VANCOUVER, BC, Dec. 14, 2021 /CNW/ - QuestEx Gold &
Copper Ltd. (TSXV: QEX) (OTCQX: CLASF) ("QuestEx"
or the "Company"), is pleased to announce the
results of a 24-line-kilometre ("km") Induced Polarization
("IP") survey conducted on QuestEx's KSP property, located
in British Columbia's prolific
Golden Triangle district. The IP survey identified a new top
tier porphyry copper-gold exploration target by testing beneath the
extensive 8 by 3.5 km Sericite Ridge alteration zone, where it
identified an approximately 1,500 by 1,000 metre ("m") area
with coincident high chargeability and high resistivity (Figures 1,
2 and 3), a geophysical signature consistent with porphyry
copper-gold systems.
Joe Mullin, QuestEx CEO
comments: "The 31,200 hectare road accessible KSP
property, in the heart of British
Columbia's prolific Golden Triangle, was the focus of
QuestEx's 2021 exploration campaign. We are enthused by the results
we have seen from that campaign to date from geophysical work on
Sericite Ridge. With the new identification of an impressive
porphyry copper-gold target beneath Sericite Ridge, it is clear the
KSP property has exciting potential for a multi-target exploration
program in 2022."
Highlights of the Sericite Ridge Porphyry Copper-Gold
Target:
- Geological Highlights:
-
- At 8 km long, Sericite Ridge is host to one of the largest
alteration zones in the Golden Triangle (Figure 1).
- Located in the footwall of the Khyber thrust fault (Figure 1),
a setting analogous to other significant deposits in the Golden
Triangle including Kerr, Sulphurets, Iron Cap and Saddle
North.
- Includes the Tami gold showing where gold and copper occur in
association with sheeted and stockwork
quartz-magnetite-chalcopyrite veins.
- Geochemical Highlights:
-
- Three silt samples from streams at the base of Sericite Ridge
rank within the 100th percentile for porphyry copper-gold
prospectivity within the Golden Triangle according to a 2018 study
by Geoscience BC1.
- Some of the best historic results at Tami include 2.8 g/t
gold ("Au") and 0.48% copper ("Cu") over 16.0 m in trench 14-006b, and 1.74 g/t Au and 0.24% Cu over
40 m in drill hole 17-115 from
5.0 m depth (Figure 1).
- Geophysical Highlights:
-
- Newly identified coincident chargeability and resistivity highs
covering a 1,500 by 1,000 m area not
yet drill-tested below 250 vertical m (Figures 2 and 3).
- Three-dimensional ("3D") model of airborne magnetic data
indicates a buried magnetic high associated with the newly
identified chargeability and resistivity highs (Figure 2).
Tony Barresi, QuestEx's
President comments: "Porphyry copper-gold deposits in
the Golden Triangle and around the world have geophysical
signatures comparable to what we are seeing at Sericite Ridge.
Sericite Ridge has long been recognized as having porphyry
copper-gold potential, but previous drilling focused on near
surface copper and gold mineralization or shallow magnetic
anomalies. The Induced Polarization survey conducted this year has
identified a truly 'porphyry-sized' target, shallowly buried, in
the middle of the impressively large Sericite Ridge alteration
zone. This is a first-order porphyry target with all the signature
geology, geophysics and geochemistry characteristics, and located
in the heart of a district that hosts some of the world's largest
porphyry copper-gold deposits."
2021 Induced Polarization Survey – Sericite Ridge
A
24-line-km IP survey was conducted by Peter
E. Walcott and Associates Ltd. ("Walcott") over the
Sericite Ridge alteration zone. The eight-channel, pole-dipole, IP
survey was configured with eight 200
m spaced lines, with the longest line (4.3 km) running
roughly along the ridge crest (Figure 1). Chargeability and
resistivity data from the survey are interpreted to a vertical
depth of approximately 350 m. The
survey detected shallow chargeability anomalies associated with the
Tami copper-gold prospect on the southern end of the survey area,
as well as several other shallow chargeability anomalies that have
not been tested by drilling. The primary porphyry copper-gold
target identified by the survey is outlined by an approximately
1,500 by 1,000 m coincident
chargeability and resistivity anomaly with portions that register
greater than 90 mV/V chargeability and 10,000 ohm-m resistivity
(Figures 2 and 3). Beneath the ridgetop the anomaly intensifies at
a depth of approximately 220 m but
survey lines along the eastern flanks of the ridge identify
continuations of the anomaly at depths less than 50 m. 3D inversions of airborne magnetic
geophysical data indicate magnetic high anomalies at approximately
the same depths as the chargeability and resistivity highs. Only
two historical drill holes test the coincident anomalies, DDH18-147
and DDH18-150. These holes bottomed in the outer shell of the
chargeability high and drill logs from both holes record a doubling
of the sulphide content to 4-5% at the bottom of the holes. In
DDH18-150, the increased sulphide content was accompanied by an
increase in gold and copper grades, bottoming at 285 m in 0.2 g/t Au and 0.036% Cu over
2 m (Figure 3).
Sericite Ridge
Sericite Ridge is located near the
centre of the KSP property and is more accessible than most other
showings on the property due to its lower elevation and proximity
to QuestEx's road accessible core logging facility. The ridge lies
in the immediate footwall of the Khyber thrust fault and comprises
a north-northeast oriented roof pendant of Stuhini Group (Triassic)
sedimentary and volcanic rocks within the Lehto Batholith. Mapping
conducted by the British Columbia Geological Survey2
identified the 8 by 3.5 km Sericite Ridge alteration zone as
encompassing the roof pendant and portions of the surrounding Lehto
Batholith. The alteration consists mainly of strong to intense
sericite and chlorite dominant facies with localized domains of
strong silicification.
