TORONTO, July 24, 2014 /CNW/ - Northquest Ltd.
(TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") is pleased to
announce that an airborne magnetometer survey has commenced at the
Pistol Bay Gold Project, Nunavut,
Canada.
The Pistol Bay Project consists of 860 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, 2012, and 2013. The Pistol Bay Trend is a newly recognized
trend parallel to, and 80 kilometres south of, the Meliadine Trend
of gold deposits of 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
(www.agnico-eagle.com).
The airborne magnetometer survey will consist of a total of
6,890 kilometres of survey lines using the Terraquest Magnetic
Horizontal Gradiometer system with a 100 metre survey line spacing
and a nominal sensor height of 70 metres. The survey will cover the
west half of the Pistol Bay property, which has not been surveyed
by Northquest. The purpose of the survey is to provide more
information about the context of the CZ and Barrett gold
occurrences, which are both captured by the Pistol Bay Trend. In
addition, geophysical anomalies that are interpreted as intrusions,
iron formations, and shear zones will be prioritized for further
ground follow-up work.
Northquest President and CEO Jon
North stated that "This survey will double the size of the
existing magnetometer coverage of the property and extend the
coverage of the Pistol Bay Trend by approximately another 40
kilometres of strike length. We look forward to interpreting the
data later this summer and compiling a list of promising targets,
including the two known gold occurrences, for ground follow
up".
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 53,853,707 shares outstanding (77,578,318 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. 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.
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.
SOURCE Northquest Ltd.