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TORONTO, CANADA / TheNewswire / September 8 2015 - Northquest Ltd. (TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to provide an update on the ongoing diamond drilling program at the Pistol Bay Gold Project, Nunavut, Canada.
The Pistol Bay Project claims cover 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 four drilling programs completed since 2011. 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 work commenced at Pistol Bay in April 2011, Northquest has completed 13,660 metres of diamond drilling, leading to the recognition of a prominent mineralized zone at the Vickers gold zone where 37 holes comprising a total of 9,400 metres have been completed over a 400 metre strike length of the Vickers gold zone. The results of the drilling are described in detail at www.northquest.biz. Examples of previously released drilling intersections at the Vickers gold zone over the past 3 years include the following:
September 6, 2012; PB-12-09 intersects 164 metres grading 5.39 grams gold per tonne
September 4, 2013; PB-13-03 intersects 158 metres grading 3.46 grams gold per tonne
September 15, 2014; PB-14-08 intersects 222 metres grading 1.65 grams gold per tonne
In 2015, as at September 8, 2015, 6,552 metres of drilling in 31 drill holes have been completed at the Vickers gold zone. Visual core logging indicates that these drill holes have increased the strike length of the zone from 400 metres to at least 600 metres. It is anticipated that by the end of September 2015, approximately 8,300 metres of drilling will have been completed at the Vickers gold zone in this year's drilling program such that the total amount of drilling at the Vickers gold zone will be approximately 17,700 metres.
Northquest has started to receive the first assays from this year's drilling program and it is anticipated that the first drilling results will be announced within the next two or three weeks.
Northquest President and CEO Jon North stated, that, "This year's program is the largest amount of drilling ever completed at the Vickers gold zone in a single drilling season. Based upon visual logging of the core we have expanded the strike length of the Vickers gold zone from 400 to at least 600 metres, and the gold zone is still open in all directions".
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 88,853,706 shares outstanding (117,782,186 shares on a fully diluted basis).
For further information please visit www.northquest.biz or contact:
Jon North
President and Chief Executive Officer
Tel. (416) 306-0202
Mobile (416) 786-6348
Pistol Bay Camp: (416) 391-1606
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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