TORONTO,
July 10, 2013 /CNW/ - Northquest Ltd.
(TSXV: NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to
announce that the 2013 exploration program has commenced at 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, owned by 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 in
April 2011, the Company 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.
In June and early July, 2013, Northquest
commissioned the construction of a winterized camp facility which
is now complete and suitable for year-round drilling operations.
Northquest geological personnel occupied the camp on July 6th and have commenced
exploration. The exploration program this year will have four main
objectives, viz.: i) to complete additional drilling of the Vickers
Main Zone (also known as the V1 Zone) which was intersected in 14
drill holes in 2012, ii) to drill the first holes testing the
V2 Zone which is 200 metres south of the V1 Zone, iii) to
complete surface exploration and validation of ten targets in the
eastern half of the property that were defined in a high resolution
heli-mag survey completed in October
2012, and iv) to complete the initial reconnaissance and
prospecting of the western half of the property.
Approximately 2,000 metres of drilling is
planned. It is expected that drilling will commence in mid-July and
that the first drilling results will be announced sometime in
August. The surface exploration and reconnaissance work will
commence immediately and will be complete in approximately 8 weeks.
The results of that work will be released when the work is complete
and the assays have been received and verified.
Northquest President and CEO Jon North remarked that "In the past two years,
Northquest has acquired a vast area of prospective land and
recognized a new gold trend, parallel to the Meliadine Trend of
Agnico Eagle Mines. With exploration expenditures of only
$4.9 million to date, Northquest has
obtained economically-interesting drilling intersections at three
targets in a 20 kilometre long segment of the 90 km long Pistol Bay
Trend. In my opinion, this is one of the most prospective new gold
trends in Canada, and it is worth
repeating, and a great pleasure to remind our shareholders, and
prospective investors, that Canada
is one of the most richly endowed, safest, most mining friendly,
and most stable countries in the world".
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.