Northquest Ltd. announces additional drilling results from the Pistol Bay Gold Project, Nunavut, Canada
Tuesday, Nov 27, 2012
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 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.
Over the past 20 months, since field operations commenced in April 2011, the Company has completed two airborne geophysical surveys and 7,097 metres of diamond drilling in 39 drill holes, of which 3,600 metres of drilling and 14 drill holes (excluding PB-12-08 which was abandoned) were completed at the Vickers Target. The other drill holes were drilled at the Pistol Porphyry and Cooey Targets (13 drill holes, 1,884 metres), which lack sufficient merit for further exploration, and the Sako and Bazooka Targets which require follow up drilling. At the Sako Target, 7 drill holes (1,087 metres) have been drilled in widely spaced scout drilling yielding highlight drilling intersections of 2.00 grams gold per tonne over 6.17 metres in drill hole PB-11-13 and 1.76 grams gold per tonne over 15.53 metres in PB-12-02 which were drilled 50 metres apart. At the Bazooka Target, four drill holes (526 metres) were drilled in 2012. PB-12-04 intersected 2.38 grams gold per tonne over 9.37 metres, and the other 3 widely spaced drill holes at the target did not intersect the target rocks. The total exploration expenditures (excluding acquisition and staking costs) to date, are $4.9 million dollars. In summary the Company has obtained economically interesting drilling results at three widely spaced targets (Sako, Vickers, and Bazooka) over a 20 kilometre long strike length of the Pistol Bay Corridor, within 20 months and with expenditures less than $5 M. It is the opinion of management that these early and relatively inexpensive results demonstrate that the Pistol Bay Corridor is a highly prospective mineralized trend and that the rocks in the trend are permissive for a district of gold deposits.
The Vickers Target is an elliptical gabbro-diorite intrusive complex with a long axis of 1 kilometre. The gabbro-diorite intrusion is within silicified felsic schist and mylonite of a linear zone referred to as the Pistol Bay Corridor. Gold in surface outcrops occurs in a silicic, chloritic, breccia body exposed in the margin and footwall of the intrusion. The contact between the mineralized intrusion and the mineralized footwall sequence dips south at approximately 60 to 70 degrees. Fourteen drill holes (3,600 metres total) have been completed at the Vickers Target.
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.
SOURCE: Northquest Ltd.