Pistol Bay Commences Drilling in Confederation Lake
March 22, 2018 (Source) — Pistol Bay Mining Inc. (TSX-V – PST; Frankfurt – OQS2, OTC/Pink Sheet symbol SLTFF) (“Pistol Bay” or the “Company’) is pleased to announce that it has commenced its planned 3,500-metre diamond drilling program on its 51,000-acre Confederation Lake property in northwestern Ontario.
The first three drill holes, of approximately 500 metres each, will test the Arrow Zone, and the core will be used for preliminary metallurgical testing. The Arrow Zone is a volcanogenic massive sulphide (VMS) deposit, which was the subject of a 43-101 report in 2017 that presented an inferred mineral resource of 2,100,000 tonnes grading 5.78% zinc, 0.72% copper, 0.60 grams per tonne (g/t) gold and 19.5 g/t silver. (8.42 Zn.Eq.)
Following is a selection of drill intersections from previous diamond drill holes on the Arrow Zone by Noranda Exploration in 1997-1998 and Tribute Minerals Inc. in 2004-2007.
| DDH-ID | From (m) |
To (m) |
Core Length |
True width |
Cu% | Zn% | Ag g/t | Au g/t |
| GL1997-02C | 451.80 | 456.10 | 4.30 | 3.51 | 3.07 | 27.16 | 50.4 | 2.105 |
| GL1997-04 | 469.00 | 474.80 | 5.80 | 4.25 | 1.61 | 9.36 | 37.0 | 0.818 |
| GL2004-08 | 325.00 | 335.20 | 10.20 | 7.13 | 0.95 | 8.50 | 25.3 | 1.018 |
| GL2006-18 | 513.50 | 518.90 | 5.40 | 3.84 | 0.66 | 18.71 | 25.6 | 0.446 |
| GL2006-27 | 304.90 | 309.05 | 4.15 | 3.20 | 0.59 | 10.59 | 19.6 | 0.730 |
| GL2006-39 | 338.83 | 343.10 | 4.27 | 3.00 | 1.21 | 18.54 | 8.2 | 0.413 |
| GL2007-50 | 526.50 | 537.60 | 11.10 | 7.99 | 0.92 | 2.45 | 15.1 | 0.496 |
| GL2007-53 | 560.35 | 567.40 | 7.05 | 5.39 | 1.20 | 4.28 | 25.4 | 0.834 |
Following drilling on the Arrow Zone, the drill will move to the Fredart Zone, which was drilled in the 1960s and contained copper mineralization of VMS type with associated silver values. Only the first four holes were assayed for gold.
The technical information in this news release was prepared and/or reviewed by Colin Bowdidge, Ph.D., 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 has also created a subsidiary for resource driven blockchain applications.
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.