Great Quest Metals Ltd.: Tilemsi Phosphate Drilling Commences
May 11 2011 - 1:27PM
Marketwired
Victor J.E. Jones, Chairman and CFO of Great Quest Metals Ltd.
("Great Quest" or "GQ") (TSX VENTURE: GQ)(FRANKFURT: GQM), reports
that the air-core drilling program has commenced on its Tilemsi
phosphate project, in Mali, West Africa. The Tilemsi concessions
cover 737 km2 in the Tilemsi valley of eastern Mali in a region
known for phosphate mineralization. This marks the commencement of
the first phase of drilling on areas identified by company
geologists, a remote sensing study and prior reconnaissance work as
having the potential for phosphate mineralization. The drilling
program will target several hills prospective for phosphate
mineralization where exposure of the phosphate horizon is evident
along their perimeters and remote sensing images. The first phase
includes up to 800 shallow holes laid out on 500 m grids with the
objective of providing data for a preliminary NI 43-101 report.
Ownership increased in Tilemsi concession
The Tilemsi project is comprised of two concessions: the
Tilemsi, held by a subsidiary of the Company's Malian exploration
subsidiary; and the Tarkint Est, held through an agreement with a
private Malian company. An agreement has just been entered into
with respect to the Tilemsi concession, which includes the Tin Hina
hill, which effectively increases the Company's interest from 88%
to 94% in the 417 km2 Tilemsi concession. The agreement amends the
respective shareholder interests in the subsidiary holding the
Tilemsi concession. Under the terms of the agreement Great Quest is
required to make three payments to the minority shareholder of
approximately $110,000 each, with the final payment due on receipt
of a permit for commercial exploitation of the Tilemsi concession.
In addition, Great Quest is required to issue a 3-year
non-transferrable warrant to the minority shareholder to purchase
up to 50,000 common shares of Great Quest at a warrant price to be
determined by Exchange regulations. The agreement is subject to
approval by the Board of Directors and the TSX Venture Exchange.
The agreement on the Tarkint Est concession is unchanged and
provides for Great Quest to earn a 97% interest.
Sanoukou Gold Project
On the Sanoukou project in Western Mali, the first of a 16 hole,
2500 m core drilling program has been completed and samples have
been sent for assay. This initial phase of drilling on Sanoukou is
targeting a large area of orpailleur workings over 1 km wide along
a 6 km strike length. This drilling program was recommended from
prior work (see GQ News Release dated July 29, 2010), which
included trenching, geophysics, and RAB drilling by Somafim. Some
of the more noticeable intersections from that program on the
Sanoukou concession include the following:
----------------------------------------------------
Intersections Grams per
Drill Hole in Metres Tonne Gold
----------------------------------------------------
RAB 33 3 4.69
----------------------------------------------------
RAB 53 19 2.59
----------------------------------------------------
RAB 84 3 5.02
----------------------------------------------------
RAB 93 7 3.65
----------------------------------------------------
This initial drilling program is being carried out by PDRM, the
drilling services agency of the Malian government.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS
LTD.
Victor J.E. Jones, Chairman
Great Quest Metals Ltd. is a Canadian mineral exploration
company with exploration assets in Mali, West Africa. The Company
is focused on developing the Tilemsi Phosphate Project,
encompassing 737 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).
12g3-2(b) Exemption #82-3116
Standard & Poor's Listed
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
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
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