VANCOUVER, British Columbia, Oct. 18, 2021 -- Great Quest Fertilizer Ltd (TSXV: GQ) (“Great Quest” or “the Company”) is pleased to provide an update for shareholders. The Company is mobilizing in Mali to resume work on the Sanoukou project. Work will concentrate on a geophysical program with the goal of prospecting the areas between the continuous structures and auger drilling of geophysical anomalies superimposed on geochemical anomalies, in conjunctions with efforts to pursue small scale production on the property.
The Company has received confirmation that the process of renewing the Sanoukou permit is ongoing. The first step of the renewal process has been completed at National Department of Geology and Mines. The draft permit decree has been elaborated and submitted for the approval and signature of the Minister, consequently the decree of permit renewal is expected in the upcoming weeks. It should be understood that the delay in the reissuance of this permit to the dispositions of the mining code in force is likely due to the constraints of the provisional government and the complications resulting from the COVID-19 pandemic. In consequence, management is now willing to resume field work.
Sanoukou Gold Project
This property has long been considered one of the premier targets along Mali’s Western Gold Belt. Significant high-quality exploration work has been done on the property and artisanal work completed in recent years has revealed evidence of extensive high-grade mineralization which indicates that there is potentially a substantive upside to past exploration.
In excess of US$3 million has been invested in exploration work at Sanoukou; highlights of that work include drill hole SN02, completed by Great Quest (3.4m of 3.2 g/t gold drilled in 2011), and RAB18 (3m at 5.0 g/t gold), RAB53 (19m of 2.6 g/t gold drilled in 2006 by SOMIFIM). Great Quest completed a review of the geology exposed by artisanal work in recent years which indicated that prior drilling may have missed the main structures (see press release dated July 28, 2010). Sampling of the artisanal workings has shown some very high-grade results with 34 samples grading between 0.6 g/t and 24.9 g/t gold (see press release dated September 30, 2013).
Jed Richardson, President and CEO, commented, “Work is scheduled to begin in earnest towards the end of November at the end of the rainy season. As we closely watch the geopolitical situation in Mali developing, the Company has been active in building relationships and identifying prospective development in projects in the country of Morocco, a stable and highly prospective jurisdiction where our management team has extensive knowledge, contacts and experience.”
Mr. Diner (P.Geol.) has approved the contents of this News Release in relation to the Sanoukou Project. Jed Diner (M.Sc., P.Geol.) is a Qualified Person (QP) pursuant to NI 43-101.
About Great Quest
Great Quest Fertilizer Ltd. is a Canadian mineral exploration company focused on the development of African gold projects. The Company’s flagship asset is the Sanoukou Gold Project, encompassing 24 km² located in the Kayes region to the West of Mali and developing the Tilemsi Phosphate Project a 1,206 km² parcel in northeastern Mali, containing high quality phosphate resources amenable to use as direct application fertilizer. Great Quest is listed on the TSX Venture Exchange under the symbol GQ, and the Frankfurt Stock Exchange under the symbol GQM.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST FERTILIZER LTD.
President, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. These statements include statements regarding the Sanoukou Gold Project and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.