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TORONTO, June 18, 2013 /CNW/ - Northquest Ltd. (TSX-V:NQ)
("Northquest") is pleased to announce that it has filed an
updated technical report with respect to its Pistol Bay property,
entitled "An Updated Independent Technical Report on the Pistol Bay
Project, Nunavut Canada" (the
"Technical Report"). The Technical Report has been prepared
by Neil N. Gow, P.Geo. and is dated
effective November 27, 2012.
Highlights of the Technical Report include:
- summary of drill testing of three targets completed by
Northquest in 2012; the Sako Prospect, the Bazooka Prospect and the
Vickers Prospect;
- significant gold mineralization was intersected in three
dimensions on the Vickers Prospect. The Vickers Prospect remains a
target of significant interest and further testing of the
mineralization there is considered justified;
- a broadly east-west deformation zone crosses much of the
property. There are a number of gold occurrences associated with
this deformation zone that were discovered by prospecting and
sampling. Basic exploration of this zone is considered to be a
priority;
- areas for which further drilling is recommended include Vickers
(3,000 m initially, with further drilling justified, depending on
results) and Sako, Bazooka and other targets that should be
developed by ongoing work (7,000 m);
- as well as the diamond drilling, an IP survey is recommended at
Sako and possibly on other targets that are expected to be
developed from the airborne magnetic survey completed late in 2012
(which survey was completed in October, 2012); and
- the Technical Report contains a recommended program entailing a
Phase I budget of $2,090,000 and a
phase II budget of $4,290,000.
All scientific and technical information
contained in this release has been prepared under the supervision
of, and verified by, Neil N. Gow, a
"qualified person" within the meaning of National Instrument
43-101. The full text of the Technical Report is available on
SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Statements - Certain
information set forth in this news release may contain
forward-looking statements that involve substantial known and
unknown risks and uncertainties. These forward-looking statements
are subject to numerous risks and uncertainties, certain of which
are beyond the control of Northquest, including, but not limited to
the impact of general economic conditions, industry conditions,
risks associated with the uncertainty of exploration results and
estimates and that the resource potential will be achieved on
exploration projects, legislative change, and the uncertainty of
obtaining additional financing. Readers are cautioned that the
assumptions used in the preparation of such information, although
considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on
forward-looking statements.
SOURCE Northquest Ltd.