Northquest Ltd. announces plans for an accelerated and expanded
drilling program at the Pistol Bay Gold Project, Nunavut, Canada
TORONTO,
Jan. 22, 2013 /CNW/ - Northquest Ltd.
(TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is please to
provide an update on the planned accelerated and expanded drilling
program at the Pistol Bay Gold Project, Nunavut, Canada. The Pistol Bay Gold Project
consists of 675 square kilometres of mineral rights covering a 50
kilometre strike length of the Pistol Bay Corridor, a west-trending
lineament which contains numerous gold occurrences. 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 and
has obtained economically interesting drilling intersections at
three targets over a 20 kilometre long segment of the Pistol Bay
Corridor.
Accelerated and Expanded Exploration Program
Planned for the Pistol Bay Project
Northquest is committed to increasing the rate of drilling and
improving the continuity of news flow from the Pistol Bay Project,
which has had two relatively short field seasons in 2011 and 2012.
Accordingly, in April 2013, the
Company intends to complete the construction of an all weather camp
facility on the site of the current summer camp, with the goal of
commencing drilling operations on May 1,
2013. The objective is to have drilling operations at the
Project for a minimum of 8 months per year which should be feasible
given the excellent infrastructure of the Project which includes an
all season gravel road through the centre of the property, Arctic
Ocean coastline within the property boundary, and an air strip,
with daily flights from Winnipeg,
one kilometre from the property boundary.
At the Vickers Target, fourteen drill holes
(3,600 metres) have intersected the Vickers Main Zone, which is an
epizonal, silica-gold zone in the brecciated margin and footwall of
a dioritic intrusion. The maximum limits of the mineralized zone
have not been determined, however, drill holes by Northquest have
intersected the zone over a strike length of 200 metres, and to a
depth of 300 metres, and the zone varies in width from 50 to 160
metres. The best drilling intersection obtained to date is 156.48
metres grading 8.23 grams gold per tonne in drill hole PB-12-22.
Northquest intends to complete an IP/resistivity survey of the
Vickers Target and additional drilling in 2013. The drilling will
consist of infill drilling on certain drilling sections,
exploratory drilling to determine the limits of the mineralized
zone (which is open in all directions), and exploratory drilling to
determine the nature, size, and grade of untested, gold-bearing,
surface outcrops at the V2 Zone, 200 metres south of the Vickers
Main Zone, as well as any other targets that are defined in the
IP/resistivity survey.
At the Sako Target, seven, widely-spaced, drill
holes (1,087 metres) have intersected a sequence of
silica-pyrite-sericite schists and iron formation fragments in a
fold nose with 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. The current thinking is that the width and grade of
the gold bearing formation improves towards the east. Northquest
intends to complete an IP/resistivity survey and follow up drilling
as soon as possible in 2013.
At the Bazooka Target, four drill holes (526
metres) were completed in 2012. The target is a 2 kilometre by 3
kilometre, highly contorted, banded iron formation anomaly. Drill
hole PB-12-04 intersected 2.10 grams gold per tonne over 11.17
metres, and the other three widely spaced drill holes at the target
did not intersect the iron formation. Northquest intends to
complete a frequency domain EM survey at Bazooka and additional
drilling as soon as possible in 2013.
The Mauser Group of gold occurrences in the
western part of the property, which were acquired in 2012, will be
evaluated to determine whether initial drilling is warranted in
2013. In addition, other new targets that are defined in the most
recent airborne survey will be evaluated and drilled in 2013 if
warranted.
The economically interesting drilling results at
the Sako, Vickers, and Bazooka targets occur over a 20 kilometre
long strike length of the Pistol Bay Corridor, and were discovered
or drilled within 20 months with expenditures of less than
$5 million.
Web Site Updated and Expanded
Northquest has expanded and updated the Company web site
www.northquest.biz and has published concise descriptions and
summaries of the project results as well as all of the drill logs
from 2012, drilling plan maps, cross sections, and target maps at a
variety of scales.
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.
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.