Northquest Ltd.: Announces Drilling Results from the Pistol Bay Gold Project, Nunavut, Canada
PB-15-30 Intersects 19.00 Metres Grading 2.22 Grams Gold per Tonne within a 129.20 Metre Intersection of the Newly Discovered Eastern PorphyryTORONTO, December 9, 2015 - Northquest Ltd. (TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to publish the third and final 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 were to complete drilling west and east of existing drill holes at the Vickers Zone in order to extend the known strike length of the zone.
This press release describes the results of 9 drill holes from the eastern extension of the Vickers gold zone. 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-15-27 to PB-15-34, plus PB-15-24, are set out below in Table 1. In order to make the results easier to understand, the results are organized by drilling section rather than by drill hole number starting with Section 86+00 W and ending at Section 84+00 W. Every drill hole reported herein intersected the newly discovered eastern porphyry intrusion in the eastern extension of the Vickers gold zone.
Table 1. Summary of weighted average grade of gold concentrations intersected in drill holes from the eastern extension of the Vickers Gold Zone, including intersections in the newly discovered eastern quartz-feldspar porphyry intrusion.
| Hole | Section W | Length (m) | Azimuth | Collar Inclination | From (m) | To (m) | Intersection Length (m) | Au (g/t) |
| PB-15-29 | 86+00 | 206.00 | 00 | -50 | 87.30 | 108.85 | 21.55 | 0.70(1) |
| 180.80 | 192.80 | 12.00 | 0.75 | |||||
| PB-15-32 | 85+50 | 350.00 | 00 | -60 | 116.50 | 130.85 | 14.35 | 1.16(1) |
| 235.80 | 249.00 | 13.20 | 1.89(2) | |||||
| 266.00 | 269.00 | 3.00 | 3.31 | |||||
| PB-15-28 | 85+50 | 242.00 | 00 | -50 | 79.45 | 115.45 | 36.00 | 0.58(1) |
| 146.45 | 164.45 | 18.00 | 0.56(1) | |||||
| PB-15-34 | 85+50 | 155.00 | 00 | -50 | 122.00 | 127.00 | 5.00 | 1.60 |
| PB-15-31 | 85+00 | 150.00 | 00 | -70 | 116.20 | 128.00 | 11.80 | 1.17(1) |
| PB-15-24 | 85+00 | 444.19 | 00 | -50 | 78.00 | 128.00 | 50.00 | 1.00(1) |
| including | 98.00 | 128.00 | 30.00 | 1.36(1) | ||||
| including | 121.00 | 128.00 | 7.00 | 2.79(1) | ||||
| 249.50 | 269.00 | 19.50 | 2.25(2) | |||||
| including | 249.50 | 259.00 | 9.50 | 3.70(2) | ||||
| PB-15-30 | 85+00 | 246.00 | 00 | -50 | 61.00 | 87.00 | 26.00 | 1.61(2) |
| including | 61.00 | 71.00 | 10.00 | 3.54(2) | ||||
| 103.00 | 122.00 | 19.00 | 2.22(1,2) | |||||
| 209.00 | 225.20 | 16.20 | 1.51(1) | |||||
| PB-15-27 | 84+50 | 330.50 | 00 | -50 | 130.00 | 162.00 | 32.00 | 1.46(1) |
| 259.00 | 265.00 | 6.00 | 3.69(2) | |||||
| PB-15-33 | 84+00 | 227.00 | 00 | -50 | 112.00 | 115.00 | 3.00 | 2.35 |
| 142.00 | 184.00 | 42.00 | 0.58(1) |
Note: Intersection lengths are core lengths and do not necessarily represent the true widths of the mineralized zone or stratigraphic units. 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+00 W
PB-15-29 was drilled on this section. The drill hole intersected a 12.10 m interval of eastern porphyry from 85.30 to 97.40 that contains part of the intersection of 21.55 metres grading 0.70 ppm gold. The entire thickness of the porphyry is mineralized. In nearby drill holes PB-15-11, PB-15-17 (previously reported), and PB-15-18, the eastern porphyry is 3.60 metres, 17.68 metres, and 17.25 metres thick respectively. The apparent dip of the upper contact of the eastern porphyry on this section is approximately10 degrees south.
