Northquest Limited: Announces Drilling Results From The Pistol Bay Gold Project, Nunavut, Canada
SECOND GOLD-BEARING INTRUSION DISCOVERED AT THE VICKERS ZONEPB-15-20 INTERSECTS 39.00 METRES GRADING 2.57 GRAMS GOLD PER TONNE
***FOR IMMEDIATE RELEASE
TORONTO, November 24, 2015 - Northquest Ltd. (TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to publish the second 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 Gold Zone. This year's strategy and objectives are to complete drilling west and east of existing drill holes at the Vickers Zone 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 18 drill holes of which 12 drill holes are from the western extension of the Vickers Zone, 4 drill holes are from the eastern extension, and 2 drill holes were from the Defender Target. All of the data about the drilling in the form of complete drill logs and assay files, drilling plan maps, and cross sections are on the Company web site www.northquest.biz.
Vickers Gold Zone
The complete assay results from PB-15-08 to PB-15-26, excluding PB-15-24, are set out below in Tables 1 and 2. In order to make the results easier to understand, the results are organized by drilling section rather than by drill hole number. The drill holes in Table 1 are from the western extension of the Vickers Zone and start at Section 90+50 W and end at Section 98+00 W. Two drill holes in Table 1 are from the Defender Target. The drill holes in Table 2 are from the eastern extension of the Vickers Zone and start at Section 86+50 W and end at Section 84+50 W.
Table 1. Summary of weighted average grade of gold concentrations intersected in drill holes from the western part of the Vickers Gold Zone.
| Hole | Section W | Length (m) | Azimuth | Collar Inclination | From (m) | To (m) | Intersection Length (m) | Au (g/t) |
| PB-15-16 | 90+50 | 200.00 | 00 | -50 | 110.00 | 140.00 | 30.00 | 2.10 |
| including | 110.00 | 119.70 | 9.70 | 5.43 | ||||
| 154.00 | 167.00 | 13.00 | 0.58 | |||||
| PB-15-18 | 90+50 | 251.00 | 00 | -70 | 104.82 | 131.00 | 26.18 | 0.82 |
| PB-15-19 | 91+00 | 140.00 | 00 | -50 | NSV | |||
| PB-15-21 | 91+00 | 161.00 | 00 | -70 | 67.00 | 71.00 | 4.00 | 6.95 |
| PB-15-22 | 91+50 | 109.00 | 00 | -50 | NSV | |||
| PB-15-15 | 94+40 | 93.50 | 00 | -50 | 55.00 | 62.00 | 7.00 | 3.06 |
| PB-15-13 | 95+00 | 172.00 | 00 | -50 | NSV | |||
| PB-15-14 | n/a | 197.00 | 096 | -50 | 3.90 | 31.00 | 27.10 | 0.35 |
| PB-15-10 | 97+00 | 218.00 | 045 | -75 | 122.00 | 126.00 | 4.00 | 1.25 |
| PB-15-12 | 97+00 | 176.00 | 045 | -50 | NSV | |||
| PB-15-08 | 98+00 | 260.00 | 045 | -75 | 87.00 | 103.00 | 16.00 | 0.43 |
| PB-15-09 | n/a | 215.00 | 045 | -50 | NSV | |||
| PB-15-23 | Defender | 150.50 | 180 | -50 | NSV | |||
| PB-15-25 | Defender | 144.00 | 00 | -50 | NSV | |||
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.
Sections 90+50 to 91+50 W
Drill holes PB-15-16, 18, 19, 21, and 22 were drilled on these sections. PB-15-16 intersected 30.00 metres grading 2.10 ppm gold and PB-15-18 below that hole intersected 26.18 metres grading 0.82 ppm gold suggesting that the gold zone has a lower boundary at approximately 100 m vertical depth on Section 90+50 W with an easterly plunge that joins the lower boundary on Section 90+00 W at a depth of 150 m (described in an earlier press release dated October 26, 2015). Hence the plunge of the lower boundary is approximately 70 degrees east. Although there is a narrow interval of 4.00 metres grading 6.95 ppm gold in PB-15-21, the remaining drill holes on these sections indicate that the western margin of the main Vickers gold zone probably terminates between 90+50 W and 91+00 W.
Sections 94+50 W to 98+00 W
PB-15-13, 10, 12, 08, and 09 tested the western extension of the contact of the Vickers intrusion and footwall stratigraphy. Those drill holes did intersect stratigraphy consisting of silicified and carbonatized gabbro-diorite in contact with a silicified footwall sequence; however, the degree of silicification is less than in the main part of the gold zone and the only notable intersection is 4.00 metres grading 1.25 ppm gold in PB-15-10 on Section 97+00 W (650 metres west of the interpreted western end of the gold zone at approximately 90+50 W described in the above paragraph).
PB-15-14 and 15 were drilled underneath gold-bearing surface outcrops. Both drill holes intersected anomalous gold concentrations, with the best intersection of 7.00 metes grading 3.06 ppm gold in PB-15-15 in silicified gabbro-diorite. That intersection will require follow-up drilling in the future.
