Pistol Bay Mining Gives Preliminary Results From Confederation Lake Drilling
02 Maio 2018 - 10:36AM
Pistol Bay Mining Inc. (TSX-V:PST) (Frankfurt:OQS2) (OTC/Pink
Sheet:SLTFF) (“
Pistol Bay” or the
“
Company’) is pleased to provide preliminary
results from its 2018 winter-spring Confederation Lake drilling.
Charles Desjardins, CEO of Pistol Bay Mining Inc.
is pleased to announce that the Company has completed three diamond
drill holes totalling 1,525 metres on the Arrow Zone, as the first
phase of its 2018 winter-spring drill program on its 100% optioned
Confederation Lake property in northwestern Ontario. The property,
which now has an area of approximately 15,000 hectares (37,000
acres) covers numerous zinc-copper (gold-silver-lead) occurrences,
zones and deposits of VMS (volcanogenic massive sulphide) type.
Drill holes GL18-01 and GL18-02
were drilled into the middle of the Arrow Zone to fill in parts of
the zone with additional data points. In combination with
pinpointing collars by differential GPS and measuring collar
azimuths of historical drill holes, this will make the drill
database for the Arrow Zone more complete and more accurate. In
2017, a 43-101 resource estimate was made for the Arrow Zone: an
Inferred Mineral Resource of 2,100,000 tonnes averaging 5.78% Zn,
0.72% Cu, 0.60 g/t Au and 19.5 g/t Ag (8.36% zinc equivalent or
ZnEq*). By improving the reliability of survey data for historical
holes and including new drill holes, the Company hopes to be able
to upgrade part or all of the Inferred Mineral Resource into the
Indicated category.
Drill hole GL18-01 cut a 12 metre section of
alternating massive sulphides and disseminated sulphides in heavily
altered felsic pyroclastic rocks. It was preceded by 30 metres of
mixed chert and felsic tuff with minor amounts of disseminated
sulphides. A number of historical drill holes reported gold values
in this “Upper Chert” rock unit. GL18-02 gave similar results, with
26.95 metres of “Upper Chert” preceding 12.85 metres of massive and
disseminated sulphides.
Successful Test of Down Dip
Extension
Drill
hole GL18-03 was drilled to test a possible extension of the Arrow
Zone down a 45 degree plunge to the southwest. It successfully
intersected the main sulphide zone, but at a shallower depth than
anticipated, which demonstrated that the zone was apparently
displaced about 25metres to the northwest from where it was
expected. The main sulphide zone was 26 metres thick (core length)
and included more interbedded tuff than in other holes. It was
preceded by approximately 40 metres of “Upper Chert,” which was in
turn overlain by 16 metres of felsic tuff with a few percent of
disseminated sulphides. The apparent offset in the main sulphide
zone in hole GL18-03, from its expected location raises the
possibility that the Arrow Zone may actually be two separate zones,
arranged en echelon at different positions in the volcanic
sequence. After re-surveying the historical drill holes, it may be
possible to assess this hypothesis and judge its potential
implications for the size of the mineral resource.
Assays of cut drill core are expected to start
being delivered shortly. Turnaround time at the assay laboratory is
currently about three weeks.
Drilling to Commence on Fredart Copper
Zone
The drill will be moving to the Fredart “A” Zone (also referred to
in some historical reports as the Copperlode “A” Zone), a copper
zone with associated silver values that was drilled at various
times between the 1960s and the 1980s. Only the first four holes
were assayed for gold. A historical resource estimate made in 1971
for the Fredart “A” zone, based on diamond drilling in the 1960s,
was 386,000 tonnes grading 1.56% copper and 33.6 g/t silver (1.83%
copper equivalent or CuEq*), or alternatively 219,500 tonnes at
1.95% copper and 41.8 g/t silver (2.28% CuEq). Neither of these
estimates conforms to any class of mineral resource or mineral
reserve defined by the 2014 CIM Definition Standards for Mineral
Resources and Mineral Reserves. Initially three pairs of drill
holes, each at inclinations of 50° and 70° will be drilled through
the Fredart zone.
* Note: Zinc equivalent and copper
equivalent are calculated using gross metal values averaged over
the last year, to convert other metal values to their equivalent
grades of zinc or copper. Published metal prices are denominated in
US dollars and were converted to Canadian dollars for the
calculation at the rate of US$1.00 = C$1.28 to reflect that costs
are in Canadian dollars.
The technical information in this news release
was prepared 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 Confederation Lake greenstone belt in the Red Lake area in
Ontario, Canada. 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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