GoldQuest: Drilling at Cachimbo returns 148 m grading 0.8 g/t gold including 5.05 m grading 8.4 g/t gold
TSX VENTURE: GQC
www.goldquestcorp.com
Mr. Bill Fisher reports:
VANCOUVER, BC--(Marketwired - January 30, 2018) - GoldQuest Mining Corp. (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W) ("GoldQuest" or the "Company") is pleased to report assay results from the latest seven drill holes from its Cachimbo Discovery located within the Company's 100% owned Tireo Concessions in the Dominican Republic. Mineralization at Cachimbo remains open in all directions. The Company's 50-km-long land package also hosts multiple targets areas and the multi-million-ounce gold/copper Romero Project, 22 km to the north-west, which this week received approval from the Ministry of Mines for a 75-year Exploitation License (see release of Jan 22nd, 2018).
Several holes display a repetitive characteristic at Cachimbo which include higher grade near surface intervals within very broad (over 100m) intervals of lower grade mineralization below, characteristics suggestive of deposition below or at the paleo seafloor. Highlights include hole TIR-17-50, a step-out to the east of previous drilling, encountering a broad anomalous gold intersection from 55.6 m to 203.7 m downhole of 148.1 m grading 0.82 g/t gold, containing sub intervals of 5.05 m @ 8.4 g/t gold and 20.3 m @ 1.74 g/t gold, with the last assay at the bottom of the hole returning 1.8 m @ 1.58 g/t gold.
"These results support our belief that our Cachimbo discovery has considerable potential for a large gold bearing system, which we continue to intersect," commented Bill Fisher, GoldQuest's CEO. "An expanded 2018 drill program will be announced shortly, which will include testing further expansion of Cachimbo, new targets along the 50 km belt and a dedicated program around the Romero development area."
A plan map and cross-sections updating the recent Cachimbo drilling can be found at the following links.
Plan Map
Section B-B'
| Table 1. Results of Tireo Drilling Program - Holes TIR -17-46 to 52 | |||||||
| Hole | From | To | Interval | Au g/t | Ag g/t | Cu % | Zn % |
| TIR-17-46 | 52.00 | 58.60 | 6.60 | 0.20 | 4.30 | 0.02 | 0.17 |
| TIR-17-47 | 22.90 | 38.10 | 15.20 | 0.40 | 1.30 | 0.01 | 0.22 |
| And | 133.70 | 238.00 | 104.30 | 0.20 | 1.40 | 0.01 | 0.03 |
| Incl. | 133.70 | 136.50 | 2.80 | 1.10 | 21.30 | 0.02 | 0.15 |
| TIR-17-48 | 49.60 | 54.10 | 4.40 | 5.30 | 12.40 | 0.18 | 1.92 |
| Incl. | 51.10 | 52.50 | 1.40 | 14.70 | 27.40 | 0.39 | 3.77 |
| And | 93.70 | 322.30 | 228.60 | 0.40 | 1.40 | 0.01 | 0.04 |
| Incl. | 93.70 | 103.50 | 9.80 | 3.00 | 7.40 | 0.02 | 0.22 |
| Table 1. Results of Tireo Drilling Program - Holes TIR -17-46 to 52 continued. | |||||||
| TIR-17-49 | 44.20 | 61.50 | 17.30 | 1.90 | 7.40 | 0.03 | 0.26 |
| Incl. | 51.70 | 61.50 | 9.80 | 2.70 | 7.40 | 0.03 | 0.23 |
| TIR-17-50 | 55.60 | 203.70 | 148.10 | 0.80 | 3.90 | 0.02 | 0.10 |
| Incl. | 56.40 | 61.40 | 5.05 | 8.40 | 42.40 | 0.10 | 0.51 |
| Incl. | 102.5 | 122.8 | 20.3 | 1.74 | 5.0 | 0.01 | 0.15 |
| Incl. | 175.10 | 192.60 | 17.60 | 1.24 | 1.50 | 0.03 | 0.24 |
| And | 399.00 | 400.80 | 1.80 | 1.58 | 0.70 | 0.04 | 0.18 |
| TIR-17-51 | 62.00 | 125.00 | 63.00 | 0.26 | 0.85 | 0.01 | 0.10 |
| Incl. | 62.00 | 71.63 | 9.63 | 0.51 | 2.38 | 0.29 | 0.30 |
| And | 198.50 | 237.74 | 39.24 | 0.23 | 0.97 | 0.00 | 0.05 |
| Incl. | 220.38 | 222.50 | 2.12 | 1.60 | 2.30 | 0.10 | 0.20 |
| TIR-17-52 | 57.82 | 140.00 | 82.18 | 0.50 | 1.49 | 0.01 | 0.11 |
| Incl. | 57.82 | 77.15 | 19.33 | 0.56 | 3.06 | 0.01 | 0.15 |
| Incl. | 109.50 | 111.90 | 2.40 | 4.52 | 1.76 | 0.01 | 0.08 |
Gold values did not exceed 31 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 location and directions for TIR-17-46-52 | ||||||
| Hole | Easting | Northing | Elevation | Azimuth | Dip | Depth |
| TIR-17-46 | 266563.00 | 2097301.00 | 1186.50 | 0 | -90 | 307.85 |
| TIR-17-47 | 266563.00 | 2097301.00 | 1186.50 | 240 | -70 | 329.18 |
| TIR-17-48 | 266539 | 2097199 | 1106 | 240 | -90 | 356.62 |
| TIR-17-49 | 266539 | 2097199 | 1106 | 210 | -70 | 342.9 |
| TIR-17-50 | 266539 | 2097199 | 1106 | 125 | -75 | 400.81 |
| TIR-17-51 | 266773.5 | 2097186.5 | 1150.5 | 230 | -70 | 397.76 |
| TIR-17-52 | 266773.5 | 2097186.5 | 1150.5 | 180 | -70 | 259.08 |
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 Bureau Veritas Ltd. 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?EUR?element ICP?EUR?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?EUR?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 information in this press release has been reviewed and approved by 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?EUR?101 standards.
About GoldQuest
GoldQuest is a Canadian based mineral exploration and development company with projects in the Dominican Republic. GoldQuest is traded on the TSX?EUR?V under the symbol GQC and in Frankfurt/Berlin with symbol M1W. The Company is well funded to carry out the exploration programs reported on in this release and to advance the development of its Romero gold/copper discovery, also located in the Tireo Formation of the Dominican Republic.