In September 2012, Precipitate finalized an agreement to acquire a 100% interest in three mineral concessions in the Dominican Republic. The Juan de Herrera and Hato concessions adjoin the Tireo Belt holdings of GoldQuest Mining Corp on their west, southwest and south sides.
The Tireo Formation is an Upper Cretaceous aged package of volcanic and sedimentary rocks that occurs in central Hispaniola, trending northwesterly and bisecting the Dominican-Haitian border. These rocks were largely unexplored until GoldQuest Mining Corp in joint venture with Goldfields Ltd carried out regional silt and prospecting programs ten years ago that highlighted several new areas of gold mineralization hosted in Upper Tireo Formation volcanic rocks. Subsequent work by GoldQuest led to the discovery of several distinct areas of mineralization through the company's 35 km long group of concessions, notably (from north to south) Guama, Romero, Romero South (La Escandalosa), Cachimbo (Loma Viejo Pedro) and Jenjibre. Drilling at Escandalosa Sur has defined a 43-101 complaint Inferred Resource of 4.88 million tonnes grading 2.6 g/t gold in a flat lying near surface zone (after GoldQuest website August 15, 2012). More recently on October 29, 2013, GoldQuest announced its maiden NI 43-101 compliant resource estimate on its Romero deposit and an update of the Romero South. Romero contains a high-grade indicated core of 6.23 million tonnes grading 6.9 g/t gold equivalent, containing 1,386,000 ounces of gold equivalent.
Romero Discovery (after GoldQuest website April 07, 2014):
The Tireo Gold Trend gained major prominence when GoldQuest announced its Romero discovery within the Las Tres Palmas project area). Three notable discovery Romero drill holes include the following intercepts
Hole 90: 231 metres grading 2.41 g/t Gold and 0.44% Copper
Hole 92: 159 metres grading 4.45 g/t Gold and 0.95% Copper
Hole 93: 258 metres grading 4.50 g/t Gold and 1.30% Copper
More recently on October 29, 2013, GoldQuest announced maiden NI 43-101 compliant resource estimate on its Romero deposit and an update of the Romero South.
Mineral Resources: The Romero Project NI 43-101 Mineral Resources
* Mineral Resource for Romero and Romero South estimated by Micon International Limited.
Technical Report Published December 13, 2013 (effective date October 29, 2013).
Other Discoveries within GoldQuest's Tireo holdings
GoldQuest has made several other discoveries within its Tireo Belt holdings that are at an earlier stage of exploration. At Loma Viejo Pedro, GoldQuest discovered a three kilometre long gold in soil and rock anomaly covering areas of pyritically and argillically altered Tireo formation rocks. At Jenjibre at the southern end of GoldQuest's Tireo belt holdings several areas of argillic altered andesitic tuffs with coarse disseminated pyrite, chalcopyrite, sphalerite and barite were discovered. Channel sampling at the principal Jenjibre showing returned 59.5 metres grading 1.58 g/t gold and 55.75 g/t silver. Precipitate's Juan de Herrera and Hato Nuevo concessions border the Cachimbo (Loma Viejo Pedro) and Jenjibre showing areas to the west and south.
Regional Tireo Trend Discoveries
In addition to the GoldQuest discoveries, work by Unigold Inc (UGD-V) has led to several discoveries on its Neita project located to the northwest of GoldQuest within similar Tireo geology. On November 12, 2013, Unigold announced its maiden 43-101 compliant inferred resource calculation for the Candelones zone, a VMS style deposit.
|Open pit (inferred)
||33.8 M tonnes averaging 1.5 g/t Au
||1.6 M ounces Au
||5.7 M tonnes averaging 2.4 g/t Au
||0.4 M ounces Au
||39.5 M tonnes averaging 1.6 g/t Au
||2.0 M ounces Au
Further to the west on the Haitian side of the border Newmont (NEM-T) controls the Savane La Place prospect on their La Miel project. La Miel is described as epithermal mineralization occurring in the same Tireo volcanic rock sequence where previous trenching has returned up to 243 metres grading 1.71 g/t gold (After Eurasian Minerals website August 15, 2012).