DOMINICAN REPUBLIC - GoldQuest Mining of Vancouver has closed a $15-million bought deal private placement consisting of 12 million common shares priced at $1.25 each. The company will use the net proceeds to advance the exploration and development of the company’s gold projects in this Caribbean nation.
GoldQuest has a handful of properties in the Dominican, including the Romero gold discovery made earlier this year. The discovery was made on the La Escandalosa concession (formerly Las Tres Palmas). The company has drilled 231 metres of core averaging 2.4 g/t Au consisting of 70 metres at 1.12 g/t Au and 160 metres at 18.25 g/t Au and 2.1% Cu. The company has calculated an inferred resource of 3.13 million tonnes at 3.14 g/t Au, and the mineralization is open in all directions.
Over the next year, GoldQuest plant to conduct step-out drilling on the Romero discovery, follow-up on known geophysical anomalies, perform IP and magnetic surveys, and conduct metallurgical tests.
The company has collected a gallery of photos from its projects in the Dominican, and they may be viewed at GoldQuestCorp.com