Northquest Ltd. Announces Additional Drilling Results From The Pistol Bay Gold Project, Nunavut, Canada
Jon North, CEO, stated that "When we acquired the Pistol Bay Project in 2010, we conceptualized the project as a mineralized trend of gold occurrences parallel and 80 kilometres south of the Meliadine trend of Agnico Eagle Mines. In 20 months and with expenditures of less than 5 million dollars, we have advanced the Pistol Bay Project from that concept to a high degree of certainty that we have discovered a mineralized gold trend. We have locked up what we think is the most prospective land, and now have a 50 kilometre long strike length of the trend with economically interesting drilling intersections over a 20 kilometre long segment of the trend".
Diamond drilling at Pistol Bay was cheerfully carried out by Top Rank Diamond Drilling of St. Rose du Lac, Manitoba. Helicopter transportation for personnel, drill moves and supply, and camp supply were safely and professionally provided by Custom Helicopters of Winnipeg, Manitoba. Much of the field work, core cutting, and camp supply and maintenance were provided by the good people of the Hamlet of Whale Cove, Nunavut.
Up to date drilling plans and sections and entire drill hole logs will be uploaded to the Company's web site http://www.northquest.biz as soon as possible.
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 38,061,073 shares outstanding (57,803,939 shares on a fully diluted basis). For further information please visit http://www.northquest.biz.Drill core samples of BTW size were collected and cut in half with a rock saw on site. In general, sample lengths vary from 1.0 to 1.5 metres. Rock samples were analyzed by ALS Chemex analytical laboratory in Vancouver, Canada, by ALS method Au- SCR21 in which 1 kg of sample pulp is passed through a 100 micron screen and all of the coarse material on the screen is assayed by Au-GRA-21 and two samples of homogenized pulp that passed through the screen are assayed by Au-AA25 and Au-AA25D which is fire assay with AA finish on a 30 gram sample charge. Finally the weighted average of all assays is calculated by the laboratory and reported as the gold concentration of the rock sample. 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. The reported intersections are for drill core length and do not necessarily represent true widths. 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 and is a Qualified Person within the meaning of National Instrument 43-101. 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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