Northquest (NQ-V) begins 2,000-metre Vickers phase II drilling
July 18, 2013 - News Release
Northquest Ltd.'s second phase of diamond drilling has commenced at the Vickers target of 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 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.
Since the initial field operations commenced at Pistol Bay in April, 2011, Northquest 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 of gold per tonne.
Approximately 2,000 metres of drilling is currently planned for the Vickers target, which will consist of approximately 1,700 metres of drilling in approximately seven drill holes at the Vickers Main zone (also known as the V1 zone). In addition, a single drill hole will be the initial test of the V2 zone, which is a surface gold occurrence that resembles the V1 zone and is 200 metres south of the V1 zone on the south contact of the Vickers gabbro/diorite intrusion.
Drilling results will be announced when the assays have been received and verified. It is anticipated that an initial batch of drilling results will be announced some time in early August.
Northquest president and chief executive officer Jon North stated: "Northquest completed 14 drill holes at the Vickers V1 zone in August and September, 2012, and the initial drilling results were published to the market in four press releases between Sept. 6 and Nov. 26, 2012. The current drilling program is our first opportunity to continue with the drilling program at V1 because of winter conditions from November, 2012, until May, 2013, and because we did not have an all-weather camp facility. We now have a camp facility which enables us to work at the project year-round. We look forward to publishing the results of this year's drilling program at the Vickers zone and, if market conditions permit and additional exploration funds can be raised, to an extended drilling season at Pistol Bay."
Potential quantity and grade are 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 delineate |
