GoldQuest Mining Corp (CVE: GQC) has hailed the discovery of high grade zinc as it told investors it had found a new polymetallic discovery called Cachimbo in the Dominican Republic.
The new find is just 20.5 kilometres south of the group’s multi-million ounce Romero gold/copper project and was found on only the third target of the 20 targets being tested in this campaign.
Bill Fisher, GoldQuest’s executive chairman, told investors: “This discovery once again validates our rigorous exploration approach in the previously unexplored large Tireo Belt land package.
“The discovery of high grade zinc is especially fortuitous since zinc prices have risen 75% during the last year.
“With this discovery on merely the 3rd target of 20 such targets, we are optimistic as to the potential of the district, as VMS mineralization often occurs in clusters.
“Along with the Romero project in full permitting mode, GoldQuest is well-funded and positioned to be one of the most active mineral exploration and development companies of 2017 as we explore the emerging Tireo Belt which has the potential to become a mining district.”
Significantly, one hole – the Cachimbo discovery hole - hit a new Volcanogenic Massive Sulphide (VMS) zone which returned high grades of precious and base metals, notably gold and zinc, on three horizons.
Grades included 13.8 g/t (grams per tonne) gold, 74 g/t silver, 11.8 % zinc and 1.1% copper and 0.7% lead.
Further drilling at Cachimbo is anticipated to take place once the firm has tested the remaining 17 exploration targets along the belt.
Areas where drilling identifies significant mineralization, such as Cachimbo, will be considered for follow up drilling.
Story by ProactiveInvestors