GoldQuest Intersects 12 metres grading 8.2 g/t gold equivalent in follow up hole at Cachimbo Discovery
GoldQuest Intersects 12 metres grading 8.2 g/t gold equivalent in follow up hole
at Cachimbo Discovery
VANCOUVER, BC --(Marketwired – 13thJuly, 2017) - GoldQuest Mining Corp. (TSX VENTURE: GQC)
(FRANKFURT: M1W) (BERLIN: M1W) ("GoldQuest" or the "Company") is pleased to report assay results
from the latest 4-hole batch of drill holes from its ongoing Tireo exploration drill program. The program is
focused on identifying new gold systems and defining the extents of the mineralization at the recent
Cachimbo Volcanogenic Massive Sulphide (VMS) Discovery. All drilling occurs within the Company’s 100%
owned Tireo Concessions, which hosts the multi-million ounce Romero Project in the Dominican Republic.
Highlights:
• TIR-17-32 intersected 31.6 metres of 3.89 g/t AuEq, 3.16 g/t gold with higher grade sections
including:
o 11.9 metres grading 8.20 g/t AuEq, 6.57 g/t gold, 24.2 g/t silver, 1.43% zinc and 0. 19%
copper
o 2.7 metres grading 25.91 AuEq, 22.31 g/t gold, 52.81 g/t silver, 3.10% zinc and 0.46 %
copper
• TIR-17-30 intersected 56.2 metres grading 0.32 g/t gold
Assays from t wo holes at Cachimbo are reported herein , and both TIR-17-30 and TIR -17-32 intersected
gold within the upper strata-bound polymetallic massive and semi-massive sulphide horizon of the VMS
system. Hole TIR-17-32 intersected elevated gold and base metal grades of 2.7 metres grading 22.31 g/t
gold, 52.81 g/t silver, 3.10% zinc and 0.46% copper within a wider mineralization interval. The grades are
comparable to the Cachimbo discovery hole, TIR-16-09 which intersected 5 metres grading 14 g/t gold, 74
g/t silver, 12% zinc and 1% copper ( see release dated January 10, 2017 ). Holes TIR-17-32 and TIR-16-09
are approximately 50 metres apart and appear to be the same mineralization horizon. This horizon is open
along strike to the north-west and to the south-east as well as down dip to the east.
Hole TIR-17-30 (56.2 metres grading 0.32 g/t gold) was collared 100m east of the discovery hole at the
same platform as hole TIR -17-28. The hole appears to confirm that the upper mineralization horizon is
dipping to the east . Drilling continues at Cachimbo and will test areas along strike to expand the
mineralization envelope and the Company continues to explore for a potential copper -gold rich feeder
system, like the Romero Deposit.
Two holes reported from the Las Avispas, holes TIR -17-29 and TIR -17-31, did not intersect significant
mineralization. The drilling has, however, encounter ed favorable alteration to further support that a
volcanic eruptive centre , similar to that observed at Romero , is present in the area. The Company is
interpreting the results and determining the potential future drilling and next steps for the target.
These results from the Cachimbo discovery follow-up holes are extremely encouraging and support the
thesis that our Tireo Belt land package has the potential to materialize into a multi-deposit mining
district as these VMS systems often occur in clusters,” stated Bill Fisher, GoldQuest’s Executive
Chairman. “These results are very important in advancing our understanding of this new discovery zone
and will help us further explore this area.”
A plan map and cross-sections showing the Cachimbo drilling can be found at the following links.
Plan Map: http://goldquestcorp.com/images/PlanView_Cachimbo_July_12_2017.pdf
Section A-A’: http://goldquestcorp.com/images/Press_Release_Section_A-
A_Cachimbo_July_12_2017.pdf
Section B-B’: http://goldquestcorp.com/images/Press_Release_Section_B-
BCachimbo_July_12_2017.pdf
Table 1. Tireo Drilling Intersections
Hole From (m) To (m)
Length
(m) Au g/t Ag g/t Cu % Zn %
AuEq
g/t
Cachimbo Holes
TIR-17-30 148.01 204.16 56.15 0.32 2.40 0.02 0.14 0.48
TIR-17-32 88.39 119.98 31.59 3.16 11.85 0.08 0.64 3.89
including
90.0 101.90 11.90 6.57 24.2 0.19 1.43 8.20
including
96.0 98.67 2.67 22.31 52.81 0.46 3.10 25.91
Las Avispas Holes
TIR-17-29 and TIR-17-31 had no significant results
*Interval grades are calculated using uncapped assays. Gold values did not exceed 63.5 g/t which is below
the capping level for Romero of 72.2 g/t . Intervals may not represent true widths. There is insufficient
drilling to determine the orientation of the mineralized zones at this time. AuEq=((Au g/t*$1220/31.10348)+(Ag
g/t*$15.9/31.10348)+(Cu%*$2.65*22.04623)+(Zn%*$1.28*22.04623))*31.10348/$1220 Note AuEq does not include
recoveries which have not been determined at this stage.
Table 2. Collar locations and hole directions for Tireo holes
Hole Easting Northing Elevation Azimuth Dip
TIR-17-29 264,902 2,104,065 1144 225 -85
TIR-17-30 266,395 2,097,276 1220 300 -75
TIR-17-31 263,311 2,104,121 1039 225 -75
TIR-17-32 266,342 2,097,245 1196 0 -90
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 th ere 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 shipped to ACME 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 ACME Labs (Vancouver); metallic fire
assay and multi-element ICP-MS were assayed by ACME Analytical Laboratories (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 comprehensive GoldQuest Quality Assurance
and Quality Control protocols can be viewed on GoldQuest's website at:
http://www.goldquestcorp.com/index.php/corporate/corporate-governance.
The information in this press release has been reviewed and approved by Mr. Jeremy Niemi, P. Geo., Vice
President, Exploration 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.
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 development 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 o f the drill 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
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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 fro m
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 drill results
and 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 C ompany 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 Com pany 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.
CONTACT INFORMATION
GoldQuest Mining Corp.
www.goldquestcorp.com
GoldQuest Mining Corp.
Julio Espaillat
President & Chief Executive Officer
+1-829-919-8701
GoldQuest Mining Corp.
Bill Fisher
Executive Chairman - Toronto
+1-647-271-4505
GoldQuest Mining Corp.
Katherine Fedorowicz
Investor Relations
1-877-919-5979