Northquest Ltd. (TSX VENTURE:NQ) ("Northquest" or "the Company")
announces that it has received additional, surface sample results,
and has completed 17 drill holes, totalling 2,515 metres, 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, and ground magnetometer
surveying, was completed from July 1 to August 15th, 2011. The
first phase of diamond drilling commenced on August 12, 2011 and
was finished on September 23, 2011. The Company has retained the
diamond drill on site and anticipates that the next phase of
diamond drilling will commence in June, 2012.
The results of reconnaissance surface grab samples collected in
August, from the Hourglass Lake Gold Occurrence have been received
and the highlights of the sampling are set out below. The Hourglass
Lake area consists of a 6.28 square kilometre staked claim 70
kilometres southwest of the main contiguous block of claims of the
Pistol Bay project.
Hourglass Lake Gold Occurrence
During the 1980's, exploration geologists working for INCO
discovered gold mineralization exceeding 1 gram gold per tonne in
quartz veins and silicified basalt near Hourglass Lake. One of the
gold-bearing zones was interpreted as a northeast-trending quartz
vein stockwork with a strike length of 500 metres and a width of up
to 1.5 metres. An aggregate assay of 49.2 grams gold per tonne was
reported over 1.9 metres from a surface sample of this zone and a
scout drilling program of 11 drill holes confirmed the continuity
of the zone.
In the 2011 field season, Northquest Ltd. conducted sampling at
Hourglass Lake in order to verify the location and grade of the
surface samples reported by INCO more than 20 years ago. A total of
33 samples were collected from the largest quartz vein stockwork
referred to herein as Zone 1 and from several other mineralized
outcrops in the area of Zone 1.
The highlights of assay results of selected grab samples are set
out below:
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Sample Au g/t Description
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891344 63.20 0.5 m chip sample from 1.5 metre wide pyritic Zone 1
quartz vein taken at the south end of Zone 1
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891067 1.16 Pyritic gossan in silicified basalt located 150 m east
of Zone 1
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891069 3.24 Pyritic gossan in silicified basalt located 500 m east
of Zone 1
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891071 10.70 Pyritic gossan in silicified basalt with quartz
veinlets located 750 m southeast of Zone 1
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891073 1.75 Pyritic gossan in silicified basalt with quartz
veinlets located 750 m southeast of Zone 1
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891105 11.40 Chip sample from 1.5 metre wide Zone 1 quartz vein
containing 1 to 2% pyrite and pyrrhotite (located 50 m
northeast of sample 891344)
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890950 11.95 Chip sample from 60 cm wide quartz vein located at the
north end of Zone 1 (located 500 m north of sample
891344)
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890947 1.02 Grab sample from 25 cm wide quartz vein located 500 m
northwest of Zone 1
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891410 54.60 Grab sample of gossanous basalt containing 2% combined
chalcopyrite and pyrite at the interpreted location of
Zone 1 (located 100 m northeast of sample 891344)
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(Note: Au g/t means grams of gold per tonne).
Update on Diamond Drilling
The Company has completed 17 diamond drill holes (totalling
2,515 metres) at Pistol Bay. Six drill holes, totalling 1,053
metres, were drilled at the Pistol Porphyry gold occurrence, seven
drill holes, totalling 829 metres, were drilled at the Cooey
occurrence, and four drill holes, totalling 633 metres, were
drilled at the Sako occurrence. It is anticipated that the Company
will start to receive and verify drilling assays in November.
Jon North, President and CEO of the Company stated that "the
surface sample results from Hourglass Lake include bonanza gold
grades. This mineral occurrence adds to our inventory of drilling
targets for 2012 which includes the new discovery of high grade
gold in surface samples at the Bazooka occurrence. In addition, we
are optimistic that the drilling results from the main claim block
at Pistol Bay will require follow up drilling. Accordingly, we look
forward to commencing our second phase of drilling on this project
as soon as possible in 2012 on a mix of targets, including
follow-up drilling targets and untested, high grade surface gold
occurrences."
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