Northquest Ltd. intersects 164 metres grading 5.39 grams gold per tonne in drill hole PB-12-09 at the Vickers Target, Pistol Ba
September 06 2012 - 6:00AM
PR Newswire (Canada)
TORONTO, Sept. 6, 2012 /CNW/ - Northquest Ltd. , (FWB-N3Q)
("Northquest" or "the Company") announces that it has completed
approximately half of its planned drilling program at the Pistol
Bay Gold Project, Nunavut, Canada. The project consists of
575 square kilometres of mineral rights covering a 35 kilometre
strike length of a 2 kilometre wide alteration zone known as the
Pistol Bay Corridor which contains numerous gold occurrences.
The current drilling program is focussed on the Vickers, Bazooka,
and Sako gold occurrences. To date the Company has completed 2,400
metres of drilling and anticipates that approximately 3,500 to
4,000 metres of drilling will be completed by the end of the 2012
drilling season. Vickers Target 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. Seven
drill holes (1,487 metres) have been completed at the Vickers
Target. It is anticipated that approximately 14 drill holes
(approximately 3,000 metres) will be completed by the end of
the drilling season. Drill hole PB-12-08 was the first drill hole
at the target but had to be abandoned before it reached the target
because of the condition of the drill hole. Drill holes PB-12-09,
10, 11, 12, 13, and 14 intersected silicified, chloritized breccia
in the intrusion and silicified and sericitized footwall sequence.
The silicate alteration is accompanied by abundant disseminated
stringers and grains of pyrite and arsenopyrite. Visible gold
grains have been documented at numerous locations in these drill
holes both within the intrusion and within the footwall sequence.
In drill hole PB-12-09, visible gold grains were documented at
seven locations in the drill core from 74.76 metres to 220.55
metres. The Company has received and verified the complete
assay results from PB-12-09 and the results of the drill hole are
set out below.
___________________________________________________________________
|Hole |Length|Azimuth|Inclination|From |To (m)|Intersection| Au | |
|(m) | | |(m) | |Length |(g/t)|
|________|______|_______|___________|_____|______|____________|_____|
|PB-12-09|245.97| 00| -55|72.51|236.92| 164.41| 5.39|
|________|______|_______|___________|_____|______|____________|_____|
The results of the remaining drill holes from the Vickers Target
will be released upon receipt and verification of the drill core
assays. Bazooka Target Early in the field season, in June and July,
a ground magnetometer survey was completed at the Bazooka target
and in July, four drill holes (526 metres total) were drilled at
the Bazooka Target. The target rocks are a highly contorted banded
iron formation containing quartz veins and sulphidized magnetite
layers. Drill hole PB-12-04 was drilled directly under an outcrop
discovered last year which consists of sulphidized banded iron
formation with quartz veins from which 12 surface grab samples were
collected that contained, on average, 3.84 grams gold per tonne.
Drill hole PB-12-04 was drilled directly below the mineralized
outcrop and intersected the mineralized iron formation. Drill holes
PB-12-05 and 06 were respectively drilled approximately 50 m south
and north of drill hole PB-12-04 but did not intersect the iron
formation. Drill hole PB-12-07 was drilled approximately 750 metres
southwest of PB-12-04 and intersected iron formation that was not
mineralized. The results of the drilling at the Bazooka
Target have been received and verified and the results of PB-12-04
are listed below.
___________________________________________________________________
|Hole |Length|Azimuth|Inclination|From |To (m)|Intersection| Au | |
|(m) | | |(m) | |Length |(g/t)|
|________|______|_______|___________|_____|______|____________|_____|
|PB-12-04|117.96| 270| -50|19.24| 28.91| 9.67| 2.38|
|________|______|_______|___________|_____|______|____________|_____|
Because of time constraints and the prioritization of other targets
the Company does not anticipate that there will be additional
drilling at this target this year, however, these results
demonstrate that there are drilling intersections with economically
interesting grades and widths and additional drilling will probably
be planned for the 2013 drilling season. Sako Target Three holes
(454 metres total) were drilled on the Sako Target to follow up on
the results of PB-11-13 from last year which intersected 2.0 grams
per tonne gold over 6.17 metres. The target rocks are a sequence of
quartz-sericite-pyrite schists and mylonite with gold-bearing
disseminated sulphide accumulations. PB-12-01 was an undercut hole
of PB-11-13 and PB-12-02 and PB-11-03 were drilled approximately 50
metres east and 50 metres west, respectively, of hole PB-11-13. The
results of this year's drilling at the Sako target have been
received and verified and are set out below.
___________________________________________________________________
|Hole |Length|Azimuth|Inclination|From |To (m)|Intersection| Au | |
|(m) | | |(m) | |Length |(g/t)|
|________|______|_______|___________|_____|______|____________|_____|
|PB-12-01|157.58| 217| -50|92.74|101.00| 8.26| 0.90|
|________|______|_______|___________|_____|______|____________|_____|
|PB-12-02|166.73| 217| -50| 6.62| 22.15| 15.53| 1.76|
|________|______|_______|___________|_____|______|____________|_____|
| | | | |63.92| 69.03| 5.11| 1.19|
|________|______|_______|___________|_____|______|____________|_____|
|PB-12-03|130.15| 217| -50|87.05|102.54| 15.49| 0.79|
|________|______|_______|___________|_____|______|____________|_____|
The Sako Target schists and mylonites have a strike length of
several kilometres and, although follow up geophysics and drilling
is warranted for the target area, the Company does not anticipate
that there will be additional drilling at this target this year
because of time constraints and the prioritization of other
targets. Jon North, CEO of the Company, commented that "PB-12-09 at
the Vickers Target must be one of the best exploration drill holes
in Canada in recent memory. The width, grade, and potential volume
of the gold mineralization in the altered intrusion and footwall
sequence are extremely promising. Although the Vickers Target is
obviously our highest priority target, it is very important to put
all of these targets into context, namely, that each of the three
targets that we tested this year at Vickers, Bazooka, and Sako
occur in the same structure, over a 20 km strike length of the
Pistol Bay Corridor, which is still largely unexplored apart from
the 5,000 metres of drilling that we have completed in the last two
years. Moreover, each target has yielded economically interesting
grades and widths. We are currently developing a strategy to
comprehensively explore and delineate the gold mineralization in
the Pistol Bay Corridor emphasizing the Vickers Target as our beach
head". 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 30,318,323 shares outstanding (43,117,535
shares on a fully diluted basis). For further information
please visit www.northquest.biz. 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-GRA-21 which is fire assay with a gravimetric
finish on a 30 gram sample charge. Samples containing visible gold
and samples suspected of containing coarse gold are assayed 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 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 true widths.
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
43-101. 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. Northquest
Ltd. CONTACT: Dr. Jon NorthPresident and Chief Executive
OfficerTel. (416) 306-0202Mobile (416) 786-6348Tanya
MahadeoInvestor RelationsTel. (416) 306-0486
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