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VANCOUVER, BRITISH COLOMBIA–(Marketwire – May 23, 2012) – GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) is pleased to announce results from a 15 hole drill program at its 100-percent-owned Las Tres Palmas project, summarized in this release’s Table 1.
The most northerly hole, LTP 90, tested a new geophysical target and discovered the Romero gold and copper sulphide mineralization. The mineralization is open in all directions, and the vertical hole was mineralized from 33 metres below surface to 264 metres returning 231 meters grading 2.4 g/t gold. The discovery hole contains a low copper section from 33 m to 103 m, 70 metres grading 1.3 g/t gold and 0.04% copper, immediately followed by 160 m grading 2.9 g/t gold and 0.62% copper from 104 m to 264 m. where the hole was terminated within mineralization for technical reasons.
LTP 90 is within the Las Tres Palmas mineralized trend, located in the west of the Dominican Republic, and consists of 3 mineralizations, Romero, Hondo Valle, and La Escandalosa Sur. Romero is located 300 metres northwest of the Hondo Valle mineralization (see map at http://www.goldquestcorp.com/images/nr/20120523/a.jpg), and 2.5 kilometres north of La Escandalosa Sur mineralization, another gold discovery by GoldQuest, consisting of a NI 43-101 inferred resource of 4.9 million tonnes grading 2.6 g/t gold containing 406,000 ounces of gold (see release of November 9, 2010). The drill program was designed to test a 2.5 km section of a mineralized corridor (see release of January 19, 2012), and the holes were spaced along the whole length. Both La Escandalosa Sur and Romero lie on Las Tres Palmas’ Zone A Induced Polarization (IP) anomaly which GoldQuest’s geologists believe may be related to the gold occurrences in the district. La Escandalosa Sur extends 600 metres north to south in the southern portion of Zone A, which extends in total for over 3 kilometres northwards.
“Hole LTP 90 at Romero is a remarkable drillhole, signaling a new gold discovery in the Dominican Republic’s emerging Upper Tireo gold belt. We are especially pleased to see significant copper associated with the gold, and look forward to further drilling shortly,” commented Julio Espaillat, GoldQuest’s CEO. “The discovery is a tribute to the multidisciplinary approach employed by GoldQuest and the systematic work done by the complete team.”
Read the full news release here.
