Northquest Limited: Files Updated Technical Report

18.06.2013  |  CNW

TORONTO, June 18, 2013 - Northquest Limited (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.