Silver Quest Intersects Gold and Silver at Capoose, BC
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/22/10 -- Silver Quest Resources Ltd. (TSX VENTURE: SQI) (the 'Company') is pleased to report assay results for diamond drill holes D-10-143, D-10-144, D-10-145 and D-10-146 recently completed on the Capoose Project ('Capoose') located in north central British Columbia, 185 km southwest of Prince George. The assay results confirm that gold and silver mineralization extends to the east of the west arm of the deposit and further confirms that mineralization is open at depth on the east arm of the deposit. Mineralization remains open at depth and in all directions.
Silver Quest is planning to update the current NI 43-101 inferred mineral resource estimate of 53.45 million tonnes grading 0.41 g/t gold and 23.93 g/t silver for 699,000 contained ounces of gold and 41,120,000 contained ounces of silver (see news release dated March 4, 2010) to include the drill results from this summer's exploration program in early 2011. For more information and property maps see the Company's website at www.silverquest.ca.
Gold and Silver Assay Intercepts
---------------------------------------------------------------------------
Gold
Interval Silver Equivalent
Drill Hole From (m) To (m) (m) Gold (g/t) (g/t) (g/t)
---------------------------------------------------------------------------
143 149.7 166.5 16.8 0.26 48.12 0.98
---------------------------------------------------------------------------
144 28 32 4.0 0.45 2.55 0.48
---------------------------------------------------------------------------
144 52 69 17.0 0.41 2.40 0.44
---------------------------------------------------------------------------
144 105 109 4.0 1.06 13.60 1.26
---------------------------------------------------------------------------
144 123 131 8.0 0.87 4.00 0.93
---------------------------------------------------------------------------
144 178 184 6.0 1.00 7.82 1.12
---------------------------------------------------------------------------
144 208 297 89.0 0.67 8.06 0.79
---------------------------------------------------------------------------
including 240 254 12.0 1.46 10.93 1.63
---------------------------------------------------------------------------
145 103 107 4.0 0.38 8.80 0.51
---------------------------------------------------------------------------
145 170 176 6.0 0.23 16.20 0.47
---------------------------------------------------------------------------
145 202 214 12.0 0.17 10.35 0.48
---------------------------------------------------------------------------
145 228 256 28.0 0.26 16.49 0.51
---------------------------------------------------------------------------
145 286 316 30.0 0.14 31.67 0.62
---------------------------------------------------------------------------
146 109.1 112.5 3.4 0.44 74.03 1.55
---------------------------------------------------------------------------
146 133 137 4.0 0.11 25.65 0.49
---------------------------------------------------------------------------
146 145 149 4.0 0.19 45.75 0.87
---------------------------------------------------------------------------
146 194 215 21.0 0.31 26.59 0.71
---------------------------------------------------------------------------
146 223 227 4.0 0.36 13.75 0.56
---------------------------------------------------------------------------
(i) Gold Equivalent cut-off grade of 0.40 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. Interval values represent drill
intersection lengths and may not represent true width.
Zinc Assay Intercepts
--------------------------------------------------------------------------
Drill Hole From (m) To (m) Interval (m) Zinc (%)
--------------------------------------------------------------------------
143 13 17 4.0 0.42
--------------------------------------------------------------------------
143 149.7 166.5 16.8 1.65
--------------------------------------------------------------------------
144 26 75 49.0 0.56
--------------------------------------------------------------------------
144 95 101 6.0 0.40
--------------------------------------------------------------------------
144 109 135 26.0 0.42
--------------------------------------------------------------------------
144 198 204 6.0 0.42
--------------------------------------------------------------------------
144 230 264 34.0 0.92
--------------------------------------------------------------------------
144 336 350 14.0 0.56
--------------------------------------------------------------------------
145 236 256 20.0 0.36
--------------------------------------------------------------------------
145 284 329 45.0 0.39
--------------------------------------------------------------------------
146 194 213.3 19.3 0.37
--------------------------------------------------------------------------
146 262 266 4.0 0.57
--------------------------------------------------------------------------
146 280 284 4.0 0.31
--------------------------------------------------------------------------
(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.
Drill holes D-10-143 and D-10-146 were designed to test the downdip extension of mineralization within the east arm of the deposit. Both holes were inclined to the east and drilled to a depth of 245 m and 338 m respectively. Drill holes D-10-144 and D-10-145 were designed to test for mineralization along the eastern side of the west arm. These holes were inclined to the west and drilled to a depth of 350 m and 344 m respectively.
Drill core analysis and assaying is being conducted by Eco Tech Laboratory in Kamloops, British Columbia, 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 NI 43-101 for 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