Northquest Ltd. announces additional drilling results from the
Pistol Bay Gold Project, Nunavut, Canada
PB-12-22 INTERSECTS 156.48 METRES GRADING 8.23 GRAMS GOLD PER
TONNE AT THE VICKERS TARGET
TORONTO, Nov. 26, 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
675 square kilometres of mineral rights covering a 50 kilometre
strike length of a 2 kilometre wide 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.
Over the past 20 months, since field operations
commenced in April 2011, the Company
has completed two airborne geophysical surveys and 7,097 metres of
diamond drilling in 39 drill holes, of which 3,600 metres of
drilling and 14 drill holes (excluding PB-12-08 which was
abandoned) were completed at the Vickers Target. The other drill
holes were drilled at the Pistol Porphyry and Cooey Targets (13
drill holes, 1,884 metres), which lack sufficient merit for further
exploration, and the Sako and Bazooka Targets which require follow
up drilling. At the Sako Target, 7 drill holes (1,087 metres) have
been drilled in widely spaced scout drilling yielding highlight
drilling intersections of 2.00 grams gold per tonne over 6.17
metres in drill hole PB-11-13 and 1.76 grams gold per tonne over
15.53 metres in PB-12-02 which were drilled 50 metres apart. At the
Bazooka Target, four drill holes (526 metres) were drilled in 2012.
PB-12-04 intersected 2.38 grams gold per tonne over 9.37 metres,
and the other 3 widely spaced drill holes at the target did not
intersect the target rocks. The total exploration expenditures
(excluding acquisition and staking costs) to date, are $4.9 million dollars. In summary the Company has
obtained economically interesting drilling results at three widely
spaced targets (Sako, Vickers, and Bazooka) over a 20 kilometre
long strike length of the Pistol Bay Corridor, within 20 months and
with expenditures less than $5 M. It
is the opinion of management that these early and relatively
inexpensive results demonstrate that the Pistol Bay Corridor is a
highly prospective mineralized trend and that the rocks in the
trend are permissive for a district of gold deposits.
Vickers Target
The Vickers Target is an elliptical gabbro-diorite intrusive
complex with a long axis of 1 kilometre. The gabbro-diorite
intrusion is within silicified felsic schist and mylonite of a
linear zone referred to as the Pistol Bay Corridor. Gold in surface
outcrops occurs in a silicic, chloritic, breccia body exposed in
the margin and footwall of the intrusion. The contact between the
mineralized intrusion and the mineralized footwall sequence dips
south at approximately 60 to 70 degrees. Fourteen drill holes
(3,600 metres total) have been completed at the Vickers Target.
The Company has received and verified the
complete assay results from PB-12-19 to PB-12-22 and the results of
the drill holes are set out below in Table 1.
Table 1. Summary of weighted average grade of
gold in drill holes PB-12-19 to PB-12-22, including all continuous
intervals of variable average grade.
