Northquest Ltd. - Announces Drilling Results from the Pistol Bay Gold Project, Nunavut
PB-15-04 INTERSECTS 24 METRES GRADING 2.95 GRAMS GOLD PER TONNE AT THE VICKERS TARGETTORONTO, October 26 2015 - Northquest Ltd. (TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to announce the first batch of 2015 drilling results from the Pistol Bay Gold Project, Nunavut, Canada. The project covers 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. In the past 5 years, since field operations commenced in April 2011, the Company has completed three airborne geophysical surveys and 21,750 metres of diamond drilling in 100 drill holes, of which 17,195 metres of drilling and 69 drill holes were completed at the Vickers Target.
This year's strategy and objectives are to complete drilling west and east of existing drill holes at the Vickers Target to explore the potential extension of the gold zone that has been intersected over a 350 metre strike length from 86+00 W to 89+50 W in holes drilled by Northquest in 2012, 2013, and 2014. This press release describes the results of the first seven drill holes for which assays have been received and verified. The Company has published 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/news-display?news_id=112.
Vickers Target
The Vickers Target is an elliptical gabbro-diorite intrusive complex with a nominal 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-15-01 to PB-15-07 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-15-01 to PB-15-07, 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-15-01 | 90+00 | 131.00 | 00 | -50 | 42.00 | 109.00 | 67.00 | 0.89 |
| including | 42.00 | 67.00 | 25.00 | 1.41 | ||||
| and | 67.00 | 109.00 | 42.00 | 0.58 | ||||
| PB-15-02 | 90+00 | 170.00 | 00 | -50 | 111.20 | 132.30 | 21.10 | 2.01 |
| PB-15-03 | 90+00 | 368.00 | 00 | -50 | 188.10 | 193.00 | 4.90 | 1.71 |
| 251.19 | 256.70 | 5.51 | 0.79 | |||||
| PB-15-04 | 89+50 | 347.00 | 00 | -50 | 216.00 | 240.00 | 24.00 | 2.95 |
| 306.00 | 311.00 | 5.00 | 1.54 | |||||
| PB-15-05 | 88+50 | 284.00 | 00 | -50 | 106.00 | 120.00 | 14.00 | 1.19 |
| 158.00 | 231.00 | 73.00 | 0.95 | |||||
| incl. | 158.00 | 197.00 | 39.00 | 1.11 | ||||
| and | 197.00 | 207.00 | 10.00 | 0.08 | ||||
| and | 207.00 | 231.00 | 24.00 | 1.05 | ||||
| PB-15-06 | 88+50 | 260.50 | 00 | -50 | 61.00 | 66.00 | 5.00 | 5.11 |
| 130.00 | 203.00 | 73.00 | 0.95 | |||||
| incl. | 191.00 | 203.00 | 12.00 | 1.96 | ||||
| PB-15-07 | 88+75 | 160.00 | 00 | -50 | 11.00 | 19.00 | 8.00 | 3.16 |
| 106.00 | 138.00 | 32.00 | 1.60 |
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 0.05 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. One drill core sample in the data described herein contains 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 the sample on the calculated average grade of the major interval 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-15-04 | 216.00 | 240.00 | 24.00 | 2.95 | S063223 | 54.60 | 1.00 | 2.27 | 1.46 |
(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 90+00 W
PB-15-01, 02, and 03 are a fence of holes on this section. Silica facies alteration was intersected in the Vickers intrusion in all of the drill holes and the gold was mostly concentrated in the intrusion. The best intersections in PB-15-01 and PB-15-02 (25.00 m @ 1.41 ppm Au and 21.00 m @ 2.01 ppm Au respectively) correlate in cross section and both intervals have narrow intersections of sulphidized iron formation. PB-15-03 is a pierce point at approximately 200 metres vertical depth, however, the results indicate that the gold zone pinches out rapidly between 100 and 200 metres vertical depth. This is interpreted as the effect of an easterly plunge of the gold zone.
Section 89+50 W
PB-15-04 provides a pierce point of the gold zone at a vertical depth of approximately 175 metres on this section. Five points of visible gold were noted at approximately 238 metres. As in Section 90+00 W, the results of this drill hole, in the context of nearby drill holes, indicate that there is probably an easterly plunge to the gold zone that pinches out rapidly below 175 metres vertical depth, which is strongly supported by the results of overlying drill hole PB-13-06 that intersected 138.4 metres @ 3.79 ppm gold at a pierce point of approximately 100 metres vertical depth.
Section 88+75 W
PB-15-07 is a fill in drill hole and the most northerly drill hole on this section and was collared to provide a shallow intersection of the gold zone above 50 metres vertical depth. Visible gold was noted four times in the drill hole from 14 to 129 metres (115 metres of core length). Because of the northerly collar location, the drill hole, was collared in, and intersected the north edge of the mineralized zone, providing an intersection of 8 metres @ 3.16 ppm gold. In addition, a footwall zone was intersected from 106 to 138 metres (32 metres) grading 1.6 ppm gold that correlates with underlying drill hole PB-13-08 that intersected 36 metres grading 2.63 ppm gold.
Section 88+50 W
PB-15-05 and PB-15-06 were drilled on this section. Both drill holes intersected the gold zone over core lengths of 73 metres with an average grade of 0.95 ppm gold. On this section the gold zone is mostly in footwall stratigraphy. Four gold grains were noted in PB-15-05 at approximately 159 metres and visible gold grains were noted eight times in PB-15-06 from 64 to 195 metres (131 metres of core length).
Jon North, CEO, stated, "These drill holes are mainly from the western part of the Vickers gold zone, as currently defined, and reflect gold concentrations typical of the mineralized zone in the intrusive environment. Visible gold was noted on all sections except 90+00 W and these drill holes are beginning to define the lower contact of the gold zone that appears to have an easterly plunge, accordingly, the intersections reported on these sections are generally narrower at depth than those in other sections farther to the east".
Information in this press release relating to exploration results is based on data collected under the direct supervision of Jon North, P.Geo., who holds the position of President and CEO of the Company and is a Qualified Person within the meaning of National Instrument 43-101. Mr. North 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 88,853,706 shares outstanding (117,782,186 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 NQ2 size (50.50 mm diameter) 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 ALS Canada Ltd. Laboratories in Vancouver, BC, Canada. The samples are analysed by ALS method Au-SCR-21 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, in addition, two 30 gram charges of homogenized pulp that passed through the screen are assayed by fire assay with AA finish (Code Au-AA25) and fire assay with gravimetric finish (Code Au-AA25D). Finally, the weighted average of all three 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 25 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 Jon North, P.Geo., who holds the position of President and CEO of the Company and is a Qualified Person within the meaning of National Instrument 43-101. Mr. North 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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