Canada
Suite 101
50 Richmond Street East
Toronto ON CANADA
M5C 1N7
Phone: +1 416 306 0954
 
Northquest
[1] 

PISTOL BAY OVERVIEW

The Pistol Bay Gold Project in eastern Nunavut Territory, Canada, is in the Kaminak Greenstone Belt of supracrustal rocks of Archean age. Belts of Archean supracrustal rocks are widespread in Nunavut and host the Territory’s only operating gold mine at Meadowbank, north of Baker Lake (Agnico Eagle Mines, 2.3 million ounces of gold reserves grading 2.3 grams gold per tonne) and the Territory’s most advanced gold development project at Meliadine, near Rankin Inlet (Agnico Eagle Mines, 3.0 million ounces of gold reserves grading 7.0 grams gold per tonne). The Pistol Bay property consists of 861 square kilometres of mineral rights covering a 90 kilometre strike length of a 2 kilometre wide deformation zone known as the Pistol Bay Corridor, which contains numerous gold occurrences. The initial, optioned, claims consisting of 6 claims covering an area of 54.4 square kilometres were acquired through an option agreement dated December 2, 2010 and four major campaigns of claim staking and permitting have been completed since then such that the property now consists of 104 claims covering an area of 861.50 square kilometres. Field operations commenced in April 2011 and three drilling campaigns were completed in the summers of 2011, 2012, and 2013.

When the Pistol Bay Project was acquired in late 2010, the exploration concept was that a group of gold occurrences near the Hamlet of Whale Cove, seemed to line up along a westerly trend, parallel to the westerly, linear, trend of the Meliadine gold deposits 80 kilometres to the north, which are on the opposite side of a sterile, granitic gneiss block, and that the “Pistol Bay Trend” was a mirror image of the Meliadine Trend. One of the surprising things was that the conceptual Pistol Bay Trend was on Crown Land that had been open for staking for more than 10 years, obviating the need for the Company to negotiate an exploration agreement with the Territorial Government. Moreover, we found it intriguing that the various companies involved in gold exploration in the region had seemed to have overlooked these mineral occurrences (and indeed, the concept of a parallel trend) in their preoccupation with drilling out the various ore bodies contained in the ribbons of iron formation at the Meliadine Trend. In spite of the similarity of the Pistol Bay Trend to the Meliadine Trend, Northquest is the first company to recognize, and the first company to undertake, comprehensive, modern, exploration of, the Pistol Bay Trend.

The first phase of exploration by Northquest in 2011, validated the concept of the Pistol Bay Trend and quickly led to the recognition of the trend as a deformation corridor trending northwest, with a nominal width of at least 2 kilometres, containing gold occurrences within epizonal porphyries, gabbro-diorite intrusions, quartz veins, and banded iron formations, over at least 20 kilometres of strike length on the property. From east to west, the main gold occurrences known in 2011 were the Cooey, Sako, Vickers, and Bazooka Occurrences. The Sako and Bazooka discoveries were made by Northquest and the other gold occurrences were previously documented. At the time, the Vickers Occurrence, in the centre of the property, was on claims that were the subject of a dispute between the vendor of the original optioned claims and Agnico Eagle Mines, hence that target was not explored in 2011.

The first drill holes were drilled at the Cooey, Sako, and Pistol Porphyry occurrences in 2011. At the Sako occurrence, banded iron formation is exposed in a shear zone that occupies the axial plane of a large fold. The bedrock consists of altered iron formation and high silica felsic rock, interpreted as silicified felsic porphyry, hosting and intruding the iron formation. The best drilling intersection in 2011 was 2.00 grams gold per tonne over 6.17 metres. There were interesting but mixed results from the Cooey and Pistol Porphyry Targets and both targets were considered lower priority for further work.

In the second field season in 2012, additional drilling was completed at the Sako Occurrence and the first holes were drilled at the Bazooka Occurrence. At the Sako Target, the best drilling intersection was 15.53 metres grading 1.76 grams gold per tonne in PB-12-02 from high silica alteration of a primary felsic host rock. The Bazooka occurrence consists of a single outcrop of highly contorted, silicified, sulphidized banded iron formation that was discovered in 2011. The first drill hole PB-12-04 intersected 11.17 metres grading 2.10 grams gold per tonne. Both the Sako and Bazooka targets warrant further work on a priority basis.