Hole |
Length
(m) |
Azimuth |
Collar
Inclination |
From
(m) |
To (m) |
Intersection
Length |
Au (g/t) |
PB-12-19 |
274.93 |
00 |
-60 |
56.77 |
166.20 |
109.43 |
0.89 |
including |
|
|
|
56.77 |
136.98 |
80.21 |
0.61 |
including |
|
|
|
136.98 |
166.20 |
29.22 |
1.63 |
PB-12-20 |
249.02 |
00 |
-50 |
48.61 |
217.30 |
168.69 |
2.15 |
including |
|
|
|
48.61 |
52.61 |
4.00 |
5.90 |
including |
|
|
|
52.61 |
83.00 |
30.39 |
0.53 |
including |
|
|
|
83.00 |
94.00 |
11.00 |
6.65 |
including |
|
|
|
94.00 |
138.70 |
44.70 |
1.49 |
including |
|
|
|
138.70 |
141.70 |
3.00 |
8.50 |
including |
|
|
|
141.70 |
217.30 |
75.60 |
2.71 |
PB-12-21 |
299.91 |
00 |
-70 |
100.15 |
165.00 |
64.85 |
2.24 |
including |
|
|
|
100.15 |
131.28 |
31.13 |
0.78 |
including |
|
|
|
131.28 |
165.00 |
33.72 |
3.60 |
PB-12-22 |
273.41 |
00 |
-70 |
87.02 |
243.50 |
156.48 |
8.23 |
including |
|
|
|
87.02 |
188.92 |
101.90 |
12.34 |
including |
|
|
|
188.92 |
243.50 |
54.58 |
0.55 |
Note: Intersection lengths are core lengths
and do not necessarily represent the true width of the mineralized
zone. Weighted average grades are calculated from assays of drill
core with nominal sample lengths of 1.0 metres. The detection limit
of the assay method is 0.05 ppm gold. Some of the samples within
the intersected lengths reported in Table 1 are below the detection
limit and the assay value for those samples used in the weighted
average grade calculation is zero. The complete drill hole logs,
including assays, and sample lengths are published on the Company
web site at www.northquest.biz.
Section 9000 W
PB-12-19 on section 9000 W is the westernmost hole drilled at the
Vickers Target. The interpreted thickness of the mineralized zone
on this section is approximately 90 metres and the drill hole
intersected a core length of 109.43 metres with a weighted average
grade of 0.89 grams gold per tonne. Six samples out of a total of
108 samples of the mineralized zone were below the detection limit
of 0.05 ppm gold. In PB-12-19, a 29.22 metre long section from
136.98 to 166.20 metres has a weighted average grade of 1.63 grams
gold per tonne. Six samples within that interval contain <0.05
ppm gold. Within that interval, which consists of altered diorite
and gabbro, banded iron formation was intersected from 158.28 to
161.20 (2.92 m) from which three samples were collected varying in
grade from 0.67 to 2.88 grams gold per tonne. The weighted average
grade of the 2.92 metre long interval is 1.68 grams gold per
tonne. The provenance of the banded iron formation is not
known but most likely it was incorporated into the intrusion and
mineralized with gold at the same time that the intrusion was
altered. The presence of gold-bearing banded iron formation within
the intrusion, from whatever source and by whatever process, is a
favourable attribute of the Vickers Target. Banded iron formation
is a very reactive rock type, a favourable host rock for gold, and
it could potentially increase the volume and size of the Vickers
Zone if the primary stratigraphy containing the iron formation is
nearby.
Section 8925 W
PB-12-20 was drilled on section 8925 W where the interpreted
thickness of the mineralized zone is approximately 100 metres. The
intersected core length of the mineralized zone in Table 1 is
168.69 metres. Thirty-two samples out of a total of 166 samples of
the mineralized zone were below the detection limit of 0.05 ppm
gold. Visible gold grains were documented eleven times from 50.61
to 192.74 metres (142.13 metres of core length). Table 2 lists the
contribution of three assays on the weighted average grade of 2.15
g/t Au over a core length of 168.69 metres.
PB-12-21 was drilled on section 8925 W and is an
undercut of PB-12-20. The intersected length of the mineralized
zone is 64.85 metres and the estimated true width of the
mineralized zone is approximately 50 metres. Nine samples out of a
total of 65 samples of the mineralized zone were below the
detection limit of 0.05 ppm gold. Visible gold was documented at
three locations in PB-12-21 from 100.28 to 151.81 metres (50.53
metres of core length). One of the samples used in the weighted
average grade calculation contains 87.90 g/t gold over a length of
1.00 metres. The effect of that sample in the weighted average gold
calculation is set out in Table 2. The interval from 207.16 to
278.80 (71.64 metres), near the end of the drill hole, contains a
weighted average of 0.32 grams gold per tonne over 71.64 metres.
