Northquest Limited - Announces Drilling Results from the Pistol Bay Gold Project, Nunavut
PB-14-15 INTERSECTS 134.42 METRES GRADING 1.36 GRAMS GOLD PER TONNE AT THE VICKERS TARGET STRIKE LENGTH OF THE MINERALIZED ZONE EXTENDED from 200 to 400 metres
***FOR IMMEDIATE RELEASE
TORONTO, January 6 2015 - Northquest Ltd. (TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to announce the remaining 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, 2013, and 2014. 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 Company completed 4,550 metres of drilling in 2014 in 18 drill holes, of which 13 drill holes (3,783 metres) were completed at the Vickers Target, 3 drill holes (470 metres) were completed at the Sako Target, and two drill holes (296 metres) were completed at the Bazooka Target.
The drill hole plan maps and cross sections can be downloaded from the Northquest web site by clicking on Plans and Sections. The drill hole logs and assays can be downloaded from the Northquest web site in the "Pistol Bay" tab.
VICKERS TARGET DRILL HOLES
The Vickers Target is an elliptical gabbro-diorite intrusive complex with an exposed long axis of 1 kilometre. The gabbro-diorite intrusion is within silicified felsic schist and mylonite of the Pistol Bay Trend. 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 trends approximately 110 degrees and dips south at approximately 60 to 70 degrees. The Company has received and verified the complete assay results from PB-14-10 to PB-14-18 and the results of the drill holes are set out below in Table 1 along with the results from PB-14-06 to 09 that were published in a press release September 15, 2014.
Table 1. Summary of weighted average grade of gold concentrations intersected in drill holes PB-14-06 to PB-14-18, including intervals of variable average grade.
---------------------------------------------------------------------------------
|Hole |Section|Length|Azimuth|Collar |From |To
|Intersection|Au |
| |W |(m) | |Inclination|(m) |(m) |Length
(m) |(g/t)|
|-------------------------------------------------------------------------------|
|PB-14-06(1)|8800 |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(1)|8800 |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(1)|8800 |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(1)|8750 |242.00|00 |-50 |49.30 |94.50 |45.20
|1.33 |
|-------------------------------------------------------------------------------|
|including | | | | |49.30 |75.00
|25.70 |1.80 |
|-------------------------------------------------------------------------------|
|PB-14-10 |8750 |200.00|00 |-50 |51.00 |107.00|56.00
|2.24 |
|-------------------------------------------------------------------------------|
|PB-14-11 |8700 |128.00|00 |-50 | | |
|NSV |
|-------------------------------------------------------------------------------|
|PB-14-12 |8700 |276.00|00 |-70 |98.00 |276.00|178.00
|1.06 |
|-------------------------------------------------------------------------------|
|including | | | | |98.00
|197.00|99.00 |1.50 |
|-------------------------------------------------------------------------------|
|including | | | | |98.00
|113.00|15.00 |3.02 |
|-------------------------------------------------------------------------------|
|and | | | |
|113.00|135.50|22.50 |0.34 |
|-------------------------------------------------------------------------------|
|and | | | |
|135.50|174.75|39.25 |1.82 |
|-------------------------------------------------------------------------------|
|and | | | |
|174.75|197.00|22.25 |1.11 |
|-------------------------------------------------------------------------------|
| | | | |
|272.00|276.00|4.00 |1.93 |
|-------------------------------------------------------------------------------|
|PB-14-13 |8700 |338.00|00 |-70 |251.00|333.50|82.50
|1.22 |
|-------------------------------------------------------------------------------|
|PB-14-14 |8750 |250.00|00 |-71 |100.53|113.25|12.72
|1.53 |
|-------------------------------------------------------------------------------|
| | | | |
|163.00|233.50|70.50 |1.21 |
|-------------------------------------------------------------------------------|
|including | | | |
|163.00|178.00|15.00 |3.72 |
|-------------------------------------------------------------------------------|
|and | | | |
|178.00|233.50|55.50 |0.54 |
|-------------------------------------------------------------------------------|
|PB-14-15 |8750 |404.00|00 |-70 |159.50|161.00|1.50
|5.14 |
|-------------------------------------------------------------------------------|
| | | | |
|197.00|209.00|12.00 |1.40 |
|-------------------------------------------------------------------------------|
| | | | |
|248.08|382.50|134.42 |1.36 |
|-------------------------------------------------------------------------------|
|including | | | |
|248.08|266.00|17.92 |2.38 |
|-------------------------------------------------------------------------------|
|and | | | |
|266.00|271.00|5.00 |0.04 |
|-------------------------------------------------------------------------------|
|and | | | |
|271.00|330.50|59.50 |2.00 |
|-------------------------------------------------------------------------------|
|and | | | |
|330.50|374.50|44.00 |0.14 |
|-------------------------------------------------------------------------------|
|and | | | |
|374.50|382.50|8.00 |1.83 |
|-------------------------------------------------------------------------------|
|PB-14-16 |8675 |250.00|00 |-70 |75.00 |250.00|175.00
|0.79 |
|-------------------------------------------------------------------------------|