On June 14th, 2012 the issue of the disputed claims at the Vickers Target was settled unambiguously in favour of the vendor of the original 6 optioned claims and in late July the drill rig was moved to the Vickers Target. The gold occurrence consists of a silicified and chloritized breccia on the margin and in the footwall of a diorite intrusion. Drilling by INCO in the period 1984 to 1989 documented several long intersections of gold-bearing rock. The best intersection by INCO was in drill hole 63749 which intersected 149.82 metres grading 2.55 grams gold per tonne. That drill hole was twinned by Northquest in 2012 in drill hole PB-12-09 which intersected 164.41 metres grading 5.39 grams gold per tonne. Visible gold was documented nine times in PB-12-09 and was also documented at numerous locations in INCO drill hole 63749. Because of the abundance of coarse, visible gold in PB-12-09, Northquest’s geologists decided to assay all drill core samples using the method of AUSCR-21 of ALS Chemex, in which a one kilogram pulp is screened and assayed three times in order to capture both fine and coarse gold in order to optimize analytical accuracy. Northquest’s geologists expected to obtain similar results between PB-12-09 and INCO 63749 and were somewhat surprised that, although the two drill holes intersected the same stratigraphy, the grade of the intersection in the Northquest drill hole was more than twice the grade of the drill hole that had been drilled some 30 years earlier. Upon review and discussion and a detailed reading of the old INCO assessment reports, it was concluded that the difference in grade of the original INCO drill hole and PB-12-09 drilled by Northquest, had to be attributed to the larger core sample size (BTW in the Northquest hole versus BQ in the INCO hole) and the more comprehensive assay method (AUSCR-21 bulk screen metallic assay by Northquest versus conventional fire assay by INCO) on rocks that contained coarse visible gold. The fact that the grade and thickness of the zone were great, and the fact that only a nominal amount of work had been completed previously by INCO, in a completely different gold price environment some 30 years earlier, was very appealing to us. The best drill hole of the 2012 program was PB-12-22 which intersected 156.48 metres grading 8.23 grams gold per tonne. That drill hole, and others nearby in the same zone, was one of the best exploration drill holes in Canada in recent memory.

 Previous work at Pistol Bay

The only notable previous work completed in the area of the property was completed by INCO in the period 1983 to 1989. INCO discovered the Harpoon, Tommy, Cooey, and Vickers gold occurrences and drilled 16 holes at the Vickers Target and another 15 shallow scout drill holes at other targets in the general area. Other companies discovered the Pistol Porphyry and Mauser Group of gold occurrences but did not conduct any sustained exploration and only a nominal amount of shallow drilling at the Mauser Target.

Infrastructure

An all weather, all season, improved road passes through the centre of the property. The road was constructed by the Hamlet of Whale Cove (population 350) to provide hunters and fishermen with access to summer camp sites at the mouth of the Wilson River, and beyond. A branch of the road provides access to the Pistol Bay camp from Whale Cove by pickup truck and ATV. In fact, the Company has a pickup truck plus two ATV’s that are used to transport groceries and fuel from Whale Cove, and to provide transport to personnel, including drillers, when weather precludes the use of the helicopter. Whale Cove has a 1,200 metre airstrip with daily flights to and from Winnipeg, Thompson, and local communities. The airstrip is within 2 kilometres of the east boundary of the property. Whale Cove also has a port facility that accepts sea lifts from the rail head at Churchill, Manitoba, and Montreal in the shipping season. Northquest receives most of its fuel by sea lift from Montreal. The eastern part of the property is on a peninsula that is surrounded by the waters of Pistol Bay in the north and Wilson Bay in the south. Both Pistol and Wilson Bay are waters of the Arctic Ocean. Because of the ambient infrastructure of the Pistol Bay Project, our exploration costs, particularly for drilling, are about half of that of our peers working elsewhere in the arctic.

Work Completed by Northquest Ltd.

