GoldQuest Mining (GQC-V) shares have taken flight after the company revealed a monster gold intercept from its 15-hole program at the Las Tres Palmas project in the northest Dominican Republic, around 40 km east-southeast from the border with Haiti and Unigold’s (UGD-V) Los Candelones and Neita gold projects.
Vancouver-based GoldQuest reported that hole 90, its most northern, uncovered a gold-copper sulphide mineralization called Romero. The discovery hole returned 231 metres grading 2.4 grams gold per tonne, including 160 metres of 2.9 grams gold and 0.62% copper.
“Hole LTP at Romero is a remarkable drill hole, signalling a new gold discovery in the Dominican Republic’s emerging Upper Tireo gold belt,” states GoldQuest CEO Julio Espaillat.
The hole started 30 metres below surface and ended in mineralization at 261 metres depth. It is part of the 3-km-long Las Tres Palmas mineralized trend, which contains the company’s Hondo Valle and La Escandalosa Sur targets.
Romero is located 300 metres northwest of Hondo Valle and 2.5 km north of La Escandalosa Sur, which hosts an inferred resource of 4.9 million tonnes at 2.6 grams gold for 406,000 oz. gold.
The Romero discovery differs from the previously intersected mineralization to the south because it is thicker and contains more sulphides and high gold values related to high copper grades at depth, where individual intervals returned up to 57.8 grams gold and 3.4% copper over 2 metres, the company explains.
The highest interval previously reported at Las Tres Palmas was at La Escandalosa Sur, where the junior hit 63 metres of 2.1 grams gold, and a high-grade interval of 68.5 grams over 2 metres.
The 15-hole program also tested other parts of the Las Tres Palmas corridor. Notable hits include 22 metres grading 6 grams gold from a hole on the northern edge of La Escandalosa, and 14 metres of 2.4 grams gold at Hondo Valle.
No significant hits were found south of La Escandalosa Sur or between La Escandalosa Sur and Hondo Valle, and the two targets look unconnected, GoldQuest says.
Striking while the iron is hot, the junior has lined up a $5.70-million bought-deal financing of 12.7 million shares priced at 45¢. Proceeds will be used to follow up the discovery hole at Romero and drill its other projects on the Las Tres Palmas trend. At the moment, it only had working capital of $300,000.
The last financing GoldQuest completed was in March, when it sold 6.6 million units for $660,000. Each unit consisted of a share and a warrant. The proceeds went towards the recently completed drill program. On May 24, GoldQuest soared 313% to close at 31¢, as 16.3 million shares changed hands. At presstime, shares had marched up to 57¢.
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