|including | | | | |75.00
|130.30|55.30 |1.14 |
|-------------------------------------------------------------------------------|
|and | | | |
|130.30|146.00|15.70 |0.08 |
|-------------------------------------------------------------------------------|
|and | | | |
|146.00|200.00|54.00 |0.96 |
|-------------------------------------------------------------------------------|
|and | | | |
|200.00|250.00|50.00 |0.43 |
|-------------------------------------------------------------------------------|
|PB-14-17 |8750 |398.00|00 |-53 |120.00|135.00|15.00
|0.77 |
|-------------------------------------------------------------------------------|
| | | | |
|174.27|210.50|36.23 |1.06 |
|-------------------------------------------------------------------------------|
| | | | |
|329.00|334.00|5.00 |2.43 |
|-------------------------------------------------------------------------------|
|PB-14-18 |8600 |347.00|00 |-87 |77.00 |206.00|129.00
|0.66 |
|-------------------------------------------------------------------------------|
|including | | | | |77.00 |95.00
|18.00 |0.95 |
|-------------------------------------------------------------------------------|
|and | | | | |95.00
|119.00|24.00 |0.12 |
|-------------------------------------------------------------------------------|
|and | | | |
|119.00|152.00|33.00 |1.19 |
|-------------------------------------------------------------------------------|
|and | | | |
|152.00|206.00|54.00 |0.47 |
|-------------------------------------------------------------------------------|
| | | | |
|276.50|285.50|9.00 |1.09 |
|-------------------------------------------------------------------------------|
| | | | |
|321.50|333.00|11.50 |0.93 |
---------------------------------------------------------------------------------
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. NSV means no significant values. 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. (1) drill holes were published September 15, 2014. Sample 6602502 from the major interval 248.08 to 382.50 metres in PB-14-15 contains 37.90 grams gold per tonne, greater than 35.00 grams gold per tonne, a concentration arbitrarily selected for discussion purposes, equivalent to approximately one ounce gold per ton. If that sample is top cut to 35.00 grams per tonne it would have the effect of decreasing the grade of the interval by 0.02 grams gold per tonne.
Section 8800 W
One drill hole (PB-13-10) was drilled on this section in 2013. PB-14-06, 07, and 08 were drilled on this section in 2014 and were described in a press release dated September 15, 2014. The mineralized zone is hosted by the intrusive rocks and the footwall rocks and has an approximate true width of 100 metres. The mineralized zone has been intersected from 20 to 300 vertical metres. The best intersection was in PB-14-08 of 1.65 grams gold per tonne over 221.74 metres. The composite grade of the drill holes increases with depth from PB-14-06 to PB-14-08.
Section 8750 W
PB-14-09, 10, 14, 15, and 17 were drilled on this section. The drill holes intersected the mineralized zone within intrusive rocks and footwall stratigraphy from vertical depths of 40 to 300 metres. The mineralized zone has an approximate true thickness of 60 to 80 metres on this section, however, drill holes PB-14-14, 15, and 17 were terminated in very silicified rocks such that 60 to 80 metres may be the minimum thickness of the mineralized zone. In PB-14-10, visible gold was noted three times from 69.40 to 105.60 metres and the coarse gold is closely associated with silicified diorite dikes. In PB-14-15, gold concentrations are closely associated with the silicified diorite in the silicic footwall stratigraphy. Visible gold was noted in PB-14-15 at 309.78 metres in silicified diorite.
Section 8700 W
PB-14-11, 12, and 13 were drilled on this section. The drill holes intersected the mineralized zone, which was primarily in footwall stratigraphy, from vertical depths of 90 to 300 metres. PB-14-11 overshot the mineralized zone because the drill hole collar was too far to the north and was collared in the post-tectonic, Hurwitz Group cover sequence that is up to 80 metres thick on this section. The mineralized zone intersected in PB-14-12 and 13 is mostly in the footwall stratigraphy and gold concentrations are associated with silicified diorite dikes. Visible gold was noted in PB-14-12 at 190.67 metres in silicified footwall rocks. In PB-14-13 the mineralized zone is contained completely within the footwall felsic volcanic/volcaniclastic rocks and has good correlation with PB-14-12. Hole PB-14-12 and 13 were probably terminated in the mineralized zone.
Section 8675 W
PB-14-16 was the only hole drilled on this section. Other planned collars were within 30 metres of a pond and could not be completed. Future drilling on this section will have to be done by drilling to the south, down dip of stratigraphy. The mineralized zone in the drill hole is at least 100 metres thick and intersected at a vertical depth of approximately 70 to 235 metres, however, the drill hole was terminated in the mineralized zone, hence that is a minimum thickness and therefore, the overall average grade is not known. This section is covered by approximately 80 metres of Hurwitz Group cover rocks.
Section 8650
No holes were drilled on this section because the planned collars were within 30 metres of a pond and could not be completed. Future drilling on this section will have to be done by drilling to the south, down dip of stratigraphy.
