Northquest Ltd. Announces Additional Drilling Results from the Pistol Bay Project, Nunavut, Canada
September 24 2012 - 6:00AM
PR Newswire (Canada)
PB-12-10 INTERSECTS 163.22 METRES GRADING 5.61 GRAMS GOLD PER TONNE
AT THE VICKERS TARGET TORONTO, Sept. 24, 2012 /CNW/ - 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 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
results herein are from the Vickers Target. To date the Company has
completed 3,400 metres of drilling and anticipates that
approximately 4,000 to 4,500 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, hence, the drill holes were drilled towards the north. Ten
drill holes (2,200 metres) have been completed at the Vickers
Target. It is anticipated that approximately 14 drill holes
(approximately 3,000 to 3,500 metres) will be completed at the
Vickers Target by the end of the drilling season. The Company has
received and verified the complete assay results from PB-12-10 to
12 and the results of the drill holes are set out below.
_____________________________________________________________________
|Hole |Length|Azimuth| Collar|From |To (m)|Intersection| Au | |
|(m) | |Inclination|(m) | |Length |(g/t)|
|_________|______|_______|___________|______|______|____________|_____|
|PB-12-10 |268.59| 00| -72| 91.18|254.40| 163.22| 5.61|
|_________|______|_______|___________|______|______|____________|_____|
|PB-12-11 |310.64| 00| -85|110.36|310.64| 200.28| 2.85|
|_________|______|_______|___________|______|______|____________|_____|
|including| | | |110.36|154.86| 44.50| 2.49|
|_________|______|_______|___________|______|______|____________|_____|
|and | | | |185.37|215.42| 30.05|11.23|
|_________|______|_______|___________|______|______|____________|_____|
|and | | | |238.94|247.94| 9.00| 7.90|
|_________|______|_______|___________|______|______|____________|_____|
|and | | | |289.30|310.64| 21.34| 1.43|
|_________|______|_______|___________|______|______|____________|_____|
|PB-12-12 |222.70| 00| -50| 17.24|209.76| 192.52| 1.19|
|_________|______|_______|___________|______|______|____________|_____|
|including| | | | 17.24| 55.24| 38.00| 2.36|
|_________|______|_______|___________|______|______|____________|_____|
|and | | | | 78.86|107.22| 28.36| 1.29|
|_________|______|_______|___________|______|______|____________|_____|
|and | | | |121.22|173.68| 52.46| 1.71|
|_________|______|_______|___________|______|______|____________|_____|
In drill hole PB-12-10, visible gold grains were documented at ten
locations in the drill core from 140.03 metres to 223.85
metres. PB-12-10 was an undercut drill hole beneath PB-12-09
and has a weighted average grade and width comparable to PB-12-09
(see attached Table.). PB-12-11 undercuts PB-12-10. In drill hole
PB-12-11, visible gold grains were documented at five locations in
the drill core from 214.04 to 245.55 metres. The mineralized
intervals described in the attached table summarize the
weighted average grade of the drilling intersection from 110.36 to
310.64 metres (200.28 metres), a core length with variable gold
concentrations which probably reflects the steeper angle of the
drill hole (-85 degrees in PB-12-11 versus -72 degrees in Hole
PB-12-10). In PB-12-11, four intervals of high average gold
concentrations, up to 44.5 m long (from 110.36 to 154.86, 185.37 to
215.42, 238.94 to 247.94, and 289.30 to 310.64), are separated by
three intervals of lower average gold concentrations up to 41.36
metres in core length (from 154.86 to 185.37, 215.42 to 238.94, and
247.94 to 289.30). The length of both the intervals with high
average grade gold concentrations and the intervening intervals
with low average grade gold concentrations in PB-12-11 versus
PB-12-10 could be caused by the apparent attenuation of the
intervals because of the steeper angle of PB-12-11 relative to
PB-12-10. The proposed length of PB-12-11 was approximately 350
metres, however, the drill hole was terminated at 310.64
metres because the drill hole conditions caused by freezing return
water in permafrost prevented pulling rods and changing the drill
bit at 310.64 metres. Accordingly, PB-12-11 was probably terminated
in the mineralized zone. In PB-12-12, visible gold grains were
documented at five locations in the drill core from 17.24 to 163.72
metres. The weighted average grade of the mineralized section of
the drill hole from 17.24 to 209.76 (192.52 metres) is included in
the enclosed table. That interval has a weighted average grade of
1.19 grams gold per tonne. Within that interval, there are three
intervals (two in the intrusion and one in the footwall host rock
sequence) up to 52.46 metres long, with higher average gold grades
(from 17.24 to 55.24, 78.86 to 107.22, and 121.22 to 173.68 metres)
separated by two intervals of low average gold grade up to 23.36
metres long (from 55.24 to 78.86 and 107.22 to 121.22 metres). The
alteration zone is interpreted to be, and logged as, a single
geological unit even though it transgresses a stratigraphic contact
between the intrusion and the host rocks. The assay interval used
in the weighted average grade calculation may, or may not, extend
above or below the "Mineralized Zone" or "Zone of Alteration"
identified in the drill hole Summary Log because the assay contact
and the geological contact of alteration are gradational and it is
impossible to visually determine gold grade in drill core. 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 www.northquest.biz
as soon as possible. In addition, files containing
photographs of drill core from drill holes PB-12-09, 10, and 11
will be uploaded to the web site simultaneously. It is anticipated
that the web site updates will be available later today. 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 by the laboratory
and reported as the gold concentration of the rock sample. Some
samples may have been assayed with ALSGRA-21 and SCR-21. In such
cases the SCR-21 assay value has priority because it is the most
comprehensive assay. 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. SOURCE Northquest Ltd.
PDF available at:
http://stream1.newswire.ca/media/2012/09/24/20120924_C8884_DOC_EN_18307.pdf
PDF available at:
http://stream1.newswire.ca/media/2012/09/24/20120924_C8884_DOC_EN_18308.pdf
Northquest Ltd. CONTACT: Dr. Jon NorthPresident and Chief Executive
OfficerTel. (416) 306-0202Mobile (416) 786-6348Tanya
MahadeoInvestor RelationsTel. (416) 306-0486www.northquest.biz
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