NINE NEW TARGETS DISCOVERED - SURFACE GRAB SAMPLES CONTAIN UP
TO 87.20 GRAMS GOLD PER TONNE AT THE SAKO TARGET
TORONTO,
Nov. 18, 2013 /CNW/ - Northquest Ltd.
(TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to
announce the results of property-wide geological reconnaissance
sampling and prospecting from the Pistol Bay Gold Project,
Nunavut, Canada. The project
consists of 861 square kilometres of mineral rights covering a 90
kilometre strike length of the Pistol Bay Trend, which is a
west-trending series of gold occurrences and gold zones intersected
in holes drilled by Northquest in 2011, 2012, and 2013.
In the past three years, since field operations
commenced in April 2011, the Company
has completed two airborne geophysical surveys and 9,110 metres of
diamond drilling in 48 drill holes focussing on the Vickers, Sako,
and Bazooka Targets, which occur over a 20 kilometre strike length
of the Pistol Bay Trend.
In 2013, Northquest completed a comprehensive,
property-wide, reconnaissance geological and prospecting program
over the entire 90 kilometre strike length of the property.
Traverses were completed on a nominal 1 kilometre spacing in the
west half of the property, which was acquired by staking in March,
2013. Traverses were more closely-spaced in the east half of the
property, where detailed airborne surveys and all of the drilling
to date, have been completed. A map of the surface sampling
described herein is published on the Company web site
www.northquest.biz. The results of this work is described
below.
Sako Target
Seven widely-spaced drill holes (1,087 metres) were completed at
this target in 2011 and 2012. Two new areas of gold-bearing rock
were discovered on the Sako grid in 2013, viz.: i) in the central
part of the grid, ten rock samples of boulders and outcrops
contain up to 87.20 grams gold per tonne over a 300 metre strike
length of an untested IP anomaly between drill holes PB-11-15 and
PB-12-03, and ii) nine rock samples of boulders and outcrops
contain up to 6.33 grams gold per tonne over a 200 metre strike
length of an untested IP anomaly east of PB-12-02. Most of the
gold-bearing samples are of "high silica rock" interpreted as
silicified felsic porphyry which both hosts, and intrudes a
gold-bearing iron formation. The rock samples are listed and
described in the table below.
Rock samples in the central part of the Sako
Grid
Sample |
Grams gold
per tonne |
Description |
893696 |
87.20 |
outcrop of silicified iron formation
with gossan, wall rock to quartz stockwork, 60% pyrite |
893697 |
5.98 |
frost heave of quartz-sericite-pyrite
schist, 50% pyrite |
893698 |
2.49 |
frost heave of quartz-sericite-pyrite
schist, 40% pyrite, trace galena |
893803 |
0.70 |
frost heave of
quartz-sericite-carbonate breccia, 5% pyrite |
893804 |
0.70 |
frost heave of high silica rock, 40%
pyrite |
893805 |
38.10 |
frost heave of high silica rock, 40%
pyrite |
893806 |
2.49 |
angular float of high silica rock,
20% pyrite, trace galena |
893813 |
<0.05 |
iron formation outcrop, demagnetized,
3% pyrite |
893815 |
11.90 |
0.50 metre quartz vein in gossanous
quartz-sericite schist, 3% pyrite, trace galena |
893816 |
0.50 |
quartz-sericite schist outcrop, 2%
pyrite |
Rock samples in the eastern part of the Sako
Grid
Sample |
Grams gold
per tonne |
Description |
893742 |
1.47 |
high silica rock, 1 to 2% pyrite |
893730 |
4.79 |
sericite-carbonate schist, 20%
quartz, 3 to 5% pyrite |
893732 |
0.23 |
high silica rock, 2% pyrite |
893731 |
0.24 |
iron formation, strongly magnetic,
trace pyrite |
893721 |
2.38 |
high silica rock, 3 to 5% pyrite, 3
to 5% arsenopyrite |
893720 |
0.13 |
foliated, carbonatized argillite, 1
to 2% pyrite |
893719 |
6.33 |
high silica rock, 10% pyrite |
893716 |
0.52 |
high silica rock, 2% pyrite |
893715 |
0.71 |
high silica rock, 1 to 3% pyrite |
Tikka Target
This is a field of frost heave on a parallel structure 1,000 metres
south of the Sako grid. Five rock samples of float and frost heave
contain up to 4.90 grams gold per tonne over a strike length of 800
metres. The rock types are similar to those at the Sako grid. The
frost heave is probably in situ, however, if it has been
glacially transported, the source area would be at least 1
kilometre west of the Sako grid where there is an outcrop that
contains 3.28 grams gold per tonne (sample 893755). The rock
samples are listed and described in the table below.
