We have long been bullish on the geological prospects for GoldQuest Mining’s (GQC, TSX-V) holdings in the Dominican Republic, and following this afternoon’s market close the company delivered what is unquestionably a “stellar” hole that should allow this stock to gap-up significantly in the morning – exactly the kind of drilling news that can help breathe fresh life into the beaten-down Venture Exchange (which also happened to stage an impressive intra-day reversal today along with the broader markets).
GoldQuest has made a major new discovery at its Las Tres Palmas Project (Escandalosa) with hole LTP-90, the most northerly hole in a 3-km-long mineralized corridor. LTP-90 returned an impressive 231 metres grading 2.4 g/t Au including a section of 160 metres that assayed 0.62% Cu. The hole is open at depth (it was terminated in mineralization due to technical reasons) with Au and Cu mineralization both increasing at depth (a 12-metre section from 216 to 228 metres, for example, graded 16.95 g/t Au and 2.14% Cu).
Geologically consistent alteration and mineralization was observed from 30 metres to 261 metres.
The discovery hole was 300 metres northwest of Hondo Valle and 2.5 kilometres north of Escandalosa Sur. GQC also reported a near-surface 22-metre intersection grading 5.99 g/t Au on the northern flank of Escandalosa Sur (LTP-83) which will be considered in any future resource calculations for that deposit. No significant mineralization was found south of La Escandalosa Sur or between that area and Hondo Valle.
Additional drilling is expected to begin shortly and undoubtedly will focus on the new discovery.
More on GQC in our pre-market Morning Musings tomorrow – John is also working on another GQC chart as an update to the one we posted this morning. GQC closed up a penny today at 7.5 cents on 342,000 shares.
I have 30,000 shares of GQC & would love to see it gap up in the a.m.. It’s about time to
get some good news. The last good news that gave me my cash back PLUS was CQX. R !
Comment by Bert — May 23, 2012 @ 2:28 pm
Jon – Most of these shares are in his wife’s name (she is the beneficial owner) and she is not a director and is under the 10% threshold, so this is why you did not see this in the SEDI report. This is common in the industry. CASE CLOSED, my friend. I have my facts.
Bert – Well now, first i have to get my robe on……. No doubt, owning 10% of shares of a
company, one is considered an insider. In this case, i also consider Mrs Johnston to be an
insider. The rules clearly state, that anyone having access to material information and who
can influence the direction of the company, may be considered an insider.
Explain says Jon.
Well ! suppose Mrs Johnston is awake, while Mr Johnston is dreaming, couldn’t she not gain
access to company information & being his wife, could she use her influence over him, to change
the direction of the company. Also, i assume she, his wife, washes his pants & shirts & no doubt,
because of her curiosity, reads & inwardly digests any pertinent information, accidentally left
in those garments. I could go on & on, but i must rule against you my buddy ! R !
Comment by Bert — May 23, 2012 @ 2:59 pm
Hi Bert, that’s the system – plain and simple. We can debate whether it’s right or wrong, but that’s just the way it is. That’s why you have to be careful when making too many assumptions when looking at the “official” holdings of a director. You shouldn’t assume also that a wife would necessarily have access to material information, which is a real grey area. Like most guys, I hide “material” information from my wife-to-be all the time (I’m just trying to be funny there).
I’m glad you hold shares in GQC – it will do very well tomorrow. Congratulations.
Comment by Jon - BMR — May 23, 2012 @ 3:14 pm
Jon
I don’t remember the reason i bought GQC, maybe it was because of BMR. If so, even
if it doesn’t do well tomorrow, thank you BMR, because it should do well sometime. R !
Comment by Bert — May 23, 2012 @ 3:52 pm
SFF is going to have some performance soon…. buying interest is increasing… my sixth sense tells me, it will go back to 14-15 cents. GBB … put it in watch list … it will float between 7.5 – 8.5 cents. Still do not want to touch it. RBW… it is almost buying time… 16 cents is my buying price.
Comment by Theodore — May 23, 2012 @ 7:34 pm
U missed 16s today on RBW Theo, even had a chance at 15.5s…
Comment by db — May 23, 2012 @ 9:14 pm
GQC- 12/12 as I type! Congrats Bert and other who got in this prior to todays run…
Comment by db — May 24, 2012 @ 4:51 am
Bert – I take it you’ll be taking your wife out to dinner this evening! 🙂
Comment by Andrew — May 24, 2012 @ 5:11 am
me too …. but my buy in was high but got some dough out… it is way to far out of the bbands… and with no new drilling it will come back to earth… like CQX did…. great results… but with no more drilling or results in the very near future there s nothing to drive the fundamental price… just sayin:) we will have another chance to get back in lower…
now if only GBB can catch on fire!!!!!
Comment by Jeremy — May 24, 2012 @ 7:07 am
Good for you, Jeremy, you got something back and like you say can take advantage of the discovery hole at a later entry point. I’ve actually been actively trading this week, for the first time in a long while. Good luck! 🙂
Comment by Andrew — May 24, 2012 @ 2:48 pm
Andrew – u2:) we all try and ‘invest’ for the right reasons.. others take our dough for the wrong reasons…and sometimes we win:) most times we dont… but hey… 1 in 10 isnt a bad ratio!!:)
Comment by Jeremy — May 24, 2012 @ 9:04 pm