PB-13-03 intersects 158.36 metres grading 3.46 grams gold per tonne at the Vickers Target
TORONTO, Sept. 4, 2013 /CNW/ - Northquest Ltd. (TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to announce the first batch of 2013 drilling results 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 a gold bearing trend known as the Pistol Bay Trend, which contains a west-trending series of gold occurrences and gold zones intersected in holes drilled by Northquest in 2011 and 2012. Over the past 30 months, since field operations commenced in April 2011, the Company has completed two airborne geophysical surveys and 9,113 metres of diamond drilling in 49 drill holes (including those drilled in 2013), of which 5,616 metres of drilling and 24 drill holes were completed at the Vickers Target. The results herein are from the Vickers Target. The Company has completed 2,016 metres of drilling this year in 10 drill holes. This press release describes the results of the first three drill holes.
The Vickers Target is an elliptical gabbro-diorite intrusive complex with a long axis of 1 kilometre. The gabbro-diorite intrusion is within silicified felsic schist and mylonite of a linear zone referred to as the Pistol Bay Corridor. Gold in surface outcrops occurs in a silicic, chloritic, breccia body exposed in the margin and footwall of the intrusion. The contact between the mineralized intrusion and the mineralized footwall sequence dips south at approximately 60 to 70 degrees. The Company has received and verified the complete assay results from PB-13-01 to PB-13-03 and the results of the drill holes are set out below in Table 1.
Sections 8875 W and 8900 W
PB-13-01 is an overcut of PB-12-22 (156.48 metres grading 8.23 g/t Au) and there is close correlation of the geology of the drill holes. Visible gold was documented at four locations in the drill hole between 172.93 and 210.28 metres (37.35 metres core length), however, the average grade of the drill hole is lower than that encountered in PB-12-22.
PB-13-02 is an undercut of PB-12-22 and there is close correlation of the geology of the drill holes. Visible gold was documented at five locations in the drill hole between 104.80 to 280.80 metres (176.0 metres of core length).
Table 1. Summary of weighted average grade of gold intersected in drill holes PB-13-01 to PB-13-03, including intervals of variable average grade.
|To (m)|| Intersection
Note: Intersection lengths are core lengths and do not necessarily represent the true width of the mineralized zone. Weighted average grades are calculated from assays of drill core with nominal sample lengths of 1.0 metres. The detection limit of the assay method is 0.05 ppm gold. Some of the samples within the intersected lengths reported in Table 1 are below the detection limit and the assay value for those samples used in the weighted average grade calculation is zero. In PB-13-01, five samples out of 85 samples used in the two composite grade calculations contained less than 0.05 ppm gold. In PB-13-02, of the 130 samples collected in the major interval from 165.24 to 295.62, 24 samples contain less than 0.05 ppm gold and 23 of those samples were in the lowest grade interval from 196.85 to 271.85. In PB-13-03, six samples of the 165 samples used in the weighted average calculation contained less than 0.05 ppm gold. The complete drill hole logs, including assays, and sample lengths are published on the Company web site at www.northquest.biz.
Section 8925 W
PB-13-03 is an overcut of PB-12-20, which was drilled in 2012 (168.69 metres grading 2.15 g/t gold) with good geological correlation between the drill holes. Visible gold was documented four times from 24.67 to 110.71 metres (86.04 metres of core length). The top of the mineralized interval is within ten metres of surface and the mid point of the drilling intersection is at a vertical depth of approximately 70 metres. Four samples from the drill hole contain relatively high gold concentrations greater than an arbitrarily selected threshold of 35 ppm gold (approximately equivalent to one ounce gold per ton). The contributed value to the major intersection of those four samples is listed in Table 2 in comparison to the contributed value that those samples would have if an arbitrary top cut of 35 ppm gold was used.
The Company will publish all of the data about the drilling in the form of complete drill logs and assay files, drilling plan maps, and cross sections on the Company web site www.northquest.biz. Additional photographs of drill core will also be published on the web site as soon as possible.
Table 2. List of all individual samples with gold concentrations greater than 35.00 g/t Au and the contribution of those samples to the weighted average grade of the reported intersection.
|Drill Hole|| From
Au g/t (1)
|(1) Weighted Average grade is the weighted average grade of the primary drilling intersection of the mineralized zone reported in Table 1.|
|(2) Contributed Value means the value that the individual sample in the list contributes to the Weighted Average of the interval.|
|(3) Contributed value at 35.00 g/t Au, is the contributed value of the sample if the assay was arbitrarily cut to 35.00 g/t Au.|
Shareholders and potential shareholders are encouraged to review the data, including the photograph files, in order to gain an understanding of the geology and gold distribution of the Vickers Target.
Jon North, CEO, stated that "The objective of the ten holes that have been drilled so far this year has been to test the continuity of the zone at relatively shallow depths with fill in holes that compliment the fourteen drill holes drilled in 2012. Upon completion of the on going geophysical survey at Vickers, the next phase of drilling will include deeper drilling and step out holes to determine the limits of the zone, as well as more fill in drilling".
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 (59,551,696 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-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 by the laboratory 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", ppm means "parts per million" which is the same as grams per tonne. 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 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.
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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SOURCE: Northquest Ltd.
For further information:
Dr. Jon North
President and Chief Executive Officer
Tel. (416) 306-0202
Mobile (416) 786-6348