Northquest Ltd. Announces Initial Resource Estimate at Pistol Bay
Press Release
April 8, 2016
TORONTO, CANADA – Northquest Ltd. (TSX.V-NQ) (FWB- N3Q) (“Northquest” or “the Company”) is pleased to report its initial mineral resource estimate for the Vickers Gold Zone of the Pistol Bay project in eastern Nunavut, Canada. The mineral resource estimate was prepared by Roscoe Postle Associates Inc. (“RPA”). The technical report supporting this mineral resource estimate (the “Technical Report”) will be filed on SEDAR within 45 days. In addition to the initial mineral resource estimate of the Vickers Gold Zone, the Technical Report will also describe in detail the nature and distribution of 16 other gold occurrences on the Pistol Bay property for which there has been a minor amount of drilling by the Company.
The mineral resource estimate is confined to analysis of exploration work conducted on the Vickers Zone at the Pistol Bay project and it is based on 69 drill holes totalling 17,240 m at the Vickers Zone. The mineral resources are provided by domain in the following table. There are no resources included in the mineral resource estimate relating to Domains 107 and 108, which are located outside of the Whittle resource shell.
VICKERS ZONE MINERAL RESOURCE ESTIMATE – MARCH 31, 2016
| Domain | Category | Tonnes | Gold Grade | Contained Ounces |
| (000) | (g/t) | (000) | ||
| 101 | Inferred | 5,616 | 3.09 | 558 |
| 102 | Inferred | 1,026 | 2.46 | 81 |
| 103 | Inferred | 111 | 2.54 | 9 |
| 104 | Inferred | 240 | 2.91 | 22 |
| 105 | Inferred | 196 | 3.01 | 19 |
| 106 | Inferred | 168 | 2.53 | 14 |
| 109 | Inferred | 435 | 2.51 | 35 |
| Total | Inferred | 7,792 | 2.95 | 739 |
Notes:
- CIM definitions were followed for classification of mineral resources.
- Mineral resources are estimated at a cut-off grade of 1.25 g/t Au.
- Mineral resources are estimated using a gold price of US$1,500 per ounce.
- Assays were capped at 40 g/t Au.
- Bulk density varies from 2.70 g/cm3 to 2.79 g/cm3 based on lithology.
- The resources are constrained by a Whittle pit shell.
- Numbers may not add due to rounding.
- The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
- The effective date of the mineral resource estimate is March 31, 2016.
Read More: http://www.northquest.biz/uploads/File/news/2016_04_08_resource_estimate.pdf
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