Northquest Ltd. Commences Exploration at the Pistol Bay Gold Project, Nunavut
28 June 2011 - 11:00PM
Marketwired
Northquest Ltd. (TSX VENTURE: NQ) ("Northquest" or "the Company")
announces that it has commenced exploration at the Pistol Bay gold
project, Nunavut.
The project consists of 1,100 square kilometres of mineral
rights and Prospecting Permits located 80 kilometres south of the
Meliadine Project of Agnico Eagle Mines which contains an estimated
5 million ounces of gold at a grade of 7.4 grams gold per tonne.
The gold deposits at Meliadine are associated with banded iron
formation.
At the Pistol Bay project, an airborne magnetometer survey,
consisting of 3,800 kilometres of flight lines at 100 m spacing was
completed in May, 2011. The results of the survey indicate that a
highly contorted and faulted banded iron formation is present on
the property for a strike length of over 50 kilometres.
There are at least two gold occurrences at or near the closures
of folds in iron formation and there are at least two gold
occurrences that are associated with altered porphyritic
intrusions. Those targets are high priority targets for follow up
sampling and drilling. It is anticipated that additional targets
will be developed through a combination of geophysical targeting
and ground follow up work in July.
This initial phase of ground exploration at the Pistol Bay
Project will consist of geological mapping, sampling, and
prospecting followed by target ranking and prioritization, and then
approximately 2,500 metres of diamond drilling all of which is
expected to be completed by the end of September, 2011. A 17 person
camp on the property will provide accommodation for the exploration
crew. The budget for this work is approximately 3 million dollars
and the Company is fully capitalized to complete the work. Gold
assay results and other relevant information will be released as it
is received and verified.
Jon North, President and CEO of the Company stated that "the
Company completed the first airborne magnetometer survey of this
vast property in May. The survey confirms our initial
interpretation that the geology of the project is the mirror image
to the geology of the Meliadine Project of Agnico Eagle Mines. We
are very optimistic that this first phase of ground-based
exploration, including 2,500 metres of drilling, will confirm our
prediction that gold will occur in these rocks in commercial
concentrations".
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 25,780,823 shares
outstanding (38,710,034 on a fully diluted basis). For further
information please visit www.northquest.biz.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Northquest Ltd. Dr. Jon North President and Chief
Executive Officer (416) 306-0202 Northquest Ltd. Tanya Mahadeo
Investor Relations (416) 306-0486 www.northquest.biz
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