2011 Exploration Campaign

The summer of 2011 was the first opportunity for the Company to complete exploration at Pistol Bay. A summer camp was built in the east part of the property and one drill rig was transported from Manitoba to site. An airborne magnetometer survey of the property (fixed wing, 200 metre line spacing), broad-based reconnaissance geological surveys and prospecting, and  2,514 metres of drilling in 17 drill holes were completed.

The Sako, Beretta, and Bazooka gold occurrences were discovered by surface prospecting teams. The Vickers Target in the central part of the property was known at the time, and assessment reports filed by INCO in the 1980’s indicated that they had drilled 16 holes that intersected a very interesting gold zone that was very thick and had some good grades, however, at the time, the claims covering the target were the subject of a dispute between the vendor of the original 6 optioned claims and Agnico Eagle Mines which precluded any exploration by either party.

The targets that were tested by drilling were the Pistol Porphyry, Cooey, and Sako Targets. The best results in 2011 included 2.44 grams gold per tonne over 7.0 metres at the Pistol Porphyry Target, 2.00 grams gold per tonne over 6.17 metres at the Sako Target, and 5.11 grams gold per tonne over 1.00 metre at the Cooey Target.  It was determined that the priority targets for follow up drilling were the Sako Target, the newly discovered Bazooka Target, as yet undrilled, and the Vickers Target, contingent upon a successful resolution to the claim dispute. The breakdown of drilling in 2011 is set out below.

2011 drilling statistics

Target

Number of holes

Number of metres

Pistol Porphyry

6

1,052.80

Cooey

7

828.60

Sako

4

632.90

Total

17

2,514.30

 

2012 Exploration Campaign

In 2012, the Company focused mostly on drilling and completed 4,580 metres of diamond drilling in 22 drill holes. Follow-up drilling was completed at the Sako Target, and the initial drill holes were completed at the Bazooka Target. The best results included 15.53 metres grading 1.76 grams gold per tonne at the Sako Target, and 11.17 metres grading 2.10 grams gold per tonne at the Bazooka Target. In mid-summer 2012, the claim dispute over the land that covered the Vickers Target was settled unambiguously in favour of the vendor of the original six optioned claims and the Company moved a drill to the Vickers Target in early August. Before the onset of winter conditions, Northquest completed fourteen drill holes at the Vickers Target. The best results were in PB-12-22 which intersected 156.48 metres grading 8.23 grams gold per tonne. That drill hole had an included intersection of 101.90 metres grading 12.34 grams gold per tonne. It was obvious that additional drilling on a priority basis was required at the Vickers Target and subject to the availability of capital, and time, that additional drilling was warranted at the Sako and Bazooka Targets. The breakdown of drilling in 2012 is set out below.

2012 drilling statistics

Target

Number of holes

Number of metres

Sako

3

454.46

Bazooka

4

525.79

Vickers

14

3,599.71

Total 2012

21

4,579.96

Total 2011+2012

38

7,094.26

 

At the end of the drilling season in October, 2012, the Company completed a high resolution airborne magnetometer survey (helicopter-towed, 50 m line spacing), over the Pistol Bay Corridor. At the time, the property covered approximately 45 kilometres of the Pistol Bay Trend. The purpose of the survey was to provide more detailed context of the setting of the known gold occurrences and to provide the background data to search for more targets in the Pistol Bay Corridor which would be the subject of follow up in 2013. In addition, the Company staked additional claims west of the Bazooka target in order to protect more land along the Pistol Bay Trend.

In summary, at the end of the 2012 field season, the total exploration expenditures (excluding acquisition and staking costs) were $4.9 million dollars and Northquest had obtained economically interesting drilling results at three widely spaced targets (Sako, Vickers, and Bazooka), which occur over a 20 kilometre long strike length of the Pistol Bay Trend. In the opinion of management the rate of discovery and drilling success with such modest expenditures demonstrated that the concept of the Pistol Bay Trend was validated, it was highly prospective, and permissive for a district of gold deposits equal to, or better than, the Meliadine Trend. 

2013 Exploration Campaign

In March 2013, the Company completed another claim staking campaign in order to acquire additional strike length of the Pistol Bay Trend. Fifty-eight claims covering 507 square kilometres were staked. In August, 2013, two additional claims covering 16.70 square kilometres were staked south of the Vickers Target. The current land package constitutes 104 claims covering an area of 861 square kilometres protecting a strike length of 90 kilometres of the Pistol Bay Trend.

