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NINE NEW TARGETS DISCOVERED – SURFACE GRAB SAMPLES CONTAIN UP TO 87.20 GRAMS GOLD PER TONNE AT THE SAKO TARGET
TORONTO, Nov. 18, 2013 – Northquest Ltd. (TSX.V-NQ) (FWB-N3Q) (“Northquest” or “the Company”) is pleased to announce the results of property-wide geological reconnaissance sampling and prospecting from the Pistol Bay Gold Project, Nunavut, Canada. The project consists of 861 square kilometres of mineral rights covering a 90 kilometre strike length of the Pistol Bay Trend, which is a west-trending series of gold occurrences and gold zones intersected in holes drilled by Northquest in 2011, 2012, and 2013.
In the past three years, since field operations commenced in April 2011, the Company has completed two airborne geophysical surveys and 9,110 metres of diamond drilling in 48 drill holes focussing on the Vickers, Sako, and Bazooka Targets, which occur over a 20 kilometre strike length of the Pistol Bay Trend.
In 2013, Northquest completed a comprehensive, property-wide, reconnaissance geological and prospecting program over the entire 90 kilometre strike length of the property. Traverses were completed on a nominal 1 kilometre spacing in the west half of the property, which was acquired by staking in March, 2013. Traverses were more closely-spaced in the east half of the property, where detailed airborne surveys and all of the drilling to date, have been completed. A map of the surface sampling described herein is published on the Company web site www.northquest.biz. The results of this work is described below.
Seven widely-spaced drill holes (1,087 metres) were completed at this target in 2011 and 2012. Two new areas of gold-bearing rock were discovered on the Sako grid in 2013, viz.: i) in the central part of the grid, ten rock samples of boulders and outcrops contain up to 87.20 grams gold per tonne over a 300 metre strike length of an untested IP anomaly between drill holes PB-11-15 and PB-12-03, and ii) nine rock samples of boulders and outcrops contain up to 6.33 grams gold per tonne over a 200 metre strike length of an untested IP anomaly east of PB-12-02. Most of the gold-bearing samples are of “high silica rock” interpreted as silicified felsic porphyry which both hosts, and intrudes a gold-bearing iron formation. The rock samples are listed and described in the table below.