Pistol Bay Acquires Additional Zinc-Copper Properties in Confederation Lake VMS Greenstone Belt, Ontario
10 Janeiro 2018 - 6:30AM
Pistol Bay Mining Inc. (TSX-V:PST) (FRANKFURT:OQS2)
(“
Pistol Bay” or the “
Company’)
is pleased to announce that it has entered into an option agreement
with an arm’s length vendor to acquire a 100% interest in the
Mitchell, Gerry Lake and Karas Lake Properties, located in the
Karas Lake Area, Red Lake Mining Division, Ontario (the
“
Property”).
The Property consists of 33 mining claims,
comprising 232 claim units, and covering approximately 3700
hectares.
Charles Desjardins, President & CEO of
Pistol Bay, states, “These newly acquired claims were part of our
recent 2017 VTEM PLUS survey. We are very excited about the data
and have given these targets a high priority for geophysical
modelling.”
The Mitchell Township or Fly-Moth claim group
covers a 9 kilometre stretch of the Confederation Lake greenstone
belt and extends to within 1.5 km of the former producing South Bay
zinc-copper-silver mine. The property was explored by Selco
Mining Corp., Placer Dome Inc., Kerr-Addison Mines, St Joseph
Explorations Ltd., Minnova Inc./Inmet Mining and Noranda Inc. at
various times between 1967 and 1999. Previous exploration has
included approximately 90 diamond drill holes.
Historical work has identified numerous
zinc-bearing sulphide zones across the Mitchell claims, including
the Wasp Lake, Fly Lake, Trippier, Culvert, Moth and Road
Zones. Following are a few highlights from previous work.
The Wasp Lake Mineralized Trend
was extensively drilled by Selco; most results are unavailable. Two
holes by St Joseph Explorations yielded the following:
DDH 3197-6-80: |
2.79
m @ 2.96% Zn, 0.04% Cu |
|
includes |
0.76
m @ 7.44% Zn, 0.05% Cu |
|
AND |
4.02
m @ 2.18% Zn, 0.01% Cu, 0.26% Pb |
|
includes |
0.50
m @ 8.97% Zn, 0.02% Cu, 1.17% Pb |
|
AND |
3.31
m @ 1.27% Zn, 0.09% Cu |
DDH 3197-7-80: |
7.19
m @ 1.12% Zn, 0.04% Cu |
|
includes |
1.24
m @ 3.63% Zn, 0.14% Cu |
|
AND |
4.29
m @ 0.98% Zn, 0.01% Cu, 0.15% Pb |
This mineralized trend gave a strong conductive
response on Pistol Bay’s recent VTEM PLUS airborne survey.
The Company plans to have the geophysics modelled to assess
the possibility of a deep-seated massive sulphide zone.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/8bd4ad54-e6b4-41d3-b14d-3939221be936
The Fly Lake zone was tested by 4
drill holes by St Joseph Minerals in 1976 over a 50 metre
length. Pistol Bay’s VTEM PLUS survey gave a well-defined
response on 2 lines, indicating a length of up to 400 metres.
Results of the St Joseph drilling include:
DDH 3197-2-79: |
0.60
m @ 1.71% Zn, 0.15% Cu, 0.3 g/t Ag |
|
AND |
0.27
m @ 2.00% Zn, 0.08% Cu |
DDH 3197-1-80: |
4.51
m @ 0.53% Zn, 0.06% Cu |
|
includes |
0.76
m @ 1.34% Zn, 0.18% Cu |
|
AND |
11.5
m @ 1.36% Zn, 0.17% Cu |
|
includes |
2.65
m @ 4.30% Zn, 0.21% Cu |
|
includes |
1.01
m @ 8.25% Zn, 0.34% Cu |
|
|
|
DDH 3197-2-80: |
0.30
m @ 2.69% Zn, 0.07% Cu |
|
AND |
4.90
m @ 1.51% Zn, 0.06% Cu |
|
AND |
0.90
m @ 1.98% Zn, 0.01% Cu |
DDH 3197-3-80: |
8.90
m @ 1.51% Zn, 0.08% Cu |
|
includes |
3.90
m @ 2.53% Zn, 0.06% Cu |
|
includes |
1.00
m @ 4.63% Zn, 0.09% Cu |
This zone appears to be open along strike and at
depth. The Company proposes to drill for extensions of the
mineralization, assisted by modelling of the VTEM data.
VTEM Anomalies: There are
9 discrete VTEM PLUS conductive anomalies that do not appear to
have had any previous drill testing. Their conductivity
varies from very weak to moderate. Most are in areas with
little or no outcrop and one is under a lake.
The Transaction
The Company can earn a 100% interest in the
Property by issuing an aggregate 500,000 common shares and paying a
total of $104,000 over a four-year period. A 1.5% NSR has been
granted to the vendor, of which 0.75% may be purchased at any time
by the Company for $400,000.
This transaction is subject to TSX Venture
Exchange approval. All shares issued will be subject to a
hold period expiring four months and one day from the day of
issuance.
Technical information in this news release has
been provided and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., a
Qualified Person as defined in National Instrument
43-101.
About Pistol Bay Mining
Inc.
Pistol Bay Mining Inc. is a diversified Junior
Canadian Mineral Exploration Company with a focus on zinc and base
metal properties in North America. For additional information
please visit the Company website at www.pistolbaymininginc.com or
contact Charles Desjardins at pistolbaymining@gmail.com.
On Behalf of the Board of Directors
PISTOL BAY MINING INC.
"Charles
Desjardins"
Charles Desjardins, President and Director
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. Cautionary note:
This report contains forward looking statements.
Resource estimates, unless specifically noted, are considered
speculative. Any and all other resource or reserve estimates are
historical in nature, and should not be relied upon. By their
nature, forward looking statements involve risk and uncertainties
because they relate to events and depend on factors that will or
may occur in the future. Actual results may vary depending upon
exploration activities, industry production, commodity demand and
pricing, currency exchange rates, and, but not limited to, general
economic factors. Cautionary Note to US investors: The U.S.
Securities and Exchange Commission specifically prohibits the use
of certain terms, such as "reserves" unless such figures are based
upon actual production or formation tests and can be shown to be
economically and legally producible under existing economic and
operating conditions.
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