Northquest Ltd. Announces Additional Drilling Results from the Pistol Bay Gold Project, Nunavut, Canada
TORONTO, November 19, 2012 /PRNewswire/ –
PB-12-18 INTERSECTS 163.20 METRES GRADING 2.11 GRAMS GOLD PER TONNE AT THE VICKERS
Northquest Ltd. (TSX.V-NQ) (FWB-N3Q) (“Northquest” or “the Company”) announces
additional drilling results from the Pistol Bay Gold Project, Nunavut, Canada. The project
consists of 675 square kilometres of mineral rights covering a 50 kilometre strike length
of a 2 kilometre wide alteration zone known as the Pistol Bay Corridor, which contains
numerous gold occurrences. The results herein are from the Vickers Target. The Company has
completed 4,580 metres of drilling this year and drilling operations are currently
suspended for the winter. It is anticipated that drilling will resume in June 2013.
The Vickers Target is an elliptical, 1 kilometre diameter, gabbro-diorite intrusive
complex within silicified schist and mylonite of the Pistol Bay Corridor. A gold-bearing,
siliceous, chloritic breccia zone is exposed in the margin and footwall of the intrusion
in surface outcrops. The contact between the mineralized intrusion and the mineralized
footwall sequence dips south at approximately 70 degrees. Fifteen drill holes (3,600
metres) have been completed at the Vickers Target.
The Company has received and verified the complete assay results from PB-12-13 to 18
and the results of the drill holes are set out below.
Collar Intersection Au Hole Length (m) Azimuth Inclination From (m) To (m) Length (g/t) PB-12-13 133.23 00 -50 48.08 108.30 60.22 1.76 PB-12-14 236.83 00 -50 0.44 21.44 21.00 0.92 and 117.21 180.60 63.39 2.06 PB-12-15 245.97 00 -50 24.60 50.60 26.00 0.64 and 172.65 216.42 43.77 0.85 PB-12-16 255.12 315 -50 36.80 255.12 218.32 0.82 including 36.80 69.04 32.24 1.38 and 170.91 243.25 72.34 1.48 PB-12-17 249.02 00 -50 74.17 197.71 123.54 1.02 PB-12-18 265.18 00 -50 18.37 181.57 163.20 2.11 including 18.37 35.37 17.00 3.88 and 46.84 85.79 38.95 4.66
Visible gold grains were not documented in Hole PB-12-13. In drill hole PB-12-14,
visible gold grains were documented at three locations in the drill core from 117.21
metres to 176.60 metres (59.39 metres of core length). In drill hole PB-12-15, visible
gold grains were documented at 180.42 metres. In PB-12-16, visible gold grains were
documented at seven locations in the drill hole from 105.24 to 237.40 (132.64 metres of
core length). In PB-12-17 visible gold grains were documented at 79.17 metres. In PB-12-18
visible gold grains were documented at 32.74 metres.
The six drill holes reported herein, plus the four holes that have already been
released from the Vickers Target have consistently intersected a mineralized zone with a
thickness that varies from approximately 90 to 175 metres in the drilling sections. The
drill holes have intersected the mineralized zone over a strike length of 150 metres.
The results of the remaining drill holes from the Vickers Target will be released upon
receipt and verification of the drill core assays. Up to date drilling plans and sections
and the entire drill hole logs will be uploaded to the Company’s web site
http://www.northquest.biz as soon as possible.
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
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
38,061,073 shares outstanding (57,803,939 shares on a fully diluted basis). For further
information please visit http://www.northquest.biz.
Northquest also wishes to make note of its earlier disclosure in a press release dated
July 26, 2012, a material change report dated August 7, 2012 and financial statements and
management’s discussion and analysis in respect of the fiscal year ended June 30, 2012,
reporting on its financing completed on July 26, 2012 (the “Offering”), to confirm that it
issued 322,000 broker warrants pursuant to the Offering as opposed to 252,000 broker
warrants as previously reported.
Drill core samples of BTW size were collected and cut in half with a rock saw on site.
In general, sample lengths vary from 1.0 to 1.5 metres. Rock samples were analyzed by ALS
Chemex analytical laboratory in Vancouver, Canada, by ALS method Au-SCR21 in which 1 kg of
sample pulp is passed through a 100 micron screen and all of the coarse material on the
screen is assayed by Au-GRA-21 and two samples of homogenized pulp that passed through the
screen are assayed by Au-AA25 and Au-AA25D which is fire assay with AA finish on a 30 gram
sample charge. Finally the weighted average of all assays is calculated by the laboratory
and reported as the gold concentration of the rock sample. For analytical quality control,
blank samples and commercially prepared and certified gold control standards with a range
of grades are inserted at a frequency of one standard for every 10 samples and one blank
for every 20 samples. NSV means “no significant values”, g/t means “grams gold per tonne”,
and the reported intersections are for drill core length and do not necessarily represent
Information in this press release relating to exploration results is based on data
collected under the supervision of Dwayne Car, P.Geo., who holds the position of Vice
President, Exploration and is a Qualified Person within the meaning of National Instrument
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.
Image with caption: “Vickers Drill Plan (CNW Group/Northquest Ltd.)”. Image available
Image with caption: “Section 8800W Looking West (CNW Group/Northquest Ltd.)”. Image
Image with caption: “Section 8825W Looking West (CNW Group/Northquest Ltd.)”. Image
Image with caption: “Section 8850W Looking West (CNW Group/Northquest Ltd.)”. Image
Image with caption: “Section 8875W Looking West (CNW Group/Northquest Ltd.)”. Image
Image with caption: “Section 8900W Looking West (CNW Group/Northquest Ltd.)”. Image
Image with caption: “Section 8950W Looking West (CNW Group/Northquest Ltd.)”. Image
For further information: Dr. Jon North President and Chief Executive Officer Tel. +1-416-306-0202 Mobile +1-416-786-6348 Tanya Mahadeo Investor Relations Tel. +1-416-306-0486 http://www.northquest.biz
SOURCE Northquest Ltd.