In May and June 2013, the Company commissioned the construction of an all weather, all season, camp facility consisting of a permanent, framed and insulated kitchen, plus 16 Weatherhaven buildings for accommodation, offices, emergency refuge, and core handling.

The new camp facility was occupied in early July, 2013. The planned exploration work had three main goals, viz.: i) to complete an additional ten drill holes at the Vickers Target which would provide infill, test the strike length of the mineralized zone over a distance of 200 metres, and provide two additional pierce points at a vertical depth of 300 metres, ii) to complete induced polarization and resistivity surveys of the Vickers and Sako Targets and an HLEM survey at the Bazooka Target in order to determine what, if any, geophysical anomalies were caused by the gold mineralization at each target, and iii) to complete a property-wide reconnaissance geological and prospecting program with nominal traverse spacings of 500 to 1,000 metres to follow up on gold-bearing rocks discovered in 2011 and 2012, and to search for new gold zones over the entire strike length of the property. In every instance, the exploration work completed in 2013 met or exceeded the goals.

At the Vickers Target, 2,016 metres of drilling were completed in 10 drill holes. Each of the ten holes drilled at the Vickers Target intersected the mineralized zone. The best intersection was 138.39 metres grading 3.79 grams gold per tonne in PB-13-06.

2013 Drilling Statistics

Target

Number of holes

Number of metres

Vickers

10

2,016.00

Total 2013

10

2,016.00

Total 2012+2013

24

5,615.71

 

Summary of all drilling at the Pistol Bay Project

Target

Number of holes

Number of metres

Pistol Porphyry

6

1,052.80

Cooey

7

828.60

Sako

7

1,087.36

Bazooka

4

525.79

Vickers

24

5,615.71

Total 2011 to 2013

48

9,110.26

Induced Polarization (IP) and resistivity surveys were completed on a 16.3 line-kilometre grid at the Vickers Target, and on a 21.7 line-kilometre grid at the Sako Target. Horizontal loop (HLEM) surveys were completed on a 30.6 line-kilometre grid at the Bazooka Target and on a 16.4 line-kilometre grid at the newly discovered Defender Target.

The geophysical surveys indicate that the Vickers and Sako Zones have induced polarization and resistivity responses attendant with gold-bearing drilling intersections and surface rock samples. Those surveys will provide direction for the next phase of drilling with a high degree of confidence that the mineralized zone, at each target, will be intersected. The Bazooka Target, and its environment, is associated with conductivity anomalies that are interpreted as sulphide-rich gold zones in iron formation that will provide direction for the next phase of drilling, particularly in the vicinity of PB-12-04. At the Defender Target, gold-bearing outcrop samples are associated with conductivity anomalies in the limbs and axis of a large synclinal fold. Those conductivity anomalies are considered priority drilling targets.

The reconnaissance geological and prospecting programs made several discoveries of gold-bearing rocks, both in the stratigraphy of known gold occurrences, particularly near the Vickers and Sako Targets, and elsewhere within the Pistol Bay Trend. The new gold discoveries are summarized below.

New gold targets discovered in 2013

Target

Location identifier

Description

Sako Grid

Sako area

a) Ten rock samples of boulders and outcrops containing up to 87.20 grams gold per tonne over a 300 metre strike length of an untested IP anomaly between drill holes PB-11-15 and PB-12-03.

b) Nine rock samples of boulders and outcrops containing up to 6.33 grams gold per tonne over a 200 metre strike length of an untested IP anomaly east of PB-12-02

Tikka

Sako area

A parallel structure 1,000 metres south of the Sako grid. Five rock samples of float and frost heave contain up to 4.90 grams gold per tonne over a strike length of 800 metres. The rock types are similar to those on the Sako grid. The frost heave is probably in situ, however, if it has been glacially transported, the source area would be at least 1 kilometre west of the Sako grid where there is an outcrop that contains 3.28 grams gold per tonne (sample 893755).

