This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Northquest Ltd. Commences Exploration At The Pistol Bay Gold Project, Nunavut, Canada

TORONTO, July 10, 2013 /PRNewswire/ --

Northquest Ltd. (TSXV: NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to announce that the 2013 exploration program has commenced at the Pistol Bay Gold Project, Nunavut, Canada.

The Pistol Bay Project consists of 845 square kilometres of staked claims covering 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 2011 and 2012. The Pistol Bay Trend is a newly recognized trend parallel to, and 80 kilometres south of, the Meliadine Trend of gold deposits, owned by 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 ( http://www.agnico-eagle.com).

Since the initial field operations commenced in April 2011, the Company has completed two airborne geophysical surveys and 7,097 metres of diamond drilling in 39 drill holes and has obtained economically interesting drilling intersections at the Sako, Vickers, and Bazooka targets which occur over a 20 kilometre long segment of the Pistol Bay Trend. The best drilling intersection to date from the property is in drill hole PB-12-22 from the Vickers Target which intersected 156.48 metres grading 8.23 grams gold per tonne.

In June and early July, 2013, Northquest commissioned the construction of a winterized camp facility which is now complete and suitable for year-round drilling operations. Northquest geological personnel occupied the camp on July 6 th and have commenced exploration. The exploration program this year will have four main objectives, viz.: i) to complete additional drilling of the Vickers Main Zone (also known as the V1 Zone) which was intersected in 14 drill holes in 2012,  ii) to drill the first holes testing the V2 Zone which is 200 metres south of the V1 Zone,  iii) to complete surface exploration and validation of ten targets in the eastern half of the property that were defined in a high resolution heli-mag survey completed in October 2012, and iv) to complete the initial reconnaissance and prospecting of the western half of the property.

Approximately 2,000 metres of drilling is planned. It is expected that drilling will commence in mid-July and that the first drilling results will be announced sometime in August. The surface exploration and reconnaissance work will commence immediately and will be complete in approximately 8 weeks. The results of that work will be released when the work is complete and the assays have been received and verified.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,912.11 -70.48 -0.42%
S&P 500 1,969.95 -8.96 -0.45%
NASDAQ 4,442.6980 -2.2110 -0.05%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs