VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/11/13 -- GoldQuest Mining Corp. (TSX VENTURE: GQC)(FRANKFURT: M1W)(BERLIN: M1W) ("GoldQuest" or the "Company") is pleased to announce it has commenced a 30,000 metre drilling program on the Las Tres Palmas trend, Dominican Republic. The Las Tres Palmas trend is notable for the discovery of the Romero mineralization, where drilling highlights included hole LTP 94 returning 235 metres grading 7.9 g/t gold and 1.4% copper (see the Company's press release of August 27th 2012).
New drilling will continue to expand Romero and test high priority targets along the trend. In addition, an ongoing deep Induced Polarization ("IP") survey is being used to expand coverage of the Las Tres Palmas trend and gain knowledge of additional targets within the Company's 50 km long Tireo Formation land package.
"Since the Romero discovery, the Company has focused drilling within the Romero area while thoroughly interpreting recent and historical data to develop new targets," commented Julio Espaillat, the Company's CEO. "With newly completed lines from the IP survey, the Company is able to compare multiple new IP targets with those previously drilled at Romero. High priority targets extend across a distance of over four kilometres, including the highest chargeability anomaly to date which did not show up in the shallower exploration techniques."
The IP program is valuable to the development of drill targets considering that Romero is a "blind" discovery, meaning it does not reach the surface. To date, all chargeability anomalies have coincided with sulfide mineralization, although the technique does not readily differentiate between the iron rich pyrite mineralization and the copper rich chalcopyrite mineralization seen at Las Tres Palmas. Previous drilling located near the new, deep IP lines suggests that the strongest gold and copper mineralization is found in zones surrounding the strongest IP anomalies, in sections up to several hundred metres in length.
While drilling continues to delineate the Romero mineralization, particularly in the Southeast quadrant of the original IP anomaly, new targets are being aggressively pursued. These targets are considered prospective in light of geological and geophysical precedent at Romero, all displaying strong chargeability and substantial size. See sections showing new IP drill targets at: http://goldquestcorp.com/images/nr/New_L400W_&_L200W.jpg. For additional IP cross sections please see the Company's press release dated Jan. 17, 2013.
Drilling has also started at Escandalosa North in an area considered to hold gold potential as a northern extension of the NI 43-101 compliant Escandalosa Sur inferred resource of 3.1 Mt @ 3.14 g/t gold grade for a total of 316,000 ounces. Highlights of the previous resource drilling include 53 m grading 3.0 g/t gold and 26 m grading 11.4 g/t gold. New holes are targeting chargeable anomalies from the IP survey.
Current IP survey work also shows positive developments in the Romero East area with a strong chargeable zone emerging and still open to the east. The Company is currently cutting lines to expand the survey and establish the extent of the anomaly. East of Romero, the strongest IP chargeability anomaly to date, up to 18.0 mV/V (up to 9.0 mV/V was seen at the Romero discovery zone) was identified in late January 2013 (see: http://goldquestcorp.com/images/nr/New_L100E.jpg). The anomaly suggests chargeable sulfides and will be drill tested in the coming weeks.
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