TORONTO, ONTARIO -- (Marketwired) -- 04/02/13 -- Northquest Ltd. (TSX VENTURE: NQ)(FRANKFURT: N3Q) ("Northquest" or "the Company") is pleased to announce that it has staked an additional 58 mining claims covering an area of approximately 500 square kilometres at the Pistol Bay Gold Project, Nunavut, Canada.
The Pistol Bay Project is underlain by the west-trending Pistol Bay Trend which is a series of surface gold occurrences and gold zones that have been intersected by drilling in two field seasons completed by Northquest in 2011 and 2012 with expenditures of $ 4.9 million. 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 (www.agnico-eagle.com).
The new Pistol Bay claims tie on to the west of the existing claim block and cover an additional 45 kilometre long strike length of the Pistol Bay Trend. The expanded Pistol Bay Gold Project consists of 845 square kilometres of staked claims covering a 90 kilometre strike length of the Pistol Bay Trend.
Since 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.
Within the new claims, only a nominal amount of previous exploration work has been completed and most of the area is unexplored. However, assessment records and government summary reports indicate that minor surface exploration was completed in the 1980's in two areas, viz.: i) in the central part of the new claims, an area approximately 10 kilometres long and 3 kilometres wide was mapped as a mixture of diorite, gabbro, basalt, and clastic sedimentary rocks, which is stratigraphy that is similar to that at the Vickers Target approximately 60 kilometres to the east. Within that 10 x 3 kilometre area, four rock samples were collected which contained 91 to 575 ppb gold. It is very likely that explorers in the 1980's emphasized sampling quartz veins, accordingly, it is unlikely that rock types analogous to those at the Vickers Target, which is devoid of large quartz veins, would have been sampled, and ii) in the western part of the new claims, government mineral occurrence maps indicate that there are four gold occurrences and one base metal occurrence, in addition, in the 1980's, minor prospecting was carried out by an exploration company and some rock samples were collected. Assessment files indicate that in a sequence of basalt and chloritic clastic sedimentary rocks, glacially-transported boulders contain up to 2.0 grams gold per tonne, and outcrops contain up to 960 ppb gold.
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