Section 8600 W
PB-14-18 was drilled on this section. Because of a nearby pond, the only hole that could be drilled on this section had to be vertical. Other planned collars were within 30 metres of a pond and could not be completed. Future drilling on this section will have to be done by drilling to the south, down dip of stratigraphy. The major interval of 0.66 grams gold per tonne over 129.00 metres indicates that the Vickers Zone is continuous through this section. The mineralized rock is consistently highly silicified footwall felsic volcanic stratigraphy with disseminated grains and stringers of pyrite and arsenopyrite, commonly with the altered diorite association, as it is on all of the drilling sections for 400 metres of strike to the west. Because of the orientation of the drill hole, and the fact that it terminated in silicified footwall rocks, the width and grade of the mineralized zone on this section is not known.
SAKO TARGET DRILL HOLES
Three drill holes (470 m) were drilled at the Sako Target. The drill holes tested induced polarization (IP) anomalies defined in a survey completed in 2013. PB-14-01 intersected variably strained and variably silicified felsic volcanic rocks without anomalous concentrations of gold. PB-14-02 tested an IP anomaly associated with gold-bearing frost heave discovered in 2013. The drill hole intersected highly silicified, felsic volcanic rocks, and 5 drill core samples contained from 0.26 to 1.18 grams gold per tonne over core lengths from 0.50 to 1.00 metres. PB-14-03 intersected silicified felsic volcanic rocks. One sample contained 1.99 grams gold per tonne over a core length of 1.00 metre. No follow up drilling is planned in the vicinity of these three drill holes.
BAZOOKA TARGET DRILL HOLES
Two drill holes (296 m) were drilled at the Bazooka Target to follow up on PB-12-04 drilled in 2012 which intersected 2.38 grams gold per tonne over 9.67 metres. The drill holes tested the opposing limbs of a fold in iron formation. The contention was that the discontinuous nature of the magnetic anomalies in the area of PB-12-04 was the result of secondary sulphidation of the iron formation attendant with gold mineralization. PB-14-04 intersected three narrow layers of iron formation, each less than 1.0 metre thick, from 38.80 to 48.40 metres. The iron formation layers contain disseminated grains and stringers of secondary pyrite and the interval from 37.80 to 40.36 (2.56 metres) contains 1.53 grams gold per tonne. PB-14-05 intersected three narrow layers of iron formation from 52.80 to 60.88 metres (8.08 metres). The iron formation is not mineralized on this section. The interpretation is that the discontinuous nature of the iron formation in this area is mostly because of varying primary thickness of the iron formation rather than secondary hydrothermal alteration, and no further drilling is planned in this area. However, the magnetic anomalies associated with iron formation in the Bazooka anomaly, comprise an area approximately 3 kilometres by 2 kilometres. Elsewhere in the anomaly, drill hole PB-12-07, drilled in 2012, approximately 750 metres south of PB-14-04 and 05, intersected iron formation-bearing stratigraphy 76.00 metres thick with individual layers of iron formation up to 17.28 metres thick. Accordingly, additional exploratory drilling will be completed in the Bazooka Anomaly upon a re-interpretation of the data taking into account the information derived from PB-14-04 and 05.
Summary of drilling results for non-technical readers
Twelve of the thirteen drill holes at the Vickers Target completed in 2014 intersected the Vickers gold zone at vertical depths from near surface to 300 metres. The objective of the drilling, which was to explore and verify the extension of the gold zone for 200 metres to the east of all previous drilling was accomplished. The best results were in drill hole PB-14-08 that intersected 221.74 metres with an average grade of 1.65 grams gold per tonne. Follow-up infill drilling will be required in the area of the 2014 drill holes and future drilling will be planned to extend the length of the zone farther to the east and west of the existing drill holes.
Jon North, CEO, stated that "We are delighted to report that we have intersected the Vickers gold zone for an additional 200 metres of strike length, and that it has similar width as it does in the west. We recognize that in this area the average grade has decreased because much of the mineralized zone is in the footwall of the Vickers intrusion, however, there are indications on at least one drilling section that the gold grades increase with depth. Our plan is to complete infill drilling and to extend the gold zone farther east in 2015. In addition, given the robust nature of the gold zone, we contemplate drilling exploration holes west of Section 9000 W in order to explore for extensions of the gold zone to the west".
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 66,631,484 shares outstanding (91,376,484 shares on a fully diluted basis). For further information please visit www.northquest.biz.
For further information please contact:
Jon North, Ph.D., P.Geo.
President and Chief Executive Officer
Tel. (416) 306-0202
Mobile (416) 786-6348
www.northquest.biz
Drill core samples of NTW size at the Vickers Target, and BTW size at the Sako and Bazooka Targets, 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 for Vickers Target samples 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 202-064) and two samples of homogenized pulp that passed through the screen are assayed by fire assay with AA finish (Code 202-052) 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. Drill core samples from the Sako and Bazooka Targets were analysed by method 202-051, that has a detection limit of 2 ppb Au. 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, and ppb means "parts per billion". 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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