VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/20/12 -- GoldQuest (TSX VENTURE: GQC)(FRANKFURT: M1W)(BERLIN: M1W) is pleased to present the initial data from an extensive IP survey and a summary of the 2012 drilling at Las Tres Palmas project, in the Dominican Republic, which includes the Romero and Escandalosa discoveries. The company has ordered a fourth drill rig, capable of reaching 700 metres, which will be mobilized in January 2013 to drill new targets. Assays from the remaining 9 holes drilled at Romero in late 2012 will be released in January 2013.
The Company is currently undertaking an IP survey covering the complete Las Tres Palmas trend and outlying areas in the Company's extensive land position, including Los Comios, Romero West, and Jengibre. This survey, conducted by Insight Geophysics, will investigate to a depth of approximately 500 metres, which is almost twice the depth of the 2011 IP survey that identified the Romero mineralization. Initial results of the current survey at Romero and north of La Escandalosa have identified deeper chargeability anomalies, where higher readings appear to correlate with sulphide mineralization (http://goldquestcorp.com/images/romero_map_new_insight_ip_lines.jpg).
"The 2011 IP program which led to the Romero discovery identified the overall trend, and the new, deeper penetrating IP shows strong correlation with the high grade copper/gold intersections and provides further guidance about the geometry of the targets," commented Julio Espaillat, GoldQuest's President and CEO. "Drilling in the new year will continue at Romero, which remains open at depth and along strike, and will test new targets around the Las Tres Palmas Trend."
The IP survey at Romero, which is located in the most northerly lobe to date of the Las Tres Palmas trend, displays enhanced detail of resistivity and chargeability anomalies, allowing the Company to refine their planned drilling targets, and to gain a greater understanding of the mineralization style and attitude of controls on emplacement of gold, copper and other metals (see http://goldquestcorp.com/images/romero_200w.jpg). The East-West mineralized trend in the northern part of the Romero chargeability anomaly, identified in 2012 by drilling, is visible in this survey, and appears to shows a strong vertical element, strengthening at depth. The Company intends to undertake further drilling in January to test the high chargeability occurrences with three diamond drill rigs, closely followed by testing further refined IP targets as they are generated.
Several IP survey lines have been completed directly north of La Escandalosa outcropping gold occurrence, 2 kilometres south of the Romero discovery, where the company reported a NI 43-101 compliant inferred resource of 3.1 million tonnes grading 3.14 g/t gold (see release of Aug 20th, 2012). The first IP survey lines show a strong chargeability anomaly and La Escandalosa mineralized horizon dips towards this untested anomaly which is open at depth and to the north (see http://goldquestcorp.com/images/escandalosa_IS100N-IP-UTM.jpg). Drilling will commence here with a deep rig, slated to arrive in the Dominican Republic in late January.
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