TORONTO, July 24, 2014 /CNW/ - Northquest Ltd. (TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to announce that an airborne magnetometer survey 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).
The airborne magnetometer survey will consist of a total of 6,890 kilometres of survey lines using the Terraquest Magnetic Horizontal Gradiometer system with a 100 metre survey line spacing and a nominal sensor height of 70 metres. The survey will cover the west half of the Pistol Bay property, which has not been surveyed by Northquest. The purpose of the survey is to provide more information about the context of the CZ and Barrett gold occurrences, which are both captured by the Pistol Bay Trend. In addition, geophysical anomalies that are interpreted as intrusions, iron formations, and shear zones will be prioritized for further ground follow-up work.
Northquest President and CEO Jon North stated that "This survey will double the size of the existing magnetometer coverage of the property and extend the coverage of the Pistol Bay Trend by approximately another 40 kilometres of strike length. We look forward to interpreting the data later this summer and compiling a list of promising targets, including the two known gold occurrences, for ground follow up".
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.
For further information: please visit www.northquest.biz or contact: Jon North, President and Chief Executive Officer, Tel. (416) 306-0202, Mobile (416) 786-6348, Pistol Bay Camp: (604) 484-9168