Kimber

Vickers area

Boulder field or frost heave 1,500 metres southeast of the Vickers Target. Six rock samples contain up to 3.89 grams gold per tonne over a 2,000 metre strike length. Some boulders resemble the rocks of the Vickers Zone. The boulder field is mixed with abundant iron formation boulders and rests upon a concealed magnetic anomaly interpreted as iron formation suggesting that the boulders are frost heave and in situ. This discovery may be a new, concealed gold zone, or it may be glacially transported boulders from the Vickers Target.

Colt

Vickers area

Outcrops 1 to 2 kilometres west of the Vickers Target. Three rock samples contain up to 1.82 grams gold per tonne. Appears to be a western extension of the Vickers Zone.

Purdey

Between Vickers and Bazooka

A cluster of 3 rock samples 6 kilometres west of the Vickers Target containing up to 3.88 grams gold per tonne. Appears to be in the same stratigraphy and structure as the Vickers and Colt Targets, interpreted as a western extension of the Vickers Target stratigraphy.

Defender

Bazooka area

Five rock samples of sulphidized iron formation contain up to 2.13 grams gold per tonne associated with conductivity anomalies in the limbs and axis of a synclinal fold.

Webley

Between Bazooka and Mauser

A cluster of three rock samples containing up to 55.70 grams gold per tonne on a northeast trend in a variety of rock types including granite and iron formation on the west contact of a 7 kilometre diameter granitic pluton in contact with felsic volcanic rocks and iron formation.

CZ

West of Mauser

A cluster of four rock samples of quartz stockworks containing up to 4.09 grams gold per tonne in a gabbro-diorite intrusion with a prominent magnetic anomaly.

Barrett

West end of property

A cluster of six rock samples containing up to 6.50 grams gold per tonne in a northeast-trending shear zone of sericitic schist and quartz-carbonate stockworks hosted in basalt, gabbro, and possibly felsic rocks or sedimentary rocks. Traced for 1.5 kilometres.

 

Summary of Future Exploration Plans for the Pistol Bay Project

Vickers Target

Northquest has completed a total of 5,616 metres of drilling in 24 drill holes at the Vickers Target. The Vickers Zone has been intersected over a strike length of 200 metres. The width of the mineralized zone as defined both by alteration facies and gold mineralization varies in width from approximately 50 to 160 metres. Three drill holes (PB-12-11, PB-12-21, and PB-13-02) have intersected the zone at a vertical depth of approximately 300 metres; however, most of the drill holes tested relatively shallow depths of approximately 150 metres or less. In the west, evidence from a single outcrop and the recently completed induced polarization (IP) and resistivity survey, suggests that the west edge of the mineralized zone subcrops in the vicinity of Section 9100 W and has a steep, south-easterly plunge. In the east, PB-13-10 intersected robust mineralization and alteration on Section 8800 W (44.00 metres grading 3.44 grams gold per tonne) and an IP anomaly on Section 8800 W continues to the east of that section. Hence, the Vickers Zone has a minimum strike length of 200 metres, a minimum vertical depth 300 metres, and it is open along strike to the east and at depth.

The goal of future exploration will be to extend the strike length and depth of the mineralized zone. The IP and resistivity survey anomalies extend for at least another 200 metres to the east and the goal of the next drilling phase will be to test the geophysical anomalies for at least 200 metres east of section 8800 W. Subsequent to, and contingent upon, the results of that work, it might be appropriate to complete an initial resource estimation in order to establish the nature, grade, and geometry of the gold zone in order to optimize a follow up drilling campaign.

Sako Target

The Sako Target has had seven, widely-spaced drill holes (1,087 metres) with highlight intersections 50 metres apart of 2.00 grams gold per tonne over 6.17 metres in drill hole PB-11-13 and 1.76 grams gold per tonne over 15.53 metres in PB-12-02. Moreover, gold-bearing rocks have been intersected in drill holes over a strike length of 600 metres. An interpretation is that gold concentrations in the drill holes increase towards the east; hence, drilling is planned east of PB-12-02. The results of the IP/resistivity survey completed in 2013, plus the results of additional mapping and prospecting on the Sako grid, indicate that in the central part of the grid there are two branches of an IP anomaly that are coincident both with gold-bearing surface rock samples and with gold-bearing drilling intersections. The IP anomaly has a nominal strike length of 1,100 metres.

