Silver Quest Provides Update on BC Exploration Programs
July 05 2011 - 8:00AM
Marketwired
Silver Quest Resources (TSX VENTURE: SQI) ("Silver Quest" or "the
Company") is pleased to provide an update on its exploration
programs in the Nechako Plateau, BC. For further details on
property locations, please visit the Company's website
www.silverquest.ca.
3Ts Project
A 2,000 metre diamond drilling program has commenced on the 3Ts
project, with the first two holes designed to test the Ted Vein
structure at depth and along strike. The best hole from previous
drilling (by Phelps Dodge) on the Ted Vein intersected 8.88
grams/tonne ("g/t") gold and 393.6 g/t silver across a true width
of 15.4 metres. The Ringer Zone and Mint Vein areas will also be
tested by the 2011 diamond drilling. Previous results from the
Ringer Zone included eight samples collected from boulders which
returned an average of 19 g/t gold and 140 g/t silver (see news
release dated September 24, 2003). Previous diamond drill holes on
the Mint Vein structure intersected up to 8.08 g/t gold and 80.4
g/t silver across 2.0 metres (see news release dated April 28,
2003). The Company has also commenced geological mapping and
prospecting on the 3Ts property area. Approximately 60 samples of
quartz-carbonate vein material have been collected from recently
discovered boulders to date, and have been submitted for
analysis.
Capoose Project
The 2011 exploration program at Capoose will consist of
geochemical soil and till sampling, prospecting and mapping,
airborne geophysical (radiometric, electromagnetic and magnetic)
surveying and up to 8,000 metres of diamond drilling. The Company
also plans to conduct approximately 10.5 line-kilometres of
deep-penetrating induced polarization (IP) surveying within the
Capoose deposit area. The 2011 exploration in the deposit area is
designed to increase the existing NI 43-101 Indicated Resource of
383,823 ounces of gold and 26,593,915 ounces of silver, as well as
the Inferred Resource of 443,206 ounces of gold and 29,517,933
ounces of silver at a gold equivalent cut-off grade of 0.40 g/t
(see news release dated January 20, 2011). The 2011 exploration at
Capoose will also follow up on several new gold geochemical
anomalies identified during the 2010 field season. The 2011
exploration budget for the Capoose Project is approximately $2.8
million.
Davidson Project
The Company, along with its joint venture partner, New Gold
Inc., has released assay results for the first 35 holes of the
current 20,000 metre diamond drill program (see news releases dated
April 19, 2011, May 10, 2011 and June 27, 2011). Four diamond
drills are currently operating on the Davidson property. Further
drill results will be released as they are received from New Gold
Inc., the project operator.
David Pawliuk, P.Geo., Vice President Exploration for Silver
Quest, is the Qualified Person, as defined by National Instrument
43-101, for the 3Ts Project, the Davidson Project and the Capoose
Project, and supervised the preparation of 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 Ltd. Investor Relations
604-687-3959 604-687-1448 (FAX) info@silverquest.ca
www.silverquest.ca
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