That interval is not included in the above chart, but it is
illustrated in the drilling section because it spatially correlates
with the wider mineralized zone intersected in PB-12-20 on the same
section, and with the mineralized zone on adjacent drilling section
8900 W.
Section 8875 W
PB-12-22 was drilled on section 8875 W. The primary
mineralized zone was intersected over a core length of 156.48
metres and has an estimated true width of approximately 90 metres.
Twenty samples out of a total of 156 samples of the mineralized
zone were below the detection limit of 0.05 ppm gold. In drill hole
PB-12-22, visible gold was documented at three locations from
159.03 to 181.60 (22.57 metres of core length). Within that
interval, there are abundant grains of visible gold, sometimes
forming plate-like aggregates of grains up to 1.20 centimetres in
diameter. From 160.63 to 161.15 a 4 cm wide quartz vein at 8
degrees to the core axis with coarse visible gold grains was
intersected and from 180.5 to 180.60 a 2 cm quartz vein at 15
degrees to the core axis with coarse visible gold grains was
intersected. Elsewhere in the drill hole the core angles of
fractures and quartz veinlets are variable. Moreover, this part of
the drilling section on 8875 W spatially correlates with the
mineralized zone on section 8900 W where there is also abundant
visible gold and where the core angles are variable and at acute
angles to the core axis.
The following chart sets out the assays in
samples from the drill holes that were over 35.00 grams gold per
tonne (approximately 1 troy ounce per ton) and the contributed
value of the assay of that sample within the intersected interval.
The value of 35.00 grams gold per tonne was selected arbitrarily,
it is not based on a statistically valid cut-off, and was selected
and used for information purposes only. In the opinion of the
Company, a much larger assay population derived from additional
drilling is required before a statistically valid top cut can be
obtained.
Table 2. List of all individual samples in
PB-12-19 to PB-12-22 with gold concentrations greater than 35.00
g/t Au and the contribution of those samples to the weighted
average grade of the reported intersection.
Drill Hole |
From (m) |
To
(m) |
Intersection Length |
Weighted
Average
Au g/t (1) |
Sample |
Assay
Value |
Length
(m) |
Contributed
Value (2) |
Contributed
Value at
35.00 g/t
Au (3) |
PB-12-20 |
48.61 |
217.30 |
168.69 |
2.15 |
N840633 |
45.90 |
1.0 |
0.27 |
0.21 |
|
|
|
|
|
N840746 |
91.90 |
1.0 |
0.54 |
0.21 |
|
|
|
|
|
N840758 |
38.80 |
1.0 |
0.23 |
0.21 |
PB-12-21 |
100.15 |
165.00 |
64.85 |
2.24 |
N849419 |
87.90 |
1.0 |
1.36 |
0.54 |
PB-12-22 |
87.02 |
243.50 |
156.48 |
8.23 |
N849119 |
332.00 |
1.0 |
2.12 |
0.22 |
|
|
|
|
|
N849121 |
126.50 |
1.0 |
0.81 |
0.22 |
|
|
|
|
|
N849142 |
68.60 |
1.0 |
0.44 |
0.22 |
|
|
|
|
|
N849144 |
525.00 |
1.0 |
3.36 |
0.22 |
(1) Weighted Average grade is the weighted
average grade of the primary drilling intersection of the
mineralized zone reported in Table 1.
(2) Contributed Value means the value that the individual sample
in the list contributes to the Weighted Average of the
interval.
(3) Contributed value at 35.00 g/t Au, is the contributed value
of the sample if the assay was arbitrarily cut to 35.00 g/t
Au.
Summary of the Vickers Target Drilling
Results
The four drill holes reported herein, plus the 10 holes that have
already been released for the Vickers Target, have all intersected
a mineralized zone with a variable grade and a thickness that
varies from approximately 50 to 160 metres in the drilling
sections. The drill holes have intersected the mineralized zone
over a strike length of 200 metres. The deepest pierce point is in
PB-12-11 at a depth of approximately 300 metres.
