(i) Note: All the results and sub intervals summarized in the table above have a bottom cut-off of 0.15 g/t of gold. A top cut of 50 g/t gold is used, however no samples in this release exceeded 50 g/t. The intervals may not represent true mineralization widths and the exact orientation of the mineralization at this stage of the drilling is not yet known, although the host volcanic lithologies are sub-horizontal in orientation. Gold equivalent values calculated using a 3-year trailing average price of $1616 US/ounce for gold and $3.85 US/pound of copper as of January 15, 2013. No adjustment has been made for metallurgical recovery as these remain uncertain at this time. Gold Equivalent formula: AuEq g/t= ((Cu% x 22.0462 x 3.85)/(1616/31.1035)).
The individual assay intervals from holes LTP-113 through LTP-121 can be reviewed on GoldQuest's website at the following link: http://goldquestcorp.com/images/nr/LTP113-121Assays.xlsx. The collar locations and hole azimuth and dips can be reviewed at http://goldquestcorp.com/images/nr/UTMS.xlsx.
The Company has released 31 holes to date from the Romero discovery and remains active with 3 drills continuing to systematically test the entire Induced Polarization (IP) anomaly and to define the extents of the mineralization (see plan map http://goldquestcorp.com/images/nr/Romero-Plan_Map_with_Collars-January_2013.jpg for drill site locations). The mineralization remains open along strike to the north and south-east and current drilling is targeting the favorable mineral corridor.
The geological interpretation of the mineralization found along the Las Tres Palmas trend is an intermediate epithermal sulphidation system, which preferentially occurs in the flat lying dacite unit. Generally the lower contact of the dacite unit is more strongly mineralized and the highest gold and copper values occur towards the centre of the mineralized body, with a gold+zinc zone marking the outer periphery.
Dr. Richard H. Sillitoe, one of the world's leading experts in epithermal and porphyry deposits, recently visited the Company's Las Tres Palmas project and noted, "Much of the previously defined mineralization in the Hondo Valle and Escandalosa sectors, south along the mineralized trend from Romero, displays this distal gold-zinc association, suggesting that additional, proximal, copper-rich centres may exist."
The Company continues to expand the coverage of ground IP geophysics which has been successful at identifying sulphide mineralization and which lead to the discovery of Romero. The deep looking survey currently underway aims to locate new targets which may represent copper-gold-rich Romero-style zones.
The Company will continue to release new drill hole results in batches as their analysis is completed. ACME labs have been instructed to release assays to the Company only once the batches have been completed.
The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
As part of the Company's Quality Assurance and Quality Control procedures (QA/QC), most of the high grade intervals are re-assayed and the Company is awaiting these check samples. In addition, systematic re-assaying of intervals is in progress, to confirm compliance of blanks and duplicates checks. The Company also reviews results from Certified Standard Reference materials (CRSM or Standards) which are inserted at a rate of 5 per 100 samples. Within the results disclosed herein there was 1 sample which had results below and 1 sample above the recommended tolerances. The samples in this batch are being re-assayed and the Company is awaiting the results from these samples. Any future resource calculations will be calculated from compliant intervals, and if there is any material variation from the reported intervals on a hole by hole basis, then the Company will report this in subsequent releases, but it is of the opinion of the Company that any variations are unlikely to be material.
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