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. is focused on seeking gold and other metals in geological terranes that have not reached geological maturity, such as its Pistol Bay gold project in Nunavut.
This 861-square-kilometer (332 square miles) property covers 90 kilometers (55 miles) of the Pistol Bay Trend, a west-trending series of surface gold occurrences and zones that runs parallel to, and 80 kilometers (50 miles) south of, the Meliadine Trend of gold deposits owned by Agnico Eagle Mines Ltd. To fund its 2014 program, Northquest raised C$2.5 million through the sale of shares to Nordgold, a Netherlands-based gold producer with operations in Russia, Kazakhstan, Burkina Faso and Guinea.
Since its first field operations at Pistol Bay in 2011, Northquest has encountered what it considers to be economically interesting drill intersections at three targets - Sako, Vickers, and Bazooka - that occur over a 20-kilometer segment of the Pistol Bay Trend.
Northquest's 2014 drilling focused primarily on Vickers, a roughly 1,000-meter-long elliptical gabbro-diorite intrusive complex.
Drilling at Vickers in 2012 cut 156.48 meters grading 8.23 grams gold per metric ton gold in hole PB-12-22.
The best intersection from the Vickers target during 2013 was in hole PB-13-06, which cut 138.39 meters grading 3.79 g/t gold.
In mid-September, Northquest reported results from four holes drilled at Vickers.
These initial assay results include 245 meters of 1.4 g/t gold in hole PB-14-07 and 221.7 meters of 1.65 g/t gold in hole PB-14-08.
PB-14-07 was drilled roughly 40 meters south of PB-13-10, which intersected 44 meters averaging 3.4 g/t gold; PB-14-08 was drilled below PB-14-07, confirming the Vickers zone at depth.
By mid-September, Northquest had drilled 4,550 meters in 18 holes at Pistol Bay during 2014.
The company also had a 6,890 line-kilometer of airborne magnetometer survey flown at Pistol Bay.
This geophysical work aims to provide more information about the context of the CZ and Barrett gold occurrences, located on the Pistol Bay trend roughly 40 kilometers (25 miles) and 70 kilometers (45 miles) northwest of the Vickers zone.
Northquest plans to complete some 5,000 meters of drilling at Vickers and 1,000 meters of scout drilling on outlying targets in 2015.
Cash and short-term deposits: C$672,565 (June 30, 2014)
Working capital: C$349,156 (June 30, 2014;
raised C$2 million in July, 2014)
Market capitalization: C$5.6 million (Sept. 26, 2014)
1000 - 36 Toronto St.
Toronto, Ont.
Canada M5C 2C5
Tel: 416-306-0954
Fax: 416-350-5226
Reader Comments(0)