Silver Quest Intercepts Gold and Silver at Capoose, BC
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/06/10 -- Silver Quest Resources Ltd. (TSX VENTURE: SQI) (the 'Company') is pleased to report assay results for diamond drill holes D-10-116 and D-10-118 recently completed on the Capoose Project ('Capoose') located in north central British Columbia. Drill holes D-10-116 and D-10-118 have confirmed that precious and base metal mineralization extends approximately 100 metres (m) west of the eastern arm of the deposit. The current NI 43-101 inferred mineral resource is 1.32 million ounces of gold equivalent or 53 million tonnes at a grade of 0.77 grams per tonne (g/t) gold equivalent, including 699,999 ounces of gold at a grade of 0.41 g/t and 41.1 million ounces of silver at a grade of 23.93 g/t (see news release dated March 4, 2010). Mineralization remains open in all directions and at depth. Capoose is located 185 km southwest of Prince George, British Columbia. For further details and property maps, please visit the Company's website www.silverquest.ca.
Drill holes D-10-116 and D-10-118 were designed to test the extent of mineralization on the west side of the eastern arm of the deposit. These two holes were drilled to the northeast at minus 70 degrees and to depths of 301 m and 252 m respectively.
Significant Gold and Silver Assay Intercepts from D-10-116 and D-10-118
---------------------------------------------------------------------------
Gold
Equivalent
Drill Hole From (m) To (m) Interval (m) Gold (g/t) Silver (g/t) (g/t)
---------------------------------------------------------------------------
D-10-116 215.0 279.0 64.0 0.25 54.85 1.07
---------------------------------------------------------------------------
including 215.0 256.0 41.0 0.36 76.00 1.50
---------------------------------------------------------------------------
including 228.6 234.0 5.4 1.04 237.65 4.60
---------------------------------------------------------------------------
---------------------------------------------------------------------------
D-10-118 4.5 68.0 63.5 0.31 17.17 0.56
---------------------------------------------------------------------------
including 22.0 30.0 8.0 0.80 20.70 1.11
---------------------------------------------------------------------------
D-10-118 201.0 205.0 4.0 0.35 9.05 0.49
---------------------------------------------------------------------------
D-10-118 226.0 232.0 6.0 0.36 14.40 0.57
---------------------------------------------------------------------------
(i) Gold Equivalent cut-off grade of 0.41 g/t and a minimum interval length
of 4 m. Gold equivalent (AuEq) is calculated as the sum of the gold
content plus 0.015 times the silver content, based upon prices of
US$1025/oz. for gold and US$15.50/oz. for silver, which approximate the
average prices for these metals over the last two years. (Note: total
contained AuEq values may not add exactly because of rounding). Interval
values represent drill intersection length and may not represent true
width.
Drill hole D-10-116 also exhibited multiple semi-massive sulphide bands each approximately 2 to 3 cm wide. These bands generally indicate elevated levels of base metals.
Significant Zinc Assay Intercepts from D-10-116
--------------------------------------------------------------
Drill Hole From (m) To (m) Interval (m) Zinc (%)
--------------------------------------------------------------
D-10-116 12.0 38.0 26.0 0.36
--------------------------------------------------------------
including 18.0 26.0 8.0 0.44
--------------------------------------------------------------
D-10-116 60.0 68.0 8.0 0.41
--------------------------------------------------------------
D-10-116 80.0 90.6 10.6 0.39
--------------------------------------------------------------
D-10-116 224.0 229.1 5.1 0.82
--------------------------------------------------------------
D-10-116 252.3 273.2 20.9 0.35
--------------------------------------------------------------
(i) Zinc cut-off grade of 0.30% and a minimum interval length of 4 m.
Interval values represent drill intersection length and may not
represent true width.
A total of 26 drill holes have been completed at Capoose this year. Pending assays will be reported as they are received by the Company.
Drill core analysis and assaying is being conducted by Eco Tech Laboratory in Kamloops, BC, which is an International Standard ISO 9001:2000-certified laboratory. The core samples were analyzed using a 28-element ICPMS package with a 30-gm fire assay with AA finish for over limit (plus 1.0 g/t) gold, (plus 30 g/t) silver and (plus 10,000 g/t) zinc concentrations. The Company has implemented a quality assurance and quality control program to ensure that the sampling and analysis of all samples is conducted in accordance with the best possible practices.
David Pawliuk, P.Geo., Vice President Exploration for Silver Quest is the Qualified Person, as defined by National Instrument 43-101 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