A second intersection of 12.00 metres grading 0.75 ppm gold in silicified sedimentary rocks probably correlates with an interval of 11.00 metres grading 1.86 ppm gold in PB-15-17 and 11.50 metres grading 0.93 ppm gold in PB-14-18.
Section 85+50 W
PB-15-32, 28, 34, and 20 (previously announced) were collared on this section, however, because of deviation in PB-15-32, part of the drill hole is on Section 85+00 W and because of similar deviation in PB-15-11, much of that hole is on this section.
The thickness of the eastern porphyry varies from 3.60 metres in PB-15-11 to 124.13 metres in PB-15-28 suggesting that the thickness of the eastern porphyry increases to the north. The mineralized widths vary from 14.35 to 36.00 metres and the grade varies from 0.56 to 1.16 ppm gold. The apparent dip of the upper contact of the eastern porphyry is horizontal and it is within 100 metres of surface.
In addition to the eastern porphyry intersections there are correlations between intersections in drill holes PB-15-32, 20, and 11 of 13.20 metres grading 1.89 ppm gold, 50.00 metres grading 2.13 ppm gold, and 44.50 metres grading 1.07 ppm gold respectively.
Section 85+00 W
PB-15-24, 30 and 31 were collared on this section and because of drill hole deviation much of drill hole PB-15-20 is on this section. The widths of gold-bearing drilling intersections associated with the eastern porphyry vary from 11.80 to 50.00 metres and the grade varies from 1.00 to 2.22 ppm gold with the highest grade intersection of 19.00 metres grading 2.22 ppm gold in PB-15-30. Moreover, visible gold was noted in PB-15-30 at five locations. Two of the locations with visible gold grains are in the eastern porphyry. The thickness of the eastern porphyry varies from 10.45 metres in PB-15-31 to 99.66 metres in PB-15-30 and the thickness and grade of the drilling intersections increases northwards as it does on Section 85+50 W. The upper contact of the eastern porphyry is approximately horizontal, and is within 100 metres of surface, and the thickness increases to the north. Hence, drilling to the north should continue to intersect gold-bearing porphyry.
Section 84+50 W
Drill holes PB-15-27 and PB-15-26 (previously reported) were drilled on this section. The eastern porphyry was intersected over 36.33 metres from 118.92 to 155.25 metres and is associated with an intersection of 32.00 metres grading 1.46 ppm gold at a vertical depth of approximately 100 metres. Correlations between PB-15-27 and 26 suggest that the upper contact of the eastern porphyry dips gently to the north on this section and that the contact is approximately 120 metres from surface.
Section 84+00 W
PB-15-33 was drilled on this section and intersected the eastern porphyry over 91.45 metres from 135.55 to 227.00, which is also the end of the drill hole. Accordingly, the drill hole did not test the entire width of the eastern porphyry.
Jon North, CEO, stated, "We are very encouraged by these results that have intersected good thicknesses and grades of gold mineralization within 100 metres of surface in the newly discovered eastern porphyry. The eastern porphyry is an intrusion of variable thickness and it appears to be thickening to the north on Sections 85+00 and 85+50 W. The upper contact is approximately horizontal; hence, it appears as though drilling north of holes PB-15-34, 30, and 33 and also east of PB-15-33 will continue to provide shallow, gold-bearing intersections of the eastern porphyry. We have now published all of the drilling results from 2015 and can report that the Vickers gold zone and the gold zone in the newly discovered eastern porphyry remain open to the east and at depth."
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 106,353,706 shares outstanding (117,782,186 shares on a fully diluted basis). For further information please visit www.northquest.biz.
For further information please contact:
Northquest Ltd.
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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