Silver Quest Announces Updated Gold Resource Estimate at Davidson Property, BC
19 9월 2011 - 9:00PM
Marketwired
Silver Quest Resources Ltd. (TSX VENTURE: SQI) ("Silver Quest" or
"the Company") is pleased to announce that an updated National
Instrument 43-101 compliant resource estimate has been prepared on
the Davidson Property, located 100 km south of Vanderhoof in
central British Columbia, Canada. The Davidson Property, which is
the subject of a joint venture with New Gold Inc. ("New Gold")
(TSX: NGD), covers the northern portion of New Gold's Blackwater
Gold Project. New Gold has a 75% interest in the Davidson Property
and acts as operator of the Davidson joint venture.
New Gold today reported the results of an independent resource
estimate for the Blackwater Gold Project, including information on
the resource estimate for the Davidson Property. (see New Gold News
Release dated September 19, 2011) At a cut-off grade of 0.40 grams
per tonne (g/t) gold, the Davidson Property is estimated to contain
77,929,000 tonnes at an average grade of 0.89 g/t gold, for 2.2
million ounces of gold in the Indicated category. The Property also
contains 29,226,000 tonnes at an average grade of 0.88 g/t gold,
for 0.82 million ounces of gold in the Inferred category. The table
below summarizes the parties' respective interests in the Davidson
Property resource estimate:
Davidson Property - September 2011 Resource Estimate
(Cut-off grade of 0.40 g/t gold)
----------------------------------------------------------------------------
Indicated Inferred
----------------------------------------------------------
Grade Grade
------------ ------------
Contained Contained
Tonnes Gold Silver Gold Tonnes Gold Silver Gold
000's g/t g/t ounces 000's g/t g/t ounces
----------------------------------------------------------------------------
New Gold (75%) 58,447 0.89 4.1 1,665,000 21,919 0.88 4.2 617,000
----------------------------------------------------------------------------
Silver Quest (25%) 19,482 0.89 4.1 555,000 7,307 0.88 4.2 206,000
----------------------------------------------------------------------------
Total Davidson 77,929 0.89 4.1 2,220,000 29,226 0.88 4.2 822,000
----------------------------------------------------------------------------
"We are very encouraged to see that the Spring 2011 drilling
program has led to a very large increase in the contained gold
ounces in the indicated category attributable to Silver Quest's
interest," commented Randy Turner, President of Silver Quest. "The
increase of over 550,000 contained ounces in the indicated category
to the Company's interest is a combination of identifying
additional ounces and moving approximately 135,000 ounces from the
inferred category into the indicated category, as compared to the
results reported in the initial resource estimate prepared in March
2011."
The updated resource estimate incorporates drilling completed
through July 2011. The deposit remains open in all directions and
at depth. Six drill rigs are currently working on the Davidson
Property. These rigs are executing a 26,250 metre diamond drill
program comprised of 75 drill holes that are designed to expand the
resources on the Davidson Property. This drilling is anticipated to
be completed by year-end.
Grade estimation for the September 2011 resource estimate for
the Blackwater Gold Project was carried out by the inverse distance
cubed method using 5 metre downhole drill composites. Gold grades
were capped prior to compositing at 11 g/t within a low grade outer
grade shell domain and at 17 g/t within an inner higher grade
domain based on a 0.5 g/t grade shell. All silver grades were
capped at 50 g/t. Classified blocks were constrained by an
optimized pit shell using a gold price of $1,200 per ounce. Block
dimensions were 10 by 10 by 10 metres. Density values assigned to
the principal lithologies are based on 7,705 bulk density
measurements of drill core.
The resource estimate and other scientific and technical
information contained in this news release were prepared by Mr.
Ronald Simpson, P. Geo., President of Geosim Services Inc., an
independent "Qualified Person" under National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101"). The NI
43-101 technical report in respect of the mineral resource estimate
disclosed herein will be filed on SEDAR within 45 days of the date
of this news release.
David Pawliuk, P. Geo., Vice President-Exploration for Silver
Quest, and a "Qualified Person" as defined by NI 43-101, has
reviewed and approved the contents of this news 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 Ltd. Investor Relations
604-687-3959 604-687-1448 (FAX) info@silverquest.ca
www.silverquest.ca
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