Northquest Ltd. Expands Land Position at the Pistol Bay Gold Project, Nunavut
February 02 2011 - 4:03PM
Marketwired
Northquest Ltd. (TSX VENTURE: NQ) ("Northquest" or "the Company")
announces that it has increased its land holdings at the Pistol Bay
gold project, Nunavut.
On 2 December, 2010, the Company announced that it had acquired
100% interest in approximately 10,000 hectares (25,000 acres) of
mineral rights through an option agreement and through physical
staking.
In December, 2010, the Company applied for five Prospecting
Permits to cover the extensions of the gold-bearing rocks on the
original claim block.
The permits were granted 1 February, 2011, and comprise an area
of approximately 86,600 hectares (216,500 acres). Accordingly, the
Pistol Bay gold project now consists of 96,600 hectares (241,500
acres) of mineral rights.
Prospecting Permits in Nunavut have a term of three years and
the owner of a Prospecting Permit has the exclusive right during
the three year term to convert any part, or all, of the Prospecting
permit to staked claims.
The Company is currently planning community consultations and
logistics for the 2011 exploration program. It is anticipated that
exploration will commence in the spring of 2011. The Company
intends to complete a high resolution, airborne geophysical survey,
followed by geological surveying and sampling, and a preliminary
phase of drilling in the 2011 field season.
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 21,448,400 shares
outstanding (32,971,187 on a fully diluted basis).
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.
Contacts: Northquest Ltd. Dr. Jon North President and Chief
Executive Officer (416) 786-6348 www.northquest.biz