NQ: TSX-V
Chairman and CEO: Jon North
Chief Financial Officer: Carmelo Marrelli
Vice President, Exploration: Dwayne Car
Northquest Ltd. completed roughly 8,300 meters of drilling at its Pistol Bay gold project in Nunavut this year. The 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 gold zones parallel to, and 80 kilometers (50 miles) south of, a similar trend that hosts Agnico Eagle Mines’ Meliadine gold mine project. Exploration funds over the past two years have come from Nordgold, a Netherlands-based gold producer with operations in Russia, Kazakhstan, Burkina Faso and Guinea. In June, Nordgold added C$4.44 million to Northquest’s treasury by acquiring 22.22 million units of the exploration company at C20 cents each. With funding in place, the mineral explorer launched its 2015 program at Pistol Bay. Since its first field operations at Pistol Bay in 2011 through 2014, Northquest has completed three airborne geophysical surveys and 13,660 meters of drilling in 66 drill holes. This work has turned up what the company considers economically interesting drill intersections at three targets – Sako, Vickers, and Bazooka – that occur over a 20-kilometer (12 miles) segment of the Pistol Bay Trend. This year’s program primarily targeted Vickers, a zone where drilling has cut broad intercepts with good gold grades including: 156.5 meters averaging 8.23 g/t gold in hole PB-12-22; 158 meters of 3.46 g/t gold in hole PB-13-03; and 222 meters of 1.65 g/t gold in hole PB-14-08. Northquest said the visual core logging and assays received from 31 holes completed at Vickers through early September indicate that this drilling has increased the strike of this zone from 400 to at least 600 meters. With some 8,300 meters drilled at Vickers this year, Northquest has completed roughly 17,700 meters at the potentially significant gold target along the Pistol Bay Trend in Nunavut.
Cash and short-term deposits: C$456,391 (March 31, 2015)
Working capital: C$280,694 (March 31, 2015; closed C$4.44 million financing in June)
Market capitalization: C$14.2 million (Sept. 17, 2015)
1000 - 36 Toronto St., Toronto, Ont. Canada M5C 2C5
Tel: 416-306-0954 • Fax: 416-350-5226
www.northquest.biz
