Silver Quest Resources Ltd.
TSX VENTURE : SQI

Silver Quest Resources Ltd.

June 27, 2011 08:00 ET

Silver Quest Announces 4.0 Metres Averaging 165.4 g/t Au in Step-Out Drilling at Davidson Gold Project, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 27, 2011) - Silver Quest Resources (TSX VENTURE:SQI) ("Silver Quest" or "the Company") is pleased to report drill results from 22 holes (BW 149 through BW 170) received from the ongoing 20,000 metre drill campaign to expand the resources on the Davidson Gold Project, a joint venture with New Gold Inc., which is the operator of the joint venture. Silver Quest has a 25% interest in the joint venture. The project is approximately 110 kilometres southwest of Vanderhoof, BC.

Of particular significance, multiple high-grade intercepts were returned in addition to thick sequences of bulk-tonnage gold mineralization. Highlights include: four metres of 165.4 grams/tonne ("g/t") gold in hole BW 156 and one metre intercepts of 46.0 and 33.5 g/t gold in holes BW 158 and 162, respectively. Multiple intercepts grading 5 g/t gold or better over widths of at least one metre occurred in several holes.

Hole BW 156 is the easternmost drill hole completed to date, and the deposit remains open to expansion to the north and east of this hole.

The holes reported here include in-fill and step-out holes drilled within and around the currently defined mineral resource on the Davidson Gold Project claims. The 22 holes reported here are holes 15 through 36 in the current drilling campaign. These results demonstrate the continuity of mineralization of thick sequences of bulk-tonnage mineralization to both the northwest and northeast of the resource area, with good grades over considerable widths. Highlights include:

Northwest SectorNortheast Sector
Hole IDFrom
(metres)
To
(metres)
Interval
(metres)
Weighted Average Gold Grade (g/t)Hole IDFrom
(metres)
To
(metres)
Interval
(metres)
Weighted Average Gold Grade (g/t)
BW-1492054352301.41BW-1531323041720.91
BW-1581042631591.29BW-157772171401.27
BW-162443623181.39BW-163265330651.45
BW-170931931001.47BW-167196246501.11

New Gold has announced an increase in the drill program for its Blackwater Project (the Davidson Gold Project is the northern portion of the Blackwater Project) and plans to drill 40,000 to 50,000 metres in approximately 100 holes in the second half of 2011.

The following table provides assay information for the 22 holes reported in this press release. Widths reported are drill widths, true widths are unknown. Assays are uncut, length-weighted averages.


