TORONTO, Sept. 26, 2012 /CNW/ - Northquest Ltd. (TSXV: NQ) ("Northquest"
or "the Company") announces that it has staked and filed recording
applications for thirteen claims comprising an additional 98 square
kilometres (24,250 acres) of mineral rights at the Pistol Bay Gold
Project, Nunavut, Canada.
The newly-staked claims tie on to the west side of the current 575
square kilometre claim block bringing the total area of the project
claims to approximately 673 square kilometres.
The newly-staked claims cover the western extension of the Pistol Bay
Corridor, which is a 2 kilometre wide, northwest-trending, deformation
zone which contains multiple gold occurrences including the Vickers,
Sako, and Bazooka Targets. The expanded property area extends the
staked strike length of the Pistol Bay Corridor from 35 to 50
kilometres. The area within the newly-staked claims also includes a
northeast-trending cluster of four documented gold occurrences which
all fall within the Pistol Bay Corridor. Government assessment records
indicate that the cluster of gold occurrences is related to a 2.5
kilometre long shear zone containing quartz-carbonate veins and
disseminated sulphide mineralization within coarse conglomeratic
sedimentary rocks, diorite, and basalt.
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 30,318,323 shares outstanding
(43,117,535 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. There is no guarantee that staked claims will
be successfully recorded. There could be competition for the same area
of land that is unknown to the Company or unexpected or there could be
deficiencies in the staking that are presently unknown. Forward-looking
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, dependence upon regulatory
approvals, 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, 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
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.
For further information:
Dr. Jon North
President and Chief Executive Officer
Tel. (416) 306-0202
Mobile (416) 786-6348
Tel. (416) 306-0486