Goldquest's president and CEO puts the junior's latest drilling results - which resulted in shareprice declines - in perspective
Author: Kip Keen
No doubt Goldquest Mining's latest rounds of drilling results have lacked the gold-copper punch of its initial discovery drillhole and those near to it from earlier this year.
Back in May Goldquest drilled 231 metres g/t @ 2.4 g/t gold and 0.4 g/t copper and followed suit with as much as 258 metres @ 4.47 g/t Au and 1.27 percent copper. Since then in subsequent rounds of drilling Goldquest has been stepping out, methodically chasing gold-copper mineralization that appears associated with an extensive chargeability anomaly at the Romero project in the Dominican Republic.
But, while Goldquest has hit numerous broad gold-copper intercepts with higher grades therein and expanded the footprint of Romero mineralization substantially, subsequent intercepts haven't come with widths and grades quite as stellar as Goldquest's boomers from back in May and July. As a result, Goldquest's shareprice has tumbled in the past couple months from near C$2 in August and September to well under C$0.75 at presstime.
Goldquest's latest drilling results were from three drillholes a couple hundred metres away from the Romero discovery drillhole. In two drillholes Goldquest hit as much as 37 metres @ 3.3 g/t Au and 1 percent copper and 36 metres @ 3.53 g/t Au and 1.07 percent Cu within broader 100-metre-plus intercepts grading a little over a gram per tonne gold and about half a percent copper. On news of these intercepts Goldquest's shareprice was down six percent.
Of course these are not insubstantial intercepts and Julio Espaillat, Goldquest president and CEO, was quick to point that out when I spoke with him on Tuesday morning.
"Well I see people only looking for 200 metres at four grams per tonne gold," Espaillat said, speaking from the field in the Dominican Republic. "But this is very rare in the world; it only happens once in a lifetime. But 30 to 40 metres at three to four grams (gold), still, these are really outstanding intersections."
With that in mind, Espaillat made the case Goldquest still has a good chance to expand mineralization around Romero, especially at depth. He argued the multiple broad lower grade intercepts that have come with all subsequent rounds of drilling since May point to powerful mineralizing events.
"It tells you the system is a good, strong system," Espaillat said. Or in other words, the Romero deposit may yet have some surprises in store.