GoldQuest Expands Exploration Land Holdings with Concession Grant which Includes Las Animas Copper-Gold Deposit
GoldQuest Expands Exploration Land Holdings with Concession Grant
which Includes Las Animas Copper-Gold Deposit
VANCOUVER, BC--(Marketwired - January 05, 2017) - GoldQuest Mining Corp. (TSX VENTURE: GQC)
(FRANKFURT: M1W) (BERLIN: M1W) ("GoldQuest" or the "Company") is pleased to announce that the
Company has been granted a new 5-year exploration license on the 425 hectare Hoyitos (“Hoyitos”)
exploration concession. Hoyitos contains the Las Animas Volcanogenic Massive Sulfide (“VMS”) deposit.
"We are pleased to have been granted a new concession license which will add to the Company’s critical
mass in the country,” commented Bill Fisher, GoldQuest's Executive Chairman, "The government of the
Dominican Republic continues to issue exploration licenses to GoldQuest and this support is encouraging
as we work with the Ministry of Mines on the Mining License Application for our flagship Romero
gold/copper Project."
About Las Animas (Hoyitos Conession)
All modern exploration on the concession has been carried out by GoldQuest. Previous work includes
surface sampling, mapping and geophysics which lead to the drilling which defined the mineral
resources. GoldQuest issued the Las Animas deposit’s National Instrument (“NI”) 43-101 resources on
14th August 2012 (see chart below). The VMS deposit contains resources for gold, copper, silver and zinc.
There is potential to expand the mineral resources at depth and for additional zones on the property.
Las Animas is located in the Maimon Formation of the central Dominican Republic, (see map
http://www.goldquestcorp.com/images/DR_Country_Map_Project_Locations_January_2017.pdf) 60 km
along strike from the Cerro de Maimon mine which also hosts a copper-gold VMS deposit.
The Las Animas deposit was defined by 47 drill holes with results up to 142 Meters Grading 2.50 g/t Au,
36.58 g/t silver, 2.59% Cu and 1.91% Zn in hole LA-06 (see Release of 6th June 2007) and has a small
oxide resource at surface. The intersection above in LA-06 is not true width of the mineralization. True
width was estimated to be up to 23 metres in the resource estimation.
While the Company is examining its options to restart exploration at Las Animas, it is important to note
that the Tireo Formation remains the focus of the Company. As such, the Company’s priorities are to
continue the Romero mining application and environmental studies and continue work on the current
40-hole drill minimum program in the Tireo Formation surrounding the Romero deposit.
Assay results from the current exploration program will be released in the near future. By the end of
2016 the Company had completed 13 of the planned 40 holes. The Company is currently moving the drill
to the next target area and drilling is expected to recommence next week.
Mineral Resource Estimate for Las Animas Project by Micon International Limited
Indicated Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%)
Sulphide 922,000 2.64 48.16 2.66 2.86
Oxide 89,000 4.28 61.95 0.15 0.04
Total Indicated
Resources 1,011,000 2.81 49.58 2.4 2.57
Contained Metal
Au
(ounces)
Ag
(ounces) Cu (lbs) Zn (lbs)
Total
91,000 1,605,000 54,289,000 58,180,000
Inferred Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%)
Sulphide 431,000 1.66 35.99 2.6 4.76
Oxide 8,000 2.49 80.98 0.35 0.22
Total Inferred
Resources 439,000 1.68 36.907 2.558 4.67
Contained Metal
Au
(ounces)
Ag
(ounces) Cu (lbs) Zn (lbs)
Total
24,000 518,000 24,790,000 45,272,000
Notes:
1. Resource estimate is based on:
- Drill core assays from GoldQuest’s 2011 drill hole database.
- Average specific gravity in sulphide resources is 4.76 g/cc based upon the average of 28 core
measurements by the displacement method. Average specific gravity for oxide resources is assumed to
be 4.00 g/cc.
- A geological model with a cut-off grade of 0.5 g/t Au or 0.5% Cu and a minimum thickness of 2 m.
- Block model with regular-shaped blocks measuring (X) 10 m by (Y) 2m by (Z) 10 m and sub blocks
measuring (X) 2.5 m by (Y) 2 m by (Z) 2.5 m estimated with Inverse Distance Cubed (ID3) method
2. Micon considers a cut-off of 1.0 g/t Au or 1.5% Cu to be reasonable with potential for economic
extraction in a small underground operation.
3. The resource estimate has been classified as Indicated and Inferred based upon the following criteria:
- Resource blocks estimated with at least 2 drill intersection within a 60 m radius, based on at least 5
assays were assigned to the Indicated category
- All remaining resource blocks within the geological model were assigned to the Inferred category.
4. There has been insufficient exploration to define the inferred resources as an indicated or measured
mineral resource. It is uncertain if further exploration will result in upgrading them to an indicated or
measured mineral resource category.
5. Effective date of the resource estimate is 31 July 2011
Qualified Person:
Jeremy K. Niemi, P.Geo., VP Exploration of the Company, is the Qualified Person who approved the
scientific and technical information in this news release.
About GoldQuest
GoldQuest is a Canadian based gold focused mining company with development and exploration
projects in the Dominican Republic. GoldQuest is traded on the TSX-V under the symbol GQC and in
Frankfurt/Berlin with symbol M1W.
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 Company's plans and exploration
programs for its mineral properties, including the timing of such plans and programs, the merits of the
Company's mineral properties, increase of the Company's land package through the application for
additional concessions, PFS results, the discovery of new mineral resources, mineral resource estimates,
and future studies. 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", "goal",
"proposed", "appears", "budget", "scheduled", "estimates", "forecasts", "at least", "intends", "hope",
"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 the application for
additional concessions, uncertainties inherent in the preparation of the PFS and 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 the PFS parameters and inputs, 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.
www.goldquestcorp.com
Julio Espaillat
President & Chief Executive Officer
+1-829-919-8701
Bill Fisher
Chairman -- Toronto
+1-647-271-4505