Northquest Ltd. reports diamond drilling results from the Pistol Bay Gold Project, Nunavut, Canada - Two of three drilling ta...
December 23 2011 - 4:51AM
PR Newswire (Canada)
-- 2.44 grams gold per tonne over 7.00 metres at the Pistol
Porphyry Target -- 2.00 grams gold per tonne over 6.17 metres at
the Sako Target TORONTO, Dec. 23, 2011 /CNW/ - Northquest Ltd.
(TSX.V-NQ) ("Northquest" or "the Company") announces that it has
finally received all of the assays from 17 drill holes totalling
2,517 metres which tested three target areas of 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. 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, ground geological exploration
work, consisting of mapping, sampling, ground magnetometer
surveying, was completed from July 1 to August 15(th), 2011, and
diamond drilling commenced on August 12, 2011 and terminated on
September 23, 2011. Summary of Diamond Drilling Results Three
target areas, known as the Pistol Porphyry, Cooey, and Sako targets
were tested by diamond drilling. Remarkably, these are the first
holes ever drilled at these targets. The results of the drilling
are summarized below and listed in detail in Tables 1 to 3 at the
end of this press release. Pistol Porphyry Target: 2.44 grams gold
per tonne over 7.0 metres Six drill holes totalling 1055.73 metres
were drilled at the Pistol Porphyry target. The Pistol Porphyry
target is a hydrothermally altered feldspar porphyry containing
disseminated and stringer pyrite within pseudobreccia and
heterolithic diatreme breccia. The mineralized zone has been traced
for 700 metres on surface and has an apparent true width of up to
30 metres. The drill holes tested a 150 metre strike length of the
mineralized zone. The best intersection was 2.44 grams gold per
tonne over 7.0 metres in Hole 2. In addition, there were 15 other
intersections containing greater than 1 gram gold per tonne over at
least 1.0 metre along strike of the zone intersected in Hole 2. The
detailed results are listed in Table 1. The highest grade part of
the mineralized zone in Hole 2 is contained within a very large
envelope of mineralized porphyry grading 0.53 grams gold per tonne
over 51.3 metres. This very large body of lower grade rock was
intersected in the other five drill holes as well. A rigorous
interpretation of the geology and continuity of the gold-bearing
rock in this target is underway. Cooey Target: 5.11 grams gold per
tonne over 1.0 metre Seven holes totalling 828.6 metres were
drilled at the Cooey target. The Cooey target consists of a single
outcrop of deformed iron formation from which samples collected by
the Company contain several grams gold per tonne. The magnetic
survey indicates that this iron formation outcrop is within an area
of deformed and dismembered iron formation over a strike length of
several kilometres. The drill holes tested the mineralized outcrop
and several covered magnetic anomalies over a strike length of 1.5
kilometres. In spite of the fact that some core samples contained
up to 5.11 grams gold per tonne over 1.0 metre, continuity of
mineralization could not be established and no further work is
currently planned in this area. The detailed results from the Cooey
target are listed in Table 2. Sako Target: 2.00 grams gold per
tonne over 6.17 metres Four holes totalling 632.9 metres were
drilled at the Sako target. The Sako target consists of several
gold-bearing outcrops of deformed iron formation, and pyritic,
quartz-sericite schists, within a regionally-extensive shear zone
corridor which has a nominal width of 900 metres and a strike
length of at least 20 kilometres. Drill Hole 13, a wildcat hole
drilled under an outcrop from which a grab sample contained 1.55
grams gold per tonne, intersected 2.00 grams gold per tonne over a
core length of 6.17 metres. The other three drill holes at Sako are
500 metres to the northwest of Hole 13. Hole 14 intersected 4.91
grams gold per tonne over 1.00 metre and is probably on strike of
the structure intersected in Hole 13. No other holes were drilled
at Sako, hence, the mineralized zone intersected in Hole 13, which
looks very promising, needs to be further tested by additional
drilling down-dip and in all directions. Bazooka Gold Target: High
grade gold-bearing surface samples The Bazooka target is 20
kilometres west of the Sako target, within the same deformation
corridor, 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
indicates that this small outcrop is within a 4 by 9 kilometre area
of intensely-folded iron formation which is covered by overburden.
