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

Within the intrusion, the mineralized zone is variably silicic, chloritic, and contains variable concentrations of pyrite, arsenopyrite and gold. The rocks are very fractured and sometimes very brecciated. The attitude of a dominant fracture and tectonic fabric cannot at this time be determined with certainty but is interpreted as parallel to the footwall contact of the intrusion. The width of the mineralized zone in the intrusion and the gold distribution are illustrated on the sections and in the drill logs.

Within the footwall rocks, the mineralized zone consists of variably silicic, sericitic, and brecciated rocks with variable concentrations of pyrite, arsenopyrite and gold. A planar fabric of sericite and quartz-rich bands is prominent and also interpreted as parallel to the intrusion-footwall contact.

In brief, there seems to be a positive correlation between gold, diorite dikes, and breccia of diorite and sandstone. The width of the mineralized zone within the footwall rocks and the gold distribution are illustrated on the sections and in the drill log files.

One of the characteristics of the mineralized zone, in both the intrusion and its footwall rocks, is that rocks grading over one gram gold per tonne are in some instances interspersed with intervals of low gold concentration (sometimes below the detection limit of 0.05 ppm) up to several metres thick, even though the silicate alteration is the same. The intervals with low gold concentration generally have less diorite and are less brecciated. An interpretation is that these intervals are less permeable domains and therefore somewhat less mineralized, or alternatively, the less altered rocks may possibly be mega breccia fragments that contain less gold. The lower grade intervals are included in the weighted average gold concentration calculation because they are an inseparable part of the contact zone between the intrusion and its footwall. Moreover, there are some intervals, up to a few metres in core length, with grains of visible gold with local silicic alteration with or without attendant sulphide minerals.

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