Surface rock samples from boulder fields and outcrops in the central part of the IP anomaly, and east of PB-12-02 (1.76 grams gold per tonne over 15.53 metres), where there has not been any drilling, provided very high gold grades. The central boulder field is approximately 300 metres in strike length and coincident with a strong IP anomaly. Ten samples were collected and the results are listed in the following table.

Rock samples in the central part of the Sako Grid

Sample

Grams gold per tonne

Description

893696

87.20

outcrop of silicified iron formation with gossan, wall rock to quartz stockwork, 60% pyrite

893697

5.98

angular local float of quartz-sericite-pyrite schist, 50% pyrite

893698

2.49

subcrop of quartz-sericite-pyrite schist, 40% pyrite, trace galena

893803

0.70

subcrop of quartz-sericite-carbonate breccia, 5% pyrite

893804

0.70

subcrop of high silica rock, 40% pyrite

893805

38.10

subcrop of high silica rock, 40% pyrite

893806

2.49

angular float of high silica rock, 20% pyrite, trace galena

893813

<0.05

iron formation outcrop, demagnetized, 3% pyrite

893815

11.90

0.50 metre quartz vein in gossanous quartz-sericite schist, 3% pyrite, trace galena

893816

0.50

quartz-sericite schist outcrop, 2% pyrite

 In the eastern part of the Sako grid and along strike of the IP anomaly coincident with PB-12-02, nine rock samples confirm the extension of the zone for at least 200 metres. The rock samples are listed and described below.

Rock samples in the eastern part of the Sako Grid

Sample

Grams gold per tonne

Description

893742

1.47

high silica rock, 1 to 2% pyrite

893730

4.79

sericite-carbonate schist, 20% quartz, 3 to 5% pyrite

893732

0.23

high silica rock, 2% pyrite

893731

0.24

iron formation, strongly magnetic, trace pyrite

893721

2.38

high silica rock, 3 to 5% pyrite, 3 to 5% arsenopyrite

893720

0.13

foliated, carbonatized argillite, 1 to 2% pyrite

893719

6.33

high silica rock, 10% pyrite

893716

0.52

high silica rock, 2% pyrite

893715

0.71

high silica rock, 1 to 3% pyrite

Follow up work, including drill holes into the IP anomalies associated with earlier drilling intersections, the central boulder field, and the area along strike of PB-12-02 will be completed on a priority basis, subject to the availability of exploration funds.

Bazooka Target

At the Bazooka Target, four drill holes (526 metres) were drilled in 2012. PB-12-04 intersected 2.10 grams gold per tonne over 11.17 metres, and the other three widely-spaced drill holes did not intersect the iron formation target rocks. The HLEM survey completed in 2013 defined two, large, conductive areas in the target, one of which is coincident with PB-12-04. An analysis of the combined, magnetic, HLEM, and drilling data, indicates that PB-12-04 was drilled through the attenuated limb of an F1 synform which is folded by later F2 syncline/anticline pairs. At the nearby Defender target, gold-bearing outcrops are associated with pronounced fold hinge line thickening. Fold hinge line thickening is a feature associated with longer drilling intersections at most iron formation-hosted gold deposits worldwide. Accordingly, at the Bazooka Target, we interpret that the F1 fold hinge, at depth, is the best target for future drilling because of the association with gold in a drilling intersection, the probability that the iron formation thickens in a synformal closure, and the indications of conductivity in the HLEM survey. That work will be completed on a priority basis subject to the availability of exploration funds in the next phase of drilling.

Defender Target

The Defender Target was discovered in the 2013 prospecting program. The target consists of an interpreted F1 syncline with sulphidation of the primary iron formation on the limbs. Rock samples contain up to 2.13 grams gold per tonne. An HLEM survey was completed on a 16.36 kilometre grid late in the summer and it was determined that there are several conductive anomalies associated with the south limb and axis of the fold. Several good exposures of parasitic folds with thickened hinge lines crop out in the target. Accordingly, future drilling is planned for the target which would test the down dip nature of the gold-bearing surface samples and test the thickened, synclinal fold hinge.

