It’s all in the timing for GoldQuest

GoldQuest Mining (GQC-V) 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$1050 the Vancouver-based company announced results form channel sampling at its Jengibre project that returned 59.5 meters grading 1.58 grams gold including 18 metres grading 2.34 grams gold.

GoldQuest announced it was re-acquiring a 100% interest in its Jengibre project and a portfolio of other Dominican projects by buying out Gold Fields’ (GFI-N, GOF-L) 60% interest in the joint venture. Gold Fields had been funding exploration at the portfolio of projects.

The company had to issue 8.6 million shares to Gold Fields and give it a 1.25% royalty interest to seal the deal which is now awaiting governmental approvals for the transfer of the properties before it is officially closed.

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 metres grading 2.16 grams gold, 2.61% zinc and 0.41% copper.

The company says the area contains a mineralized outcrop comprised of argillic altered andesitic tuffs with coarse-grained disseminated pyrite, chalcopyrite, sphalerite and barite. GoldQuest says Gold Fields drilled only one drill hole roughly 120 meters southwest the zone, and will look towards drilling it.