TORONTO, Aug. 28, 2013 /CNW/ - Northquest Ltd. (TSX.V-NQ)
(FWB-N3Q) ("Northquest" or "the Company") is pleased to provide a
project update for the Pistol Bay Gold Project, Nunavut, Canada.
Summary of previous exploration
results
The Pistol Bay Project is underlain by the
west-trending Pistol Bay Trend which is a series of surface gold
occurrences and gold zones that have been intersected by drilling
in two field seasons completed by Northquest in 2011 and 2012 with
expenditures of $ 4.9 million. The
Pistol Bay Trend is a newly recognized trend parallel to, and 80
kilometres south of, the Meliadine Trend of gold deposits, owned by
Agnico Eagle Mines, which reportedly contains 3.0 million ounces of
gold reserves, plus 2.2 million ounces indicated and 2.9 million
ounces inferred (www.agnico-eagle.com).
Since field operations commenced in April 2011, the Company has completed two
airborne geophysical surveys and 7,097 metres of diamond drilling
in 39 drill holes and has obtained economically interesting
drilling intersections at the Sako, Vickers, and Bazooka targets
which occur over a 20 kilometre long segment of the Pistol Bay
Trend. The best drilling intersection to date from the property is
in drill hole PB-12-22 from the Vickers Target which intersected
156.48 metres grading 8.23 grams gold per tonne. An all season camp
facility was constructed in June, 2013, and the camp was occupied
in July 2013.
Claim staking in 2013
Two additional claims comprising approximately
4,000 acres (16 square kilometres) were staked to cover prospective
stratigraphy in August, 2013 such that the expanded Pistol Bay Gold
Project consists of approximately 861 square kilometres of staked
claims covering a 90 kilometre strike length of the Pistol Bay
Trend.
Geophysical surveys in 2013
Ground HLEM geophysical surveying at the Bazooka
Target has been completed. The Bazooka Target contains gold in
sulphidized iron formation. The best drilling intersection to date
was in PB-12-04, in 2012, which intersected 11.17 metres grading
2.10 grams gold per tonne.
Induced Polarization/Resistivity surveys are
expected to commence this week at the Sako Target. The Sako Target
consists of gold in silicified felsic volcanic rocks and iron
formation. The best drilling intersection was in PB-12-02, in 2012,
which intersected 15.53 metres averaging 1.76 grams gold per
tonne.
Upon completion of the IP/Resistivity survey at
the Sako Target, surveying will commence at the Vickers Target. The
Vickers Target contains gold in the margin and footwall of a
gabbro/diorite intrusion. The best results to date from the Vickers
Target were in PB-12-22, in 2012, which intersected 156.48 metres
averaging 8.23 grams gold per tonne.
The purpose of the geophysical surveys is to
provide direction in the selection of future drill holes at the
Bazooka, Sako, and Vickers Targets, particularly in areas covered
by overburden. The results of all of the geophysical surveys will
be announced and uploaded to the Company web site
(www.northquest.biz) after the survey results have been processed,
verified, and delivered in final form.
Reconnaissance program in 2013
The Company commenced reconnaissance mapping and
prospecting in July and is within approximately two weeks of
completing the current program. The reconnaissance work has covered
the entire property with traverses of varying spacing with the
objectives of i) discovering and sampling all mineralized outcrops
and boulders on the property, and ii) sampling historical gold
occurrences that are documented in government summary reports. The
assay results of that work will be published and uploaded to the
Northquest web site after all of the assays have been received and
verified.
Drilling program in 2013
In July and August, 2013 the Company completed
an additional ten drill holes, PB-13-01 to PB-13-10 (2,016 m). Nine
of the drill holes intersected the V1 (Main) Zone which was
intersected in 14 drill holes in 2012. One drill hole intersected
the V2 Zone which is approximately 200 m south of the V1 Zone. The
Company is currently cutting and sampling PB-13-10. It is
anticipated that the first batch of drilling results will be
announced within two weeks and that the remaining results will be
announced when the assays have been received and verified. The
Company has two drill rigs on the property which can re-commence
drilling contingent upon the results of the work described
herein.
Northquest President and CEO Jon North remarked that "The exploration that
has been completed to date in 2013 has been multi-dimensional and
very exciting. We look forward to publishing the results and to the
continuation of drilling, and, as always it is a great pleasure to
remind our shareholders, and prospective investors, that the Pistol
Bay Gold Project is in Canada, one
of the most richly endowed, safest, most mining friendly, and most
stable countries in the world".
Potential quantity and grade is conceptual in
nature. There has been insufficient exploration to define a
mineral resource at the Pistol Bay Project to date, and it is
uncertain if further exploration will result in the target being
delineated as a mineral resource. Northquest is a mineral
exploration company focused on the acquisition, exploration and
development of properties for the mining of gold and other
minerals. Northquest has 39,782,798 shares outstanding
(59,551,696 shares on a fully diluted basis). For further
information please visit www.northquest.biz.
Certain information set forth in this news
release may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties. These
statements relate to future events or future performance and
reflect the Company's expectations regarding the future growth,
results of operations, business prospects and opportunities.
In some cases forward-looking information can be identified by
terminology such as "may", "will", "should", "expect", "intend",
"plan", "anticipate", "believe", "estimate", "projects",
"potential", "scheduled", "forecast", "budget" or the negative of
those terms or other comparable terminology. These
forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of the
Company, including, but not limited to, the impact of general
economic conditions, industry conditions, volatility of commodity
prices, risks associated with the uncertainty of exploration
results and estimates, metallurgical test results and that the
resource potential will be achieved on exploration projects,
currency fluctuations, dependence upon regulatory approvals,
political and country risk, and the uncertainty of obtaining
additional financing and exploration risk. Readers are cautioned
that the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new
information, events or otherwise, except in accordance with
applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Northquest Ltd.