GQC has good results but that crazy market wants more;
GoldQuest Announces Further Drill Results From Las Animas
Marketwire
GoldQuest Mining Corp.
November 26, 2007 - 09:30:41 AM
GoldQuest Announces Further Drill Results From Las Animas
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2007) - GoldQuest Mining
Corp. ("GoldQuest" or the"Company") (TSX VENTURE:GQC)(FRANKFURT:M1W) is
pleased to announce the latest batch of drill results from exploration
drilling on its 100% owned Las Animas project in the Dominican Republic.
Results from an additional six drill holes (LA-21 to LA-26) totalling 1,137
metres are reported.
The highlights of the latest drilling from holes LA-21 to LA-26 are as
follows:
- Massive sulfide drill intercept in hole LA-26 of 67.77 meters grading 3.38%
Cu, 3.98% Zn, 1.49 g/t Au and 26.52 g/t Ag; the true width of this drill
intercept is estimated to be 20 to 25 meters;
- Hole LA-26 has extended mineralization vertically from surface to a depth
355 meters and is interpreted as open and thickening at depth. The previous
deepest intercept was 275 meters in hole LA-10;
- Massive sulfide drill intercept in hole LA-21 with 5.79 meters grading 3.66%
Cu, 5.24% Zn, 14.77 g/t Au and 120.81 g/t Ag.
Alistair Waddell C.E.O. commented "these results continue to expand the Las
Animas massive sulfide body and we are encouraged by the continuity of
mineralization at depth and the possible thickening of the zone to greater
than 20 meters. We are developing a better understanding of the geometry of
this body and the gold values in hole LA-21 shows the variation in grade we
can expect. Going forward we will to continue to further define the geometry
and thickness of the mineralization at depth and along strike by drilling."
Hole LA-26 was drilled as a deep perpendicular "scissor hole" below hole LA-10
to test the continuity of the massive sulfides at depth. The hole was collared
74 m south of LA-13 and was drilled in a northerly direction at an inclination
of -77 degrees.
The hole cut rhyolite with increasing alteration to sericite schist down-hole,
followed by massive sulfides, then siltstone hangingwall. The upper part of
the hole to 265.10 meters is in massive rhyolite with sericite alteration,
followed by pyritic sericite schist. There are localized banded, semi-massive
to massive sulfide zones of pyrite replacing the matrix of hyaloclastite
breccias. Bedding is typically at 40degrees to the core axis. The massive
sulfide intersection extends from 330.70 to 398.47 meters and comprises
pyrite, chalcopyrite, sphalerite and barite. This returned 67.77 meters
grading 3.38% Cu, 3.98% Zn, 1.49 g/t Au and 26.52 g/t Ag. The massive sulfide
in the first (stratigraphically lowest) part is massive textured interpreted
as replacement, followed by a thicker zone that is poorly bedded and
brecciated which is interpreted as bedded sea-floor exhalative with slumping,
which may be related to the basin deepening. The upper part is bedded with
exhalative and volcanic sediments. The massive sulfides are followed by
(overlain by) white siliceous and sericite altered siltstone for 5.65 m to the
end of the hole at 404.12 m.
This is the second longest drill intersection of massive sulfide drilled to
date at Las Animas. The hole cut the massive sulfide at an angle of
approximately 20 degrees, indicating that the body dips 85 degrees to the
south and is overturned with an estimated true thickness of about 20-25
meters. This is significantly thicker than that intercepted in hole LA-13 and
indicates downward thickening.
Hole LA-21 was drilled 27 m south of LA-19 and LA-20 on the next fence west of
LA-26. The hole has an azimuth of 360 degrees, inclination of -70 degrees and
a length of 161.72 meters. It intercepted sericite schist with pyrite to
131.78 meters followed by 5.79 m of massive sulfide. This consists of pyrite,
chalcopyrite, sphalerite and barite (with core angle of bedding of 25 - 50
degrees) and is followed by hangingwall siltstone to the end of the hole.
The massive sulfide returned 5.79 meters grading 3.66% Cu, 5.24% Zn, 14.77 g/t
Au and 120.81 g/t Ag and includes one sample with 55.9 g/t Au. Mineralization
extends into the hanging wall and footwall and is part of a wider interval of
24.00 m at 3.66 g/t Au, 30.09 g/t Ag, 1.47% Cu and 1.44% Zn. The intersection
is correlated with the lower massive sulfide interval intercepted in hole
LA-20 to give the body a dip of 55 degrees south with overturned stratigraphy.
LA-22 was drilled 11 m north of hole LA-07 with azimuth to the south at an
inclination of -65 degrees to test the continuity of the mineralized horizon
below that intercepted in LA-07. The hole was collared in hanging wall
siltstones to 53.20m. There is 2.74 m of sulfide-rich sericite schist at 47.26
m to 50.00 m, with 25% pyrite coated by chalcocite. It is oxidized from 48.70
m. This is followed by 3.20 m of siltstones (50.00 - 53.20 m) and a 0.40 m
quartz vein. Sericite schist starts at 53.60 m and continues to the end of the
hole at 100.62 m. The hole returned 64.22 meters grading 0.31 g/t Au from
36.42 to 100.62 meters. The mineralized horizon is represented by sulfide-rich
sericite schist. This section shows a downwards facies transition from barite
with sulfides (now gossan) on surface in LA-07, to sulfidic sericite schist in
LA-22.
