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GoldQuest Reports Assay Results from 8-Drill Hole Batch at Cachimbo Discovery

GoldQuest Mining Corp. is pleased to report assay results from the latest 8-drill hole batch from its Cachimbo Discovery, a Volcanogenic Massive Sulphide (VMS) deposit located within the Company's 100% owned Tireo Concessions in the Dominican Republic. Cachimbo remains open in all directions. The Company's 50 km long land package also hosts the multi-million-ounce gold/copper Romero Project, 22 kms to the north-west, along with multiple targets areas identified by the Company.

Highlights included the vertical hole, TIR-17-44 which intersected 21.0 m @ 7.86 g/t gold, 39.6 g/t silver, 0.17 % copper, 0.26 % lead and 1.81 % zinc. (10 g/t AuEq. *) within a wider mineralized envelope of 59.5 m @ 4.4 g/t AuEq. The richest horizon was found in a silica-barite matrix, associated with the upper parts of a VMS system from 11 metres below surface. The hole was collared approximately 300 m SE of the Cachimbo discovery hole TIR-16-09, which intersected 5 metres grading 14 g/t gold, 74 g/t silver, 12% zinc and 1% copper (see release dated January 10, 2017).

"Our Cachimbo discovery continues to grow, as we seek the core of the VMS system," commented Bill Fisher, GoldQuest's CEO and Executive Chairman. "It is notable that the highest gold grades were found in a silica-barite horizon, the same horizon where the Company's geologists found up to 167 g/t gold at surface."

The results are tabled below. Assays from the remaining seven intersections reported today lie within strata-bound poly-metallic massive and semi-massive sulphide horizons of the VMS system, reminiscent of the lesser mineralized halo surrounding the Company's Romero discovery. They were found within an anomalous gold halo between 150 and 240 metres in thickness, attesting to the size potential of the mineralization.

Step out drilling is ongoing, seeking a potential copper-gold rich feeder system, analogous to the core of the Company's Romero deposit, which has not yet been recognized at Cachimbo.

A plan map and cross-sections showing the Cachimbo drilling can be found at the following links.

Plan Map: http://goldquestcorp.com/images/PlanView_Loma_El_Cachimbo.pdf

Section B-B': http://goldquestcorp.com/images/Long_Section_Loma_El_Cachimbo_B-B.pdf

Table 1. Tireo Drilling Intersections

Hole From
(m)
To
(m)
Length
(m)
Au
g/t
Ag
g/t
Cu% Pb% Zn% Au
Eq.*
TIR-17-37 125.12 178.31 53.19 0.52 3.17 0.02 0.02 0.17 0.73
TIR-17-38 99.50 121.14 21.64 0.26 2.72 0.02 0.01 0.10 0.40
TIR-17-39 138.52 156.15 17.63 0.47 1.19 0.02 0.01 0.03 0.54
TIR-17-40 256.00 282.02 26.02 0.40 1.12 0.01 0.01 0.03 0.45
TIR-17-41 82.30 95.11 12.81 1.59 8.18 0.01 0.06 0.22 1.92
and 137.76 154.79 17.03 1.17 6.96 0.02 0.04 0.08 1.37
TIR-17-42 72.70 90.50 17.80 1.93 18.92 0.06 0.11 0.68 2.87
and 109.61 135.09 25.48 1.01 6.55 0.02 0.05 0.09 1.22
and 136.80 147.28 10.48 0.95 0.88 0.01 0.04 0.08 1.07
TIR-17-43 74.75 79.63 4.88 0.60 4.75 0.04 0.05 0.30 0.98
and 85.38 116.00 30.62 0.73 4.21 0.01 0.04 0.08 0.89
TIR-17-44 11.04 70.50 59.46 3.27 18.94 0.07 0.40 0.73 4.44
Incl. 11.04 54.84 43.80 4.25 22.66 0.09 0.38 0.96 5.67
Incl. 11.04 32.00 20.96 7.86 39.60 0.17 0.26 1.81 10.21
Incl. 11.04 23.12 12.08 12.59 62.62 0.26 0.12 1.69 15.19

*The Gold Equivalent (AuEq.) has been calculated using the following prices for metals (in USD): Gold $1300/oz; Silver $16/oz.; Copper $2.90/lb; Zinc $1.50/lb.; Lead $1.15/lb. Interval grades are calculated using uncapped assays. Gold values did not exceed 25.9 g/t Intervals may not represent true widths. There is insufficient drilling to determine the exact orientation of the mineralized zones at this time.

Table 2. Collar locations and hole directions for Tireo holes

Hole Easting Northing Elevation Azimuth Dip Depth
TIR-17-37 266399.00 2097246.00 1207.40 -90 245.36
TIR-17-38 266314.22 2097333.63 1174.40 -90 199.64
TIR-17-39 266314.22 2097333.63 1174.40 225 -80 213.36
TIR-17-40 266375.00 2097371.00 1198.50 -90 291.08
TIR-17-41 266516.00 2097255.00 1141.49 -90 345.03
TIR-17-42 266516.00 2097255.00 1141.49 180 -75 309.37
TIR-17-43 266516.00 2097255.00 1141.49 225 -65 272.80
TIR-17-44 266578.00 2097162.00 1067.44 -90 262.13

QA/QC

As part of the Company's Quality Assurance and Quality Control procedures (QA/QC) the Company reviews results from Certified Standard Reference materials (CRSM or Standards), which are inserted at a rate of five per 100 samples. Within the results disclosed herein there were no samples with results outside of the recommended tolerances for the standards. In GoldQuest's drill programs, composite intervals were chosen using a combination of geological criteria and mineralization, averaging around two metres core length. The drill core is cut in half with one half of the core sample shipped to ACME Labs by GoldQuest technicians. The remaining half of the core is kept at the Company core shack for future assay verification, or any other further investigation. Assays within intervals below the 0.005 g/t detection limit for Au were given a zero value. All drill samples were prepared and screened by Bureau Veritas Ltd in Maimon Dominican Republic; metallic fire assay and multi‐element ICP‐MS were assayed by Bureau Veritas Ltd, Vancouver. Gold values are determined by standard fire assay with an AA finish, or, if over 10.0 g/t Au, were re‐assayed and completed with a gravimetric finish. Copper and zinc values exceeding 0.2% were re-assayed with a 4-acid digestion and AAS finish. When zinc values exceeded 10% a classic titration was carried out for zinc. QA/QC included the insertion and continual monitoring of numerous standards, blanks and duplicates into the sample stream, at random intervals within each batch. The comprehensive GoldQuest Quality Assurance and Quality Control protocols can be viewed on GoldQuest's website at: http://www.goldquestcorp.com/index.php/corporate/corporate‐governance.

The information in this press release has been reviewed and approved by Mr. William Fisher, P. Geo., CEO and Executive Chairman of GoldQuest and a Qualified Person for the technical information in this press release under NI 43‐101 standards.

Source: http://www.goldquestcorp.com/

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