Table 2. Summary of weighted average grade of gold concentrations intersected in drill holes from the eastern part of the Vickers Gold Zone, including intersections in the newly discovered eastern intrusion of quartz-feldspar porphyry.
| Hole | Section W | Length (m) | Azimuth | Collar Inclination | From (m) | To (m) | Intersection Length (m) | Au (g/t) |
| PB-15-17 | 86+50 | 391.00 | 00 | -50 | 47.50 | 85.50 | 38.00 | 0.40 |
| 96.00 | 155.00 | 59.00 | 0.48(1) | |||||
| 210.00 | 276.00 | 66.00 | 0.95 | |||||
| including | 239.00 | 268.00 | 29.00 | 1.46(2) | ||||
| 348.00 | 359.00 | 11.00 | 1.86 | |||||
| PB-15-11 | 86+00 | 425.00 | 00 | -50 | 62.00 | 78.50 | 16.50 | 0.77 |
| 237.50 | 282.00 | 44.50 | 1.07 | |||||
| 362.00 | 383.00 | 21.00 | 0.74(2) | |||||
| 411.00 | 421.00 | 10.00 | 1.70 | |||||
| PB-15-20 | 85+50 | 456.50 | 00 | -50 | 3.70 | 10.00 | 6.30 | 0.88(2) |
| 44.00 | 50.00 | 6.00 | 2.45 | |||||
| 101.00 | 134.00 | 33.00 | 0.61(1) | |||||
| 217.00 | 267.00 | 50.00 | 2.13(2) | |||||
| including | 228.00 | 267.00 | 39.00 | 2.57(2) | ||||
| 346.00 | 350.00 | 4.00 | 2.02 | |||||
| 413.00 | 416.00 | 3.00 | 3.10 | |||||
| PB-15-26 | 84+50 | 302.00 | 00 | -50 | 94.00 | 102.00 | 8.00 | 2.40(2) |
| 140.00 | 166.00 | 26.00 | 1.38(1,2) | |||||
| including | 140.00 | 151.00 | 11.00 | 2.88(1,2) |
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. (1) denotes a gold intersection in the newly discovered eastern intrusion of quartz-feldspar porphyry and (2) denotes a gold-bearing intersection with visible gold grains.
Section 86+50 W
PB-15-17 intersected four gold-bearing silicified zones in the intrusive footwall stratigraphy. The four zones were encountered over a length of more than 300 metres in the drill hole. The best intersection was 29.00 metres grading 1.46 ppm gold including a grain of visible gold at 267.85 metres in the eastern extension of the Vickers Zone. A second gold zone of 11.00 metres grading 1.86 ppm gold was encountered deeper in the drill hole. A third intersection of 59.00 metres grading 0.48 ppm gold is associated with an unusual quartz-feldspar porphyry that is approximately 18.00 metres thick in this drill hole.
Section 86+00 W
PB-15-11 on this section also intersected four gold-bearing silicified zones in footwall stratigraphy over a drill hole length of 359 metres. The best intersection is 44.50 metres grading 1.07 ppm gold that correlates with the intersection in PB-15-17 in the eastern extension of the Vickers gold zone. The quartz-feldspar porphyry intersected in PB-15-17 was intersected in PB-15-11 but it is only 3.6 metres wide in this drill hole, however, the porphyry is mineralized and contains an interval of 1.18 ppm gold over 3.00 metres. Visible gold was noted in the drill hole at 365.15 metres.
Section 85+50 W
PB-15-20 was drilled on this section. Six gold-bearing zones were intersected in the drill hole and visible gold was noted five times in the drill hole in multiple separate alteration zones from 5.35 metres to 427.80 metres. The best intersection is 50.00 metres grading 2.13 ppm gold including 39.00 metres grading 2.57 ppm gold. That intersection correlates with gold zones in PB-15-11 and 17 in the eastern extension of the Vickers gold zone. The quartz-feldspar porphyry in this drill hole was intersected from 101.35 to 134.64 metres (33.29 metres total), an intersection of much greater length than the 3.6 metre interval in PB-15-11. The felsic porphyry is mineralized and contains an interval of 33.00 metres grading 0.61 ppm gold.
Section 84+50 W
PB-15-26 was drilled on this section. The collar is north of the eastern extension of the Vickers gold zone that was intersected in PB-15-17, 11, and 20. Two gold zones were intersected; one gold zone is in typical silicified footwall stratigraphy that grades 2.40 ppm gold over 8.00 metres, and a second zone grading 1.38 ppm gold over 26.00 metres that is associated with an interval of 39.70 metres of quartz-feldspar porphyry that correlates with the porphyry intersections in PB-15-17, 11, and 20. However, on this section, the porphyry contains a much higher concentration of gold. Correlations of the porphyry in this drill hole with holes PB-15-17, 11, and 20 indicates that the porphyry has a variable thickness of approximately 3.60 to 39.70 metres and the upper contact probably dips gently south.
Jon North, CEO, stated, "The drill holes reported here extend the strike length of the Vickers gold zone by 150 metres, for a total strike length of 600 metres, and the zone is open to the east and at depth. A newly discovered quartz-feldspar porphyry intrusion containing visible gold was intersected in all four drill holes in the eastern extension of the Vickers gold zone. The intrusion is always mineralized, has a variable apparent thickness of 3.60 to 39.70 metres, and dips gently to the south. The intrusion appears to thicken to the north and east and the upper contact of the gently dipping body is within 110 metres of surface where it has the highest gold grades on section 84+50 W. The gold concentrations in the quartz-feldspar porphyry appear to be a second zone of gold mineralization some 100 metres north of the eastern extension of the main Vickers gold zone".
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.
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.
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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