Nothing has changed but the deposit is bigger.
Sept 12 Eric Coffin;
EC: GoldQuest Mining Corp. (GQC:TSX.V) is a big win for me. David and I had specifically advised people to buy GoldQuest for its drill program and then it made an amazing blind discovery in the Dominican Republic. The best drill hole at this new zone, Romero, is on the order of 235 meters (m) of almost 8 grams/ton (g/t) gold and 1.5% copper. It has reported seven holes in a small area, but doesn't understand the geometry yet. It started out with small stepouts in an area measuring about 100x100m and is now starting larger stepouts. Not only are the grades strong, but also the zone is thick. GoldQuest is looking at 200–250m+ intercepts, and all of the holes have bottomed in the zone. The small area drilled should contain over a million ounces and it’s still wide open. That is a pretty impressive discovery, and GoldQuest stock reacted accordingly. It was $0.07/share when it announced the first drill hole. It's about $1.60/share now. It has raised $20 million in the last month and a half, most of that at $1.25/share.
GoldQuest will drill the heck out of this. It has two drill rigs going. There's a third one in customs, which should be onsite in a week, and a fourth rig on the way. And, the success of this target increases the value of its other targets. For instance, it has 40 kilometers (km) of contiguous holdings covering a rock formation called the Tireo Volcanics. With cash from the new discovery in hand, GoldQuest can and will up its exploration budget on that set of properties that have several other early stage discoveries in addition to Romero.