Northquest LTD. Commences Diamond Drilling at the Pistol Bay Gold Project, Nunavut, Canada
Toronto, canada / thenewswire / july 15, 2015 - Northquest Ltd. (TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to announce that diamond drilling has commenced at the Pistol Bay Gold Project, Nunavut, Canada.
The Pistol Bay Project claims cover 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 four drilling programs completed since 2011. 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 work commenced at Pistol Bay in April 2011, Northquest has completed three airborne geophysical surveys and 13,660 metres of diamond drilling in 66 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 vast majority of the drilling has been at the Vickers Target where 37 holes comprising a total of 9,400 metres have been completed over a 400 metre strike length of the Vickers gold zone.
The exploration plan for 2015 consists of approximately 7,800 metres of drilling in approximately 40 drill holes, of which, approximately 6,200 metres of drilling, in 30 drill holes, is planned for the Vickers Target. The planned drilling at the Vickers Target will consist mostly of step out drilling in untested areas along strike to the west and east of previously drilled holes west of Section 9000 W and east of Section 8600 W.
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, "The next phase of exploration includes the largest amount of drilling ever completed at the Vickers gold zone in a single drilling season and we are confident that the program will have a great impact on defining the size of the gold zone, which is currently open in all directions".
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 88,853,706 shares outstanding (117,782,186 shares on a fully diluted basis).
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: (416) 391-1606
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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