Posts Tagged Silver Quest Resources

Silver Quest Starts Drilling in Yukon

Silver Quest Resources Ltd. has commenced the 2010 drill program at the Boulevard project. Boulevard is located 135 kilometres south of Dawson City, 35 kilometres south of the Golden Saddle deposit and 10 kilometres southwest of Kaminak’s recent discovery on its Coffee property. The Boulevard property consists of 238 claims, totalling 4,975 hectares. For a property location map and more detailed property information please see the company’s website.

Under the supervision of Equity Exploration Consultants Ltd., the drill program is intended to test the depth extension of mineralization discovered in 2008 as well as other recently defined targets. Mineralization occurs along a 2.5-kilometre-long gold-arsenic-antimony-barium soil geochemical anomaly as well as in trenches located within the anomalous area. The drill program will include approximately 2,500 metres of diamond drilling in 13 drill holes.

David Pawliuk, PGeo, is the qualified person as defined by National Instrument 43-101 and supervised the preparation of the technical information in this release.

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Silver Quest Acquires Strategic Claims in Dawson Range

Silver Quest Resources Ltd. has entered into a mineral claims sales agreement to acquire 11 claim blocks, comprising 234 quartz mineral claims (49 square kilometres), from Atac Resources Ltd., located in the Dawson Range, Yukon Territory.

Under the terms of the Agreement, the Company will acquire a 100% interest in the 11 claim blocks, by making a one time cash payment of $115,000 and issuing 250,000 common shares. The claims were initially staked by ATAC based on anomalous gold silt and soil geochemical surveys undertaken by Archer, Cathro & Associates (1981) Limited, the Yukon Geological Survey and the Geological Survey of Canada. The Agreement is subject to regulatory acceptance and the securities issued pursuant to the Agreement will be subject to a four month hold period trading restriction from the date of issuance.

The Company has recently staked two additional claim blocks (232 mineral claims) in the Dawson Range. The claims, on Wolf Creek (the “Flow Property”) and Independence Creek (the “Solitude Property”), are subject to a bonus share clause under the Company’s July 20, 2009 Option Agreement (the “Boulevard Agreement”) with Rimfire Minerals Corporation (“Rimfire”), a wholly-owned subsidiary of Kiska Metals Corporation, and Northgate Minerals Corporation (“Northgate”) (see News Release July 23, 2009). Under the terms of the Boulevard Agreement the Company will issue 100,000 common shares, subject to a four month hold period trading restriction, to each of Rimfire and Northgate.

The Company has assembled one of the largest land packages in the Dawson Range, controlling approximately 236 square kilometres of mineral claims.

A detailed geochemical sampling and trenching exploration program is currently being planned for these properties.

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Silver Quest Acquires Additional Properties in White Gold Area Play, Yukon

Silver Quest Resources Ltd. has signed option agreements to acquire a 100-per-cent interest in the Sizzler and VO gold properties. The properties are located in the newly recognized White Gold area, approximately 120 kilometres south of Dawson City, Yukon. The principal target on each property is a near-surface, bulk-tonnage gold deposit, similar to the new discoveries on Underworld Resources Inc.’s White Gold property.

Pursuant to the two option agreements, the company can acquire a 100-per-cent working interest in each property by making cash payments of $60,000 and issuing 800,000 shares per property to the optionor. The initial $15,000 payment and first tranche of 200,000 shares on each property will be made following acceptance by the exchange. The optionor has retained a 2-per-cent net smelter return (NSR) royalty on each property, with the company having the right to buy back one-half of each royalty for $1-million within three years of the exercise of the option. In addition, should the company complete a National Instrument 43-101-compliant resource estimate on either property reporting in excess of 100,000 ounces of gold in an indicated category, the company will be required to make a one-time payment of $100,000 and issue 75,000 shares to the optionor for such property. The option agreements are subject to acceptance by the TSX Venture Exchange. All shares to be issued will be subject to a four-month hold period trading restriction.

The Sizzler property comprises 36 claims (750 hectares) and is located approximately 65 kilometres southeast of Underworld‘s Golden Saddle discovery, just north of Cripple Creek. The Sizzler property was previously explored by Kerr Addison Mines Ltd. in 1985-1986. Kerr Addison discovered quartz stringers, quartz stockworks and silicified breccias over a 1.7-square-kilometre area, hosted in rhyolitic quartz feldspar dikes. Limited rock and soil sampling was completed with values in rock up to 1.06 grams per tonne (g/t) gold and up to 60 parts per billion (ppb) gold in soil samples.