Mauser Target

The Mauser Target is west of Bazooka and was acquired by staking in October 2012. Government summary reports indicate that several companies have worked on the gold occurrences since the 1970’s. The gold occurrences are described as a northeast-trending, gold-bearing, quartz-carbonate vein system that is hosted in diorite, basalt, and conglomerate, with a strike length of 2.5 kilometres. The target was prospected in 2013 and the mineralized zones were validated in grab samples containing up to 40.70 grams gold per tonne. The gold is concentrated in sulphidized conglomerate and quartz vein arrays in basalt. Our impression is that these occurrences are relatively small and no further work is currently planned for the target.

Other Targets

Nine new gold occurrences were discovered by prospecting in 2013. They are summarized above and the proposed future work is set out below.

Sako Grid

The Sako grid was mapped in detail and surveyed with IP and resistivity. The new gold-bearing boulder fields and outcrop samples continue to upgrade this target and additional drilling is considered a high priority for this target. It is estimated that at least 5,000 metres of drilling are required in the next phase of drilling at the Sako Target. The Sako Target and Vickers Targets are approximately 6 kilometres apart. The intervening area is mostly covered by moraine. A reconnaissance IP survey consisting of lines spaced approximately 500 metres apart and covering the width of the Pistol Bay Corridor to link up the two grids is proposed.

Tikka Target

The Tikka Target appears to be a parallel structure 1,000 metres south of the Sako Target and has similar rock types and hydrothermal alteration. Follow up work consisting of grid mapping, and IP/resistivity surveying is planned. Contingent upon that work, an initial drilling phase may be warranted.

Kimber Target

The Kimber Target boulder field is 1,500 metres southeast of the Vickers Zone. The rocks resemble the footwall sequence of the Vickers Zone somewhat and could conceivably be glacially-transported fragments from the Vickers Zone, however, the great size and angularity of the boulders is more consistent with frost heave, plus the boulder field is on a magnetic anomaly interpreted as iron formation and there are abundant fragments of iron formation mixed with the mineralized boulders of the target. Accordingly, it is plausible that this target is a new mineralized zone parallel to, and south of, the Vickers Target. The Kimber Target requires additional follow up prospecting and an IP/resistivity survey. Contingent upon those results, an initial drilling phase may be appropriate.

Colt Target

The Colt Target is in rocks that resemble the Vickers Target footwall sequence and the Target is along strike 2,000 metres west of the Vickers Zone. The Colt Target is interpreted as a western extension of the Vickers Zone stratigraphy and requires grid mapping, IP/resistivity surveying, and, contingent upon those results, an initial phase of drilling.

Purdey Target

The Purdey Target is similar to the Colt target in that it is on strike, and in the same stratigraphy as the Vickers Target. Accordingly, it requires grid mapping, IP/resistivity surveying, and, contingent upon those results, an initial phase of drilling.

Defender Target

The Defender target is in the Bazooka environment and has many of the same characteristics. HLEM anomalies associated with gold-bearing samples of iron formation make this a priority target, ready for the first phase of drilling.

Webley Target

The Webley Target is a northeast-trending structure that is parallel to the Mauser Target but in granite and iron formation rather than basalt and conglomerate. Follow up work consisting of more prospecting is planned.

CZ Target

The CZ Target is a gabbro-diorite intrusion with quartz stockworks. Additional prospecting is required.

Barrett Target

The Barrett Target is a zone of shearing and sericite-carbonate alteration and quartz stockworks interpreted to be at least 50 metres wide and traced for 1.5 kilometres. The host sequence is basalt and gabbro, possibly intermixed with felsic rocks. Further prospecting and mapping are required before deciding on a follow up program of grid mapping, IP/resistivity surveying, and an initial phase of drilling.

Airborne survey

Northquest has not completed any airborne geophysical surveying west of the Mauser Target, accordingly the west half of the property requires an airborne survey. It is recommended that the initial survey will be a fixed wing magnetometer survey with 200 metre line-spacing.

 

Location of the Pistol Bay in Nunavut, Canada

Magnetic anomaly map illustrating the Meliadine and Pistol Bay gold trends,  the two trends appear to be mirror images on either side of a block of granitic gneiss

Gold occurrences and magnetic anomalies (TMI) of the Pistol Bay Project

Gold occurrences and magnetic anomalies (Vertical Gradient) of the Pistol Bay Project

Local infrastructure and location of gold occurrences of the Pistol Bay Project

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