Pistol Bay Options Out Dixie 17-20, Red Lake, Ontario
29 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 optioned out 75% of its Dixie 17-20 claims in the Red Lake
Mining District to Infinite Lithium Corp. (ILI-TSX:V)
(OTCQB:ARXRF)
The Dixie 17-18-19,20 properties (“Dixie
Claims”) consist of 67 claim units (1,072 hectares) located in the
Confederation Lake greenstone belt, 35 kilometres southeast of Red
Lake, Ontario. The Confederation Lake belt is known to host
numerous Volcanogenic Massive Sulphide (VMS) occurrences and
deposits. This property will be renamed ‘Dixie 10 Mile’ by Infinite
Lithium Corp.
The largest VMS deposit to date in this region
is the South Bay Mine, which produced between 1971 and 1981,
approximately 354,000,000 pounds of zinc, 57,600,000 pounds of
copper and 3,740,000 ounces of silver from 1,600,000 short tons
(grades of 11.06% Zn, 1.8% Cu and 72.7 g/t Ag).
The three Dixie mineralized zones were explored
by Selco in the 1977-1981 period, by Noranda in 1989-1992 and by
Tribute Minerals Inc. between 2002 and 2009. Selco drilled a total
of 40 diamond drill holes, Noranda drilled 7 holes and Tribute
Minerals drilled 11 holes.
Terms of this
agreementA. Infinite Lithium Corp will
make the following cash payments to Pistol Bay:
(i) $15,000
on or before the date that is five business days after the Exchange
Approval Date(ii)
$10,000 on or before the date that is six months after the Exchange
Approval
Date(iii)
$30,000 on or before the date that is twelve months after the
Exchange Approval Date and
B. Infinite Lithium
Corp. will issue to Pistol Bay(i)
500,000 common shares of Infinite Lithium
Corp. on of before the date that is five business days after the
Exchange Approval
Date(ii)
500,000 common shares of Infinite Lithium Corp. on or before the
date that is twelve months after the Exchange Approval Date and
C. Infinite Lithium
Corp. will incur a total of $550,000 in Exploration Expenditures in
or on the Claims as follows(i)
The sum of $250,000 on of before the first
anniversary of the Closing
Date(ii)
The sum of $300,000 on or before the second anniversary of the
Closing Date
D. Upon exercise of the
above agreement Infinite Lithium Corp. will have the right to
purchase an additional 15% in these Claims by pay an additional
$30,000 plus issuing 500,000 shares of Infinite Lithium Corp. to
Pistol Bay Mining Inc.
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.
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