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.
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.
Contacts: Northquest Ltd. Dr. Jon North President and Chief
Executive Officer (416) 306-0202 Northquest Ltd. Tanya Mahadeo
Investor Relations (416) 306-0486