Pistol Bay Expedites Acquisition of Garnet Lake/Arrow Zone and Fredart/Copperload Properties
24 Janeiro 2020 - 11:15AM
Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink
Sheet symbol SLTFF) (“Pistol Bay” or the “Company”) reports that it
has negotiated an agreement expediting the option agreement with
Aurcrest Gold Inc. which includes the Garnet Lake/ Arrow Zone and
the Fredart/Copperload properties subject to the TSX approval.
The Garnet Lake/Arrow Zone and the
Fredart/Copperload properties both have NI43-101 resources. Pistol
Bay negotiated an expedited agreement for the final 2 years of the
option agreement for 100% interest in the properties.
The Aurcrest option agreement includes other
claims besides Fredart/Copperload and Garnet Lake/Arrow Zone.
- Garnet Lake/Arrow
Zone has a NI43-101 resource of3% 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 AuInferred Resource
120,550 tonnes @ 2.60% Zn, 0.56% Cu,
18.6 g/t Ag and 0.40 g/t Au5% 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 AuInferred
Resource 51,630 tonnes @
3.86% Zn, 0.79% Cu, 23.9 g/t Ag and 0.58 g/t Au10% 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
- Copperlode “A” or Fredart
Zone has non-compliant NI 43-101A historical mineral
resource of 386,000 t grading 1.56% copper and 33.6 g/t silverFour
conductors with lengths of 400, 850, 900 and 950 metres over a
length of 6.5 km.
Re: Pistol Bay Mining Inc. (the “Company”)
Option to Earn a 100% Interest in the Confederation Lake Property
from AurCrest Gold Inc. (“AurCrest”) Referring to the option
agreement dated October 21, 2016, as amended February 8, 2019 and
October 1, 2019 between the Company and AurCrest (collectively, the
“Option Agreement”). The Company and AurCrest agree that Section 2
of the Option Agreement is hereby amended and the Company shall
exercise the Option on the following basis: a) Paying to AurCrest
$50,000 (the “Final Cash Payment”) on or before January 28, 2020b)
Issuing to AurCrest, effective January 28, 2020 (the “Effective
Date”), 2 million common shares of the Company (the “Final Share
Issuance”), 500,000 common shares of which shall be legended and
restricted from trading for four months and one day from the
Effective Date and 1,500,000 common shares of which shall be
legended and restricted from trading for six months from the
Effective Date, with the Final Share Issuance delivered to AurCrest
within three (3) business days following the Effective Date; andc)
Upon final payment, the title of the properties will be transferred
to Pistol Bay Mining Inc. (the ‘Company’).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, 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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