NEWS - Silver Quest Provides Update on BC ExploratSilver Quest Provides Update on BC Exploration Programs
7/5/2011 8:00:19 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Jul 05, 2011 (MARKETWIRE via COMTEX News Network) --
SilverQuest Resources (TSX VENTURE:SQI) ("Silver Quest" or "the Company") ispleased to provide an update on its exploration programs in the NechakoPlateau, BC. For further details on property locations, please visit theCompany's website www.silverquest.ca.
3Ts Project
A 2,000metre diamond drilling program has commenced on the 3Ts project, withthe first two holes designed to test the Ted Vein structure at depth andalong strike. The best hole from previous drilling (by Phelps Dodge) onthe Ted Vein intersected 8.88 grams/tonne ("g/t") gold and 393.6 g/tsilver across a true width of 15.4 metres. The Ringer Zone and Mint Veinareas will also be tested by the 2011 diamond drilling. Previousresults from the Ringer Zone included eight samples collected fromboulders which returned an average of 19 g/t gold and 140 g/t silver(see news release dated September 24, 2003). Previous diamond drillholes on the Mint Vein structure intersected up to 8.08 g/t gold and80.4 g/t silver across 2.0 metres (see news release dated April 28,2003). The Company has also commenced geological mapping and prospectingon the 3Ts property area. Approximately 60 samples of quartz-carbonatevein material have been collected from recently discovered boulders todate, and have been submitted for analysis.
Capoose Project
The2011 exploration program at Capoose will consist of geochemical soiland till sampling, prospecting and mapping, airborne geophysical(radiometric, electromagnetic and magnetic) surveying and up to 8,000metres of diamond drilling. The Company also plans to conductapproximately 10.5 line-kilometres of deep-penetrating inducedpolarization (IP) surveying within the Capoose deposit area. The 2011exploration in the deposit area is designed to increase the existing NI43-101 Indicated Resource of 383,823 ounces of gold and 26,593,915ounces of silver, as well as the Inferred Resource of 443,206 ounces ofgold and 29,517,933 ounces of silver at a gold equivalent cut-off gradeof 0.40 g/t (see news release dated January 20, 2011). The 2011exploration at Capoose will also follow up on several new goldgeochemical anomalies identified during the 2010 field season. The 2011exploration budget for the Capoose Project is approximately $2.8million.
Davidson Project
The Company, along with itsjoint venture partner, New Gold Inc., has released assay results for thefirst 35 holes of the current 20,000 metre diamond drill program (seenews releases dated April 19, 2011, May 10, 2011 and June 27, 2011).Four diamond drills are currently operating on the Davidson property.Further drill results will be released as they are received from NewGold Inc., the project operator.
David Pawliuk, P.Geo., VicePresident Exploration for Silver Quest, is the Qualified Person, asdefined by National Instrument 43-101, for the 3Ts Project, the DavidsonProject and the Capoose Project, and supervised the preparation of thetechnical information in this release.
SILVER QUEST RESOURCES LTD.
Randy Turner, President
Neitherthe TSX Venture Exchange nor its Regulation Services Provider (as thatterm is defined in policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
Contacts: Silver Quest Resources Ltd. Investor Relations 604-687-3959604-687-1448 (FAX) info@silverquest.ca www.silverquest.ca
SOURCE: Silver Quest Resources Ltd.
mailto:info@silverquest.ca https://www.silverquest.ca
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