TORONTO, July 18, 2013 /CNW/ - Northquest Ltd. (TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to announce that the second phase of diamond drilling has commenced at the Vickers Target of the Pistol Bay Gold Project, Nunavut, Canada.
The Pistol Bay Project consists of 845 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 and 2012. 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).
Since the initial field operations commenced at Pistol Bay in April 2011, Northquest has completed two airborne geophysical surveys and 7,097 metres of diamond drilling in 39 drill holes and has obtained economically interesting drilling intersections at the Sako, Vickers, and Bazooka targets which occur over a 20 kilometre long segment of the Pistol Bay Trend. The best drilling intersection to date from the property is in drill hole PB-12-22 from the Vickers Target which intersected 156.48 metres grading 8.23 grams gold per tonne.
Approximately 2,000 metres of drilling is currently planned for the Vickers Target which will consist of approximately 1,700 metres of drilling in approximately 7 drill holes at the Vickers Main Zone (also known as the V1 zone). In addition, a single drill hole will be the initial test of the V2 Zone, which is a surface gold occurrence that resembles the V1 Zone and is 200 metres south of the V1 zone on the south contact of the Vickers gabbro/diorite intrusion.
Drilling results will be announced when the assays have been received and verified. It is anticipated that an initial batch of drilling results will be announced sometime in early August.
Northquest President and CEO Jon North stated, that "Northquest completed 14 drill holes at the Vickers V1 Zone in August and September, 2012 and the initial drilling results were published to the market in four press releases between September 6 and November 26, 2012. The current drilling program is our first opportunity to continue with the drilling program at V1 because of winter conditions from November 2012 until May 2013 and because we did not have an all weather camp facility. We now have a camp facility which enables us to work at the project year round. We look forward to publishing the results of this year's drilling program at the Vickers Zone and, if market conditions permit and additional exploration funds can be raised, to an extended drilling season at Pistol Bay".
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 38,894,406 shares outstanding (58,841,690 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.
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SOURCE: Northquest Ltd.
For further information:
President and Chief Executive Officer
Tel. (416) 306-0202
Mobile (416) 786-6348
Pistol Bay Camp: (604) 484-9168