GoldQuest Mining (GQC-V) July 28, '16 has signed a contract with Energold Drilling (EGD-V) for a 10,000 metre diamond drilling program at the Company's 100%-owned Tireo Property in the Dominican Republic.
All the holes will be targeting newly recognized zones of potential mineralization following the recently completed substantial ground induced polarization ("IP") survey.
"We are excited by the potential of these exploration targets," stated Bill Fisher, Executive Chairman of GoldQuest. "Many of these IP targets are similar to the anomalies that became the multi-million ounce Romero Project deposits. Anomalous gold values at surface of up to 167 g/t gold will also be tested."
The drill program will commence in early August and will focus on testing the identified IP targets along the Tireo belt, hosting gold/copper mineralization related to the collision of the Atlantic and Caribbean geological plates.
A 15 kilometre long section of the Tireo Belt has never been drilled, and sits between the Company's Romero gold/copper deposits and Precipitate Gold (PRG-V) Ginger Ridge discovery. GoldQuest's systematic and rigorous target generation process built on cost effective geological and alteration mapping geochemical sampling following up key airborne magnetic and electro magnetic geophysical trends, culminating with the 2016 IP survey, the first ever carried out in this portion of the belt. The main deposit at the multi-million ounce Romero Project does not outcrop to surface and was discovered in 2012 by IP surveying. The IP survey can be viewed at:
http://goldquestcorp.com/images/pdf/July2016_gradient_IP_chargeability_over_first_drill_target_area(2).pdf
The company will commence drilling in the south at the Loma del Cachimbo target area and gradually move northwards testing additional new targets with a program consisting of approximately 40 holes.
The program will be carried out by two drill rigs and results will be released in batches in a timely manner.
Romero Pre-feasibility Study Update
In other news, the Romero Pre-feasibility study is going well, including the calculation of its maiden reserve statement, and is on target for publication in September 2016.
A Preliminary Economic Assessment was released for the project in April 2015 [link to release] for a proposed underground mine demonstrating a pre-tax net present value ("NPV") of $355 million based on a 6% discount rate ($219 million NPV after-tax) and a pre-tax internal rate of return ("IRR") of 46% (34% IRR after tax) and a life-of-mine ("LOM") all-in sustaining costs ("AISC") of $572/oz gold equivalent ("AuEq") payable using $1225/oz gold and $2.90/lb copper.
The company is fully funded to carry out the aforementioned drilling campaign and the PFS.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Jeremy Niemi, P.Geo., Vice President, Exploration of GoldQuest Mining Inc. who is the Qualified Person for the technical information in this news release under NI 43-101 standards.
About GoldQuest
GoldQuest is a Canadian based emerging mineral development company with projects in the Dominican Republic. GoldQuest's shares trade on the TSX-V under the symbol GQC.V and in Frankfurt/Berlin with symbol M1W. GoldQuest has 213,807,384 shares outstanding (243,408,225 on a fully diluted basis). GoldQuest's office in Toronto has moved to 150 York Street, Suite 410, Toronto, ON, M5H 3S5.
CONTACT INFORMATION
GoldQuest Mining Corp.
www.goldquestcorp.com
Julio Espaillat
President & Chief Executive Officer
+1-829-919-8701
JEspaillat@GoldQuestCorp.com
Bill Fisher
Executive Chairman - Toronto
+1-647-271-4505
BFisher@GoldQuestCorp.com
150 York Street, Suite 410
Toronto, ON
M5H 3S5
Red Cloud Klondike Strike Inc.
Katherine Fedorowicz
VP Marketing & Investor Relations
+1-877-919-5979
KFedorowicz@RedCloudKS.com |
