Pistol Bay Mining Releases Exploration Plans for Multiple Gold-VMS Drill-Permitted Targets in Red Lake District, Ontario
09 Janeiro 2020 - 2:42PM
Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink
Sheet symbol SLTFF) (“Pistol Bay” or the “Company”) is pleased to
announce exploration plans for its upcoming work programs at its
Joy Trend properties (which includes Fredart) located approximately
25 kilometers north-east of Great Bear Resources Ltd.’s Dixie
project near Red Lake, Ontario.
Recent VMS-related exploration success by BTU
Metals Corp. continues to demonstrate the value of Pistol Bay’s
long-standing, district-scale land position within the
Confederation VMS belt, as well as the underexplored nature of the
camp as being one with the potential for further discoveries.
“With the recent successes of Great Bear and BTU
Metals, Pistol Bay’s extensive land position must be looked at with
a new geological approach that will include looking for both VMS
and gold targets. In light of our past successful drilling along
the Joy corridor we will now be targeting feeder systems at depth.
Pistol Bay will also be assaying for gold along the district-scale
structure, which may represent a significant opportunity for our
shareholders, including one that may allow for near-term assays
using historic drill core,” stated Charles Desjardins, President
& CEO of Pistol Bay.
The Company is also pleased to confirm that
drill permits are now received and in place for two of the
Company’s core gold-VMS exploration corridors, including Fredart
(part of Pistol Bay’s Joy trend) and the Arrow Zone (part of Pistol
Bay’s Lucky 7 trend). Recent VTEM plus™ flown over Pistol Bay’s
project has outlined numerous new exploration targets, which are
now in the process of being prioritized as go-forward drill targets
by the Company’s geological team. Pistol Bay is also pleased to
confirm that it is investigating additional geophysical techniques
to deploy with the objective of delineating new deeper targets at
Fredart and Arrow, both of which have experienced mostly shallow
drilling and are open at depth.
The Company views it as important to note that
the vast majority of VMS targets explored to-date on Pistol Bay’s
project base have historically received little to no investigation
for gold potential as gold was not then-recognized as significant
in the region. Recent exploration success by other public companies
operating near Pistol Bay have advanced the regional context of
prospective gold deposition as well as highlighted the area as a
potentially significant gold-enriched VMS camp. Accordingly, Pistol
Bay is currently undertaking ongoing research and planning to
delineate and prioritize potential gold-bearing targets that may be
affiliated with both tested and untested VMS targets.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a9cf4512-501f-43a6-ad9c-1bbee89fc0a9
FREDARTHistorical mineral resource of 386,000 t
grading 1.56% copper and 33.6 g/t silver (non-compliant NI
43-101)
- Four conductors with lengths of 400, 850, 900 and 950 metres
over a length of 6.5 km
- Drill-tested to a depth of approximately 200 metres, reported
as being open at depth
- Area historically explored in 1970’s reported samples
containing up to 1.46% molybdenum
|
|
ARROW ZONE |
3% Zn equivalent cutoff: |
Indicated Resource |
2,071,000 tonnes @ 5.92% Zn, 0.75% Cu, 21.1 g/t Ag and 0.58 g/t
Au |
Inferred Resource |
120,550 tonnes @ 2.60% Zn, 0.56% Cu, 18.6 g/t Ag and 0.40 g/t
Au |
5% Zn equivalent cutoff: |
Indicated Resource |
1,762,000 tonnes @ 6.75% Zn, 0.79% Cu, 22.3 g/t Ag and 0.61 g/t
Au |
Inferred Resource |
51,630 tonnes @ 3.86% Zn, 0.79% Cu, 23.9 g/t Ag and 0.58 g/t
Au |
10% Zn equivalent cutoff: |
Indicated Resource |
633,000 tonnes @ 14.3 Zn, 1.11% Cu, 31.7 g/t Ag and 0.85 g/t
Au |
|
|
During the past year, Pistol Bay has acquired
two additional land packages known as the Pakwash North and Pakwash
East claims to further add to its prospective Red Lake-area
holdings.
The Pakwash East block
comprises of 35 cells, with an area of approximately 716 hectares
(1,760 acres). It is 12.5 kilometres southeast of Great Bear
Resources Dixie Ltd’s property. It adjoins a 9,650-hectare claim
group registered to Great Bear Resources.
The Pakwash North block
comprises of 106-cells, 2,174hectare (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 (See NR dated September 17, 2019)
The company had also optioned out its Dixie 3
and Ben Lake claims which should provide for both additional
working capital to the Company as well as near-term exploration
activity.
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. (TSXV:PST) is a
diversified Junior Canadian Mineral Exploration Company with a
focus on gold and base metal properties in North America, notably
the Red Lake district of Ontario. 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, 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.
Forward Looking Statements:
Statements included in this announcement,
including statements concerning of the Company’s plans, intentions
and expectations, which are not historical in nature are intended
to be, and are hereby identified as, “forward-looking statements”.
Forward-looking statements may be identified by words including
“anticipates”, “believes”, “intends”, “estimates”, “expects” and
similar expressions. The Company cautions readers that
forward-looking statements, including without limitation those
relating to the Company’s future operations and business prospects,
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those indicated in the
forward-looking statements.
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