In a previous press release, the Company reported that three grab
samples collected from this outcrop contained between 1.58 to 8.07
grams gold per tonne. The results of additional sampling from the
Bazooka occurrence are listed below. Because this is a new
discovery, this target was not permitted for drilling in 2011,
however, the Company intends to complete a ground magnetometer
survey and drilling at this target in 2012. Selected grab sample
results from the Bazooka target
_____________________________________________________________________
|Sample|Au g/t|Description |
|______|______|_______________________________________________________|
|891110|4.30 |quartz vein with 75% coarse grained pyrite |
|______|______|_______________________________________________________|
|891111|1.92 |30% pyrite in a 20 cm wide quartz vein |
|______|______|_______________________________________________________|
|891112|1.18 |as above |
|______|______|_______________________________________________________|
|891113|11.90 |75% pyrite in a 70 cm wide quartz vein |
|______|______|_______________________________________________________|
|891114|0.23 |5% pyrite and 1% pyrrhotite in a 20 cm wide quartz
vein|
|______|______|_______________________________________________________|
|891115|0.57 |5% pyrite in a 20 cm wide quartz vein |
|______|______|_______________________________________________________|
|891116|14.50 |90% pyrite in 20 cm wide quartz vein |
|______|______|_______________________________________________________|
|891117|trace |Massive magnetite |
|______|______|_______________________________________________________|
|891118|0.13 |chloritic turbidite |
|______|______|_______________________________________________________|
|890870|1.58 |sulphidized iron formation with 10% pyrite |
|______|______|_______________________________________________________|
|890871|1.68 |20 cm wide quartz vein with 15% massive and stringer
| | | |pyrite |
|______|______|_______________________________________________________|
|890872|8.07 |80% pyrite in a 20 cm wide quartz vein within | | |
|magnetite-rich iron formation |
|______|______|_______________________________________________________|
Jon North, President and CEO of the Company stated that " Within 12
months the Pistol Bay gold project has evolved from being a great
idea to a project where two out of three drilling targets have been
validated with commercially interesting intersections. This is
exactly what we set out to do a year ago, and in anticipation of
this, we have stored the diamond drill on site so that we can
complete Phase 2 drilling at the Pistol Porphyry and Sako targets
as soon as possible. In addition, numerous, very high grade surface
samples have been collected from the Bazooka target, which we
intend to permit for drilling in 2012". 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 25,290,823 shares outstanding
(38,320,035 on a fully diluted basis). For further
information please visit www.northquest.biz. TABLES OF DETAILED
DRILLING RESULTS Table 1. Detailed drilling results from the Pistol
Porphyry target
____________________________________________________________________
|Hole # |Inclination|From (m)|To (m)|Length (m)|Au g/t|Total
length|
|_________|___________|________|______|__________|______|____________|
|PB-11-1 | -50| 96.12|178.77| 82.60| 0.41| 285.67|
|_________|___________|________|______|__________|______|____________|
|including| | 110.70|111.70| 1.00| 1.08| |
|_________|___________|________|______|__________|______|____________|
|and | | 128.70|129.70| 1.00| 2.34| |
|_________|___________|________|______|__________|______|____________|
|and | | 157.90|159.70| 1.80| 1.27| |
|_________|___________|________|______|__________|______|____________|
|and | | 160.70|166.70| 6.00| 2.00| |
|_________|___________|________|______|__________|______|____________|
|and | | 171.70|172.70| 1.00| 2.02| |
|_________|___________|________|______|__________|______|____________|
|and | | 175.68|178.77| 3.09| 1.33| |
|_________|___________|________|______|__________|______|____________|
|PB-11-2 | -50| 71.30|122.60| 51.30| 0.53| 218.59|
|_________|___________|________|______|__________|______|____________|
|including| | 106.60|107.60| 1.00| 2.87| |
|_________|___________|________|______|__________|______|____________|
|and | | 113.60|120.60| 7.00| 2.44| |