Sample |
Grams gold
per tonne |
Description |
890971 |
2.89 |
angular boulder/frost heave, high
silica rock with quartz veins, 30% pyrite |
890981 |
4.90 |
angular boulder/frost heave, 60%
pyrite in sericitic schist |
890989 |
2.55 |
angular boulder/frost heave, quartz
stockwork, 30% pyrite, in sericitic schist |
890994 |
0.72 |
angular boulder/frost heave, quartz
stockwork, 30% pyrite, in sericitic schist |
890988 |
0.65 |
angular boulder/frost heave, 30%
pyrite in siliceous porphyry |
Kimber Target
This target is a field of boulders and frost heave 1,500 metres
southeast of Vickers Target. Six rock samples contain up to 3.89
grams gold per tonne over a 2,000 metre strike length. Some
boulders resemble the rocks of the Vickers Zone. The boulder field
is mixed with iron formation boulders and rests upon a concealed
magnetic anomaly interpreted as iron formation suggesting that the
boulders are frost heave and in situ. This discovery may be
a new, concealed gold zone, or it may be glacially transported
boulders from the Vickers Target. The rock samples are listed and
described in the table below.
Sample |
Grams gold
per tonne |
Description |
849655 |
2.79 |
frost heave of silicified gabbro with
quartz veinlets, 1 to 2% pyrite |
849659 |
3.89 |
frost heave of silica-carbonate
breccia, 2% pyrite, possible chert fragments |
849676 |
1.38 |
frost heave of silica-carbonate
breccia, 1 to 2% pyrite |
849674 |
0.77 |
frost heave of silica-carbonate
breccia, 1 to 2% pyrite |
849657 |
2.85 |
frost heave of silicified gabbro with
quartz vein stockworks and 3 to 5% pyrite |
849677 |
1.25 |
frost heave of silicified gabbro with
quartz-carbonate veinlets, 3 to 5% pyrite, trace arsenopyrite |
Colt Target
This target occurs in outcrops 1 to 2 kilometres west of the
Vickers Target. Three rock samples contain up to 1.82 grams gold
per tonne. The target appears to be a western extension of the
Vickers Zone. The rock samples are listed and described in the
table below.
Sample |
Grams gold
per tonne |
Description |
849703 |
1.02 |
quartz stockwork in silica-sericite
schist, 1% pyrite |
849704 |
1.49 |
banded, high silica rock with 50%
pyrite stringers |
893866 |
1.82 |
carbonate-quartz-sericite schist,
shear-banded, 1 to 2% pyrite |
Purdey Target
This target is a cluster of three rock samples 6 kilometres west of
the Vickers Target containing up to 3.88 grams gold per tonne. The
target appears to be in the same stratigraphy and structural
setting as the Vickers and Colt Targets. The rock samples are
listed and described in the table below.
Sample |
Grams gold
per tonne |
Description |
849608 |
3.88 |
siliceous rock, possibly quartz
arenite, 20 to 30% pyrite |
849612 |
0.78 |
iron formation frost heave with
carbonate and trace pyrite in fractures |
849619 |
0.39 |
<0.5 metre quartz carbonate vein
with 25% pyrite |
Defender Target
This is an iron formation target near the Bazooka Target. Five rock
samples of sulphidized iron formation contain up to 2.13 grams gold
per tonne associated with conductivity anomalies in the limbs and
axis of a synclinal fold. The rock samples are listed and described
in the table below.