Drill Hole
FromToIntervalAu g/t
BW-149031.531.5NA
31.55624.50.17
566610.00.92
6614377.00.21
1431518.00.82
15120554.00.19
205434.6229.61.41
Includes2052105.02.33
21023323.00.34
2332341.08.55
23427844.00.29
27833153.00.61
3313376.015.13
33734811.01.41
34836820.00.38
36839729.00.79
39740710.02.93
40742316.00.91
423434.611.65.53
BW-150033.0NA
3127124.00.08
1271281.05.55
128261133.00.17
26127110.00.62
27133261.00.08
3323342.00.88
334340.46.40.10
BW-151011.0NA
1159158.00.10
15917213.00.34
17220836.00.75
20824436.00.36
2442451.04.11
24533994.00.28
3393401.013.60
340353.313.30.20
BW-152033.0NA
38683.00.19
Includes8615266.00.71
8514055.00.50
1401411.08.30
14115211.01.03
15218028.00.14
1801866.01.17
18624458.00.15
24425410.01.75
254383129.00.12
BW-153099NA
95041.00.11
50522.06.12
528735.00.17
87892.04.48
8913243.00.11
132304172.00.91
Includes13217947.00.79
1791812.06.98
18122746.00.80
22723710.02.14
23727841.00.23
27829113.02.27
29130413.00.70
304407.8103.80.08
BW-154099.0NA
92516.00.34
25283.08.70
287042.00.30
7011040.00.87
11013323.00.31
13316128.00.75
16117413.00.32
17418612.00.08
18622640.00.51
226377.3151.30.10
BW-155011.0NA
1147146.00.16
14717528.00.53
17520126.00.38
20122120.00.18
2212221.03.37
222248260.38
248375.5127.50.16
BW-15602727.0NA
274619.00.39
468943.00.12
8910011.00.47
1001011.015.00
10111312.00.57
11313522.00.07
1351394.0165.38
13914910.00.98
14921162.00.12
21122615.00.53
22625327.00.07
25327320.00.58
273339.466.40.09
BW-15701010.0NA
10199.01.57
194223.00.17
42453.02.67
457732.00.22
77217140.01.27
Includes77814.00.74
81821.09.15
82919.00.39
9114251.01.22
1421475.07.49
14717225.00.84
17218917.00.31
18921728.01.31
21724932.00.21
2492545.00.84
25430349.00.18
3033107.00.85
310375.865.80.11
BW-158011.0NA
1104103.00.08
104263159.01.29
Includes10412420.01.16
1241251.046.00
1251294.02.28
12915930.00.55
1591601.027.40
1601644.01.07
16418218.01.04
18220422.00.34
20426359.00.75
26332663.00.27
326371.545.50.14
BW-15901919.0NA
196950.00.19
697910.01.00
7916182.00.11
161341180.00.85
Includes1611698.00.75
1691701.025.70
17019424.01.29
19423238.00.38
2322331.09.85
23325724.00.76
25727417.00.32
27428410.00.98
2842939.00.27
2932963.02.83
29631115.00.27
31133120.00.69
331366.735.70.17
BW-16001111.0NA
115847.00.06
5811153.00.28
1111143.01.93
11414430.00.33
144395.6251.60.13
BW-161044.0NA
4269265.00.04
26933869.00.64
Includes26931748.00.51
31733821.00.94
338350.512.50.20
BW-162033.0NA
32017.00.09
20299.00.83
294415.00.18
44361.5317.51.39
Includes445410.01.45
54551.015.30
55583.01.44
58591.010.50
597314.00.91
7310330.00.52
10315047.00.26
15016919.01.01
1691723.07.27
17222149.01.15
22123615.00.18
23628246.03.31
2822831.033.50
28331734.01.25
31734730.00.27
34735912.00.65
3593601.010.10
360361.51.51.15
BW-16301111.0NA
11176.00.06
17247.01.69
244117.00.33
41265224.00.14
26533065.01.45
Includes26530944.00.64
30932213.01.64
3223231.020.20
3233307.03.56
33038151.00.16
3813898.01.05
389412.423.40.13
BW-164088.0NA
86961.00.08
69723.01.09
7216896.00.14
16817810.00.48
17820830.00.13
2082113.00.83
21128574.00.16
2852894.00.80
2892989.00.32
29835961.00.09
3593601.04.34
360383.023.00.12
BW-165044.0NA
4115111.00.03
1151183.00.77
118252134.00.06
252279.827.80.27
BW-166033.0NA
3130127.00.04
13016737.00.44
16719730.00.76
19721720.00.41
21722811.00.19
2282357.00.78
23525217.00.23
25226311.00.65
26330744.00.24
BW-16701010.0NA
106555.00.08
657611.00.52
7616690.00.10
1661671.04.64
16718417.00.43
18419612.00.23
19624650.01.11
Includes19623842.00.88
2382413.04.13
2412465.01.27
246269.923.90.19
BW-16802525.0NA
25178153.00.09
1781802.01.95
18025373.00.11
2532552.04.84
2552605.00.51
260401.1400.70.12
BW-169022.0NA
2162160.00.08
16217513.00.58
17524772.00.21
2472503.03.81
25027424.00.45
274353.079.00.19
BW-17002020.0NA
205232.00.18
52531.07.40
537118.00.20
718312.00.87
839310.00.13
93270177.01.10
Includes9310411.01.02
10411511.00.10
11514227.01.45
1421431.017.60
14315714.00.85
1571581.07.70
1581635.00.24
1631641.08.10
16418824.01.18
1881935.04.09
19324855.00.47
2482491.08.30
24927021.00.56
27029424.00.20
29434551.00.56
34541065.00.27
41043626.00.96
Includes4104122.03.11
41243119.00.42
4314365.02.17
436449.513.50.18

David Pawliuk, P. Geo., Vice-President Exploration for Silver Quest is the Qualified Person, as defined by NI 43-101, for the Davidson Gold Project and has reviewed the technical information in this release.

SILVER QUEST RESOURCES LTD.

Randy Turner, President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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