|_________|___________|________|______|__________|______|____________|
|PB-11-3 | -50| 3.80| 76.17| 72.37| 0.31| 99.67|
|_________|___________|________|______|__________|______|____________|
|including| | 46.17| 53.17| 7.00| 1.05| |
|_________|___________|________|______|__________|______|____________|
|PB-11-4 | -50| 65.23|127.10| 61.87| 0.20| 127.10|
|_________|___________|________|______|__________|______|____________|
|including| | 72.23| 75.23| 3.00| 1.16| |
|_________|___________|________|______|__________|______|____________|
|PB-11-5 | -50| 35.17| 46.80| 11.63| 0.49| 139.30|
|_________|___________|________|______|__________|______|____________|
|including| | 40.80| 43.80| 3.00| 1.39| |
|_________|___________|________|______|__________|______|____________|
|and | | 87.80| 99.99| 11.19| 0.84| |
|_________|___________|________|______|__________|______|____________|
|including| | 88.80| 92.49| 3.69| 1.89| |
|_________|___________|________|______|__________|______|____________|
|and | | 98.49| 99.99| 1.50| 1.49| |
|_________|___________|________|______|__________|______|____________|
|PB-11-17 | -85| 14.47|140.28| 125.81| 0.27| 185.4|
|_________|___________|________|______|__________|______|____________|
|including| | 19.47| 21.47| 2.00| 1.64| |
|_________|___________|________|______|__________|______|____________|
|and | | 84.82| 85.82| 1.00| 1.01| |
|_________|___________|________|______|__________|______|____________|
|and | | 114.19|117.19| 3.00| 1.08| |
|_________|___________|________|______|__________|______|____________|
|and | | 138.28|140.28| 2.00| 1.35| |
|_________|___________|________|______|__________|______|____________|
Note: Au g/t means grams of gold per tonne. Selected higher grade
intersections listed are based on a 1 g/t cut off grade over an
interval of at least 1 metre. Sample intervals reflect drill core
length and do not necessarily represent the true width of the
mineralized body of rock. Table 2. Detailed drilling results from
the Cooey target
___________________________________________________________________
|Hole # |Inclination|From (m)|To (m)|Length (m)|Au g/t|Total
length|
|________|___________|________|______|__________|______|____________|
|PB-11-6 |-50 | | | | NSV| 69.20|
|________|___________|________|______|__________|______|____________|
|PB-11-7 |-65 | | | | NSV| 139.00|
|________|___________|________|______|__________|______|____________|
|PB-11-8 |-50 | 106.04|107.04| 1.00| 5.01| 151.50|
|________|___________|________|______|__________|______|____________|
|PB-11-9 |-50 | 57.21| 58.21| 1.00| 5.11| 136.30|
|________|___________|________|______|__________|______|____________|
|PB-11-10|-50 | | | | NSV| 130.20|
|________|___________|________|______|__________|______|____________|
|PB-11-11|-50 | | | | NSV| 87.50|
|________|___________|________|______|__________|______|____________|
|PB-11-12|-50 | | | | NSV| 114.90|
|________|___________|________|______|__________|______|____________|
Table 3. Detailed drilling results from the Sako target
___________________________________________________________________
|Hole # |Inclination|From (m)|To (m)|Length (m)|Au g/t|Total
length|
|________|___________|________|______|__________|______|____________|
|PB-11-13|-50 | 41.32| 47.49| 6.17| 2.00| 175.90|
|________|___________|________|______|__________|______|____________|
|PB-11-14|-50 | 45.09| 46.59| 1.50| 3.44| 212.00|
|________|___________|________|______|__________|______|____________|
|and | | 82.04| 83.04| 1.00| 4.91| |
|________|___________|________|______|__________|______|____________|
|and | | 97.34| 98.34| 1.00| 1.08| |
|________|___________|________|______|__________|______|____________|
|PB-11-15|-70 | | | | NSV| 121.00|
|________|___________|________|______|__________|______|____________|
|PB-11-16|-50 | | | | NSV| 124.00|
|________|___________|________|______|__________|______|____________|
Note: Au g/t means grams of gold per tonne. Sample intervals
reflect drill core length and do not necessarily represent the true
width of the mineralized body of rock. NSV means no significant
values. 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. Northquest
Ltd. CONTACT: Dr. Jon NorthPresident and Chief Executive
OfficerTel. (416) 306-0202Tanya MahadeoInvestor RelationsTel. (416)
306-0486
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