The mineralized zone of the Vickers Target is in
the contact of a gabbro-diorite intrusion and a footwall sequence
comprised of a mixture of epiclastic or volcaniclastic sandstones
with abundant diorite inclusions or dikes. This contact trends
approximately 295 degrees and dips approximately 60 to 70 degrees
to the south. The mineralized zone appears to be more prevalent in
the intrusion in the west and more prevalent within its footwall
rocks in the east part of the Vickers Target.
Within the intrusion, the mineralized zone is
variably silicic, chloritic, and contains variable concentrations
of pyrite, arsenopyrite and gold. The rocks are very fractured and
sometimes very brecciated. The attitude of a dominant fracture and
tectonic fabric cannot at this time be determined with certainty
but is interpreted as parallel to the footwall contact of the
intrusion. The width of the mineralized zone in the intrusion and
the gold distribution are illustrated on the sections and in the
drill logs.
Within the footwall rocks, the mineralized zone
consists of variably silicic, sericitic, and brecciated rocks with
variable concentrations of pyrite, arsenopyrite and gold. A planar
fabric of sericite and quartz-rich bands is prominent and also
interpreted as parallel to the intrusion-footwall contact.
In brief, there seems to be a positive
correlation between gold, diorite dikes, and breccia of diorite and
sandstone. The width of the mineralized zone within the footwall
rocks and the gold distribution are illustrated on the sections and
in the drill log files.
One of the characteristics of the mineralized
zone, in both the intrusion and its footwall rocks, is that rocks
grading over one gram gold per tonne are in some instances
interspersed with intervals of low gold concentration (sometimes
below the detection limit of 0.05 ppm) up to several metres thick,
even though the silicate alteration is the same. The intervals with
low gold concentration generally have less diorite and are less
brecciated. An interpretation is that these intervals are less
permeable domains and therefore somewhat less mineralized, or
alternatively, the less altered rocks may possibly be mega breccia
fragments that contain less gold. The lower grade intervals are
included in the weighted average gold concentration calculation
because they are an inseparable part of the contact zone between
the intrusion and its footwall. Moreover, there are some intervals,
up to a few metres in core length, with grains of visible gold with
local silicic alteration with or without attendant sulphide
minerals.
In general, although there are sections of the
mineralized zone that have several per cent pyrite and arsenopyrite
over several metres, the overall sulphide concentration of the
mineralized zone is probably less than 2%. The abundance of silica
and paucity of carbonate indicate that the mineralized zone is on a
high silica fluid cooling path. The paucity of quartz veins and
abundance of large volumes of silicic rock, including chalcedony
matrix in some of the breccias, without a dominant structural
fabric, suggests that the Vickers Zone is an epizonal concentration
of silica and gold.
At this stage, 14 drill holes (3,600 metres)
have been completed at the Vickers Target. In holes PB-12-09 to
PB-12-22, all samples containing, or suspected of containing,
coarse gold were assayed by ALS method AU-SCR21, which is a comprehensive assay method for
rocks with coarse gold. The rest of the samples were assayed by
fire assay with a gravimetric or AA finish. Starting with hole
PB-12-13 and every drill hole thereafter, all samples were assayed
with AU-SCR21. Hence, in the opinion
of management, the gold concentrations reported are accurate. In
addition, at this early stage of evaluation, it is the opinion of
Company management that the database of assays is insufficient to
obtain a robust and valid statistical interpretation of grade
distribution in the rocks. Accordingly, no top cut has been applied
to the highest assays.
The Company has published all of the data about
the drilling in the form of complete drill logs and assay files,
drilling plan maps, and cross sections on the Company web site
www.northquest.biz. Additional photographs of drill core will also
be published on the web site as soon as possible. Shareholders and
potential shareholders are encouraged to review the data, including
the photograph files, in order to gain an understanding of the
geology and gold distribution of the Vickers Target.
