Northquest Ltd. intersects 164 metres grading 5.39 grams gold per tonne in drill hole PB-12-09 at the Vickers Target, Pistol Bay Gold Project, Nunavut, Canada

TORONTO, Sept. 6, 2012 /CNW/ - Northquest Ltd. (TSXV: NQ), (FWB-N3Q) ("Northquest" or "the Company") announces that it has completed approximately half of its planned drilling program at the Pistol Bay Gold Project, Nunavut, Canada.  The project consists of 575 square kilometres of mineral rights covering a 35 kilometre strike length of a 2 kilometre wide alteration zone known as the Pistol Bay Corridor which contains numerous gold occurrences.  The current drilling program is focussed on the Vickers, Bazooka, and Sako gold occurrences. To date the Company has completed 2,400 metres of drilling and anticipates that approximately 3,500 to 4,000 metres of drilling will be completed by the end of the 2012 drilling season.

Vickers Target

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. Seven drill holes (1,487 metres) have been completed at the Vickers Target. It is anticipated that approximately 14 drill holes (approximately 3,000 metres)  will be completed by the end of the drilling season. Drill hole PB-12-08 was the first drill hole at the target but had to be abandoned before it reached the target because of the condition of the drill hole. Drill holes PB-12-09, 10, 11, 12, 13, and 14 intersected silicified, chloritized breccia in the intrusion and silicified and sericitized footwall sequence. The silicate alteration is accompanied by abundant disseminated stringers and grains of pyrite and arsenopyrite. Visible gold grains have been documented at numerous locations in these drill holes both within the intrusion and within the footwall sequence.

In drill hole PB-12-09, visible gold grains were documented at seven locations in the drill core from 74.76 metres to 220.55 metres.  The Company has received and verified the complete assay results from PB-12-09 and the results of the drill hole are set out below.

Hole Length
(m)
Azimuth Inclination From
(m)
To (m) Intersection
Length
Au (g/t)
PB-12-09 245.97 00 -55 72.51 236.92 164.41 5.39

The results of the remaining drill holes from the Vickers Target will be released upon receipt and verification of the drill core assays.

Bazooka Target

Early in the field season, in June and July, a ground magnetometer survey was completed at the Bazooka target and in July, four drill holes (526 metres total) were drilled at the Bazooka Target. The target rocks are a highly contorted banded iron formation containing quartz veins and sulphidized magnetite layers. Drill hole PB-12-04 was drilled directly under an outcrop discovered last year which consists of sulphidized banded iron formation with quartz veins from which 12 surface grab samples were collected that contained, on average, 3.84 grams gold per tonne. Drill hole PB-12-04 was drilled directly below the mineralized outcrop and intersected the mineralized iron formation. Drill holes PB-12-05 and 06 were respectively drilled approximately 50 m south and north of drill hole PB-12-04 but did not intersect the iron formation. Drill hole PB-12-07 was drilled approximately 750 metres southwest of PB-12-04 and intersected iron formation that was not mineralized.  The results of the drilling at the Bazooka Target have been received and verified and the results of PB-12-04 are listed below.

Hole Length
(m)
Azimuth Inclination From
(m)
To (m) Intersection
Length
Au (g/t)
PB-12-04 117.96 270 -50 19.24 28.91 9.67 2.38

Because of time constraints and the prioritization of other targets the Company does not anticipate that there will be additional drilling at this target this year, however, these results demonstrate that there are drilling intersections with economically interesting grades and widths and additional drilling will probably be planned for the 2013 drilling season.

Sako Target

Three holes (454 metres total) were drilled on the Sako Target to follow up on the results of PB-11-13 from last year which intersected 2.0 grams per tonne gold over 6.17 metres. The target rocks are a sequence of quartz-sericite-pyrite schists and mylonite with gold-bearing disseminated sulphide accumulations. PB-12-01 was an undercut hole of PB-11-13 and PB-12-02 and PB-11-03 were drilled approximately 50 metres east and 50 metres west, respectively, of hole PB-11-13. The results of this year's drilling at the Sako target have been received and verified and are set out below.

Hole Length
(m)
Azimuth Inclination From
(m)
To (m) Intersection
Length
Au (g/t)
PB-12-01 157.58 217 -50 92.74 101.00 8.26 0.90
PB-12-02 166.73 217 -50 6.62 22.15 15.53 1.76
        63.92 69.03 5.11 1.19
PB-12-03 130.15 217 -50 87.05 102.54 15.49 0.79

The Sako Target schists and mylonites have a strike length of several kilometres and, although follow up geophysics and drilling is warranted for the target area, the Company does not anticipate that there will be additional drilling at this target this year because of time constraints and the prioritization of other targets.

Jon North, CEO of the Company, commented that "PB-12-09 at the Vickers Target must be one of the best exploration drill holes in Canada in recent memory. The width, grade, and potential volume of the gold mineralization in the altered intrusion and footwall sequence are extremely promising. Although the Vickers Target is obviously our highest priority target, it is very important to put all of these targets into context, namely, that each of the three targets that we tested this year at Vickers, Bazooka, and Sako occur in the same structure, over a 20 km strike length of the Pistol Bay Corridor, which is still largely unexplored apart from the 5,000 metres of drilling that we have completed in the last two years. Moreover, each target has yielded economically interesting grades and widths. We are currently developing a strategy to comprehensively explore and delineate the gold mineralization in the Pistol Bay Corridor emphasizing the Vickers Target as our beach head".

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 30,318,323  shares outstanding (43,117,535 shares on a fully diluted basis).  For further information please visit www.northquest.biz.

Drill core samples of BTW size were collected and cut in half with a rock saw on site. In general, sample lengths vary from 1.0 to 1.5 metres. Rock samples were analyzed by ALS Chemex analytical laboratory in Vancouver, Canada, by ALS method Au-GRA-21 which is fire assay with a gravimetric finish on a 30 gram sample charge. Samples containing visible gold and samples suspected of containing coarse gold are assayed by ALS method Au-SCR21 in which 1 kg of sample pulp is passed through a 100 micron screen and all of the coarse material on the screen is assayed by Au-GRA-21 and two samples of homogenized pulp that passed through the screen are assayed by Au-AA25 and Au-AA25D which is fire assay with AA finish on a 30 gram sample charge. Finally the weighted average of all assays is calculated and reported as the gold concentration of the rock sample. 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", and the reported intersections are for drill core length and do not necessarily represent true widths.

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 and is a Qualified Person within the meaning of National Instrument 43-101.

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.

For further information:

Dr. Jon North
President and Chief Executive Officer
Tel. (416) 306-0202
Mobile (416) 786-6348

Tanya Mahadeo
Investor Relations
Tel. (416) 306-0486

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