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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 considered justified;
- 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 forward-looking statements.
SOURCE: Northquest Ltd.
For further information:
President and Chief Executive Officer
Tel. (416) 306-0202
Mobile (416) 786-6348