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GoldQuest Identifies Significant Gold Mineralization in Cachimbo Area: Up to 167 g/t Gold at Surface
VANCOUVER, BC --(Marketwired - May 17, 2016) - GoldQuest Mining Corp. (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W) ("GoldQuest" or the "Company") is please
About this update from Goldquest Mining Corp.
[{"type":"text","content":"VANCOUVER, BC --(Marketwired - May 17, 2016) - GoldQuest Mining Corp. (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W) (\"GoldQuest\" or the \"Company\") is pleased to announce that their geological field crews have identified surface high grade gold during detailed mapping and sampling of a mineralized trend in the recently re-granted 100%-owned Loma El Cachimbo license area, in the Dominican Republic. Highlights include a sample returning 167 g/t gold, 2.2% copper and >300 g/t silver, the highest grade surface sample ever recovered from the Company's Tireo Belt concessions. The trend is within the Company's 50 kilometre long Tireo Formation land package, where the Tireo represents the collision of the Atlantic and Caribbean geological plates, geological settings which commonly display gold deposits, such as GoldQuest's Romero gold/copper discovery, which is located 20 kilometres to the north of this trend. The Cachimbo area is directly adjacent to Precipitate Gold's Ginger Ridge discovery which highlights the potential for the Tireo to host additional gold deposits. The new high grade samples are located in the south western portion of Loma El Cachimbo an area within 3 kilometres of a paved road and the national power grid. Further detailed mapping and trenching work is on-going to determine the extent of the mineralization. \"Over the last year, the Company has extended the favorable trend to host mineral deposits to well over 20 kilometres, which has identified argillic alteration, anomalous gold and copper and includes the multi-million ounces of gold at the Romero deposits,\" commented Bill Fisher, GoldQuest's Chairman. \"The ongoing IP program is scheduled to cover the new trend in the next few weeks, coupled with further rock and trench sampling, which will lead to drill site selection, targeted to be carried out in Q3 and Q4 2016. GoldQuest considers that the Tireo Formation surrounding Romero is an emerging mining district, capable of hosting multiple deposits. We're gratified to see the number of compelling and undrilled new targets expand as we enlarge our geophysical and mapping program.\" Mapping has described the mineralization as highly silicified barite with relatively low sulphide minerals, which appears to occur along the upper contact of the same volcanic package which host Romero (andesite...