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GQ Great Quest Fertilizer Ltd

0.05
0.00 (0.00%)
23 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Great Quest Fertilizer Ltd TSXV:GQ TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.05 0.045 0.05 0 01:00:00

Great Quest Metals Ltd. Extends Tilemsi Phosphate Project Area to 1206 sqkm

14/11/2011 6:00pm

Marketwired Canada


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.


12g3-2(b) Exemption #82-3116

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