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| July 24, 2014 --- Vol. 08, No. 30 | July 2014
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Nunavut
METALS/DIAMONDS – Transition Metals Corp. July 23 said an additional 433 square kilometers (167 square miles) of gold and base metal exploration properties have been acquired through its strategic partnership with Nunavut Resources Corp., an Inuit-owned resources corporation that invests in exploration and development projects in Nunavut as a way for the people of Nunavut to benefit from resource development through direct participation. The properties along what has been termed the Izok-Grays Bay road infrastructure development corridor were acquired through the execution of a mineral exploration agreement with Nunavut Tunngavik Inc, which manages the subsurface mining rights on Inuit owned lands in Nunavut on behalf of all Inuit. Transition President and CEO Scott McLean said, “We are pleased to have assembled such high potential exploration properties in Nunavut. Our objective has been to acquire the best exploration opportunities along the proposed Izok Lake-Grays Bay development corridor and make discoveries that can contribute to and benefit from economic advantages that would come from any road development into the area. We look forward to advancing these projects together with our partner NRC and to attracting new investment to the region for the benefit of shareholders, Inuit and the people of Nunavut.” Since its formation in 2012, the Transition-Nunavut Resources Alliance has assembled a 1,248-square-kilometer (482 square miles) portfolio of gold, base metal and diamond properties in Nunavut and Northwest Territories, and completed approximately C$1.8 million of exploration work. The focus of alliance work has been on the identification and advancement of high potential mineral projects close to the proposed Izok Lake – Grays Bay road development corridor. Under the terms of the strategic alliance, Nunavut Resources is expected to supply funding and access to a large region of highly prospective and under-explored land, and Transition provides technical expertise and operations support with an objective of attracting investment to new exploration projects in Nunavut. In 2012, Transition completed a program of till sampling for diamond indicator minerals on a portion of the Article 41 property and staked the Itchen Lake gold property. The till survey returned elevated kimberlite indicator minerals in an unexplored section of the property near known kimberlite pipes located just outside the property boundary. Last year, the company acquired IOL CO-82 which surrounds the Gondor Lake volcanogenic massive sulfide deposit and completed a program of airborne geophysics and field work at Itchen and Gondor Lakes which resulted in the identification of 17 drill targets on the Itchen Lake property.
GOLD - Northquest Ltd. July 21 reported the start of drilling at its Pistol Bay gold project in Nunavut. Since field operations began at Pistol Bay in 2011, Northquest has completed two airborne geophysical surveys and 9,110 meters of diamond drilling in 48 drill holes and has obtained what the company considers economically interesting drill intersections at the Sako, Vickers, and Bazooka targets which occur over a 20-kilometer segment of the 90-kilometers Pistol Bay Trend. This year’s program includes a planned 11 holes (roughly 3,000 meters) at the Vickers target. The best intersection of the 2012 program at Pistol Bay, 156.48 meters grading 8.23 grams gold per metric ton gold in hole PB-12-22, was drilled at Vickers. The best drilling intersection from the Vickers target during 2013 was in hole PB-13-06, which cut 138.39 meters grading 3.79 g/t gold. The planned drilling at the Vickers Target will consist of step out drilling to the east. Another three drill holes (approximately 450 meters) are planned to test geophysical (induced polarization) anomalies and a gold-bearing boulder field on an IP anomaly at the Sako target, where the best drill hole to date (PB-12-02) cut 15.53 meters grading 1.76 g/t gold. Two additional holes (about 450 meters) are planned to test a synclinal fold axis in iron formation where drill hole PB-12-04, drilled in 2012, cut 2.1 g/t gold over 11.17 meters in the interpreted attenuated limb of the fold. The remaining drilling will be used to follow up on this year’s assays, as they are received and interpreted. It is anticipated that an initial batch of drilling results will be announced sometime in early August. Northquest President and CEO Jon North said, “We are very excited about completing this year’s drilling plan, and it is not lost on us that, because the Pistol Bay Project is of such high quality, that Northquest is one of the few companies in the Arctic that has a budget for exploration this year. We feel that we have the right combination of drilling on the three targets. Extending the Vickers Zone is obviously our top priority.”
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