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DAILY NEWS Jul 30, 2012 6:52 PM - 0 comments

Goldquest rises with another Romero hit

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VANCOUVER — Goldquest Mining’s (GQC-V) new Romero discovery in the Dominican Republic has yielded another rich intercept, leading to another major spike in the company’s stock price.

Vertical hole LTP93, drilled 25 metres east of discovery hole LTP90, returned 258 metres grading 4.47 grams gold per tonne and 1.27% copper starting at 120 metres downhole. Like the two other holes released from the discovery so far, hole LTP93 had a shallower intercept of lower copper grades, coming in at 55.4 metres grading 1.25 grams gold and 0.03% copper, before the richer mineralization started.

The company noted that the hole contains the most mineralization yet. Using a 0.15 gram gold bottom cut and a 50 gram gold top cut, the complete mineralization from top to bottom is 388 metres grading 2.46 grams gold and 0.88% copper. With the 50 gram gold top cut applied to the higher-grade 258-metre interval the gold grade drops to 3.43 grams gold.

Some of the highest-grade sections in the new drill hole included a 6-metre interval grading 74.11 grams gold and 2.28% copper within a 16-metre interval carrying 34.69 grams gold and 2.06% copper, a 12-metre interval averaging 26.39 grams gold and 1.59% copper, and an 8-metre interval averaging 10.86 grams gold and 1.55% copper.

Goldquest’s share price jumped as much as 51¢ on the news before closing up 36¢ or 35.6% at $1.37 with 4.9 million shares traded.

LTP93 sits 50 metres east of hole LTP92 that hit 159 metres grading 4.45 grams gold and 0.95% copper, and 25 metres east of discovery hole LTP90 that intersected 231 metres carrying 2.42 grams gold and 0.44% copper.

The company has already completed holes LTP94 and LTP95 as 25-metre north and south step-outs of hole LTP90, as well as hole LTP96, a 50-metre step out from hole LTP93, and hole LTP97 a 50-metre step-out from hole LTP94. Drilling continues on hole LTP98 and LTP 99. Goldquest also stated it would be releasing further news releases in batches rather than individually as the volume of results increase.

Goldquest has 127.5 million shares out and closed a $6.6-million financing in June.

The excitement over Goldquest’s discovery was enough to also lift nearby explorer Unigold (UGD-V), which jumped 7¢ at one point before closing up 3¢ or 8% at 41¢ on no news with 4 million shares traded.

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