Northquest Ltd. Announces Additional Drilling Results from the
Pistol Bay Gold Project, Nunavut, Canada
PB-12-18 INTERSECTS 163.20 METRES GRADING 2.11 GRAMS GOLD PER
TONNE AT THE VICKERS TARGET
TORONTO,
Nov. 19, 2012 /CNW/ - Northquest Ltd.
(TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") announces
additional drilling results from the Pistol Bay Gold Project,
Nunavut, Canada. The project
consists of 675 square kilometres of mineral rights covering a 50
kilometre strike length of a 2 kilometre wide alteration zone known
as the Pistol Bay Corridor, which contains numerous gold
occurrences. The results herein are from the Vickers Target.
The Company has completed 4,580 metres of drilling this year and
drilling operations are currently suspended for the winter. It is
anticipated that drilling will resume in June 2013.
Vickers Target
The Vickers Target is an elliptical, 1 kilometre
diameter, gabbro-diorite intrusive complex within silicified schist
and mylonite of the Pistol Bay Corridor. A gold-bearing, siliceous,
chloritic breccia zone is exposed in the margin and footwall of the
intrusion in surface outcrops. The contact between the mineralized
intrusion and the mineralized footwall sequence dips south at
approximately 70 degrees. Fifteen drill holes (3,600 metres) have
been completed at the Vickers Target.
The Company has received and verified the
complete assay results from PB-12-13 to 18 and the results of the
drill holes are set out below.
Hole |
Length (m) |
Azimuth |
Collar Inclination |
From (m) |
To (m) |
Intersection Length |
Au (g/t) |
PB-12-13 |
133.23 |
00 |
-50 |
48.08 |
108.30 |
60.22 |
1.76 |
PB-12-14 |
236.83 |
00 |
-50 |
0.44 |
21.44 |
21.00 |
0.92 |
and |
|
|
|
117.21 |
180.60 |
63.39 |
2.06 |
PB-12-15 |
245.97 |
00 |
-50 |
24.60 |
50.60 |
26.00 |
0.64 |
and |
|
|
|
172.65 |
216.42 |
43.77 |
0.85 |
PB-12-16 |
255.12 |
315 |
-50 |
36.80 |
255.12 |
218.32 |
0.82 |
including |
|
|
|
36.80 |
69.04 |
32.24 |
1.38 |
and |
|
|
|
170.91 |
243.25 |
72.34 |
1.48 |
PB-12-17 |
249.02 |
00 |
-50 |
74.17 |
197.71 |
123.54 |
1.02 |
PB-12-18 |
265.18 |
00 |
-50 |
18.37 |
181.57 |
163.20 |
2.11 |
including |
|
|
|
18.37 |
35.37 |
17.00 |
3.88 |
and |
|
|
|
46.84 |
85.79 |
38.95 |
4.66 |
Visible gold grains were not documented in Hole
PB-12-13. In drill hole PB-12-14, visible gold grains were
documented at three locations in the drill core from 117.21 metres
to 176.60 metres (59.39 metres of core length). In drill hole
PB-12-15, visible gold grains were documented at 180.42 metres. In
PB-12-16, visible gold grains were documented at seven locations in
the drill hole from 105.24 to 237.40 (132.64 metres of core
length). In PB-12-17 visible gold grains were documented at 79.17
metres. In PB-12-18 visible gold grains were documented at 32.74
metres.
The six drill holes reported herein, plus the
four holes that have already been released from the Vickers Target
have consistently intersected a mineralized zone with a thickness
that varies from approximately 90 to 175 metres in the drilling
sections. The drill holes have intersected the mineralized zone
over a strike length of 150 metres.
The results of the remaining drill holes from
the Vickers Target will be released upon receipt and verification
of the drill core assays. Up to date drilling plans and sections
and the entire drill hole logs will be uploaded to the Company's
web site www.northquest.biz as soon as possible.
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.
Northquest also wishes to make note of its
earlier disclosure in a press release dated July 26, 2012, a material change report dated
August 7, 2012 and financial
statements and management's discussion and analysis in respect of
the fiscal year ended June 30, 2012,
reporting on its financing completed on July
26, 2012 (the "Offering"), to confirm that it issued 322,000
broker warrants pursuant to the Offering as opposed to 252,000
broker warrants as previously reported.
Drill core samples of BTW size were collected
and cut in half with a rock saw on site. In general, sample lengths
vary from 1.0 to 1.5 metres. Rock samples were analyzed by ALS
Chemex analytical laboratory in Vancouver, Canada, by ALS method
Au-SCR21 in which 1 kg of sample pulp
is passed through a 100 micron screen and all of the coarse
material on the screen is assayed by Au-GRA-21 and two samples of
homogenized pulp that passed through the screen are assayed by
Au-AA25 and Au-AA25D which is fire assay with AA finish on a 30
gram sample charge. Finally the weighted average of all assays is
calculated by the laboratory and reported as the gold concentration
of the rock sample. 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. NSV means "no
significant values", g/t means "grams gold per tonne", and the
reported intersections are for drill core length and do not
necessarily represent true widths.
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.
SOURCE Northquest Ltd.
Image with caption: "Vickers Drill Plan (CNW Group/Northquest
Ltd.)". Image available at:
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Image with caption: "Section 8800W Looking West (CNW
Group/Northquest Ltd.)". Image available at:
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Image with caption: "Section 8825W Looking West (CNW
Group/Northquest Ltd.)". Image available at:
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Image with caption: "Section 8850W Looking West (CNW
Group/Northquest Ltd.)". Image available at:
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Image with caption: "Section 8875W Looking West (CNW
Group/Northquest Ltd.)". Image available at:
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Image with caption: "Section 8900W Looking West (CNW
Group/Northquest Ltd.)". Image available at:
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Image with caption: "Section 8950W Looking West (CNW
Group/Northquest Ltd.)". Image available at:
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