Northquest Ltd: Announces Drilling Results From The Pistol Bay Gold Project
PB-14-08 INTERSECTS 221.74 METRES GRADING 1.65 GRAMS GOLD PER TONNE AT THE VICKERS TARGETTORONTO, September 15, 2014 - Northquest Ltd. (TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to announce the first batch of 2014 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, 2012, and 2013. Over the past 4 years, since field operations commenced in April 2011, the Company has completed three airborne geophysical surveys and 13,660 metres of diamond drilling in 66 drill holes, of which 9,400 metres of drilling and 37 drill holes were completed at the Vickers Target. The results reported herein are from the Vickers Target. The Company has completed 4,550 metres of drilling so far this year in 18 drill holes and additional drilling is planned for this year. This press release describes the results of the first four drill holes for which assays have been received and verified. 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. This year's strategy and objectives are to complete drilling on Sections 8800 W, 8750 W, 8700 W, 8650 W, and 8600 W in order to explore the potential extension of the gold zone that has been intersected over a 200 metre strike length from 8800 W to 9000 W in holes drilled by Northquest in 2012 and 2013.
Vickers Target
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 has a strike azimuth of approximately 110 degrees and dips south at approximately 60 to 70 degrees. The Company has received and verified the complete assay results from PB-14-06 to PB-14-09 and the results of the drill holes are set out below in Table 1.
Table 1. Summary of weighted average grade of gold concentrations intersected in drill holes PB-14-06 to PB-14-09, including intervals of variable average grade.
| Hole | Section W | Length (m) | Azimuth | Collar Inclination | From (m) | To (m) | Intersection Length (m) | Au (g/t) |
| PB-14-06 | 8800 W | 270.00 | 00 | -50 | 44.80 | 96.50 | 51.70 | 0.77 |
| including | 90.50 | 96.50 | 6.00 | 2.22 | ||||
| 196.70 | 270.10 | 73.40 | 1.09 | |||||
| including | 208.00 | 253.00 | 45.00 | 1.61 | ||||
| PB-14-07 | 8800 W | 329.00 | 00 | -71 | 32.00 | 277.00 | 245.00 | 1.40 |
| including | 32.00 | 146.00 | 114.00 | 1.67 | ||||
| and | 146.00 | 162.95 | 16.95 | 0.02 | ||||
| and | 162.95 | 173.00 | 10.05 | 6.26 | ||||
| and | 173.00 | 205.50 | 32.50 | 0.23 | ||||
| and | 205.50 | 230.00 | 24.50 | 1.29 | ||||
| and | 230.00 | 254.00 | 24.00 | 0.09 | ||||
| and | 254.00 | 277.00 | 23.00 | 2.07 | ||||
| PB-14-08 | 8800 W | 353.00 | 00 | -70 | 31.50 | 56.00 | 24.50 | 0.74 |
| 104.26 | 326.00 | 221.74 | 1.65 | |||||
| including | 104.26 | 162.50 | 58.24 | 1.79 | ||||
| and | 162.50 | 212.00 | 49.50 | 0.40 | ||||
| and | 212.00 | 263.00 | 51.00 | 2.08 | ||||
| and | 263.00 | 273.50 | 10.50 | 0.12 | ||||
| and | 273.50 | 326.00 | 52.50 | 2.55 | ||||
| PB-14-09 | 8750 W | 242.00 | 00 | -50 | 49.30 | 94.50 | 45.20 | 1.33 |
| including | 49.30 | 75.00 | 25.70 | 1.80 |
| 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 sample lengths, in general, of 1.0 to 1.5 metres. Grams gold per tonne, g/t Au, and ppm gold all mean the same thing. The detection limit of the assay method is 0.01 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-14-07, five of the 190 samples analysed in the major interval contain less than 0.01 ppm gold. Two drill core samples in the data described herein contain greater than 35.00 grams gold per tonne, a concentration arbitrarily selected for discussion purposes, equivalent to approximately one ounce gold per ton. The effect of those samples on the calculated average grade of the major intervals described in Table 1 is set out in Table 2. |
Table 2. List of all 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 (m) | To (m) | Intersection Length | Weighted Average Au g/t (1) | Sample | Assay Value Au g/t | Length (m) | Contributed Value (2) | Contributed Value at 35.00 g/t Au (3) |
| PB-14-07 | 32.00 | 277.00 | 245.00 | 1.40 | 6601475 | 41.20 | 1.50 | 0.2522 | 0.2143 |
| 32.00 | 277.00 | 245.00 | 1.40 | 6601565 | 76.00 | 0.70 | 0.2171 | 0.1000 | |
| (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. |
Section 8800 W
PB-14-06 and PB-14-07 were drilled from the same set-up, approximately 40 metres south of PB-13-10, which intersected 44.00 metres grading 3.40 grams gold per tonne. PB-14-08 was drilled below PB-14-06 and 07 and intersected the mineralized zone confirming the continuity of the Vickers Zone a vertical depth of approximately 300 metres.
Section 8750 W
PB-14-09 confirmed the continuity of the mineralized zone 50 metres east of 8800 W.
Jon North, CEO, stated that "These initial drilling results extend the Vickers Zone to a vertical depth of 300 metres on 8800 W and include the first drill hole on 8750 W. Rather than complete infill drilling this year, every hole that was drilled was designed to explore for the limits of the Vickers Zone, and we are very pleased to report that the zone is still open down dip and along strike to the east".
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.
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 ** shares outstanding (** shares on a fully diluted basis). For further information please visit www.northquest.biz.
Drill core samples of NTW 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 AGAT Laboratories in Mississauga, Canada, (an ISO 17025 accredited laboratory by the Standards Council of Canada (SCC), by AGAT method 202-121 in which 1 kg of sample pulp is passed through a 75 micron screen and all of the coarse material on the screen is assayed by fire assay with gravimetric finish (Code 202064) and two samples of homogenized pulp that passed through the screen are assayed by fire assay with AA finish (Code 202052) on 30 gram sample charges. 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.
Contact
Jon North, Ph.D., P.Geo., President and Chief Executive Officer, Tel. (416) 306-0202, Mobile (416) 786-6348, www.northquest.biz