GoldQuest Mining (GQC-V) shares spiked after revealing a monstrous gold intercept from its 15-hole program at the Las Tres Palmas project in the Dominican Republic.
The Vancouver-based junior reported that the most northerly hole, LTP 90, uncovered a new gold-copper sulphide mineralization, called Romero. The discovery hole returned 231 metres grading 2.4 grams gold per tonne, including 160.3 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,” GoldQuest’s CEO Julio Espaillat stated.
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 as 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. Some notable hits include 22 metres grading 6 grams gold from a hole on the northern edge of La Escandalosa, and 14.05 metres of 2.4 grams gold at Honde Valle.
However, no significant mineralization was found south of La Escandalosa Sur or between La Escandalosa Sur and Hondo Valle as the two targets appear not to be connected, says GoldQuest.
The junior says it plans to do a financing to funds programs to further follow up the discovery hole at Romero and continue drilling its other projects on the Las Tres Palmas trend. Currently it has a working capital of around $300,000.
The last financing GoldQuest completed was in March where it sold 6.6 million units for $660,000. Each unit consisted of one share and one share purchase warrant. The proceeds went towards the recently completed drill program, where investors pushed the junior’s share price to new heights following the Romero discovery.
On May 24, GoldQuest soared 313% to close at 31¢ as 16.3 million shares changed hands.
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