Sample |
Grams gold
per tonne |
Description |
849792 |
0.58 |
sulphidized iron formation, 3%
pyrite |
849752 |
2.13 |
sulphidized iron formation, 50%
pyrite |
849779 |
0.77 |
sulphidized iron formation, 50%
pyrite |
849780 |
0.72 |
sulphidized iron formation, 10%
pyrite |
849783 |
0.62 |
sulphidized iron formation, 40%
pyrite |
Webley Target
This target is a cluster of three rock samples containing up to
55.70 grams gold per tonne. The target is in a northeast-trending
shear zone in a variety of rock types, including granite and iron
formation, on the west contact of a 7 kilometre diameter granitic
pluton in contact with felsic volcanic rocks and iron formation.
The rock samples are listed and described in the table below.
Sample |
Grams gold
per tonne |
Description |
893791 |
55.70 |
1 metre quartz vein in granite, 1 to
2% pyrite |
849746 |
1.10 |
iron formation in contact with
granite, 15% pyrite replacement |
849801 |
1.30 |
iron formation in contact with
granite, 30% pyrite replacement |
CZ Target
This target is a cluster of four rock samples of quartz stockworks
and shear zones containing up to 4.09 grams gold per tonne in a
gabbro-diorite intrusion with a prominent magnetic anomaly. The
rock types are somewhat like the Vickers Target. The rock samples
are listed and described in the table below.
Sample |
Grams gold
per tonne |
Description |
893907 |
1.35 |
chloritized gabbro in a shear zone,
1% pyrite |
893913 |
1.91 |
quartz-feldspar porphyry with quartz
stockwork, 1% pyrite |
893908 |
4.09 |
gabbro with quartz stockwork, 1%
pyrite |
893869 |
0.97 |
15 centimetre quartz vein in
diorite |
Barrett Target
This target is a cluster of six rock samples containing up to 6.50
grams gold per tonne in a northeast-trending shear zone of
sericitic schist and quartz-carbonate stockworks hosted in basalt,
gabbro, and possibly felsic rocks or sedimentary rocks. The shear
zone was traced for 1.5 kilometres. The rock samples are listed and
described in the table below.
Sample |
Grams gold
per tonne |
Description |
893927 |
1.70 |
< 1.0 metre quartz vein, 5%
pyrite |
893924 |
6.50 |
< 1.0 metre quartz vein, 5%
pyrite |
893942 |
3.98 |
20 centimetre quartz vein in foliated
gabbro, 2% pyrite, 3% chalcopyrite |
893948 |
2.76 |
chlorite-muscovite-quartz schist, 7%
pyrite, trace chalcopyrite |
893930 |
0.83 |
quartz stockworks in chloritic,
foliated gabbro, 20% pyrite |
893968 |
0.52 |
sheared gabbro, 1 to 2% pyrite |
Jon North, CEO,
stated, that "In addition to the very promising drilling results
obtained at the Vickers, Sako, and Bazooka targets over the past
three years, we have now established that gold occurrences occur
over the entire 90 kilometre strike length of the Pistol Bay Trend.
The nine new targets discovered in 2013 further upgrade the
potential of the Sako and Vickers targets and provide us with added
confidence that the Pistol Bay Trend is a potential new gold
district".
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 of the
Company and is a Qualified Person within the meaning of National
Instrument 43-101. Mr. Car has approved the disclosure contained in
this press release and has verified the scientific and technical
data contained herein.
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 39,782,798 shares outstanding (61,232,836
shares on a fully diluted basis). For further information
please visit www.northquest.biz.
The rock samples described herein are selected
grab samples. The rock samples were analyzed by ALS Chemex
analytical laboratory in Vancouver,
Canada, by ALS method Au-GRA-21, which is gold analysis by
fire assay and 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. NSV means "no
significant values", g/t means "grams gold per tonne", ppm means
"parts per million" which is the same as grams per tonne.
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.
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REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
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SOURCE Northquest Ltd.