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In January 2004 GoldQuest entered into an agreement with Vancouver based Energold Mining Ltd to option the exploration concession. The option allows GoldQuest to earn a 60% interest by investing a total exploration expenditure of US$1M over a three year period. GoldQuest retains a further option to earn to 80% by taking the project to feasibility study.
Target Minerals: Gold & Copper
Location & access
The property is located in the Monseñor Nouel province one and a half hours drive from the country capital Santo Domingo. Access is excellent with several paved and dirt roads crossing the property.
Geology
Exploration was carried out between 1990 and 1997 by Battle Mountain Gold Company, Canyon Resources Ltd and Energold Mining Ltd and consisted of channel sampling, geological mapping, soil sampling, geophysical surveys and 6,557 metres of diamond drilling in 104 holes. This work outlined a zone of epithermal gold mineralization in an area of 250 by 200 metres and extending to a depth of approximately 80 metres. The zone remains open to the north and has not been fully delineated at depth. The mineralized zone is extensively silicified in the form of banded, drusy quartz veins, stockworks and breccias interpreted as an intermediate sulfidation epithermal gold system.
Gold mineralization is typically fine-grained and is dominantly in quartz veins and breccia zones. Grades up to 308 g/t gold have been recorded in drilling with average grades in the order of 5 to 10 g/t gold over several metres across the vein and breccia zones. Silver values are low and are not included in the resource estimation.
Some of the highest-grade drill intersections are tabulated below:
| Hole |
From (m) |
To (m) |
Interval * (m) |
Au (g/t) |
| HC-94-04 |
46 |
53 |
7 |
18.67 |
| (incl) |
49 |
53 |
4 |
30.78 |
| and |
59 |
79 |
20 |
8.33 |
| (incl) |
67 |
78 |
11 |
13.06 |
| HC-96-39 |
26 |
46 |
20 |
6.49 |
| (incl) |
33 |
36 |
3 |
35.05 |
| and |
51 |
57 |
6 |
12.19 |
| HC-96-43 |
33 |
42 |
9 |
10.48 |
| HC-96-48 |
26 |
38 |
12 |
19.74 |
| (incl) |
30 |
38 |
8 |
27.88 |
| HC-96-55 |
37 |
45 |
8 |
10.90 |
| HC-97-59 |
78 |
80 |
2 |
50.72 |
| HC-97-63 |
3 |
13 |
10 |
18.46 |
| HC-97-67 |
19.3 |
42.4 |
23.1 |
9.29 |
| (incl) |
24.5 |
35 |
10.5 |
13.82 |
| HC-97-71 |
31.8 |
38.2 |
6.4 |
12.99 |
| HC-97-83 |
8.5 |
17.2 |
8.7 |
11.15 |
| HW-02 |
0 |
23 |
22.95 |
13.21 |
| HW-07 |
7.55 |
36.1 |
28.55 |
6.07 |
| HW-09 |
12.1 |
35 |
22.9 |
5.57 |
HW-10 |
1.25 |
21.5 |
20.25 |
9.52 |
HW-11 |
1.1 |
30.15 |
27.1 |
11.91 |
HW-17 |
25 |
28 |
3 |
190.76 |
HW-19B |
10 |
16 |
5.62 |
12.81 |
HW-21 |
1.6 |
5 |
.4 |
69.85 |
(* Note intervals are quoted down-hole due to irregular nature of the mineralized zones and may not represent true widths.)
Resource Figure
An independent resource estimation was completed by geological consultant Brian Cole, P. Geo., who is an independent qualified person.
The project has an estimated Indicated Resource of:
1.65 million tonnes grading 2.80 g/t Au for 149,030 oz Au using a 1 g/t Au cut-off, or,
2.72 million tonnes grading 1.95 g/t Au for 170,857 oz Au at a 0.5 g/t Au cut-off.
The calculations were made to NI 43-101 standards under CIM definitions (August 2000). They are based on a re-evaluation of historical exploration carried out between 1991 and 1997 by Battle Mountain Gold Company, Canyon Resources Ltd and Energold Mining Ltd, including 6,557 metres of drilling in 104 holes. Brian Cole took check samples of quartered core for assay and specific gravity measurements. Resources were estimated using grade contour constraints by the sectional polygon method. Cross sections were generated at 25 m intervals. Gold assays were capped at 60 g/t and composited on 5 meter intervals. Additional work and validation auditing are required to upgrade the estimated Indicated Resource to a Measured Resource.
The preliminary resource calculation is part of GoldQuest's on-going evaluation of the project, including re-logging of drill core, to define the geology of the deposit and identify exploration targets.
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