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Great Quest Gold Discovers Major Conductor Below K17 Cu/Au/Ag/U Target, Namibia
TORONTO / Aug 27, 2024 / Business Wire / Great Quest Gold Ltd. (TSX-V: GQ) (“Great Quest” or the “Company”) provides an update to its shareholders on the discov
About this update from Ongwe Minerals Inc.
[{"type":"text","content":"TORONTO / Aug 27, 2024 / Business Wire / Great Quest Gold Ltd. (TSX-V: GQ) (“Great Quest” or the “Company”) provides an update to its shareholders on the discovery of a major conductor below the K17 target of the Khorixas Project. Interpretation of new data suggests that an Iron Oxide Copper Gold (IOCG) mineral system is a preferred model as opposed to the previously proposed Orogenic Gold mineral system for the K17 target. Highlights Major conductor identified as potential source for K17 Cu/Au/Ag/U mineralization Multiple shallow conductors identified immediately below surface mineralization at K17 target A section line of 51km of deep penetrating Magnetotellurics complete through the Khorixas basin A grid comprising 30 square kilometres of Magnetotellurics complete across the K17 target area About the K17 Target The recently discovered K17 target comprises a zone of 50 km2 situated in the southern portion of the Khorixas project area. Limited work, including rock chip and soil sampling, has identified extensive surface mineralization of copper, gold, silver and uranium. Individual rock chip samples hosted grades of 16.25% Cu, 21g/t Au, 37.8g/t Ag and 490ppm U (Fig. 1). Mineralization is located within the Kuiseb formation and is locally associated with highly bleached and silicified chlorite schists and is identified in the form of malachite, azurite, chalcocite and to a lesser extent, chalcopyrite. Magnetite is always evident in alteration zones in close proximity to the mineralization (Fig. 2). Dr. Andreas Rompel, Great Quest’s President and VP Exploration, commented, “We are excited about the discovery of a sizable conductor at depth which might explain the already known multi-element rock chip anomalies. This discovery, together with the anomalies, allow for many possible mineralization models but we believe it is likely the Fe Oxide Cu Au model (IOCG), with the presence of Au, Cu and U with magnetite in the mix, is more likely. This encourages us to continue to develop exploration programs to arrive at drill targets in the short-term.” Magnetotellurics Great Quest has completed a two phase Magnetotelluric (MT) survey across the K17 target area. The first phase of the survey was aimed at carrying out a deep penetrating MT profile across the Khorixas basin, including the K17 target. A total of 19 ground stations were used d...