Summary of Future Exploration Plans for the
Pistol Bay Project
With the exception of section 8900 W, where we feel that the drill
hole density is adequate, it is anticipated that additional
drilling will be completed on many of the sections reported herein,
and in previous press releases, with the objective of further
evaluating the Vickers Target.
The Sako and Bazooka Targets also require
additional drilling. The Sako Target has had seven widely spaced
drill holes (1,087 metres) with highlight intersections 50 metres
apart of 2.00 grams gold per tonne over 6.17 metres in drill hole
PB-11-13 and 1.76 grams gold per tonne over 15.53 metres in
PB-12-02. At the Bazooka Target, four drill holes (526 metres) were
drilled in 2012. PB-12-04 intersected 2.38 grams gold per tonne
over 9.37 metres, and the other three widely-spaced drill holes did
not intersect the target rocks.
Jon North, CEO,
stated that "When we acquired the Pistol Bay Project in 2010, we
conceptualized the project as a mineralized trend of gold
occurrences parallel and 80 kilometres south of the Meliadine trend
of Agnico Eagle Mines. In 20 months and with expenditures of less
than 5 million dollars, we have
advanced the Pistol Bay Project from that concept to a high degree
of certainty that we have discovered a mineralized gold trend. We
have locked up what we think is the most prospective land, and now
have a 50 kilometre long strike length of the trend with
economically interesting drilling intersections over a 20 kilometre
long segment of the trend".
Diamond drilling at Pistol Bay was cheerfully
carried out by Top Rank Diamond Drilling of St. Rose du Lac,
Manitoba. Helicopter
transportation for personnel, drill moves and supply, and camp
supply were safely and professionally provided by Custom
Helicopters of Winnipeg, Manitoba.
Much of the field work, core cutting, and camp supply and
maintenance were provided by the good people of the Hamlet of
Whale Cove, Nunavut.
Up to date drilling plans and sections and
entire drill hole logs will be uploaded to the Company's web site
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 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 38,061,073 shares outstanding
(57,803,939 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-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", ppm means
"parts per million" which is the same as grams per tonne. 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.
Image with caption: "Vickers Drill Plan (CNW Group/Northquest
Ltd.)". Image available at:
http://photos.newswire.ca/images/download/20121126_C3478_PHOTO_EN_21182.jpg
Image with caption: "Section 8800W Looking West (CNW
Group/Northquest Ltd.)". Image available at:
http://photos.newswire.ca/images/download/20121126_C3478_PHOTO_EN_21183.jpg
Image with caption: "Section 8825W Looking West (CNW
Group/Northquest Ltd.)". Image available at:
http://photos.newswire.ca/images/download/20121126_C3478_PHOTO_EN_21184.jpg
Image with caption: "Section 8850W Looking West (CNW
Group/Northquest Ltd.)". Image available at:
http://photos.newswire.ca/images/download/20121126_C3478_PHOTO_EN_21185.jpg
Image with caption: "Section 8875W Looking West (CNW
Group/Northquest Ltd.)". Image available at:
http://photos.newswire.ca/images/download/20121126_C3478_PHOTO_EN_21186.jpg
Image with caption: "Section 8900W Looking West (CNW
Group/Northquest Ltd.)". Image available at:
http://photos.newswire.ca/images/download/20121126_C3478_PHOTO_EN_21187.jpg
Image with caption: "Section 8925W Looking West (CNW
Group/Northquest Ltd.)". Image available at:
http://photos.newswire.ca/images/download/20121126_C3478_PHOTO_EN_21188.jpg
Image with caption: "Section 8950W Looking West (CNW
Group/Northquest Ltd.)". Image available at:
http://photos.newswire.ca/images/download/20121126_C3478_PHOTO_EN_21189.jpg
Image with caption: "Section 9000W Looking West (CNW
Group/Northquest Ltd.)". Image available at:
http://photos.newswire.ca/images/download/20121126_C3478_PHOTO_EN_21190.jpg