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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: QUEST INTERNATIONAL RESOURCES CORPORATION
BERLIN/FRANKFURT SYMBOL: CRC
TSE SYMBOL: QIX
NASDAQ SYMBOL: QIXXF
APRIL 30, 1997
High Grade Drill Results at Quest International's Damoti
Lake Gold Property, New High Grade Gold Zones Discovered
RENO, NEVADA--Quest International Resources Corporation, a gold
exploration and development company trading on the TSE and NASDAQ,
announced today the latest in a series of high grade drill results
from its gold property, Damoti Lake, located in Canada's Northwest
Territories. Thomas J. Menning, Quest's Chairman and CEO,
indicated that "these results will have a marked impact on the
overall asset value of Quest International."
"The results far exceeded our expectations' stated Joel Casburn,
Quest's VP of Corporate Development, "we have multiple intervals
and significant widths of mineralization with gold grades in
excess of one ounce per ton all within 300 feet of the surface.
And, this ore body is open at depth and along strike." As
analyzed and reported by Chemex Labs Ltd. in Vancouver, B.C.,
hole D97-267 intersected 13.45 feet of 1.114 oz/ton Au, hole
D97-272, located 425 feet north of D97- 267, intersected 14.76
feet of 1.036 oz/ton Au and hole D97-268, 80 feet west of D97-267,
intersected 30.83 feet of 1.043 oz/ton Au. The recently completed
21 hole program, which focused on both prospecting and the
expansion of existing areas, was successful in discovering new
zones of gold mineralization in the Bif Island area and expanded
areas in the Horseshoe zone which can be mined from the existing
underground workings. Quest owns 100 percent of the Damoti Lake
project.
All core samples were split in half before being sent to
independent labs for sample preparation and assaying. One half of
the core and all splits of the pulps were retained to preserve
material for further testing, verification or due diligence. The
testing and handling of the core samples was strictly controlled.
All sample preparation and assays were performed by accredited
commercial laboratories and all resource calculations for Damoti
have been performed in accordance with Society of Mining
Engineers (SME) standards. These most recent assays add to an
already significant list of previous results: Of sixty surface
drill holes in the Horseshoe zone, twenty have intercepts of over
0.500 oz/ton Au, eleven of which have intercepts of over 1.00
oz/ton Au. The best four of these outstanding drill holes have
intercepts that range from 2.3 to 6.4 ounces per ton of gold over
minable widths from 7.05 to 31.5 feet.
"This is a major milestone for our Damoti property," stated Mr.
Menning. "These results have confirmed that other high grade
mineralized zones exist to the North, and they have delineated new
high grade gold zones within the Horseshoe area. The results are
so significant that we will immediately proceed to obtain the
permits necessary to commence mining this property." Preliminary
metallurgical tests performed at Lakefield Research, in Ontario,
Canada, indicate that the ore is amenable to conventional gold
recovery and milling techniques. Direct cyanidation recoveries
range from 94 to 98 percent. A recently completed scoping study
prepared by Sierra Mining and Engineering, an independent
engineering firm in Reno, Nevada, contemplates an annual
production rate of 46,800 ounces of gold. This study, and the
recent drill results, led to the decision to immediately begin
full scale permitting for mining.
The Damoti Lake property, which covers 11,443 acres, was the site
of The Mining Record's Drill Intercept of the Year for hole
D94-124 which measured 47.88 feet of 1.997 oz/ton Au including
31.49 feet of 2.740 oz/ton Au. A $2.5 million summer underground
program exceeded all expectations by verifying gold mineralization
continuity in a 9 foot by 9 foot drift that averaged a continuous
1.013 ounces of gold per ton over a 120 foot strike length and
assays from the North Drift averaged 1.79oz/ton Au. Previous
resource calculations by Sierra Mining and Engineering delineated
a geologic potential of 1,135,000 ounces of gold in a limited area
that covers less than one-half of the strike length of the gold
bearing banded iron formation on the Damoti property.
Sierra Mining and Engineering is currently working to complete
their evaluation of the results from the 1997 winter/spring drill
program which will include recalculated resource numbers for the
Damoti Lake project. The following table depicts the specific
drill results.
/T/
DAMOTI LAKE PROJECT - HORSESHOE ZONE
1997 SPRING DRILLING PROGRAM
DIAMOND DRILL HOLE ASSAY SUMMARY
DRILL ANGLE LENGTH FROM TO WIDTH GRADE
HOLE (degrees) (ft) (ft) (ft) (ft) (opt)
D97-267 -90:00 360 155.47 168.92 13.45 1.114
206.64 208.94 2.30 0.769
D97-268 -69:40 270 139.40 170.23 30.83 1.043
D97-270 -68:40 507 418.20 424.76 6.56 0.378
D97-271 -62:10 584 149.57 162.36 12.79 0.300
D97-272 -59:50 827 332.26 347.02 14.76 1.036
/T/
Holes D97-266 and 269 had no significant assays to report and the
final results are pending for holes D97-273 through D97-275.
Lennard D. Glogauer
V.P. Corporate Communications
-30-
P.S.- The good holes are at a total feet drilled under 2,000; the unreported ones are not specified, but one may assume about the same, so say - 4,000 feet total drilled, call to find out if more drills schudules because the planned drill program was 10,000 feet for 1997. The neeed for this is to site areas that are economic that are less than the high grade areas that start at 139 feet underground through 500 ish FEET UNDERGROUND, a surface digging pit is more expensive as the further that you dig the open pit under ground, I believe that a 3 inch schim of a bulldozer loaded onto a big 50 ft trailer rig is a very small lenght nd with, I don't recall, but call your local sand pit / quarry operator. 300 feet buy 1,000 ft or less I would guess -& that is why the whole picture including DEPTH should be TALKED ABOUT OPENLY! that is why nothing matters until the new Proven & Probables Calculation is next to be re-done to get the resource to pay for itself one must see a P & P over a multi-million Once resource calculation, they are workinh on that, I invest, on that, sometimes, your call, or should I say OPTION???
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