Silver Quest Intersects 14.0 Metres Averaging 5.33 g/t Gold and 50.6 g/t Silver at 3Ts Project, BC
Silver Quest Intersects 14.0 Metres Averaging 5.33 g/t Gold and 50.6 g/t Silver at 3Ts Project, BC
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2011) -Silver Quest Resources (TSX VENTURE:SQI) ("SilverQuest" or "the Company") is pleased to report assay results from a tenhole, 1,645 metre diamond drilling program that was completed duringsummer 2011 on the 3Ts Project. Highlights from the program include 14.0metres that averaged 5.33 grams per tonne gold ("g/t") and 50.6 g/tsilver in hole TT-11-47.
The 3Ts Project is located approximately 120kilometres (km) southwest of Vanderhoof, and consists of eight mineralclaims covering approximately 3,105 hectares in the Nechako Plateauregion of central British Columbia. The 3Ts Project covers an epithermalquartz-carbonate vein system within which more than 12 individualmineralized veins, ranging up to 650 metres in strike length and up to15 metres in true width, have been identified to date. For additionalinformation, please visit the Company's website: www.silverquest.ca.
Ted Vein
Three holes were drilled in the Ted Vein area. Two ofthese holes successfully intercepted the lower Ted Vein, below a gentlydipping microdiorite sill that crosscuts the vertical vein structure.The Ted Vein intercept in hole TT-11-47 assayed 5.33 g/t and 50.6 g/tsilver over an estimated true width of 14.0 metres, with a higher gradesection assaying 8.57 g/t gold and 63.4 g/t silver across an estimatedtrue width of 4.6 metres. TT-11-47 is the highest grade intersectiondrilled to date on the lower Ted Vein.
Drill holes TT-11-46 and TT-11-47 both interceptedthe lower Ted Vein structure, while hole TT-11-48 tested for thenorthern extension of the lower Ted Vein, north of an easterly trendingfault. Hole TT-11-48 intersected fault zones approximately where the TedVein structure was predicted to be. Significant drill results aresummarized in the table below.
| Hole | From | To | | Drill
Width (m) | | Est. True
Width (m) | Gold
(g/t) | Silver
(g/t) |
| TT-11-46 | 232.2 | 236.0 | | 3.8 | | 1.3 | 0.37 | 32.3 |
| includes | 234.2 | 235.1 | | 0.9 | | 0.3 | 1.02 | 68.2 |
| TT-11-46 | 238.5 | 249.04 | | 10.56 | | 3.6 | 0.89 | 111.5 |
| includes | 244.72 | 147.30 | | 2.58 | | 0.9 | 2.52 | 338.0 |
| TT-11-47 | 301.85 | 326.03 | | 24.18 | | 14.0 | 5.33 | 50.6 |
| includes | 303.0 | 311.0 | | 8.0 | | 4.6 | 8.57 | 63.4 |
| TT-11-48 | No significant assays |
Mint Vein
Drill hole TT-11-50, tested the Mint Vein structurebelow the microdiorite sill. The Mint Vein intercept in hole TT-11-50assayed 7.69 g/t gold and 84.2 g/t silver across an estimated true widthof 3.7 metres. This is the first hole to test the Mint Vein at depth,below the crosscutting sill. The Mint Vein structure is open bothdown-dip, and along strike from, the intercept in hole TT-11-50 which isdetailed below.
| Hole | From | To | | Drill
Width (m) | | Est. True
Width (m) | Gold
(g/t) | Silver
(g/t) |
| TT-11-50 | 268.5 | 276.0 | | 7.5 | | 3.7 | 7.69 | 84.2 |
| includes | 269.5 | 270.6 | | 1.1 | | 0.54 | 16.30 | 223.0 |
| TT-11-50 | 291.30 | 291.54 | | 0.24 | | 0.12 | 0.27 | 23.6 |
Ringer Target
Six shallow, inclined diamond drill holes weredrilled along an east-west section, oriented in an east-west direction,to test for the bedrock source of the Ringer Target vein float boulders.Three of these holes were abandoned in overburden or before reachingtarget depth. No significant assays were returned from the other threedrill holes which averaged 102 metres in length. Six newquartz-carbonate veins, ranging from 4 to 117 centimetres wide, wereintersected to the west of the Ringer Target during the currentdrilling. The best assay result from these six veins is 0.02 g/t goldand 6.0 g/t silver across 1.17 metres.
The bedrock source of the Ringer Target mineralizedvein boulders remains unknown. These mineralized boulders have beentransported eastwards from their bedrock source by glacial ice movement.Eight samples from a number of these boulders averaged 19.01 g/t goldand 140.1 g/t silver (see news release dated September 24, 2003). Thearea tested by the latest drill holes is to the west, or up-ice from,the Ringer Target boulders.
The Mint Vein is unlikely to be the bedrock source ofthe Ringer Target boulders as drill intercepts through the upper partof the Mint Vein, located west of the Ringer Target, assayed 8.08 g/tgold and 80.4 g/t silver across 2.0 metres, and 5.48 g/t gold and 127.3g/t silver across 2.0 metres (see news release dated April 28, 2003).
An exploration program including diamond drilling is planned for the 3Ts Project in 2012.
David Pawliuk, P.Geo., Vice President Exploration forSilver Quest is the Qualified Person, as defined by National Instrument43-101, for the 3Ts Project and supervised the preparation of thetechnical information in this release.
SILVER QUEST RESOURCES LTD.
Randy Turner, President