Silver Quest Approves a 75 Hole Diamond Drill Program at the Davidson Joint Venture Claims
31 8월 2011 - 9:00PM
Marketwired
Silver Quest Resources (TSX VENTURE: SQI) ("Silver Quest" or "the
Company") is pleased to report that the Davidson Joint Venture
Management Committee has approved a budget covering work to be
completed over the next six to nine months. The planned activities
include drilling on the Davidson Joint Venture Claims (the
"Claims"), together with the preparation of a Preliminary Economic
Assessment Report ("PEA") and work on certain infrastructure items
that will benefit both the Claims and the overall Blackwater
Project. Silver Quest's share of the budget will be approximately
$5.1 million.
A 26,250 metre diamond drill program comprised of 75 drill holes
designed to expand the resources on the Claims has commenced. One
drill rig is currently on-site with five rigs planned to be
drilling on the Claims by the end of September. This drilling is
anticipated to be completed by year-end.
This drill program will be a combination of in-fill and step-out
drill holes designed to delineate resources for use in the PEA
Report. An updated resource estimate is targeted for early 2012 and
the PEA report is scheduled for completion in mid-2012. This drill
program is a follow-on to the 20,000 metre drilling program
completed on the Claims during the Second Quarter (for drill
results, see news releases dated April 19, 2011, May 10, 2011, June
27, 2011 and August 9, 2011).
The Davidson Joint Venture Claims are located approximately 110
kilometres southwest of Vanderhoof, BC. Silver Quest holds a 25%
joint venture interest in the Claims. New Gold Inc. holds a 75%
joint venture interest in the Claims and a 100% interest in the
overall Blackwater Project, and is the Operator of the Davidson
Joint Venture. Silver Quest funds 25% of the drilling and related
costs incurred on the Claims, and currently funds 12.5% of those
expenditures that are for the benefit of the Claims and the overall
Blackwater Project.
David Pawliuk, P. Geo., Vice-President Exploration for Silver
Quest is the Qualified Person, as defined by NI 43-101, for the
Claims and has reviewed the technical information in this
release.
SILVER QUEST RESOURCES LTD.
Randy Turner, President
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Silver Quest Resources Investor Relations 604-687-3959
604-687-1448 (FAX) info@silverquest.ca
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