Northquest Ltd. Commences High Resolution Airborne Geophysical Survey at the Pistol Bay Gold Project, Nunavut, Canada
October 09 2012 - 9:00AM
PR Newswire (Canada)
TORONTO, Oct. 9, 2012 /CNW/ - Northquest Ltd. (FWB: N3Q)
("Northquest" or "the Company") announces that it has commenced a
high-resolution airborne magnetometer survey at the Pistol Bay Gold
Project. The Pistol Bay Gold Project consists of approximately 673
square kilometres of staked claims and prospecting permits covering
the Pistol Bay Corridor which is a deformation zone containing
numerous gold occurrences including the Vickers Target. The Pistol
Bay Corridor has a nominal width of 2 kilometres and a strike
length of 50 kilometres. The survey instrumentation is a
helicopter-towed, Heli-3G, 3 axis, magnetic gradiometer system
provided by Tundra Airborne Surveys Ltd. The survey specifications
are for flight lines at 50 metres spacing covering an approximate
area 5 kilometres wide and 50 kilometres long centred on the Pistol
Bay Corridor. The objective of the survey is to provide high
resolution magnetic coverage of all of the known gold occurrences
in the Pistol Bay Corridor in order to optimize future drilling,
plan ground geophysical surveys, and to search for additional
targets with similar magnetic characteristics. 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. 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) 306-0486www.northquest.biz
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