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

Section 8875 W PB-12-22 was drilled on section 8875 W.  The primary mineralized zone was intersected over a core length of 156.48 metres and has an estimated true width of approximately 90 metres. Twenty samples out of a total of 156 samples of the mineralized zone were below the detection limit of 0.05 ppm gold. In drill hole PB-12-22, visible gold was documented at three locations from 159.03 to 181.60 (22.57 metres of core length). Within that interval, there are abundant grains of visible gold, sometimes forming plate-like aggregates of grains up to 1.20 centimetres in diameter. From 160.63 to 161.15 a 4 cm wide quartz vein at 8 degrees to the core axis with coarse visible gold grains was intersected and from 180.5 to 180.60 a 2 cm quartz vein at 15 degrees to the core axis with coarse visible gold grains was intersected. Elsewhere in the drill hole the core angles of fractures and quartz veinlets are variable. Moreover, this part of the drilling section on 8875 W spatially correlates with the mineralized zone on section 8900 W where there is also abundant visible gold and where the core angles are variable and at acute angles to the core axis.

The following chart sets out the assays in samples from the drill holes that were over 35.00 grams gold per tonne (approximately 1 troy ounce per ton) and the contributed value of the assay of that sample within the intersected interval. The value of 35.00 grams gold per tonne was selected arbitrarily, it is not based on a statistically valid cut-off, and was selected and used for information purposes only. In the opinion of the Company, a much larger assay population derived from additional drilling is required before a statistically valid top cut can be obtained.

Table 2. List of all individual samples in PB-12-19 to PB-12-22 with gold concentrations greater than 35.00 g/t Au and the contribution of those samples to the weighted average grade of the reported intersection.

                                        Weighted                               Contributed
                                        Average                                   Value at
    Drill    From   To     Intersection Au g/t         Assay  Length Contributed 35.00 g/t
    Hole     (m)    (m)    Length       (1)      Sample  Value  (m)    Value (2)   Au (3)

    PB-12-20  48.61 217.30 168.69       2.15     N840633  45.90  1.0   0.27        0.21
                                                 N840746  91.90  1.0   0.54        0.21
                                                 N840758  38.80  1.0   0.23        0.21
    PB-12-21 100.15 165.00  64.85       2.24     N849419  87.90  1.0   1.36        0.54
    PB-12-22  87.02 243.50 156.48       8.23     N849119 332.00  1.0   2.12        0.22
                                                 N849121 126.50  1.0   0.81        0.22
                                                 N849142  68.60  1.0   0.44        0.22
                                                 N849144 525.00  1.0   3.36        0.22

(1) Weighted Average grade is the weighted average grade of the primary drilling intersection of the mineralized zone reported in Table 1. (2) Contributed Value means the value that the individual sample in the list contributes to the Weighted Average of the interval. (3) Contributed value at 35.00 g/t Au, is the contributed value of the sample if the assay was arbitrarily cut to 35.00 g/t Au.

Summary of the Vickers Target Drilling Results The four drill holes reported herein, plus the 10 holes that have already been released for the Vickers Target, have all intersected a mineralized zone with a variable grade and a thickness that varies from approximately 50 to 160 metres in the drilling sections. The drill holes have intersected the mineralized zone over a strike length of 200 metres. The deepest pierce point is in PB-12-11 at a depth of approximately 300 metres.

The mineralized zone of the Vickers Target is in the contact of a gabbro-diorite intrusion and a footwall sequence comprised of a mixture of epiclastic or volcaniclastic sandstones with abundant diorite inclusions or dikes. This contact trends approximately 295 degrees and dips approximately 60 to 70 degrees to the south. The mineralized zone appears to be more prevalent in the intrusion in the west and more prevalent within its footwall rocks in the east part of the Vickers Target.

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