Great Quest Metals Ltd. Extends Tilemsi Phosphate Project Area to 1206 sqkm
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/14/11 -- Victor J.E. Jones, President and CFO of Great Quest Metals Ltd. ('Great Quest' or 'GQ') (TSX VENTURE: GQ)(FRANKFURT: GQM), is pleased to report that the Company is expanding the Tilemsi Phosphate project area through the acquisition of a new concession immediately adjacent to and east of its initial Tin Hina concession and through the extension of the area covered by its partnered Tarkint Est concession. The new areas increase the total Tilemsi project area from 737 sq km to 1206 sq km. The Company has announced a preliminary NI-43101 resource on a portion of its Tina Hina concession (see news release dated November 8, 2011) from a report authored by Jed Diner, M.Sc., P.Geol. which contains an Inferred Mineral Resource estimate of 32 million tonnes at a grade of 23.4% P2O5 (at a cutoff of 5% P2O5) using a specific gravity of 2.1.
Ader Foul Authorization d'Exploration
The Company has received an Authorization d'Exploration from the Malian DNGM office to commence the preliminary review and exploration work on the 200 sq km area known as Ader Foul. This area is immediately east of the Tin Hina hills where the Company completed 104 drill holes intersecting a phosphate horizon during its Phase 1 drilling program, and four of these holes intersected a shallower upper horizon. That drilling resulted in a resource estimate of 20 million tonnes of phosphate rock at 24% P2O5 from just a 6.75 sq km resource polygon, part of the total 32 million tonne resource estimate. The new area appears to show a continuity of structure and mineralization to the east of the Tin Hina area. A program of further mapping, sampling and an initial drilling program is planned as part of the current Phase 2 work. The Company's Malian subsidiary would hold all of the interest in the concession and will be applying for additional permits as required after the 90 day review period.
Tarkint Est Extension
The other addition is a 269 sq km extension of the Tarkint Est concession area held through a prior agreement with a private Malian company. The extension is contiguous along the northern border of the Tin Hina and Ader Foul concessions and is now included within the Arrete permit held by the partner company. The Company has agreed to pay approximately Cdn $35,000 to the partner company to include the additional area, subject to TSX Venture approval. The Company will hold a 97% interest on the entire Tarkint Est 589 sq km area. Drilling on several hills and areas prospective for phosphate within the Tarkint Est concession, including the Chanameguille, is planned during Phase 2 using both RAB and Aircore drills. This drilling will follow up on remote sensing and the geological reconnaissance work carried out and on-going from the Company's exploration base in Almoustarat. Remote sensing data analysis and preparation of digital terrain maps using satellite imagery are planned for the new areas.
Tilemsi Bulk Sampling
The Company has just completed eleven shallow pits down to the phosphate layer adjacent to drilling completed in Phase 1. A 100 kg sample was taken from the phosphate horizon in ten pits on the Tina Hina area and one pit on the Alfatchafa hill. The pits allow for direct sampling of the phosphate layer and adjacent lithological units, as well as removal of sufficient material for detailed metallurgical and process analysis. These samples have been transported to Bamako for further work.
Assay results from the drill samples suggest the phosphate rock in both target areas is identical and of very high quality. The phosphate rock contains negligible amounts of many of the common impurities that plague phosphate ores including cadmium and uranium, making it amendable to direct application. It also has negligible organic carbon and the CaO/P2O5 ratio points to ore clean of calcite. No grain size analysis or concentration tests were completed in this phase of work but historical work suggests that inexpensive techniques could be used to achieve attractive concentrate grades.
This first phase of drilling confirmed the presence of significant areas of phosphate mineralization and enabled an inferred resource estimate of 32 million tonnes at a grade of 23.4% P2O5 (at a cutoff of 5% P2O5) using a specific gravity of 2.1. Phase 2 will follow up on this discovery success and seek to extend knowledge of phosphate occurrences on the expanded Tarkint Est, Tin Hina and Ader Foul areas which remain open in multiple directions, particularly to the east and south of the Tin Hina resource polygon area. The Phase 2 field program underway includes digging pits for bulk samples and visual evaluation of the near surface phosphate horizon, geological reconnaissance and RAB and Aircore drilling.
Qualified Person
Jed Diner (M.Sc., P. Geol.) is the Qualified Person responsible in accordance with NI 43-101 for the content, review and approval of this News Release. Mr. Diner completed his M.Sc. in Applied Earth Science at Stanford University and works internationally on mineral exploration and resource development projects. He has consulted on other phosphate projects in Uzbekistan, Peru and Angola.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
Victor J.E. Jones, President
Great Quest Metals Ltd. is a Canadian mineral exploration company with assets in Mali, West Africa. The Company is focused on developing the Tilemsi Phosphate Project, encompassing 1206 km2 in eastern Mali. The Company also holds several gold concessions in the productive Birimian gold belt in western Mali. Great Quest is listed on TSX Venture Exchange (GQ), and the Frankfurt Stock Exchange (GQM).
The statements that are not historical facts and are forward-looking statements involving known and unknown risks and uncertainties could cause actual results to vary materially from the targeted results.
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Contacts:
Great Quest Metals Ltd.
George Butterworth
Investor Relations
604-689-2882 or Toll Free: 877-325-3838
604-684-5854 (FAX)
info@greatquest.com
www.greatquest.com