TORONTO, Sept. 6, 2012 /CNW/ - Northquest Ltd. (TSXV: NQ), (FWB-N3Q) ("Northquest" or "the Company") announces that it has completed approximately half of its planned drilling program at the Pistol Bay Gold Project, Nunavut, Canada. The project consists of 575 square kilometres of mineral rights covering a 35 kilometre strike length of a 2 kilometre wide alteration zone known as the Pistol Bay Corridor which contains numerous gold occurrences. The current drilling program is focussed on the Vickers, Bazooka, and Sako gold occurrences. To date the Company has completed 2,400 metres of drilling and anticipates that approximately 3,500 to 4,000 metres of drilling will be completed by the end of the 2012 drilling season.
Vickers Target
The Vickers Target is an elliptical, 1 kilometre diameter, gabbro-diorite intrusive complex within silicified schist and mylonite of the Pistol Bay Corridor. A gold-bearing, siliceous, chloritic breccia zone is exposed in the margin and footwall of the intrusion in surface outcrops. The contact between the mineralized intrusion and the mineralized footwall sequence dips south at approximately 70 degrees. Seven drill holes (1,487 metres) have been completed at the Vickers Target. It is anticipated that approximately 14 drill holes (approximately 3,000 metres) will be completed by the end of the drilling season. Drill hole PB-12-08 was the first drill hole at the target but had to be abandoned before it reached the target because of the condition of the drill hole. Drill holes PB-12-09, 10, 11, 12, 13, and 14 intersected silicified, chloritized breccia in the intrusion and silicified and sericitized footwall sequence. The silicate alteration is accompanied by abundant disseminated stringers and grains of pyrite and arsenopyrite. Visible gold grains have been documented at numerous locations in these drill holes both within the intrusion and within the footwall sequence.
In drill hole PB-12-09, visible gold grains were documented at seven locations in the drill core from 74.76 metres to 220.55 metres. The Company has received and verified the complete assay results from PB-12-09 and the results of the drill hole are set out below.
| Hole | Length
(m) | Azimuth | Inclination | From
(m) | To (m) | Intersection
Length | Au (g/t) |
| PB-12-09 | 245.97 | 00 | -55 | 72.51 | 236.92 | 164.41 | 5.39 |