Hole LA-23 was drilled 53 meters SSW of LA-18 and 18 meters west of LA-21. It
was drilled at an inclination of -75 degrees to the NNE for a length of 213.43
meters. The hole cut rhyolite and sericite schist with alteration intensity
decreasing down-hole. The contact with the hangingwall siltstone was reached
at 208.75 m, indicating a steepening of the contact from 40 degrees to about
80 degrees south. The stratigraphy is overturned and no mineralization was
present at the contact although there are sulfide rich zones within the
sericite schist. The hole returned two intervals of mineralization within
sericite schist including 18 meters grading 0.29% Zn (from 42.00 to 60.00 m)
and 20 meters grading 0.24% Zn (from 190.0 to 210.00m).
LA-24 was a vertical hole drilled to the south of LA-17 to 91.47 meters depth.
The hole cut rhyolite with a decrease in intensity of alteration downhole from
sericite schist in the upper part to illite altered rhyolite and transition to
chlorite alteration. The sericite and illite alteration have up to 5%
disseminated coarse pyrite. The contact with black carbonaceous siltstone is
at 83.70 m with trace pyrite and 2% goethite. No massive sulfides were
intercepted in this hole but the contact zone returned 10.42 meters grading
0.44% Zn from 81.05 meters to the end of the hole. The zinc values and the
alteration in the LA-24 hanging wall sediments correlate with those drilled in
hole LA-12 which returned 60.45 meters grading 0.48% Zn suggesting there may
be another zone of massive sulfide mineralization nearby.
LA-25 was drilled on the western gossan zone, 19 meters north of hole LA-15
and inclined at -55 degrees to the south below LA-15, below the gold-bearing
gossan outcrop, and across LA-14 to test the mineralization at greater depth.
The hole was entirely in rhyolite to the final depth of 167.68 m. There is a
0.93 m interval of massive sulfide between 102.14 -103.07 m with a massive
texture and medium grain size. The hole did not return any significant values.
Going forward the Company's objective is to continue to further define the
geometry and thickness of the mineralization at depth and along strike by
drilling. The company has recently secured a contract for a more powerful
drill rig from Energold Drilling Corp. capable of drilling much deeper holes
than at present. The new drill is expected to arrive in the Dominican Republic
in December ready to commence drilling in the New Year.
The Company has also embarked on a programme of geological mapping and
detailed follow up of various gossans and anomalous zones sampled during the
first phase mapping of the district including outcrop, float and stream
sediment anomalies. In terms of project scale exploration the work programmes
can be divided into two parts, the first being in the area of the massive
sulfide body directly along strike where the company is extending the current
soil survey both to the northwest and southeast beyond the current limits of
the existing soil grid. The second part is a more regional programme following
up gossan, float and stream sediment anomalies generated during the regional
sampling programme. This will consist of more detailed geological mapping,
localised soil grids and infill stream sediment samples covering the 26.1 Km2
of contiguous claims which cover a large block of prospective felsic volcanic
rocks which host the Las Animas massive sulfide mineralization.
Results from further drilling will be released as soon as they are received
from the laboratory. Further information including updated maps and cross
sections will be posted on the GoldQuest website shortly.
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Hole Length From (m) To (m) Gold Silver Copper Zinc Oxide or
(m) (g/t) (g/t) (%) (%) Sulfide
---------------------------------------------------------------------------
LA-21 18.88 7.12 26.00 NSV NSV NSV 0.26 Sulfide
---------------------------------------------------------------------------
and 24.00 130.00 154.00 3.66 30.09 1.47 1.44 Sulfide
---------------------------------------------------------------------------
including 5.79 131.38 137.17 14.77 120.81 3.66 5.24 Sulfide
---------------------------------------------------------------------------
LA-22 64.20 36.42 100.62 0.31 NSV NSV NSV Sulfide
---------------------------------------------------------------------------
including 16.00 72.00 88.00 0.27 NSV NSV 0.27 Sulfide
---------------------------------------------------------------------------
LA-23 18.00 42.00 60.00 NSV NSV NSV 0.29 Sulfide
---------------------------------------------------------------------------
and 20.00 190.00 210.00 NSV NSV NSV 0.24 Sulfide
---------------------------------------------------------------------------
LA-24 10.42 81.05 91.47 NSV NSV NSV 0.44 Sulfide
---------------------------------------------------------------------------
LA-26 67.77 330.70 398.47 1.49 26.52 3.38 3.98 Sulfide
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Table 1: Length-weighted average grades of drill holes. Note that the lengths
are drill intersection widths and that there is still insufficient data to
calculate the exact true widths of the massive sulfide body. In the case of
core duplicates and repeat analyses, the average value has been used. NSV
equals No significant values. |
