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Northquest Ltd. Announces Additional Drilling Results From The Pistol Bay Gold Project, Nunavut, Canada

Table 1. Summary of weighted average grade of gold in drill holes PB-12-19 to PB-12-22, including all continuous intervals of variable average grade.

              Length         Collar      From          Intersection
    Hole      (m)    Azimuth Inclination (m)    To (m) Length       Au (g/t)
    PB-12-19  274.93      00         -60  56.77 166.20       109.43     0.89
    including                             56.77 136.98        80.21     0.61
    including                            136.98 166.20        29.22     1.63
    PB-12-20  249.02      00         -50  48.61 217.30       168.69     2.15
    including                             48.61  52.61         4.00     5.90
    including                             52.61  83.00        30.39     0.53
    including                             83.00  94.00        11.00     6.65
    including                             94.00 138.70        44.70     1.49
    including                            138.70 141.70         3.00     8.50
    including                            141.70 217.30        75.60     2.71
    PB-12-21  299.91      00         -70 100.15 165.00        64.85     2.24
    including                            100.15 131.28        31.13     0.78
    including                            131.28 165.00        33.72     3.60
    PB-12-22  273.41      00         -70  87.02 243.50       156.48     8.23
    including                             87.02 188.92       101.90    12.34
    including                            188.92 243.50        54.58     0.55

Note: Intersection lengths are core lengths and do not necessarily represent the true width of the mineralized zone. Weighted average grades are calculated from assays of drill core with nominal sample lengths of 1.0 metres. The detection limit of the assay method is 0.05 ppm gold. Some of the samples within the intersected lengths reported in Table 1 are below the detection limit and the assay value for those samples used in the weighted average grade calculation is zero. The complete drill hole logs, including assays, and sample lengths are published on the Company web site at .

Section 9000 W PB-12-19 on section 9000 W is the westernmost hole drilled at the Vickers Target. The interpreted thickness of the mineralized zone on this section is approximately 90 metres and the drill hole intersected a core length of 109.43 metres with a weighted average grade of 0.89 grams gold per tonne. Six samples out of a total of 108 samples of the mineralized zone were below the detection limit of 0.05 ppm gold. In PB-12-19, a 29.22 metre long section from 136.98 to 166.20 metres has a weighted average grade of 1.63 grams gold per tonne. Six samples within that interval contain <0.05 ppm gold. Within that interval, which consists of altered diorite and gabbro, banded iron formation was intersected from 158.28 to 161.20 (2.92 m) from which three samples were collected varying in grade from 0.67 to 2.88 grams gold per tonne. The weighted average grade of the 2.92 metre long interval is 1.68 grams gold per tonne.  The provenance of the banded iron formation is not known but most likely it was incorporated into the intrusion and mineralized with gold at the same time that the intrusion was altered. The presence of gold-bearing banded iron formation within the intrusion, from whatever source and by whatever process, is a favourable attribute of the Vickers Target. Banded iron formation is a very reactive rock type, a favourable host rock for gold, and it could potentially increase the volume and size of the Vickers Zone if the primary stratigraphy containing the iron formation is nearby.

Section 8925 W PB-12-20 was drilled on section 8925 W where the interpreted thickness of the mineralized zone is approximately 100 metres. The intersected core length of the mineralized zone in Table 1 is 168.69 metres. Thirty-two samples out of a total of 166 samples of the mineralized zone were below the detection limit of 0.05 ppm gold. Visible gold grains were documented eleven times from 50.61 to 192.74 metres (142.13 metres of core length). Table 2 lists the contribution of three assays on the weighted average grade of 2.15 g/t Au over a core length of 168.69 metres.

PB-12-21 was drilled on section 8925 W and is an undercut of PB-12-20. The intersected length of the mineralized zone is 64.85 metres and the estimated true width of the mineralized zone is approximately 50 metres. Nine samples out of a total of 65 samples of the mineralized zone were below the detection limit of 0.05 ppm gold. Visible gold was documented at three locations in PB-12-21 from 100.28 to 151.81 metres (50.53 metres of core length). One of the samples used in the weighted average grade calculation contains 87.90 g/t gold over a length of 1.00 metres. The effect of that sample in the weighted average gold calculation is set out in Table 2. The interval from 207.16 to 278.80 (71.64 metres), near the end of the drill hole, contains a weighted average of 0.32 grams gold per tonne over 71.64 metres. That interval is not included in the above chart, but it is illustrated in the drilling section because it spatially correlates with the wider mineralized zone intersected in PB-12-20 on the same section, and with the mineralized zone on adjacent drilling section 8900 W.

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