There are at least eight named mineral showings across Sericite
Ridge, and each is associated with porphyry dykes and/or
north-northeast or east-west oriented faults. The most advanced
showing is Tami, which is outlined by a 1,000 by 220 m gold and copper in soil anomaly and has
previously been tested by 6,261 m of
drilling in 40 shallow drill holes. Tami is an at-surface,
fault-imbricated, porphyry-related, mineral system with sheeted and
stockwork quartz-magnetite-chalcopyrite veins. It is associated
with a localized domain of high chargeability, resistivity and
magnetic susceptibility and may represent a faulted, or
higher-level fault controlled, portion of the larger and more
intense coincident anomalies that have now been identified at depth
to the northeast of Tami.
Sericite Ridge was considered a high potential porphyry
copper-gold target by previous explorers (e.g. Homestake Mining
Co.), however, the size of the overall alteration system made
targeting difficult, so exploration focused on the Tami zone where
mineralization is exposed at surface. QuestEx's 2021 IP survey over
Sericite Ridge has delineated previously unrecognized porphyry
copper-gold targets that the Company intends to drill in 2022.
The IP data presented in this news release is preliminary and
based on chargeability and resistivity cross-sections provided by
Walcott. QuestEx expects to receive more detailed interpretations
of the data including a 3D inversion model early in 2022. The full
set of chargeability and resistivity cross-sections are available
on the Company's website.
Inel Update
A 2,418 m,
13 drill hole exploration campaign was conducted in 2021 on the
Inel Gold prospect, which is also located on the KSP property,
approximately 4 km west of Sericite Ridge. The Company expects to
begin releasing drill results from Inel in early January 2022, and to announce an inaugural
National Instrument ("NI") 43-101 Mineral Resource Estimate
for Inel by the end of Q1, 2022.
Qualified Person
Tony
Barresi, Ph.D., P.Geo., QuestEx's President, a Qualified
Person within the meaning of NI 43-101, has reviewed and approved
the technical information in this news release.
We seek safe harbour.
References
- Arne, D., Mackie, R., Pennimpede, C., Grunsky,E., Bodnar, M.,
Martinez Vargas, A., Wholley, D.,
(2018): Integrated Assessment of Regional Stream-Sediment
Geochemistry for Metallic Deposits in Northwestern British Columbia. Geoscience BC
Report 2018-14.
- Kyba, J. and Nelson, J.L., (2015): Stratigraphic and Tectonic
Framework of the Khyber-Sericite-Pins Mineralized Trend, Lower
Iskut River, Northwest British
Columbia. BC Geological Survey Fieldwork 2014, Paper
2015-1.
About QuestEx
QuestEx Gold & Copper Ltd. is
exploring for gold and copper with a focus on the Golden Triangle
and Toodoggone areas of British Columbia,
Canada. It has a 100% ownership interest in one of the
largest portfolios of mineral tenures in British Columbia's metal-rich Golden Triangle.
The portfolio includes the 312 square km KSP property, which is
surrounded by some of the most important past and current mining
and development projects in British
Columbia (e.g. Eskay Creek,
Snip, Brucejack, KSM, Johnny
Mountain). In 2022, QuestEx intends to release a NI 43-101
Mineral Resource Estimate for the Inel gold system, located on the
KSP property. In the northern corner of the Golden Triangle in the
Red Chris mining district, QuestEx's portfolio includes the Castle
property, a porphyry copper-gold project located adjacent to
Newmont's Tatogga property, and along trend of the Saddle North
porphyry copper-gold deposit (more than10 million ounces gold, in
all categories). Other properties include North ROK, Coyote, and
Kingpin in the Golden Triangle, Sofia in the Toodoggone district, and Heart
Peaks and Hit in other strategic districts within British Columbia. These assets are being
advanced by a newly assembled technical and management team with
experience in exploration, permitting and discovery.
ON BEHALF OF THE BOARD OF DIRECTORS OF QUESTEX GOLD &
COPPER LTD.
"Joseph Mullin"
Joseph Mullin
Chief Executive Officer and Director
Neither the TSX Venture Exchange ("TSX-V") nor its
Regulation Services Provider (as that term is defined in the
policies of TSX-V) accepts responsibility for the adequacy or
accuracy of this release.
NR 21-21
Cautionary Note Regarding Forward-Looking
Statements
All statements, trend analysis and other information
contained in this press release about anticipated future events or
results constitute forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate",
"expect" and "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other
similar expressions. All statements, other than statements of
historical fact, included herein, are forward-looking statements.
Although the Company believes that the expectations reflected in
such forward-looking statements and/or information are reasonable,
undue reliance should not be placed on forward-looking statements
since the Company can give no assurance that such expectations will
prove to be correct. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements, including the risks, uncertainties
and other factors identified in the Company's periodic filings with
Canadian securities regulators as well as the risk that the ongoing
COVID-19 pandemic may have on the Company's business. Important
factors could cause actual results to differ materially from
QuestEx expectations. Forward-looking statements are based on
estimates and opinions of management at the date the statements are
made. QuestEx does not undertake any obligation to update
forward-looking statements except as required by applicable
securities laws. Investors should not place undue reliance on
forward-looking statements.
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SOURCE QuestEx Gold & Copper Ltd.
