Northquest Ltd. stakes additional Claims at the Pistol Bay Gold Project, Nunavut, Canada
26 September 2012 - 10:00PM
PR Newswire (Canada)
TORONTO, Sept. 26, 2012 /CNW/ - Northquest Ltd. ("Northquest" or
"the Company") announces that it has staked and filed recording
applications for thirteen claims comprising an additional 98 square
kilometres (24,250 acres) of mineral rights at the Pistol Bay Gold
Project, Nunavut, Canada. The newly-staked claims tie on to the
west side of the current 575 square kilometre claim block bringing
the total area of the project claims to approximately 673 square
kilometres. The newly-staked claims cover the western extension of
the Pistol Bay Corridor, which is a 2 kilometre wide,
northwest-trending, deformation zone which contains multiple gold
occurrences including the Vickers, Sako, and Bazooka Targets. The
expanded property area extends the staked strike length of the
Pistol Bay Corridor from 35 to 50 kilometres. The area within the
newly-staked claims also includes a northeast-trending cluster of
four documented gold occurrences which all fall within the Pistol
Bay Corridor. Government assessment records indicate that the
cluster of gold occurrences is related to a 2.5 kilometre long
shear zone containing quartz-carbonate veins and disseminated
sulphide mineralization within coarse conglomeratic sedimentary
rocks, diorite, and basalt. 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 30,318,323 shares outstanding (43,117,535 shares on
a fully diluted basis). For further information please visit
www.northquest.biz. Certain information set forth in this news
release may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties. There is no
guarantee that staked claims will be successfully recorded. There
could be competition for the same area of land that is unknown to
the Company or unexpected or there could be deficiencies in the
staking that are presently unknown. Forward-looking 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, dependence upon regulatory approvals, 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, 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. 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.
Northquest Ltd. CONTACT: Dr. Jon NorthPresident and Chief Executive
OfficerTel. (416) 306-0202Mobile (416) 786-6348Tanya
MahadeoInvestor RelationsTel. (416) 306-0486www.northquest.biz
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