Goldquest drills 3.59 m of 17.63 g/t AuEq at Cachimbo

Executive Summary

• Goldquest Mining Corp. announced a new high-grade polymetallic massive sulphide discovery at the Cachimbo target in the Dominican Republic, marking the first major drill success at the site following a nine-year hiatus.
• Drill hole TIR-26-58 intersected a new mineralized parallel structure northeast of the known zone, significantly expanding the potential footprint and volume of the Cachimbo target.
• The discovery includes a notable high-grade core and confirms a high-tenor polymetallic system with significant gold, silver, copper, and zinc values.

Key Details

• Drill Hole TIR-26-58 Intercept:
  • Overall Interval: 12.26 metres grading 2.52 g/t gold, 50.7 g/t silver, 0.94% copper, and 12.0% zinc, starting at a depth of 104.5 metres.
  • High-Grade Core: Included 3.59 metres grading 5.74 g/t Au, 128.88 g/t Ag, 2.18% Cu, and 27.6% Zn.
• Geological Context:
  • The intercept confirms a new mineralized parallel structure, expanding the potential footprint of the Cachimbo discovery.
  • Mineralization is hosted within a sequence of lithic and mafic tuffs, characterized by massive to semi-massive sulphide assemblages.
  • The system is described as high-tenor polymetallic, with high-grade copper, silver, and zinc in the core.
  • Mineralization remains open in multiple directions (along strike and downdip).
• Additional Drilling Status:
  • TIR-26-57: Targeted the downdip extension of the primary Cachimbo zone; did not return significant intercepts.
  • TIR-26-59: Targeted the downdip extension; results are currently pending laboratory analysis.
  • TIR-26-60: Rig has transitioned to this hole, targeting the deep extension of Cachimbo.
• Exploration Activities:
  • A pole-dipole induced polarization (PD-IP) geophysics survey is underway.
  • Two lines of the PD-IP survey are complete, showing good correlation between low- and high-chargeability contrast and mineralization, particularly at the new volcanogenic massive sulphide structure.
  • Assays for the second half of hole TIR-26-58 are pending.

Notable Quotes

• "The discovery of a high-grade parallel structure at Cachimbo after nine years is a testament to our team's systematic approach to exploration in the Tireo Bel. These initial results from TIR-26-58 underscore the polymetallic potential of the district and suggest that Cachimbo is a much larger system than previously understood." — Luis Santana, Chief Executive Officer