Pistol Bay Acquires Gold Exploration Claims in Red Lake
29 Julho 2019 - 10:00AM
Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink
Sheet symbol SLTFF) (“Pistol Bay” or the “Company’) wishes to
announce it has entered into an option agreement with Northbound
Capital, subject to TSX Venture Exchange approval, to acquire a
100% right, title and interest in and to 104 mining cells located
in the Cabin Bay Township in the Red Lake Mining District, Ontario.
The 5,264-acre property is located southeast of Great Bear
Resources' recent discovery.
Charles Desjardins, President & CEO of
Pistol Bay stated, “We are excited about this new Red Lake gold
prospect coming to Pistol Bay having always been Red Lake Mining
district believers. We feel the recent discoveries by Great Bear
will help focus attention on the gold and base metal potential of
Pistol Bay’s Confederation Lake land package and the Red Lake
Mining district as a whole.”
Under the terms of the option agreement, in
order to acquire a 100% right, title and interest in and to the
property, Pistol Bay is required to make total cash payments of
$82,500 and issue a total of 3,000,000 shares over a three-year
period. Northbound Capital will retain a 2.0% net smelter returns
royalty.
Pistol Bay Mining Inc. shall have the right at
any time to purchase one-half (1/2) of the NSR Royalty, being one
percent (1%), from Northbound Capital in consideration of the
payment to Northbound Capital of $1,000,000, thereby leaving Pistol
Bay with a one percent (1%) NSR Royalty.
The 2,130-hectare (5,264 acres) Pakwash South
property lies southeast of the Dixie Lake gold discovery now being
explored by Great Bear Resources Ltd. It is accessible by old
forestry access roads leading from provincial highway 105, as well
as by boat via Pakwash Lake and the Chukuni and English Rivers.
The property lies in an area of metasedimentary
rocks of the English River terrain, including a variety of
granitoid intrusives, and is situated just to the south of a major
structural zone called the Sydney Lake Fault. Metasedimentary
terrains in the vicinity of major structures, once considered to
have low mineral potential, have been the site of recent gold
discoveries such as Newmont-Goldcorp’s Éléonore mine in northern
Québec, the Curraghinalt gold deposit in Northern Ireland, and the
Valentine Lake gold deposit in Newfoundland.
The property formerly comprised part of a large
claim group known as the Goldpines. This was the only previous
exploration in the area, and work in this part of the Goldpines
property was mainly geochemical, with lake-sediment, lake-water
surveys and extensive soil sampling for MMI analysis. The property
covers a cluster of anomalous gold in MMI soil samples over an area
of 2600 × 1900 metres.
Vanadium Project Pistol Bay is
also planning an initial work program of sampling and prospecting
in the near term on our Vanadium Project in Nevada, USA.
The technical information in this news release
was prepared and/or reviewed by Colin Bowdidge., 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. The company is also actively pursuing the right
opportunity in other resources to enhance shareholders value. 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/45eb1358-e9f6-43b3-9a7e-32d2e782bc44
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