DESCRIPTION: GoldQuest is focused on cost-effective exploration in Spain and the Dominican Republic (DR), where it owns a 100% interest in an extensive portfolio of mixed development and exploration projects.The recently acquired Toral project in Spain has a historical resource of 5.4 million tons of 9% zinc, 6% lead and 45 g/t silver. Both the DR and Spain have excellent mining codes, year-round access, low-cost operations and a history of world-class discoveries.
The information provided below is based on the most recent information we have received from analysts, newsletters and other contributors to Streetwise Reports' The Gold Report or The Energy Report. We encourage you to visit the company's web site and call the company for more specifics on this company before you decide to invest.
"GoldQuest Mining announced that a Spanish court had turned down an appeal by a rival bidder for the Toral zinc-lead-silver deposit it acquired from Lundin Mining. The deposit currently contains 5 million tons of 9% zinc, 6% lead & 45 g/t silver. GQC recently completed a financing to work on this and, as importantly to us, its wholly owned gold projects in the Dominican Republic. We had taken profits on a quick gain for GQC in 2007 after it spiked on delivering strong results from its massive sulphides project in the DR. We may accumulate some GQC ahead of the gold testing in the DR. Drilling has begun there on the Las Tres Palmes project. This was part of the Goldfields JV and drilling there returned some impressive holes. The question of how much scale potential there is remains unanswered, but this drill program should give a good indication. It's worth accumulating now that drilling has started since there is potential for the sort of good high-grade gold intersections that have generated attention and volume for many other explorers recently."
Brian O'Hara, Resource World (04/07/10)
"GoldQuest Mining Corp. has Gold Fields Ltd. as its largest shareholder, holding just under 20% of the outstand¬ing share capital. GoldQuest was originally in a JV with Gold Fields until November of 2009 when Gold Fields pulled out. Now, all projects in Dominican Republic are 100%-owned by GoldQuest.
GoldQuest has two projects ready to be drilled: Las Animas is a gold-rich vol¬canic massive sulphide project and Las Tres Palmas, an intermediate sulphidation gold project in the San Juan Belt. The San Juan Belt is a brand new zone of gold and cop¬per discoveries, including Las Tres Palmas, Jengibre, Los Comios and Loma Viejo that extend over approximately 35 km.
Las Animas has excellent road access and is located just over 100 km north¬west of Santo Domingo. [The project] has copper mineralization from surface. On the principal zone, the depth of oxidation is 40–50 meters deep where there is a small enrichment zone. GoldQuest's best drill results so far are from LA-10 hole, which intersected massive sulphides consisting of chalcopyrite, sphalerite and pyrite verti¬cally below the gossan of hole LA-06. The hole then continued in massive sulphides and sulphide-rich sericite schist to a depth of 304 meters. The massive sulphide and stock work interval returned 142.0 meters grading 2.50 grams gold/ton, 36.58 grams silver/ton, 2.59% copper and 1.91% zinc from 162.0 to 304.0 meters."
Stewart Redwood, Mining Journal (01/23/10)
"GoldQuest. . .completed 8,392m of drilling (47 holes) on its Las Animas copper-gold discovery in the Central Cordillera. Las Animas is GoldQuest's 100%-owned gold-rich massive sulphide deposit. GoldQuest has been exploring in the Dominican Republic since 2001. The El Yujo massive sulphide body is nearly vertical with an estimated true thickness of 7m to 25m and has been drilled to 516m depth.
The company also recently announced discovery of a new zone of disseminated gold mineralization 1km southeast of El Yujo at Guazumitas, with initial drill results of 27.95m at 1.32g/t Au and 18m at 1.32g/t Au.
Gold Fields Ltd. formed a 60% joint venture with GoldQuest on several gold projects around Pueblo Viejo and in the Central Cordillera in December 2008, after completing a US$5 million earn-in. Drilling of the Piedra Iman project, adjacent to Pueblo Viejo, gave no significant results (13 holes for 3,171m). At Cerro Dorado, near Bonao, four drill holes by Gold Fields (1,242m) did not add to previous drilling by GoldQuest that returned 22.86m at 2.94g/t Au, 20m at 2.70g/t Au, 46m at 1.34g/t Au and 26.14m at 1.03g/t Au.
GoldQuest reported results from surface sampling of mesothermal quartz veins at El Toro, 6km northwest of Las Animas, with 40% of samples greater than 1.0g/t Au and a maximum of 35.1g/t Au."
The Northern Miner (10/07/09)
"GoldQuest Mining picked a good time to announce positive results from two of its gold projects in the Dominican Republic.
On a day when gold traded close to US$1,050, the Vancouver-based company announced results from channel sampling at its Jengibre project that returned 59.5 meters grading 1.58 grams gold including 18 meters grading 2.34 grams gold.. . .Word of the results provided a solid boost to the company's share price on Oct. 7 in Toronto. Its shares finished 21% higher at 14¢ on over 730,000 shares traded.
The company says its follow-up exploration program has chiefly been made up of channel sampling at Jengibre and trenching at another project known as El Toro. Trenching at El Toro returned 20.6 meters grading 1.72 gold.
GoldQuest also reports that three new zones of intense alteration have been defined at its Los Comios project.
Moving back to Jengibre, the company says further channel sampling at the northernmost target returned 12.62 meters grading 2.16 grams gold, 2.61% zinc and 0.41% copper."
José Antonio Espí, Mining Journal (07/17/09)
"GoldQuest Mining Corp. bought the Toral lead-zinc¬-silver project from Lundin Mining in March 2009. The Toral deposit contains 5.4Mt with 9% Zn, 6% Pb and 45g/t Ag.
GoldQuest plans to fast track the Toral project by initially converting the historic resource calculation to be NI 43-101 compliant. The company said that drilling by Lundin over the past 18 months will enable it to achieve this without investing in a major drill program. GoIdQuest will also undertake low-cost exploration to explore the project for further tonnage.
The company believes the project, and indeed the district, has significant exploration potential for Toral style and other styles of precious and base metal mineralization.
As part of the Toral sale, Lundin will retain a 13% royalty on the net smelter return and retains a one-time back-in right to reacquire an 81% interest in project."
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