The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
NQ: TSX-V
CEO: Jon North
Chief Financial Officer: Carmelo Marrelli
Vice President, Exploration: Dwayne Car
Northquest Ltd. continued to focus in 2013 on the 861-square-kilometer (332 square miles) Pistol Bay Gold Project which covers a 90-kilometer strike length of the Pistol Bay Trend, a west-trending series of surface gold occurrences and gold zones in central Nunavut.
The newly recognized trend is parallel to, and 80 kilometers (50 miles) south of, the Meliadine Trend of gold deposits owned by Agnico Eagle Mines Ltd. The junior planned to follow up earlier exploration of the Vickers, Sako and Bazooka targets and to investigate the Mauser Group of gold occurrences as well as prospect for other targets on the property with a C$5 million budget.
The best drilling intersection to date encountered 156.48 meters in hole PB 12-22, grading 8.23 grams per metric ton gold at the Vickers Target.
As of Sept. 4, Northquest had completed 2,016 meters of drilling in 10 drill holes (nine in the V1 (Main) Zone and one in the V2 Zone) to test the continuity of the Vickers Target at relatively shallow depths with fill in holes that complemented 14 holes drilled in 2012.
Over the 30 months since its field operations began in April 2011, Northquest has completed two airborne geophysical surveys and 9,113 meters of diamond drilling in 49 drill holes (including those drilled in 2013), of which 5,616 meters of drilling and 24 drill holes were completed at the Vickers Target.
Of the latest assays, hole PB 13-03 intersected 158.36 meters grading 3.46 g/t gold, including 16.00 meters grading 9.47 g/t gold from 17.51 meters depth and 18.00 meters grading 11.33 g/t gold.
Upon completion of ongoing geophysical survey at Vickers, the company said the next phase of drilling would include deeper drilling and step-out holes to determine the limits of the zone, as well as more fill-in drilling.
Northquest also completed ground HLEM geophysical surveying at the Bazooka Target, an induced polarization/resistivity survey at the Sako Target and a reconnaissance mapping and prospecting program on the property this year.
While it curtailed exploration activity on its three gold projects in Mali in 2013, Northquest said it applied for a gold exploration permit in Myanmar.
Cash and short-term deposits: C$2.8 million (March 31, 2013)
Working capital: C$2.8 million (March 31, 2013; raised C$1.2 million in financing in July)
Market capitalization: C$12.3 million (Sept. 27, 2013)
1000 - 36 Toronto St.
Toronto, Ont.
Canada M5C 2C5
Tel: 416-306-0954
Fax: 416-350-5226
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