The VO property also consists of 36 claims (750 hectares) and is located on the north side of the Yukon River, approximately 15 kilometres northwest of the Golden Saddle discovery. The property is interpreted to be underlain by the same geological setting as the White Gold property.

Silver Quest is pleased to have acquired these additional prospective properties in this emerging gold district. A fall 2009 exploration program is planned to include geological mapping, geochemistry and trenching, directed at the definition of drill targets. Robert Weicker, PGeo, is the qualified person as defined by National Instrument 43-101 for these projects and has verified and supervised preparation of the scientific and technical information in this release.

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Silver Quest Acquires the Boulevard Property, Yukon

Silver Quest Resources is pleased to announce that it has entered into an agreement with Rimfire Minerals and Northgate Minerals to acquire a 100% interest in the Boulevard property located in the Whitehorse mining district, Yukon.

Pursuant to the Agreement, the Company can acquire a 100% interest in the Property by making staged cash payments totaling $200,000 ($40,000 upon regulatory acceptance), the issuance of an aggregate of 1,000,000 shares (200,000 upon regulatory acceptance) and work commitments of $3,000,000 ($200,000 in the first year) over a five year period. The Vendors retain a 2% net smelter royalty (“NSR”) on the property, with the Company having the right to buyback 0.5% of the NSR for $750,000. In addition, should the Company complete a National Instrument 43101 compliant resource estimate on the Property in excess of 1,000,000 ounces of gold in an indicated category, the Company will be required to make a one-time bonus payment of an additional 1,000,000 shares of its capital stock to the Vendors.

Under the terms of the Agreement, Silver Quest will also purchase from the Vendors proprietary data pertaining to soil, silt and rock sampling completed in areas around or near the Property. If the Company acquires open ground by staking within these defined areas, it will be required to issue additional common shares, up to a maximum of 500,000, and the additional property, if any, will be further subject to a 2% NSR in favor of the Vendors. The Company will be entitled to buyback 1% of the NSR for $1,000,000.

The Boulevard property comprises 238 contiguous claims and was the site of a significant new gold discovery by the Vendors in 2008. The property is located approximately 135 kilometres south of Dawson City, Yukon and approximately 35 kilometres due south of the newly discovered Golden Saddle zone of Underworld Resources Inc. The initial Boulevard area was selected from a much larger regional compilation and reconnaissance silt sampling program by the Vendors that led to the identification of anomalous gold and pathfinder elements in creeks. Detailed soil sampling in 2007 outlined the multielement geochemical anomaly that was the focus of a 2008 trenching program.

Gold mineralization was discovered in the first of three trenches designed to investigate portions of the 2.0kilometreby0.4-kilometre arsenicantimonygold soil geochemical anomaly in an area of sparse outcrop. The discovery trench TRV0801, returned 7.04 grams per tonne (g/t) gold over 6.0 metres. One hundred metres southeast, trench TRBV0802 returned 6.43 g/t gold over 2.0 metres. A third trench located 200 metres northwest of trench TRBV0801 appears to have been located off trend.

The Vendors subsequently completed an initial limited diamond drilling program, comprising seven short holes (524.9 metres). Gold mineralization was encountered in five of seven holes (totaling 524.9 metres), with hole BV0803 returning the best intersection of 0.9 g/t gold over 18 metres, including 1.9 g/t gold over 3.5 metres, approximately 45 metres down dip from trench TRV0801. Two holes tested beneath a second mineralized trench (TRV0802), returned 0.8 g/t gold over 4.2 metres and 0.5 g/t gold over 5.5 metres at approximately 20 and 30 metres down dip respectively. Two additional holes targeted anomalous arsenic-gold-antimony geochemistry located 220 metres and 1,110 metres along trend from the discovery area. Drill hole BV0807 returned 1.0 g/t gold over 3.3 metres in a subtle style of mineralization not observed in previous drill holes or trenches.

Gold mineralization is hosted in strongly sericite plus/minus clayaltered schists with disseminated pyrite, arsenopyrite and stibnite. Sulphide mineralization is finely disseminated in the wall rock of quartz vein arrays or occurs as massive sulphide veins within the arrays. Mineralizationhosting quartz vein arrays follow regional northwesterly structures along major contacts between lithological packages.

