VANCOUVER, British Columbia, Jan. 09, 2020 (GLOBE NEWSWIRE) -- 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
FREDART
Historical 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.