TORONTO,
July 18, 2013 /CNW/ - Northquest Ltd.
(TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to
announce that the second phase of diamond drilling has commenced at
the Vickers Target of the Pistol Bay Gold Project, Nunavut, Canada.
The Pistol Bay Project consists of 845 square
kilometres of staked claims covering 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 2011 and 2012. 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 operations commenced at
Pistol Bay in April 2011, Northquest
has completed two airborne geophysical surveys and 7,097 metres of
diamond drilling in 39 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 best drilling intersection to date from the
property is in drill hole PB-12-22 from the Vickers Target which
intersected 156.48 metres grading 8.23 grams gold per tonne.
Approximately 2,000 metres of drilling is
currently planned for the Vickers Target which will consist of
approximately 1,700 metres of drilling in approximately 7 drill
holes at the Vickers Main Zone (also known as the V1 zone). In
addition, a single drill hole will be the initial test of the V2
Zone, which is a surface gold occurrence that resembles the V1 Zone
and is 200 metres south of the V1 zone on the south contact of the
Vickers gabbro/diorite intrusion.
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 "Northquest completed 14
drill holes at the Vickers V1 Zone in August and September, 2012
and the initial drilling results were published to the market in
four press releases between September 6 and
November 26, 2012. The current drilling program is our first
opportunity to continue with the drilling program at V1 because of
winter conditions from November 2012
until May 2013 and because we did not
have an all weather camp facility. We now have a camp facility
which enables us to work at the project year round. We look forward
to publishing the results of this year's drilling program at the
Vickers Zone and, if market conditions permit and additional
exploration funds can be raised, to an extended drilling season at
Pistol Bay".
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 38,894,406 shares outstanding
(58,841,690 shares on a fully diluted basis). For further
information please visit www.northquest.biz.
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Northquest Ltd.