TORONTO, July 21, 2014 /CNW/ - Northquest Ltd.
(TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to
announce that diamond drilling has commenced at the Pistol Bay Gold
Project, Nunavut,
Canada.
The Pistol Bay Project consists of 860 square kilometres of
staked claims covering a 90 kilometre strike length of the Pistol
Bay Trend which is a west-trending series of surface gold
occurrences and gold zones intersected in drill holes by Northquest
in 2011, 2012, and 2013. The Pistol Bay Trend is a newly recognized
trend parallel to, and 80 kilometres south of, the Meliadine Trend
of gold deposits of Agnico Eagle Mines, which reportedly contains
3.0 million ounces of gold reserves, plus 2.2 million ounces
indicated and 2.9 million ounces inferred
(www.agnico-eagle.com).
Since the initial field operations commenced at Pistol Bay in
April 2011, Northquest has completed
two airborne geophysical surveys and 9,110 metres of diamond
drilling in 48 drill holes and has obtained economically
interesting drilling intersections at the Sako, Vickers, and
Bazooka targets which occur over a 20 kilometre long segment of the
Pistol Bay Trend.
In 2012, the best drilling intersection was from the Vickers
Target in drill hole PB-12-22 which intersected 156.48 metres
grading 8.23 grams gold per tonne (Press Release November 26, 2012). In 2013, the best
drilling intersection from the Vickers Target was in drill hole
PB-13-06 which intersected 138.39 metres grading 3.79 grams gold
per tonne (Press Release October 1,
2013). Approximately 3,000 metres of drilling, in eleven
drill holes, are planned for the Vickers Target. The planned
drilling at the Vickers Target will consist of step out drilling
starting on Section 8800 W, east for 200 metres to Section 8600
W.
Three drill holes (approximately 450 metres) are planned to test
IP anomalies and a gold-bearing boulder field on an IP anomaly at
the Sako Target where the best drill hole to date was PB-12-02
which intersected 15.53 metres grading 1.76 grams gold per tonne
(Press Release September 6,
2012).
Two drill holes (approximately 450 metres), are planned to test
a synclinal fold axis in iron formation where drill hole PB-12-04,
drilled in 2012, intersected 2.10 grams gold per tonne over 11.17
metres in the interpreted attenuated limb of the fold (Press
Release September 6, 2012).
The remaining drilling metreage will be used to follow up on
this year's assays, as they are received and interpreted.
Drilling results will be announced when the assays have been
received and verified. It is anticipated that an initial batch of
drilling results will be announced sometime in early August.
Northquest President and CEO Jon
North stated, that "We are very excited about completing
this year's drilling plan, and it is not lost on us that, because
the Pistol Bay Project is of such high quality, that Northquest is
one of they few companies in the Arctic that has a budget for
exploration this year. We feel that we have the right combination
of drilling on the three targets. Extending the Vickers Zone is
obviously our top priority. I look forward to begin publishing
drilling results later this summer".
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 53,853,707 shares outstanding (77,578,318 shares on
a fully diluted basis). For further information please visit
www.northquest.biz.
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.