Northquest Ltd.
TSX VENTURE : NQ

Northquest Ltd.

March 29, 2011 16:39 ET

Northquest Ltd. Commences Airborne Geophysical Survey of the Pistol Bay Gold Project, Nunavut

TORONTO, ONTARIO--(Marketwire - March 29, 2011) - Northquest Ltd. (TSX VENTURE:NQ) ("Northquest" or "the Company") announces that a high resolution airborne geophysical survey of the Pistol Bay Gold Project, Nunavut, has commenced. The Pistol Bay Gold Project consists of 96,600 hectares (241,500 acres) of mineral rights in the Rankin-Ennadai greenstone belt.

The airborne geophysical survey will be carried out by Terraquest Ltd. using their fixed wing horizontal gradiometer system. The survey will consist of approximately 6,200 line-kilometres of airborne gradiometer magnetic surveying at a line spacing of 100 metres.

Upon completion of the survey, the data will be correlated with the numerous documented gold occurrences on the property before the commencement of geological surveying, sampling, and a preliminary phase of drilling in the 2011 field season. There are currently four gold occurrences on the property that were sampled and verified by Company management in 2010 and another three gold occurrences in the assessment database which have not been sampled and verified by management. The gold occurrences will be priority targets for drilling in 2011. In addition, it is expected that the airborne survey data will define numerous additional high priority drill targets which do not outcrop, or are concealed by lakes, eskers, or overburden.

Jon North, President and CEO of Northquest Ltd., noted that "the numerous and varied gold occurrences at the Pistol Bay Gold Project are hosted in magnetic banded iron formations and magnetite-bearing porphyry intrusions, however, incredibly, this is the first time an airborne magnetometer survey has been conducted over these prospective rocks in spite of the fact that the geology is a mirror image of the Meliadine Project of Agnico Eagle Mines, 80 km to the north of Pistol Bay. This is one of the amazing things about working in Nunavut and it underscores the level of opportunity of working in this relatively unexplored part of Canada".

Northquest is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals. Northquest has 22,098,400 shares outstanding (34,320,514 on a fully diluted basis).

NEITHER THE 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.

Contact Information

  • Northquest Ltd.
    Mr. Jon North
    President and Chief Executive Officer
    (416) 306-0202
    www.northquest.biz