Pistol Bay Mining Expands Confederation Lake Land Package
September 14, 2017 (Source) — Pistol Bay Mining Inc. (TSX-V – PST; Frankfurt – OQS2) (“Pistol Bay” or the “Company’) is pleased to announce that the Company has acquired additional ground by staking new claims covering previously unknown anomalies detected by the recently completed VTEM Plus™ airborne survey. The new claims cover a continuous magnetic anomaly that runs for 7.5 kilometres between the existing Joy and Fredart claim groups. The total strike length of this anomaly, which encompasses the historic Joy and Fredart claim groups, is now approximately 22 kilometres.
The magnetic anomaly has been previously tested and is caused by an iron formation. Previous airborne EM surveys had located conductors along the magnetic trend, which had been drill tested at various times in the past. The VTEM Plus™ survey has located four new conductors with lengths between 400 and 1,200 metres that have had no previous exploration, according to historical records.
Most importantly, the Fredart “A” Zone (also known as the Copperlode “A” Zone), is expressed by conductors on the same magnetic trend as the newly staked anomalies. The Fredart “A” Zone has a historical resource of 368,000 tonnes grading 1.56% copper and 33.6 g/t silver. The method used to calculate that resource is not disclosed sufficiently in historic reports to allocate that resource estimate to any of the current accepted categories of mineral resource or mineral reserve. No Qualified Person has reviewed the resource to assess its quality or relevance. As a historic estimate, it should not be relied on. Several of the historic drill holes in the Fredart “A” zone reported substantial widths – drill hole FA1966-15 reportedly cut 40.42 metres averaging 1.40% copper and 21.1 g/t silver, including a higher grade section of 16.22 metres grading 2.67% copper and 48.3 g/t silver.
The new anomalies are on the same trend as the Joy North anomaly, which is on a claim optioned by Pistol Bay (see news release of February 16, 2017). The Joy North anomaly is one of the very few – possibly the only – well defined anomalies from earlier airborne surveys, that has never been drill tested.
Charles Desjardins, CEO of Pistol Bay, commented “These new claims are just the first fruits of our new VTEM airborne survey. We are seeing lots of new anomalies in the survey data, not just conductors but the IP effect anomalies as well, and Pistol Bay is going to have a busy few years exploring them all.”
The Qualified Person who has reviewed and approved the technical disclosure in this news release is Dr. Colin Bowdidge Ph.D., P.Geo., consulting geologist for Pistol Bay.
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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.
On Behalf of the Board of Directors
PISTOL BAY MINING INC.
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.
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.
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