GoldQuest Mining Corp. ("GoldQuest" or the "Company") is pleased to announce that the Company has been granted 1,151 hectares in two concessions adjacent to its Romero Project in the Dominican Republic (see: http://www.goldquestcorp.com/images/maps/GQC-TireoConcessions_JAN2015.pdf).
GoldQuest's land package covers the Tireo Formation, a volcanic sequence which is host to the Company's Romero Project a gold/copper deposit, which was discovered by drilling a target generated from the first ever Induced Polarization ("IP") survey in the district.
"With the granting of these concessions, GoldQuest can now drill a number of newly generated targets which have been identified by systematic exploration, building on our success at Romero, " commented Julio Espaillat, GoldQuest's CEO, "The Company's geologists are now carrying out detailed geological mapping to prepare for the 2015 drilling campaign."
Las Tres Veredas concession contains 781 hectares north of the Romero deposit and hosts five undrilled targets generated by GoldQuest's 2014 exploration program, where high chargeability anomalies have been identified in a ground IP program which followed the 2014 magnetics/Electro Magnetic ("EM") airborne surveys, where the targets lie along trend of a low resistivity EM anomaly, 3,500 metres north-west of Romero (see http://www.goldquestcorp.com/images/maps/GQC-LasTresVeredas-targets-Jan2015.pdf). The peak chargeability response at Las Tres Veredas is 16.5 mV/V, where the peak Romero response is 12.7 mV/V, suggesting potential for sulphide mineralization.
An extensive grid of 529 soil geochemical samples were collected at Las Tres Veredas in the fourth quarter of 2014. Detailed mapping is expected to be completed in the first quarter of 2015 followed by drilling.
The 370 hectare Los Gajitos concession covers the south-eastern extension of La Bestia target, where the central part of the main IP anomaly at La Bestia was drilled in the third quarter of 2014 and returned intersections in excess of 200 metres of hydrothermal sulphide mineralization but with no economic copper or gold to date. The drilling at La Bestia discovered a new large scale hydrothermal system (see press release dated November 20, 2014) which is interpreted to have discovered the peripheral part of a hydrothermal system, where any potentially economic metals may have been precipitated either below or adjacent to the area drilled.
GoldQuest is actively exploring the favorable Tireo Formation which hosts the Romero deposit discovered in May 2012, resulting in a NI 43-101 compliant mineral resource estimate (see the Company's October 29, 2013 news release for further information regarding the mineral resource estimate), followed by a Preliminary Economic Assessment (the "PEA") showing a 15 year mine life with a pre-tax Net Present Value (8% discount rate) of $318 million (after tax $176 million), pre-tax Internal Rate of Return of 19.7% (after tax 15.1%) and all in sustaining operating costs (AISC) net of by-products of $353/ ounce of gold (see the Company's May 27, 2014 news release for further information regarding the PEA). The PEA is preliminary in nature, 20% of the mine plan consists of inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Qualified Person:
Jeremy K. Niemi, P.Geo., VP Exploration of the Company, is the Qualified Person who approved the scientific and technical information in this news release.
Source: http://www.goldquestcorp.com/