Great Quest Receives the Important Convention d'Etablissement on its Two Phosphate Concessions
VANCOUVER, BC - Victor J.E. Jones, Chairman of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), announces that two important permits have been issued in respect of the Tin Hina and Tarkint Est phosphate concessions by the Malian Minister of Mines, Abou B. Traore. The permits, known as the Convention d'Etablissement (CE), were issued January 12 to the respective Malian holding companies and cover 737 sq km, in Eastern Mali. The permits represent a critical step toward embarking on a multi-phase drilling and exploration program on target areas within both the Tin Hina and Tarkint Est concessions.
Planned Exploration Program
The first stage of exploration for the Tilemsi phosphate project is an extensive drilling program of shallow holes required to establish an initial NI 43-101 mineral resource in the area. The phosphate rock in the concessions appears to occur in one extensive bed, within an Eocene sequence of flat-lying sedimentary rock, which dips gently to the west. Drilling will concentrate on the phosphate layer within the hills in the area adjacent to the valleys where erosion has occurred. The initial drilling target will be the Alfatchafa hill. Concurrent with this, Great Quest geologists will carry our reconnaissance work to test the grade and thickness of the P2O5 mineralization in several other hills to determine the priority for further drilling. The field program will be preceded and assisted by a remote sensing analysis and detailed map production.
The first target will be the Alfatchafa hill where the phosphate horizon was sampled by the Company in June, 2009. In that program, 26 grab samples were taken from exposu
res of rock over a distance of 6,870 m along the east and south sides where the bed of phosphate rock occurs. Results of the analyses of these samples ranged from 5.11 to 33.05% P2O5 and averaged 24.50% P2O5. The thickness of the zone of phosphate rock, where observed, ranged from 0.40 to 1.7 m and the P2O5 occurs mainly in the mineral apatite. Great Quest plans to drill holes on 250 metre centers, or 16 per sq km. Pitting near some of the holes will be used to confirm the grade of P2O5 and thickness of the bed intersected in those holes.
The detailed mapping and remote sensing will assist the definition of other target areas and extent of exposure of phosphate mineral apatite on other hills, such as the Tin Hina, Tin Behouki and the Chanamaguel and Tagit N'Ouerane hills. The Company is also reviewing all available reports on work in the area
Great Quest acquired the Tin Hina concession through direct application to the Government of Mali. It is held by a Malian company owned 88% by Great Quest Metals. Under the terms of the agreement on the Tarkint Est concession, to earn a 97% interest, subject to a 3% carried net profit interest, Great Quest must pay approximately $200,000 over a 3 to 4 year period. With the Convention d'Establissement now in effect the Company will also apply for the Arrête de Miniere for each concession, which provides important tax benefits during exploration.
"We are very pleased to receive these permits which move us closer to drilling and exploring for phosphate", said Mamadou Keita, Director and VP Exploration based in Bamako, Mali, "and this further demonstrates the commitment of the Ministry of Mines to the mining industry and the importance of a domestic source of phosphates for the Malian agricultural sector". Mali currently imports 100% of its fertilizer. Discussions with the Malian Rural Economy Institute indicate a strategic interest in expanding the areas and production from its agricultural land. This renewed emphasis on expanding the Mali agricultural sector, where important infrastructure investments for irrigation are already being made, aligns with global concerns for agricultural production and fertilizers, including phosphates.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
"Victor J.E. Jones"
Victor J.E. Jones
For additional information please contact:
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. 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.