Northquest Ltd. announces the results of property-wide geological surveys and surface sampling from the Pistol Bay Gold Project, Nunavut, Canada

NINE NEW TARGETS DISCOVERED - SURFACE GRAB SAMPLES CONTAIN UP TO 87.20 GRAMS GOLD PER TONNE AT THE SAKO TARGET

TORONTO, Nov. 18, 2013 /CNW/ - Northquest Ltd. (TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to announce the results of property-wide geological reconnaissance sampling and prospecting from the Pistol Bay Gold Project, Nunavut, Canada.  The project consists of 861 square kilometres of mineral rights covering a 90 kilometre strike length of the Pistol Bay Trend, which is a west-trending series of gold occurrences and gold zones intersected in holes drilled by Northquest in 2011, 2012, and 2013.

In the past three years, since field operations commenced in April 2011, the Company has completed two airborne geophysical surveys and 9,110 metres of diamond drilling in 48 drill holes focussing on the Vickers, Sako, and Bazooka Targets, which occur over a 20 kilometre strike length of the Pistol Bay Trend.

In 2013, Northquest completed a comprehensive, property-wide, reconnaissance geological and prospecting program over the entire 90 kilometre strike length of the property. Traverses were completed on a nominal 1 kilometre spacing in the west half of the property, which was acquired by staking in March, 2013. Traverses were more closely-spaced in the east half of the property, where detailed airborne surveys and all of the drilling to date, have been completed. A map of the surface sampling described herein is published on the Company web site www.northquest.biz. The results of this work is described below.

Sako Target
Seven widely-spaced drill holes (1,087 metres) were completed at this target in 2011 and 2012. Two new areas of gold-bearing rock were discovered on the Sako grid in 2013, viz.: i) in the central part of the grid,  ten rock samples of boulders and outcrops contain up to 87.20 grams gold per tonne over a 300 metre strike length of an untested IP anomaly between drill holes PB-11-15 and PB-12-03, and ii) nine rock samples of boulders and outcrops contain up to 6.33 grams gold per tonne over a 200 metre strike length of an untested IP anomaly east of PB-12-02. Most of the gold-bearing samples are of "high silica rock" interpreted as silicified felsic porphyry which both hosts, and intrudes a gold-bearing iron formation. The rock samples are listed and described in the table below.

Rock samples in the central part of the Sako Grid

Rock samples in the eastern part of the Sako Grid

Tikka Target
This is a field of frost heave on a parallel structure 1,000 metres south of the Sako grid. Five rock samples of float and frost heave contain up to 4.90 grams gold per tonne over a strike length of 800 metres. The rock types are similar to those at the Sako grid. The frost heave is probably in situ, however, if it has been glacially transported, the source area would be at least 1 kilometre west of the Sako grid where there is an outcrop that contains 3.28 grams gold per tonne (sample 893755). The rock samples are listed and described in the table below.

Kimber Target
This target is a field of boulders and frost heave 1,500 metres southeast of Vickers Target. Six rock samples contain up to 3.89 grams gold per tonne over a 2,000 metre strike length. Some boulders resemble the rocks of the Vickers Zone. The boulder field is mixed with iron formation boulders and rests upon a concealed magnetic anomaly interpreted as iron formation suggesting that the boulders are frost heave and in situ. This discovery may be a new, concealed gold zone, or it may be glacially transported boulders from the Vickers Target. The rock samples are listed and described in the table below.

Colt Target
This target occurs in outcrops 1 to 2 kilometres west of the Vickers Target. Three rock samples contain up to 1.82 grams gold per tonne. The target appears to be a western extension of the Vickers Zone. The rock samples are listed and described in the table below.

Purdey Target
This target is a cluster of three rock samples 6 kilometres west of the Vickers Target containing up to 3.88 grams gold per tonne. The target appears to be in the same stratigraphy and structural setting as the Vickers and Colt Targets. The rock samples are listed and described in the table below.

Defender Target
This is an iron formation target near the Bazooka Target. Five rock samples of sulphidized iron formation contain up to 2.13 grams gold per tonne associated with conductivity anomalies in the limbs and axis of a synclinal fold. The rock samples are listed and described in the table below.

Webley Target
This target is a cluster of three rock samples containing up to 55.70 grams gold per tonne. The target is in a northeast-trending shear zone in a variety of rock types, including granite and iron formation, on the west contact of a 7 kilometre diameter granitic pluton in contact with felsic volcanic rocks and iron formation. The rock samples are listed and described in the table below.

CZ Target
This target is a cluster of four rock samples of quartz stockworks and shear zones containing up to 4.09 grams gold per tonne in a gabbro-diorite intrusion with a prominent magnetic anomaly. The rock types are somewhat like the Vickers Target. The rock samples are listed and described in the table below.

Barrett Target
This target is a cluster of six rock samples containing up to 6.50 grams gold per tonne in a northeast-trending shear zone of sericitic schist and quartz-carbonate stockworks hosted in basalt, gabbro, and possibly felsic rocks or sedimentary rocks. The shear zone was traced for 1.5 kilometres. The rock samples are listed and described in the table below.

Jon North, CEO, stated, that "In addition to the very promising drilling results obtained at the Vickers, Sako, and Bazooka targets over the past three years, we have now established that gold occurrences occur over the entire 90 kilometre strike length of the Pistol Bay Trend. The nine new targets discovered in 2013 further upgrade the potential of the Sako and Vickers targets and provide us with added confidence that the Pistol Bay Trend is a potential new gold district".

Information in this press release relating to exploration results is based on data collected under the supervision of Dwayne Car, P.Geo., who holds the position of Vice President, Exploration of the Company and is a Qualified Person within the meaning of National Instrument 43-101. Mr. Car has approved the disclosure contained in this press release and has verified the scientific and technical data contained herein.

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 39,782,798 shares outstanding (61,232,836 shares on a fully diluted basis).  For further information please visit www.northquest.biz.

The rock samples described herein are selected grab samples. The rock samples were analyzed by ALS Chemex analytical laboratory in Vancouver, Canada, by ALS method Au-GRA-21, which is gold analysis by fire assay and gravimetric finish on a 30 gram sample charge.

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 20 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.

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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SOURCE Northquest Ltd.