GoldQuest Mining Corp. ("GoldQuest" or the "Company") has commenced a drilling program at its Tireo Project, south of the Company's gold/copper Romero deposit. The drill program will consist of approximately 40 holes totaling 10,000 metres and continue into 2017. It is designed with the sole focus of making a new discovery and growing the mineral resource inventory of the under-explored Tireo Gold Belt.
Targets have been systematically identified and will be rigorously tested to uncover potential new gold mineralization. GoldQuest's target generation work is comprised of Induced Polarization (IP), airborne Magnetics and Electro Magnetics programs, rock sampling, plus geological and alteration mapping. This current drilling campaign will focus on the central 15 - 20 kilometres of the Company's 50 km long land position.
"After over a year of detailed target generation exploration work we are pleased to be entering the drilling phase testing numerous great looking targets," commented Julio Espaillat, GoldQuest's Executive Chairman. "We have been very systematic in our approach and have found a series of Romero-like geochemical and geophysical anomalies. We are excited to start drilling and believe we have excellent opportunities for a gold and copper discovery."
The first holes of the program are located on kilometer long IP anomalies in the southern portion of the Company's survey area along trend from Precipitate Gold Corp.'s Ginger Ridge discovery (18 m grading 4.5 g/t gold). The Company is seeking feeders, similar to the core of the Romero deposit, where intense quartz veining with high grade gold and copper mineralization are found within a larger body of mineralization. Mapping and geophysical surveys offer compelling evidence that the mineralization system of Ginger Ridge, also an IP discovery, extends northwards onto the GoldQuest property.
The 2016 target refinement program is almost complete with the final stages of the IP program underway. Detailed IP work is expected to wrap up in the coming months.
The first two drill locations are shown on the map here:
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.