Northquest Ltd. Reports Surface Sampling Results and an Update on Diamond Drilling at the Pistol Bay Gold Project, Nunavut, C...
August 22 2011 - 1:26PM
Marketwired Canada
Northquest Ltd. (TSX VENTURE:NQ) ("Northquest" or "the Company") announces that
it has received partial, surface grab and channel sample results, and has
completed 4 drill holes at the Pistol Bay Gold Project, Nunavut, Canada.
The project consists of approximately 1,100 square kilometres of mineral rights
located approximately 60 kilometres south of Rankin Inlet, Nunavut, in the
Rankin Ennadai Greenstone Belt. The Pistol Bay Gold Project is within a
mineralized corridor of rocks in an analogous geological setting to the
Meliadine Gold Project of Agnico Eagle Mines located 80 kilometres to the north
of the Pistol Bay Gold Project.
An airborne magnetometer survey of the Pistol Bay Gold Project was completed in
April, 2011, and ground geological exploration work, consisting of mapping,
sampling, ground magnetometer surveying, and drilling target selection and
ranking has been ongoing since June 28, 2011. The results of some of the
reconnaissance grab and channel samples collected in July, 2011, have been
received and the highlights of the sampling are set out below. (Note: Au g/t
means grams of gold per tonne).
Pistol Porphyry Gold Occurrence
The highlights of assay results of selected grab samples over a 700 metre strike
length of the core area of the Pistol Porphyry gold occurrence are listed below.
The Company is currently completing five diamond drill holes in this area.
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Sample Au g/t Description
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890655 3.86 Grab sample of altered feldspar porphyry with disseminated
pyrite
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890656 0.17 Grab sample of altered feldspar porphyry with disseminated
pyrite
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890657 3.25 Grab sample of altered feldspar porphyry with disseminated
pyrite
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890658 0.28 Grab sample of altered feldspar porphyry with disseminated
pyrite
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890659 4.33 Grab sample of altered feldspar porphyry with disseminated
pyrite
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890660 1.65 Grab sample of altered feldspar porphyry with disseminated
pyrite
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890661 0.40 Grab sample of altered feldspar porphyry with disseminated
pyrite
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Cooey Gold Occurrence
The Cooey occurrence is 8 kilometres southeast of the Pistol Porphyry
occurrence. One metre long channel samples were collected from a single, small
outcrop on the north limb of the 2,200 metre by 800 metre Cooey magnetic anomaly
and selected grab samples were collected from outcrops of the well exposed south
limb. The highlights of the assay results are listed below.
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Sample Au g/t Description
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890504 1.15 1 m long channel sample of iron formation with quartz
veins and pyrite, north limb
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890802 1.51 Grab sample of pyritic iron formation in contact with
feldspar porphyry
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Sako Gold Occurrence
The Sako occurrence is 4 kilometres south of the Pistol Porphyry occurrence and
4 kilometres northwest of the Cooey occurrence. Shear zone fabric indicates that
the Sako and Cooey occurrence (north limb) are the same structure, however,
there are few outcrops between the two gold occurrences. The Sako occurrence is
in the axis of a fold nose in iron formation with a wavelength of over 2
kilometres. In the axis of the fold nose, dismembered blocks of iron formation
and feldspar porphyry are crosscut by a 900 metre wide high strain zone of
pyritic, sericite-carbonate schist with abundant pyritic gossan. Sampling
highlights from a 200 by 300 metre area of mineralized outcrops indicate that
gold is concentrated in all rock types. The sample highlights are listed below.
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Sample Au g/t Description
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890597 1.44 Grab sample of 0.5 m quartz-pyrite vein in sericitic shear
zone
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890598 5.07 Grab sample of 0.5 m quartz-pyrite vein in sericitic shear
zone
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890600 3.33 Grab sample of iron formation with carbonate and sericite
in shear zone
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890815 2.08 1 m channel sample of pyritic, sericite schist in shear
zone
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Bazooka Gold Occurrence
The Bazooka occurrence is a new discovery made in July, 2011. It is 20
kilometres west of the Sako and Cooey occurrences and consists of a single,
small outcrop of pyritic, sulphidized iron formation cross cut by numerous,
discordant, quartz-pyrite-carbonate veins. The airborne magnetic survey which
was completed in April, 2011 indicates that this small outcrop is within a 4 by
9 kilometre area of intensely-folded iron formation which is not exposed in
outcrop. A ground magnetometer survey and additional sampling are required to
prepare the target for drilling. The sample results from the Bazooka occurrence
are listed below.
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Sample Au g/t Description
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890870 1.58 Grab sample of iron formation with 10% secondary pyrite
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890871 1.68 Grab sample of 20 cm quartz vein with 15% pyrite in iron
formation
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890872 8.07 Grab sample of 20 cm quartz vein with 80% pyrite in iron
formation
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Update on Diamond Drilling
The Company has completed 4 diamond drill holes (732 metres of drilling of an
anticipated 2,500 metres of drilling since the commencement of drilling on
August 12, 2011). All of the completed holes were drilled at the Pistol Porphyry
gold occurrence. A siliceous breccia zone, varying in width from 20 to 30 metres
(approximate true width), with disseminated grains and stringers of pyrite,
hematite, and magnetite has been intersected in all of the holes. It is
anticipated that a total of 5 holes, over a strike length of 150 metres, will be
drilled at the Pistol Porphyry occurrence, before the drill moves to the Cooey
occurrence. It is anticipated that 5 drill holes will be completed at the Cooey
occurrence. Contingent upon the results of additional surface sample assays and
completion of additional reconnaissance work, the Company may complete some
drilling at the Sako occurrence. The Bazooka occurrence is a new discovery and
the Company has not obtained the necessary permits to drill the occurrence this
year, however, the Company intends to complete further reconnaissance and
sampling at the Bazooka occurrence in preparation for drilling in 2012.
Jon North, President and CEO of the Company stated that "these initial results
of surface sampling are an important validation of our original thinking about
the nature and distribution of gold on the property. We are particularly
interested in defining the grade and limits of the gold mineralization at the
Pistol Porphyry, Cooey, and Sako occurrences. In addition, we are very
interested in exploring and assessing the 4 kilometre long, 900 metre wide,
gold-bearing shear zone corridor that connects the Cooey and Sako occurrences.
Lastly, we are delighted to have made the new discovery at the Bazooka
occurrence, some 20 kilometres west of the Sako/Cooey occurrence, which occurs
in similar stratigraphy as the Sako/Cooey occurrence".
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 25,780,823 shares outstanding (38,710,034 on a fully
diluted basis). For further information please visit www.northquest.biz.
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. 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.
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.