GoldQuest identifies new exploration targets near Romero, Dominican Republic
Vancouver, BC–(Marketwired – March 31, 2016) – GoldQuest Mining Corp. (TSX VENTURE: GQC)(FRANKFURT: M1W) (BERLIN: M1W) (“GoldQuest” or the “Company”) is pleased toannounce an update on the district wide exploration of the Company’s 100% ownedTireo Project surrounding their multi-million ounce Romero gold/copper depositin the Dominican Republic. The Project covers around 50 kilometres in strikelength of the Tireo volcanic formation, only a small fraction of which had beensubject to detailed exploration.
GoldQuest geologists have been mapping andsampling the complete Project area for the past 12 months. This program hashighlighted a corridor of alteration indicating mineralizing hydrothermalactivity, as seen at Romero. The Company is following this up with an extensiveground geophysical survey employing induced polarization (IP) covering over 30square kilometres that is in progress. With around a quarter of this survey’sarea covered, at least four new exploration targets considered worthy of drillinghave been identified, which are shown on the map found here:
In the area surveyed to date, 17 grab samples returned over1 g/t gold, with the highest sample returning 9.7 g/t gold.
GoldQuest’s Chairman Bill Fisher commented, “Our newexploration targets display a number of similarities to our 2012 Romerodiscovery, which was discovered by drilling targets generated by the first IPprogram deployed in the region. The new IP survey has made a great start and welook forward to reporting on further results as the program unfolds, as theareas with the greatest extent of intense argillic alteration have yet to besurveyed. GoldQuest has always stressed the importance of the Tireo trend as apotential “mining camp” capable of hosting multiple deposits. We view theresults of the ongoing program as the roadmap to potential new discoveries. ”
“The targets highlighted in this release are in areas ofdeeper erosion which created surface exposures of the target rock types andareas of intense alteration, some of which report highly anomalous gold resultsfrom grab samples. This direct evidence, at surface, rather than “blind” and atdepth as at Romero, increases our confidence in the potential for furtherdiscoveries,” commented Julio Espaillat, GoldQuest’s President & ChiefExecutive Officer.
The list of characteristic features below have beenidentified at Romero, and are clearly visible in these new targets. This set offeatures suggests potential for new discoveries of similar styles ofmineralization.
Gold and/or copper at surface, particularly in dacite andandesite volcanics
Magnetic lows – hydrothermal fluid movement destroys thesurrounding rock’s magnetism.
Argillic alteration -evidence of hydrothermal fluids“cooking” the surrounding rocks.
High Chargeability – shows the plume of sulphides withinwhich lies the highest potential for gold/copper – this is the technique thatdiscovered Romero.
High resistivity – shows the area where silica creates aresistive core to a chargeability high — very distinctive at Romero.
Rhyolite domes in the area – evidence of volcanic activitypossibly related to metals emplacement.
A continuous high chargeability trend along magnetic lowshas emerged from the current survey with four distinct zones of even higherchargeability values. The trend and the higher chargeability zones within itare clearly visible as areas of red and pink shading on the map found here:
The map also displays approximate boundaries of intenseargillic alteration showing the clear spatial correlation between alteration atsurface and areas of underlying high chargeability. All four high chargeabilityzones are 500 metres or more in length and up to 200 metres in width, with ahigh resistivity signature coincident with the high chargeability. They alsodisplay anomalous gold and copper in grab samples, argillic alteration andadjacent rhyolite domes. These are characteristic features of the areasurrounding the Romero deposit which has high concentrations of chalcopyrite, acopper sulphide, gold and quartz (silicification). The high silicificationareas of Romero are correlated to the highest gold grades.
IP surveys and other ground exploration are continuingsouthwards through the Tireo Project. The Company will issue further news onother new discovery areas and exploration results as they become available.
The information in this press release has been reviewed andapproved by Mr. Jeremy Niemi, P. Geo., Vice President, Exploration of GoldQuestand a Qualified Person for the technical information in this press releaseunder NI 43-101 standards.