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Resource Clips

Posts tagged ‘Goldquest Mining Corp (GQC)’

A hesitant market

September 25th, 2012

Good news leaves investors unimpressed

By Greg Klein

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Impressive drill results can do wonders for an exploration company’s stock. Or they can leave people wondering. A darling of the junior resource sector, GoldQuest Mining TSXV:GQC announced more gold results on September 25. But if a share price bump was going to happen, it didn’t happen immediately.

Here are highlights from three holes at the Romero Gold-Copper Discovery of the company’s Las Tres Palmas Trend in the Dominican Republic.

  • 2.64 grams per tonne gold (uncut) or 2.5 g/t gold (top cut) and 0.33% copper over 122.7 metres
  • (including 6.35 g/t gold (uncut) or 5.97 g/t gold (top cut) and 0.53% copper over 44 metres)
  • 0.59 g/t gold and 0.24% copper over 110 metres
  • (including 1 g/t gold and 0.32% copper over 50 metres)
  • 0.42 g/t gold and 0.74% copper over 146.5 metres
  • (including 0.54 g/t gold and 1.47% copper over 72 metres)
  • 0.53 g/t gold and 0.16% copper over 71.7 metres
Good news leaves investors unimpressed

Drill core samples from SnipGold Corp’s Bronson Slope in northwestern B.C.

An arbitrary top cut of 50 g/t gold was used pending further geostatistical data. The top cut was applied to all results, but affected only one interval. True widths were not provided. Depths extend to 476 metres.

With these results, GoldQuest has now reported assays from 10 holes at Romero. Still to come are results for five additional holes. Drilling continues.

Two years ago GoldQuest stock traded just over $0.20. Its price gradually doubled but then sunk all the way to $0.04 last May 16. But despite the market downturn, May 23 began the company’s rapid recovery. That’s when assays from the Romero Discovery first hit the market. GoldQuest shot up to an August 21 high of $2.03 before dropping back. It climbed again to $2.00 on September 20, then fell to a September 24 close of $1.83. Despite the September 25 assays, however, the stock opened the day at $1.35 before a press time close of $1.23.

GoldQuest’s closest Tres Palmas neighbour is Unigold’s TSXV:UGD 22,616-hectare flagship Candelones Project. On September 13 Unigold released assays including

  • 0.71 g/t gold, 1.2 g/t silver, 0.09% copper and 0.42% zinc over 165.65 metres
  • (including 1.38 g/t gold, 4.1 g/t silver, 0.06% copper and 1.25% zinc over 27.65 metres)
  • 0.56 g/t gold, 1.8 g/t silver, 0.06% copper and 0.08% zinc over 89 metres
  • (including 1 g/t gold, 5.1 g/t silver, 0.11% copper and 0.21% zinc over 25 metres)
  • (including 1.3 g/t gold, 2.1 g/t silver and 0.22% copper over 10 metres)
  • 0.49 g/t gold, 0.6 g/t silver, 0.07% copper and 0.01% zinc over 28 metres
  • 0.62 g/t gold, 0.5 g/t silver, 0.09% copper and 0.06% zinc over 12 metres

The company estimates intervals to be true widths. No top cut was applied. Depths extend to 476 metres.

Unigold says the results support its belief that the Candelones Extension Zone remains open in three directions. Data from 36 holes has been released so far, with assays pending for seven more from the Candelones Extension. The company states that mineralization shows a strong correlation with IP chargeability anomalies.

On September 13 Unigold also closed a $5-million private placement of 11.2 million shares at $0.45.

The little country’s biggest mining project is Pueblo Viejo, which began pouring gold on August 14. With proven and probable reserves totalling 25.3 million gold ounces, the project is a 60%-40% JV between Barrick TSX:ABX and Goldcorp TSX:G. Barrick operates the mine, which is expected to reach commercial production in Q4 this year.

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Meet the juniors

September 24th, 2012

Toronto Resource Investment Conference 2012 links investors with opportunities

By Ted Niles

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When market uncertainty prevails, perspective is one of the most valuable (and, needless to say, scarce) commodities an investor can hope for. And there will be perspective in abundance at Cambridge House’s Toronto Resource Investment Conference 2012 on September 27 and 28.

“It’s an anomaly right now,” says Cambridge House Owner and Founder Joe Martin. “You have record-setting prices for most of the mineral ore that we’re looking for, and yet the prices of the stocks are extremely depressed. That’s primarily because of the lack of available capital as a consequence of the world crisis, particularly in Europe. Looking at gold: companies are profitable at $800 gold, and yet we have clients who have more cash in the bank than their market cap. So it’s been a very tough period for these companies to raise money. You’re seeing financings at 10, 15, 20 cents when they should be in the 60-, 70-, 80-cent range.”

Martin notes that the last three months were particularly brutal for junior mining stocks, but he believes that August saw the bottom of the market. “We went through a very depressing summer, but the tempo of my sales force and the attitude of my whole staff in the last three weeks has been very upbeat. And we’re a good barometer of that, because we’re in touch with a wide variety of the exploration people. If you look at the TSX Venture index you’ll see that we’ve turned the corner.”

