Northquest Ltd. announces additional drilling results from the Pistol Bay Gold Project, Nunavut, Canada
Tuesday, Nov 20, 2012
TORONTO, November 19, 2012 /PRNewswire/ --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.
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.
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 http://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 http://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.
Source: Northquest Ltd.