Great Quest Provides Update on Belmont Exploration
June 06 2024 - 9:27AM
Great Quest Fertilizer Ltd. (TSX-V: GQ) (“Great Quest” or the
“Company”) is pleased to provide an update on work completed at the
Belmont gold target in Namibia and the Company’s future plans.
Please see the Company’s December 23, 2023 and May 27, 2024 press
release regarding the Company’s acquisition of Belmont Exploration
(PTY) Ltd. (“Belmont”).
The Belmont TargetThe recently
discovered Belmont target, “Belmont”, comprises a zone of 72 km2
situated between the Khorixas and Belmont Thrust zones in Namibia
which represents one of five exploration targets in Damara gold and
lithium projects. Approximately 90% of the prospect is obscured by
calcrete and scree cover. Limited work, including rock chip
sampling, soil sampling (also calcrete sampling), trenching and a
few drillholes, has identified 15 target areas within the Belmont
corridor. Individual anomalies appear to coincide with
smaller-scale conjugate “splay” structures located between the two
thrust zones, namely the Khorixas and the Belmont thrust (Fig.
1).
Figure 1: Map of the Belmont Corridor
Figure 1: Rock chip samples map from Belmont
corridor including both float and in situ samples.
Exploration work commenced at Belmont in
September 2023. To date, the work has consisted of mapping,
collection of 90 rock chip samples, 2073 calcrete and 973
soil/pitting samples. The Company has identified 5 new targets and
expanded existing targets.
Rock ChipsRock chip samples
were collected from the Annex, VG Hill, BK1, BK2, BK3, BK11 and
BK12 areas. Selected results reveal samples of 3.93 g/t Au (BK1
NW), 2.5 g/t Au (BK1 NE), 4.6 g/t Au (BK2), 8.08 g/t Au (BK13),
145.7 g/t Au (VG Hill). Multiple Visible Gold samples were observed
both at BK2 and VG Hill (Fig. 2).
Figure 2: Images of Rock Chip
Samples
Figure 2: A) Rock chip sample from BK2 with
visible gold B) & C) Rock chip samples from VG Hill with
visible gold.
The BK2 target which the Company has expanded
through mapping and rock chip sampling features a more than 5km
long trend with significant gold in rock chip samples (Fig. 3).
Approximately 85% of the target area is covered by a layer of
calcrete and scree capping with a thickness between one and five
meters. Limited percussion drilling at BK2 in 2022, yielded shallow
high grade gold mineralization with the best intercept recording 6m
at 6.85 g/t Au from 20m.
Figure 3: Map of the BK2 Target Area
Figure 3: Rock chip samples map from the BK2
target area including both float and in situ samples.
Future WorkThe immediate work
to be completed at the Belmont target includes finalization of
detailed mapping performed, analysis of all calcrete and soil
samples collected as well as a detailed drone based magnetic
survey. Once all data is received, these will be collectively
interpreted and used for drill target generation.
Dr. Andreas Rompel, President and VP
Exploration, commented, “Exploration work is underway at the
Belmont Corridor as we assess the magnitude of the mineralization
and the deposit size in the concession. Initial sampling shows
excellent potential as the Company explores this new target and its
focus on gold.”
Qualified Person
The scientific and technical information in this
release has been reviewed and approved by Dr. Andreas Rompel,
Pr.Sci.Nat. (400274/04), FSAIMM, the Company’s “qualified person”
as defined in National Instrument 43-101 – Standards of Disclosure
for Mineral Projects.
About Great Quest
Great Quest Fertilizer Ltd. is a Canadian
mineral exploration company focused on the development of African
gold projects in Namibia, Morocco and Mali. The Company’s flagship
asset is the Sanoukou Gold Project, encompassing 24 km2 located in
the Kayes region to the West of Mali and developing the Tilemsi
Phosphate Project a 1,206 km² parcel in northeastern Mali,
containing high quality phosphate resources amenable to use as
direct application fertilizer. Great Quest is listed on the TSX
Venture Exchange under the symbol GQ, and the Frankfurt Stock
Exchange under the symbol GQM.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT
QUEST FERTILIZER LTD.
Jed Richardson
Executive Chairman
Disclaimer for Forward-Looking
Information
This news release may contain forward-looking
statements. Forward-looking statements include, without limitation,
the Company’s proposed acquisition of Belmont, the prospectivity of
the Belmont Target, the Company’s ability to obtain financing,
Belmont target and the Company’s future plans. These statements are
based on current expectations and assumptions that are subject to
risks and uncertainties. Actual results could differ materially
because of factors discussed in the management discussion and
analysis section of our interim and most recent annual financial
statements or other reports and filings with the TSX Venture
Exchange and applicable Canadian securities regulations. We do not
assume any obligation to update any forward-looking statements,
except as required by applicable laws.
Neither the TSX Venture Exchange nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9ac58264-189d-47f9-905b-5759d7d4ef03
https://www.globenewswire.com/NewsRoom/AttachmentNg/be8947e9-4e97-4548-959e-701035050693
https://www.globenewswire.com/NewsRoom/AttachmentNg/2d50e86d-93fb-4c58-b6f9-182c81dc868a
For more information:
Please contact Aidan Sullivan by email at IR@greatquest.com
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