Silver Quest president, Robert Weicker indicates; “Through a change of focus and a merger of companies, both Vendors’ interests in the Boulevard property, have become available to the Company, which represent an exciting opportunity to expand on the 2008 gold discovery in this emerging exploration area.” To date, drilling and trenching have focused on a relatively small portion of a large multielement geochemical anomaly, resulting in the discovery of buried gold mineralization, with numerous other targets to be trenched and drilled tested.

The above scientific and technical information has previously been reported by Rimfire Minerals Corp., and reviewed by their qualified person Mark Baknes, MSc, PGeo, VP, exploration, a qualified person for the purpose of National Instrument 43101. Robert Weicker, P. Geo., is the qualified person as defined by National Instrument 43101 for Silver Quest resources Ltd., and has verified and reviewed the inclusion of the scientific and technical information in this release. A summer 2009 exploration program will include geological mapping, geochemistry and trenching, directed at the definition of further drill targets.

The agreements are subject to regulatory acceptance and all securities issued pursuant to the agreements will be subject to a four month hold period trading restriction from the date of issuance.

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Silver Quest Acquires Properties in White Gold Area

Silver Quest Resources Ltd. has signed option agreements with Hinterland Metals Inc. and three private individuals to acquire a 100-per-cent interest in both the CC and the TAK gold properties. Both the properties are located in the newly recognized White Gold area, approximately 120 kilometres south of Dawson City, Yukon.

Pursuant to two separate option agreements, the company can acquire a 100-per-cent interest in each property for cash payments of $60,000 ($15,000 upon signing), the issuance of 800,000 shares (200,000 upon signing) and work commitments of $500,000 ($50,000 in the first year) over a three-year period. The vendors retain a 2-per-cent-net-smelter royalty (NSR) on each property, with the company having the right to buy back 1 per cent of each NSR for $1.0-million within three years of the exercise of the option. In addition, should the company complete a 43-101-compliant resource estimate on either property in excess of 100,000 ounces of gold in an indicated category, the company will be required to make a one-time payment of $100,000 and issue an additional 75,000 shares to the vendors.

The principal target on each property is a near-surface, bulk tonnage gold deposit similar to new discoveries on Underworld Resources Inc.’s White Gold property. Underworld has identified two deposits, including the Golden Saddle zone with intercepts of 3.39 grams per tonne gold over 104 metres in hole WD09-31, and 3.16 grams per tonne gold over 44.5 metres in hole WD09-32, and the Arc zone which returned 1.51 g/t Au over 78 metres in holes WD09-39.

The CC property comprises 32 claims (665 hectares) and is strategically located between Underworld’s Thistle and Black Fox properties, approximately 20 kilometres southeast of the Golden Saddle deposit. The claims, located due east of Kaminak Gold Corp.’s Kirkman property, cover the ridge between Kirkman Creek to the south and Lulu Creek to the north. Lulu Creek drains into Thistle Creek, an area that has been active in placer gold production since 1978 and has produced in excess of 63,000 ounces of gold (Yukon Geological Survey Records, 2008).

The TAK property comprises 16 claims (332 hectares) and is located approximately 40 kilometres southeast of Underworld’s Golden Saddle discovery, approximately 20 kilometres southeast of the CC property. Based on the knowledge and experience of one of the vendors of both placer and hard rock gold mineralization in the district, the company has staked an additional 66 claims (1,398) to be included in the property. The property is interpreted to be underlain by a coarse-grained leucocratic quartz monzonite to syenite, within the regional gneiss units. The claims are staked to cover the drainage basin of a silt sample taken by one of the vendors, which returned 70 parts per billion gold from a fine sieved fraction of the sample. This sample is interpreted to be strongly anomalous for gold.

Silver Quest is pleased to have acquired these strategically located and prospective properties in this emerging gold area. A summer 2009, exploration program will include geological mapping, geochemistry and trenching, directed at the definition of drill targets. Robert Weicker, PGeo, is the qualified person as defined by National Instrument 43-101 for these projects and has verified and supervised preparation of the scientific and technical information in this release.

The agreements are subject to regulatory acceptance and all securities issued pursuant to the agreements will be subject to a four-month hold period trading restriction from the date of issuance.

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