Great Quest Discovers Major Conductor Below K17 Cu/Au/Ag/U Target, Namibia

Figure 1: Map of the K17 Target (Graphic: Business Wire)
Business Wire
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Figure 2: Rock chip sample from K17 with mapped Cu, Au, Ag and U occurrences across the target area. (Graphic: Business Wire)
Figure 3: 3D inversion of the Magnetotelluric profile across the Khorixas basin showing the major conductor in proximity to the surface mineralization at K17 (Graphic: Business Wire)
Figure 4: Plan view of the 3D inverted MT grid at K17, sliced at a depth of 250m below surface with individual conductors (C1-C3) outlined in white. (Graphic: Business Wire)

TORONTO, August 27, 2024--(BUSINESS WIRE)--Great Quest Gold Ltd. (TSX-V: GQ) ("Great Quest" or the "Company") provides an update to its shareholders on the discovery of a major conductor below the K17 target of the Khorixas Project. Interpretation of new data suggests that an Iron Oxide Copper Gold (IOCG) mineral system is a preferred model as opposed to the previously proposed Orogenic Gold mineral system for the K17 target.

Highlights

  • Major conductor identified as potential source for K17 Cu/Au/Ag/U mineralization

  • Multiple shallow conductors identified immediately below surface mineralization at K17 target

  • A section line of 51km of deep penetrating Magnetotellurics complete through the Khorixas basin

  • A grid comprising 30 square kilometres of Magnetotellurics complete across the K17 target area

About the K17 Target

The recently discovered K17 target comprises a zone of 50 km2 situated in the southern portion of the Khorixas project area. Limited work, including rock chip and soil sampling, has identified extensive surface mineralization of copper, gold, silver and uranium. Individual rock chip samples hosted grades of 16.25% Cu, 21g/t Au, 37.8g/t Ag and 490ppm U (Fig. 1). Mineralization is located within the Kuiseb formation and is locally associated with highly bleached and silicified chlorite schists and is identified in the form of malachite, azurite, chalcocite and to a lesser extent, chalcopyrite. Magnetite is always evident in alteration zones in close proximity to the mineralization (Fig. 2).

Dr. Andreas Rompel, Great Quest’s President and VP Exploration, commented, "We are excited about the discovery of a sizable conductor at depth which might explain the already known multi-element rock chip anomalies. This discovery, together with the anomalies, allow for many possible mineralization models but we believe it is likely the Fe Oxide Cu Au model (IOCG), with the presence of Au, Cu and U with magnetite in the mix, is more likely. This encourages us to continue to develop exploration programs to arrive at drill targets in the short-term."

Magnetotellurics

Great Quest has completed a two phase Magnetotelluric (MT) survey across the K17 target area. The first phase of the survey was aimed at carrying out a deep penetrating MT profile across the Khorixas basin, including the K17 target. A total of 19 ground stations were used during the survey with running times of 3 days each. Stations were positioned approximately 3km apart for a total section length of 51km. The purpose of the section line was to potentially identify a deeper source for the mineralization seen closer to surface. The second phase of the survey consisted of a grid of 22 ground stations with stations positioned approximately 1km apart. This survey was aimed at identifying conductors immediately beneath the surface mineralization at K17. Ground stations were run for 3 hours each and set for high-definition shallow penetration (Fig. 3).

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