading 0.82 g/t gold, containing sub intervals of 5.05 m @ 8.4 g/t gold and 20.3 m
@ 1.74 g/t gold, with the last assay at the bottom of the hole returning 1.8 m @ 1.58 g/t gold.
"These results support our belief that our Cachimbo discovery has considerable potential for a large gold
bearing system , which we continue to intersect ," commented Bill Fisher, GoldQu est's CEO . “An
expanded 2018 drill program will be announced shortly, which will include testing further expansion of
Cachimbo, new targets along the 50 km belt and a dedicat ed program around the Romero development
area.”
A plan map and cross-sections updating the recent Cachimbo drilling can be found at the following links.
Plan Map: http://goldquestcorp.com/images/PlanView_Loma_El_Cachimbo.pdf
Section B-B': http://goldquestcorp.com/images/Long_Section_Loma_El_Cachimbo_B-B.pdf
Table 1. Results of Tireo Drilling Program - Holes TIR -17-46 to 52
Hole From To Interval Au g/t Ag g/t Cu % Zn %
TIR-17-46 52.00 58.60 6.60 0.20 4.30 0.02 0.17
TIR-17-47 22.90 38.10 15.20 0.40 1.30 0.01 0.22
And 133.70 238.00 104.30 0.20 1.40 0.01 0.03
Incl. 133.70 136.50 2.80 1.10 21.30 0.02 0.15
TIR-17-48 49.60 54.10 4.40 5.30 12.40 0.18 1.92
Incl. 51.10 52.50 1.40 14.70 27.40 0.39 3.77
And 93.70 322.30 228.60 0.40 1.40 0.01 0.04
Incl. 93.70 103.50 9.80 3.00 7.40 0.02 0.22
Table 1. Results of Tireo Drilling Program - Holes TIR -17-46 to 52 continued.
TIR-17-49 44.20 61.50 17.30 1.90 7.40 0.03 0.26
Incl. 51.70 61.50 9.80 2.70 7.40 0.03 0.23
TIR-17-50 55.60 203.70 148.10 0.80 3.90 0.02 0.10
Incl. 56.40 61.40 5.05 8.40 42.40 0.10 0.51
Incl. 102.5 122.8 20.3 1.74 5.0 0.01 0.15
Incl. 175.10 192.60 17.60 1.24 1.50 0.03 0.24
And 399.00 400.80 1.80 1.58 0.70 0.04 0.18
TIR-17-51 62.00 125.00 63.00 0.26 0.85 0.01 0.10
Incl. 62.00 71.63 9.63 0.51 2.38 0.29 0.30
And 198.50 237.74 39.24 0.23 0.97 0.00 0.05
Incl. 220.38 222.50 2.12 1.60 2.30 0.10 0.20
TIR-17-52 57.82 140.00 82.18 0.50 1.49 0.01 0.11
Incl. 57.82 77.15 19.33 0.56 3.06 0.01 0.15
Incl. 109.50 111.90 2.40 4.52 1.76 0.01 0.08
Gold values did not exceed 31 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-17-46-52
Hole Easting Northing Elevation Azimuth Dip Depth
TIR-17-46 266563.00 2097301.00 1186.50 0 -90 307.85
TIR-17-47 266563.00 2097301.00 1186.50 240 -70 329.18
TIR-17-48 266539 2097199 1106 240 -90 356.62
TIR-17-49 266539 2097199 1106 210 -70 342.9
TIR-17-50 266539 2097199 1106 125 -75 400.81
TIR-17-51 266773.5 2097186.5 1150.5 230 -70 397.76
TIR-17-52 266773.5 2097186.5 1150.5 180 -70 259.08
QA/QC
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 shipp ed to Bureau
Veritas Ltd. 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 approve d 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.
About GoldQuest
GoldQuest is a Canadian based mineral exploration and development co mpany 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 d evelopment of its Romero gold/copper discovery, also located in the
Tireo Formation of the Dominican Republic.
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 the 2015 drill program, the results of
the drill program and the interpretation of the results of the dr ill program, further drilling, the timing of
drilling and assay results, mineral resource estimates, the merits of the Company's mineral properties,
future drill programs and studies, 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", "likelihood", "appears", "bu dget", "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 fu ture 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
drill results and the estimation of mineral resources; commodit y 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 regul ation 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 assura nce 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 bel ieves 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 activiti es 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 disrup tions
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.
CONTACT INFORMATION
GoldQuest Corp. Red Cloud KS
Bill Fisher Chad Williams/Sebastian de Kloet
Executive Chairman and CEO Investor Relations
+1-647-271-4505 1-877-919-5979