Toronto Resource Investment Conference 2012 links investors with opportunities

Investors, miners and explorers will converge on Toronto for one of the industry’s biggest annual events.

That said, it’s some indication of the strength of a number of Cambridge House’s exhibitors that they have remained reasonably unscathed despite the length and sharpness of this particular bear market’s claws. Most remarkable would be Argonaut Gold TSX:AR, whose share price has increased over 260% during the last two years, reporting in August record revenue and production from its La Colorada and El Castillo mines in Mexico. Not quite so dramatic but still noteworthy are GoldQuest Mining TSXV:GQC, Great Panther Silver TSX:GPR, Eurasian Minerals TSXV:EMX, Comstock Metals TSXV:CSL and Balmoral Resources TSXV:BAR, who have all performed well in recent months.

Martin says there is no shortage of opportunities for juniors moving forward. Consider that half the world’s population is living in countries whose economies are growing at 6% per year. Note too that central banks increased their gold purchases 571% in 2011. “Ore bodies run out, and it’s primarily up to the Canadian juniors to find new ones,” he declares. “Canadian juniors are very adept at doing this. Right now the big thing is the rush for battery-technology metals—lithium, graphite and, coming down the pipe, zinc. It’s the Canadian juniors that are meeting this demand.”

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GoldQuest reports Dominican Rep Assay: 4.47 g/t Gold, 1.27% Copper over 258m

July 31st, 2012

Resource Clips - essential news on junior gold mining and junior silver miningGoldQuest Mining Corp TSXV:GQC announced July 31 an up to $15-million bought-deal private placement to fund its Dominican Republic gold-copper projects and working capital. On July 30, it reported assays from Hole LTP 93 of the Romero discovery on its 100%-owned Las Tres Palmas Project in central Dominican Republic. Highlights include

1.25 grams per tonne gold, 0.03% copper over 55.42 metres
4.47 g/t gold, 1.27% copper over 258.03 metres
(including 26.39 g/t gold, 1.59% copper over 12 metres)
(including 10.86 g/t gold, 1.55% copper over 8 metres)
(including 34.69 g/t gold, 2.06 % copper over 16.08 metres)
(including 74.11 g/t gold, 2.28% copper over 6.17 metres)

GoldQuest CEO Julio Espaillat commented, “Hole LTP 93 is considered to contain the most mineralization seen in the holes drilled to date and further adds to our understanding of the Romero mineralization. The hole will likely be our deepest, until a larger drill rig, with deeper drilling capability, arrives on site, which is expected to occur around the end of August. While the complete mineralization from top to bottom (using 0.15 g/t bottom cutoff, where grades lower than 0.15 g/t are considered zero and a nominal 50 g/t top cutoff) is 388 metres grading 2.46 g/t gold and 0.88 % copper, and the various horizons seem to be part of the same mineralizing system, the company considers it prudent to focus on reporting separately the copper poor section above and the copper enhanced section below.”

View Company Profile

Julio Espaillat

or Sebastian de Kloet
Investor Relations

by Kevin Michael Grace

GoldQuest reports Dominican Republic Results up to 5.5 g/t Gold over 16.2m

January 11th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningGoldQuest Mining Corp TSXV:GQC announced assays from La Escandalosa Sur Property in southwest Dominican Republic. Highlights include

5.5 g/t gold over 16.2 metres
(including 7.51 g/t over 11.7 metres)
6.8 g/t over 12 metres
4.04 g/t over 20 metres
5.34 g/t over 14 metres
3.3 g/t over 16 metres
1.01 g/t over 18 metres
2.33 g/t over 6.7 metres

President/CEO Julio Espaillat commented, “We are encouraged by the results of this drill program in which every hole was mineralized with gold. These results confirm our confidence in the gold potential of the 3.5-kilometre-long high-chargeability, low-resistivity and low magnetic ground geophysical anomaly which has been drilled for less than one-third of its length. It is the company’s intention to continue drilling the geophysical anomalies in early 2012.”

View Company Profile

Julio Espaillat

Sebastian de Kloet
Investor Relations

by Greg Klein

GoldQuest reports Dominican Republic Gold Assays up to 2.74 g/t over 36.5m

April 20th, 2011

GoldQuest Mining Corp TSXV:GQC announced results from its La Escandalosa Project in the Dominican Republic. Assays include 2.62 g/t gold over 3.2 metres, 1.01 g/t over 5.5 metres, 2.45 g/t over 16 metres, 3.54 g/t over 9.2 metres and 2.74 g/t over 36.5 metres (including 6.6 g/t over 13.1 metres).

CEO Julio Espaillat said, “We are pleased that La Escandalosa remains open to the north and that the drilling confirms our confidence in our initial NI 43-101 resource. We are continuing exploration in all directions using induced polarization and magnetic geophysical techniques, especially northwards towards Hondo Valle where the best intersection was 20 metres grading 2.65 g/t gold.”

View Company Profile

Dan Maarsman
Investor Relations

by Ted Niles