GoldQuest Samples 59.50 Meters Grading 1.58 g/t GoNews Release out this morning....
GOLDQUEST SAMPLES 59.50 METERS GRADING 1.58 G/T GOLD FROM
DOMINICAN JENGIBRE PROJECT
VANCOUVER, BC, OCTOBER 7, 2009 – GoldQuest Mining Corp. (“GoldQuest” or the “Company”) is pleased
to provide an update regarding the Company’s ongoing exploration programmes in the Dominican Republic. Since
the Company entered into an agreement to acquire Gold Fields Dominican Republic BVI Limited’s (“Gold
Fields”) 60% interest in the Dominican joint venture projects as announced on August 5, 2009, GoldQuest’s
Geologists have completed follow-up exploration on several priority gold and copper targets. The Company
expects the transaction with Gold Fields to close when all required governmental approvals for the transfer of the
properties have been obtained. Fieldwork has primarily comprised of channel sampling on the Jengibre project,
trenching at El Toro and follow-up of several other targets discovered by the Gold Fields funded exploration joint
venture.
HIGHLIGHTS
• Continuous channel sampling from the Jengibre project has returned 59.50 meters grading 1.58 g/t Au
including 18.00 meters grading 2.34 g/t Au and an additional 13.50 meters grading 3.13 g/t Au;
• Three new zones of intense alteration have been defined on the Los Comios project;
• Trench sampling from the El Toro project returned 20.6 meters grading 1.72 g/t Au; and
• Company continues to prioritise and explore portfolio of gold and copper targets for drill testing.
Recent analysis of the joint venture data by GoldQuest has identified a number of principal exploration targets that
warrant further exploration. Alistair Waddell, President & CEO of GoldQuest, commented, “We are very happy
with the way the ongoing exploration programme is proceeding and we are currently using the recently expanded
database to critically review, and explore priority gold and copper targets which will be 100% owned by
GoldQuest when the transaction with Gold Fields is completed”. The following is a summary of the most recent
exploration activities.
JENGIBRE PROJECT:
GoldQuest’s geologists have completed a programme of detailed channel sampling on
the Jengibre project investigating different zones of intermediate sulphidation replacement style mineralisation.
Detailed surface sampling has been completed on three principal targets located at a similar topographic level over
a horizontal distance of approximately 300 meters with a NNW trend.
Channel sampling from the northernmost target returned 12.62 meters grading 2.16 g/t Au, 2.61% Zn and 0.41%
Cu. The principal outcrop is exposed in a small landslip and comprises of argillic altered andesitic tuffs with
coarse-grained disseminated pyrite, chalcopyrite, sphalerite and barite. The mineralised outcrop has been cut off
by a fault. Gold Fields completed one drill hole approximately 120 meters southwest of this zone and the
Company believes the target requires further drill testing.
The central target comprises silicified andesitic volcanic rocks with 1 to 3% disseminated pyrite and occasional
veinlets of barite. Channel sampling from the principal outcrop returned 66 meters grading 0.78 g/t Au and 20.96 The channel samples were taken in a continuous crescent shaped linefollowing the northern periphery of the outcrop. This target was notdrill tested by the Gold Fields' funded exploration programme.
The southernmost target is similar to the central zone comprising ofpervasively silicified andesitic volcanic rocks with hydrothermalbreccias cut by quartz veinlets carrying pyrite, sphalerite and tracesof chalcopyrite. Channel sampling returned 59.50 meters grading 1.58g/t Au and 55.57 g/t Ag and includes 18.00 meters grading 2.34 g/t Au,and 13.50 meters grading 3.13 g/t Au plus 84.50 g/t Ag. One drill hole(JN-02) completed by the Gold Fields funded joint venture cut thenorthern extension of this zone and returned 54 meters grading 1.03 g/tAu, including 22 meters grading 1.97 g/t Au.
GoldQuest geologists are completing more detailed sampling andgeological mapping on the project to prioritise different drilltargets. Details of the Jengibre project were noted in previous newsreleases dated March 5, 2008, September 16, 2008 and August 5, 2009.