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TORONTO, June 18, 2013 /CNW/ - Northquest Ltd. (TSX-V:NQ) ("Northquest") is pleased to announce that it has filed an updated technical report
with respect to its Pistol Bay property, entitled "An Updated
Independent Technical Report on the Pistol Bay Project, Nunavut Canada"
(the "Technical Report"). The Technical Report has been prepared by
Neil N. Gow, P.Geo. and is dated effective November 27, 2012.
Highlights of the Technical Report include:
summary of drill testing of three targets completed by Northquest in
2012; the Sako Prospect, the Bazooka Prospect and the Vickers Prospect;
significant gold mineralization was intersected in three dimensions on
the Vickers Prospect. The Vickers Prospect remains a target of
significant interest and further testing of the mineralization there is
a broadly east-west deformation zone crosses much of the property. There
are a number of gold occurrences associated with this deformation zone
that were discovered by prospecting and sampling. Basic exploration of
this zone is considered to be a priority;
areas for which further drilling is recommended include Vickers (3,000 m
initially, with further drilling justified, depending on results) and
Sako, Bazooka and other targets that should be developed by ongoing
work (7,000 m);
as well as the diamond drilling, an IP survey is recommended at Sako and
possibly on other targets that are expected to be developed from the
airborne magnetic survey completed late in 2012 (which survey was
completed in October, 2012); and
the Technical Report contains a recommended program entailing a Phase I
budget of $2,090,000 and a phase II budget of $4,290,000.
All scientific and technical information contained in this release has
been prepared under the supervision of, and verified by, Neil N. Gow, a
"qualified person" within the meaning of National Instrument 43-101.
The full text of the Technical Report is available on SEDAR at www.sedar.com.
Neither 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.
Forward Looking Statements - Certain information set forth in this news
release may contain forward-looking statements that involve substantial
known and unknown risks and uncertainties. These forward-looking
statements are subject to numerous risks and uncertainties, certain of
which are beyond the control of Northquest, including, but not limited
to the impact of general economic conditions, industry conditions,
risks associated with the uncertainty of exploration results and
estimates and that the resource potential will be achieved on
exploration projects, legislative change, and the uncertainty of
obtaining additional financing. 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
SOURCE: Northquest Ltd.
For further information:
President and Chief Executive Officer
Tel. (416) 306-0202
Mobile (416) 786-6348