Pistol Bay acquires additional gold exploration claims in Red Lake
17 Setembro 2019 - 12:36PM
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 1544230
Ontario Inc. subject to TSX Venture Exchange approval, to acquire a
100% right, title and interest in and to 141 mining cells located
in the Pakwash Lake Area in the Red Lake Mining District, Ontario.
The 7130-acre properties are located east and south of Great Bear
Resources recent discovery.
Charles Desjardins, President & CEO of
Pistol Bay stated, “The company is excited about the additional
prospects for gold in the vicinity of the recent Great Bear
Resources discovery. We believe there is considerable potential for
gold on our Confederation Lake side of the Red Lake Mining district
as well as the known historic resources of silver, copper and zinc.
Many of the historic drill holes in Confederation Lake were not
assayed for gold.”
The property comprises two separate claim
blocks. The first claim group is referred to as the Pakwash
East block. It comprises 35 cells, with an area of
approximately 716 hectares (1,760 acres). It is 12.5 kilometres
southeast of the Great Bear Resources Dixie property. It adjoins a
9,650-hectare claim group registered to Great Bear Resources. It is
traversed by provincial Highway 105, a 115 kV transmission lines
and a natural gas pipeline. It is underlain by metasedimentary
rocks and granitic intrusions, according to published geological
maps. Although it formed part of the Laurentian Goldfields Inc.
Goldpines project, the only exploration reported in the area of the
Pakwash East block was an airborne magnetic and VLF-EM survey.
The second claim group is referred to as the
Pakwash North block. It comprises of 106-cells,
2,174-hectare (5,370 acres). It lies 21 kilometres southeast of the
Dixie Lake gold discovery now being explored by Great Bear
Resources Ltd, and 44 kilometres southeast of the town of Red Lake.
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 Pakwash North Block lies in an area of
metasedimentary rocks of the English River terrain, including a
variety of granitoid intrusives, and straddles a major structural,
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 Pakwash North Block formerly comprised part
of a large claim group known as the Goldpines property, that was
explored by Laurentian Goldfields Inc. in 2010 and 2011. This was
the only previous exploration in the area, and work in this part of
the Goldpines property was confined to geological mapping,
lake-sediment geochemical surveying and MMI soil sampling and
analysis. The mapping confirmed the existence of the Sydney Lake
Fault. There are a small number of MMI soil samples with anomalous
gold adjacent to the Sydney lake Fault in the eastern part of the
property.
The accompanying map shows the Pakwash North and
Pakwash East claim blocks, Great Bear Resources Dixie and Pakwash
properties, as well as the Pakwash South property (see news release
29 July, 2019). The Dixie 17-18-19-20 and Dixie 3 (Snake Falls)
claim blocks, part of Pistol Bay’s Confederation Lake project, are
also indicated on the map.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/83d420d9-e064-4bf7-a568-1d4dd0a68bac
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
$45,000 and issue a total of 500,000 shares over a three-year
period. 1544230 Ontario Inc. will retain a 1.5% 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
three-quarters of one percent (0.75%), from 1544230 Ontario Inc. in
consideration of the payment to 1544230 Ontario Inc. of $500,000,
thereby leaving Pistol Bay with three-quarters of one percent
(0.75%) NSR Royalty.
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.
Pistol Bay Mining (TSXV:PST)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Pistol Bay Mining (TSXV:PST)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024