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Goldquest JV finds new mineralization areas at Jengibre
2008-03-05 12:29 ET - News Release
Mr. Alistair Waddell reports
GOLDQUEST NEW GOLD DISCOVERY IN DOMINICAN REPUBLIC AND UPDATE ON GOLD FIELDS EXPLORATION ALLIANCE
Goldquest Mining Corp. is providing an update on the exploration activities with its partner Gold Fields Ltd. Gold Fields is currently earning a 60-per-cent interest in various projects in the Dominican Republic by expending $5-million (U.S.) over a three-year period.
Jengibre project
The Jengibre project was originally sampled by Goldquest geologists during the regional stream sediment program financed by Gold Fields. Follow-up of a highly anomalous stream sediment sample discovered outcropping mineralization exposed in a creek. Of 14 rock samples, taken during the original recon phase, seven returned values greater than 5.40 per cent zinc (the highest four zinc values range from 23.10 to 30.00 per cent the maximum analytical limit of the package used). Other maximum values from the samples included 5.12 grams per tonne gold, 480 g/t silver, 5.2 per cent copper and 260 parts per million molybdenum.
Recent follow-up work by Gold Fields has defined several new areas of hydrothermal alteration and mineralization in the vicinity of the original discovery. Recent rock sampling has returned sample values up to 17.7 g/t and 14.1 g/t gold associated with zones of intense silica-pyrite alteration. Outcropping mineralization has now been identified in five principal zones, four of which are located over a horizontal distance of approximately 1,000 metres. The mineralized outcrops occur at a similar topographic level, suggesting possible lateral continuity of the zones, in the form of a shallow-dipping stratiform body, crosscut by several subvertical faults and possible feeder structures. The fifth zone is located approximately 500 m farther east, where preliminary rock samples grade up to 4.7 g/t gold from a zone of silica-pyrite alteration which trends approximately 450 m east-west. The style of alteration and mineralization of the fifth zone is similar to that occurring in the other zones.
Gold Fields is currently sampling and geologically mapping the project in detail, intending to drill the mineralized targets as soon as possible. Additional assay results from soil and rock samples will be published as soon as they are received from the laboratory.
The Jengibre discovery is now the third zone of mineralization defined by Goldquest and Gold Fields in a 35-kilometre north-northwest-trending belt, extending from the Las Tres Palmas and Loma Viejo Pedro properties, in the northwest, to Jengibre in the southeast.
Piedra Iman project
Gold Fields has recently been focusing considerable work on the Piedra Iman target, located approximately four kilometres northwest of the Pueblo Viejo mine, currently under option from the Dominican government to a Barrick-Goldcorp joint venture. As announced by Barrick Gold Corp. in Stockwatch on Feb. 27, 2008, the Pueblo Viejo mine contains reserves of 20.4 million ounces of gold, 423.6 billion pounds of copper, and 117.3 million ounces of silver. Barrick has submitted a feasibility study and notice to the government of the Dominican Republic, in order to proceed with project development.
At Piedra Iman, Gold Fields has drilled 13 holes for a total of 3,171 m, to test for blind, high-sulphidation mineralization, beneath a silica lithocap, as proposed in the new geological model developed by the Goldquest team with leading geological consultant Dr. Richard Sillitoe.
The most encouraging hole to date is PI-13, which cut about 60.4 m of favourable-looking multiepisodic silicification, crackle brecciation and hydrothermal breccias. Up to 20 per cent pyrite occurs as disseminations and veinlets within this interval, which represents the most dynamic alteration observed in the Piedra Iman drill core to date.
Approximately two km south of PI-13, additional encouraging alteration with sulphide mineralization has been intersected in hole PI-16, located near holes PI-1, PI-2 and PI-3, which were drilled earlier by Goldquest. Those three holes contain intervals of highly anomalous values of trace metals characteristic of Pueblo Viejo mineralization, but they lack significant gold. Results from the current Gold Fields drilling will be released as soon as all final results are received from the laboratory.
Cerro Dorado project
Gold Fields recently completed four diamond drill holes totalling 1,242 m at the Cerro Dorado project, a porphyry gold target located 29 km southwest of the Pueblo Viejo. Drilling tested new geophysical targets defined by Gold Fields (see news in Stockwatch on Oct. 18, 2007), and the best intersections were: two m (from 58.00 m) grading 1.13 g/t gold in hole CD-16; and three m (from 194.50 m) grading 1.10 g/t gold in CD-19. No further work is scheduled by Gold Fields on the Cerro Dorado project.
Josefina project
At the Josefina porphyry target located 17 km northwest of Piedra Iman, Gold Fields has commenced drilling on recently developed induced polarization geophysical targets, which are partially coincident with favourable geology, geochemistry and alteration. Gold Fields intends to complete up to 800 m of exploration drilling at Josefina.
Loma Viejo Pedro project
Exploration work is continuing at the Loma Viejo Pedro project, located between the Las Tres Palmas and Jengibre projects in the Western Cordillera of the Dominican Republic. Gold Fields is following up on numerous targets identified by Goldquest geologists during the regional geochemical exploration program. At Loma Viejo Pedro, rocks of the upper Cretaceous Tireo formation host silicic, argillic and pyritic alteration, with anomalous gold values. Fifteen of 153 outcrop and float rock samples returned values greater than one g/t gold, with a high of 8.8 g/t gold in outcrop. Additional sample results from Loma Viejo Pedro will be published as soon as all assays are received from the laboratory.
Other projects
Gold Fields is currently completing systematic follow-up exploration programs on a number of other targets identified by the regional exploration program.
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