The Toral Project covers a license area of 2,400 ha located in the province of Leon in North West Spain, approximately 400km northwest of Madrid. The property is accessed by infrastructure including a regional highway, a high voltage power line and a railway line which links to the Asturianas zinc-lead smelter via the city of Leon. The April 2011 NI 43-101 technical report, commissioned by GoldQuest and prepared by Micon International Co. Limited, estimated an indicated resource for the Toral project of 4.04Mt grading 5.3% lead, 6.5% zinc, 0.11% copper and 41g/t of silver. In addition, Micon estimated an inferred resource of 4.67Mt grading 4.44% lead, 5.4% zinc, 0.14% copper and 32g/t of silver. A cut-off grade of 7% combined lead and zinc was used to define the Toral project's mineral resources.
Information being updated.
Toral NI 43-101 Technical Report and Resource Estimate
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The Lago concession is located approximately 50 km north of Toral. GoldQuest's previous compilation of the unproven and unverified historical data of investigations, completed by or on behalf of the Spanish mining firm, Exploracion Minera International Espana S. A. (“EXMINESA”), between 1985 and 1990, indicated that mineralization at Lago may be similar to that on the Toral property. The mineralized horizons at Lago are hosted by volcano sedimentary units of Paleozoic age, folded by a syncline structure, which is disrupted by vertical faulting sub parallel to the regional deformation. Estimated mineralization reported by EXMINESA can be traced by approximately 1,375 metres parallel to the axe of the syncline. The results reported by EXMINESA range from 3.0 metres of 1.88% combined lead and zinc to 9.5 metres of 9.54% combined lead and zinc and 7.50 metres of 14.75% combined lead and zinc. All such potential is conceptual in nature as there has been insufficient exploration to define a mineral resource. GoldQuest Iberica, an indirect wholly owned subsidiary of Portex, received the first exploration permit from the government of the province of Galicia in July 2011 and has two additional permits pending with the provincial government.