CEO: Jon North, Ph.D., P.Geo.
Chief Financial Officer: Carmelo Marrelli
Vice President, Exploration: Dwayne Car
In Nunavut, Northquest Ltd. focused in 2012 on its Pistol Bay Gold Project where it planned to spend about C$2 million on exploration. In July, the company commenced a second phase of exploratory drilling at its 575 square-kilometer (xx square miles) land package of mineral rights covering a 35-kilometer (22 miles) strike length of prospective stratigraphy containing numerous gold occurrences. Northquest anticipates that about 4,000 to 4,500 meters of drilling will be completed by the end of the 2012 season. Drilling targeted three of the known gold occurrences, including the Vickers Target, an elliptical, 1-kilometer (0.62 mile) diameter, gabbro-diorite intrusive complex within silicified schist and mylonite of the Pistol Bay Corridor. A gold-bearing, siliceous, chloritic breccia zone is exposed in the margin and footwall of the intrusion in surface outcrops. The contact between the mineralized intrusion and the mineralized footwall sequence dips south at about 70 degrees; hence, the drill holes were drilled towards the north. Northquest expects to complete 14 drill holes covering about 3,000 to 3,500 meters at the Vickers Target by the end of the season. In late September, the company said a second rig commenced drilling at Pistol Bay with the objective of completing two or three additional drill holes at the Vickers Target this season. Northquest also reported staking and filing recording applications for 13 claims comprising an additional 98 square kilometers (24,250 acres) of mineral rights that cover the western extension of the Pistol Bay Corridor, a 2-kilometer- (1.24 miles) wide, northwest-trending, deformation zone which contains multiple gold occurrences including the Vickers, Sako, and Bazooka targets. In addition, Northquest is exploring five gold projects in the Republic of Mali.
Cash and short-term deposits: C$1.47 million (March 31, 2012)
Working capital: C$1.64 million (March 31, 2012; raised C$1.2 million in financing in July)
Market capitalization: C$22.54 million (Oct. 7, 2012)
1000 - 36 Toronto St.
Toronto, Ont. Canada M5C 2C5
Tel: 416-306-0954 • Fax: 416-350-5226