Goldquest Mining (GQC-V), which has seen a substantial boost in its share price since discovering the Romero target in late May, slipped 33% on the target’s latest drill results.
On Sept. 27, the Vancouver-based firm published three more holes from Romero, which is part of its Las Tres Palmas copper-gold trend in the Dominican Republic.
Notable intercepts include 146 metres grading 0.42 gram gold per tonne and 0.74% copper from hole 99, and 123 metres carrying 2.50 grams gold and 0.33% copper in hole 100. The latter hole bottomed at a 476-metre depth, representing the deepest mineralization to date at the high-grade target. It also contained a 44-metre interval of 5.97 grams gold and 0.53% copper — the highest-grading gold intercept of the batch.
All the intercepts provided are based on bottom and top cut-offs of 0.15 gram gold and 50 grams. (The uncut gold grades for these assays tend to be slightly higher.) The company notes that all three holes like the previously released seven ended in mineralization, meaning the target is still open at depth, as well as in all other directions.
While the latest results appear decent on their own, they pale in comparison to the hits reported previously.
Since the discovery hole in May that returned 2.4 grams gold and 0.44% copper over 231 metres, including 18.25 grams gold and 2.14% copper over 12 metres, the junior has released more appealing high-grade gold sections from Romero.
It reported 6.2 metres of 74.11 grams gold and 16.9 metres grading 34.64 grams from hole 93. When the 50-gram cut-off was applied, the gold grades dropped to 37.94 grams and 20.81 grams.
In the last four months, the stock soared as results and recent financings left investors cheering, gradually bumping the stock up.
Goldquest shares went from 7.5¢ on May 22, a day prior to the Romero discovery, to reach a yearly high of $2.03 on Aug. 21, representing a growth of around 2,600%, before settling in the $1.80 range.
Goldquest has published assays for 10 of the 12 holes it has completed on the target. In early September, it said it was drilling three more holes, and had a fourth one planned.
On the results, the junior lost 33%, or 60¢, to end the day at $1.23 on 12.8 million shares traded.
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