Pistol Bay Mining Inc. Receives 3D IP Inversion Model on Summit B Property, British Columbia
November 13, 2013 (Source: Marketwired) — Pistol Bay Mining Inc. (TSX VENTURE:PST) (“the Company”) is pleased to report that a 3D IP Inversion Model has been completed on its 100% owned Summit B property, located in northwestern British Columbia. The property is under option to Revolver Resources Inc., operator of the project, who has an option to earn a 60% interest in the property by completing $2,500,000 in exploration expenditures on the property, making $500,000 in cash payments to Pistol Bay and issuing Pistol Bay 4,000,000 common shares prior to May 2016.
Revolver Resources recently announced a financing to initiate a 1,000-metre drilling program to investigate a 2.3-by-0.5-kilometre high-chargeability (click here to view) anomaly identified on the Summit B property and associated with fault-bounded copper-gold mineralization.
Revolver Resources Inc. recently completed a 3D IP inversion model based upon the results of the IP (resistivity/chargeability) survey carried out on the Summit B property located in the Iskut area of northwestern British Columbia, Canada. The model reveals a strong 2.0 kilometre long to 500 metre wide, northwest-oriented ovoid chargeability anomaly with values reaching over 35 millivolts per second accompanied by low resistivity signatures. It extends from shallow depth (less than 100 m) to at least 500 m and is open at both the northwest and southeast ends. Surface geology indicates the high chargeability/low resistivity anomaly is spatially related to copper-gold-bearing disseminated sulphide bodies and stockworks distributed within fault zones. Recent rock and chip sampling of historic mineralized trenches generated substantial Cu assay values ranging from 0.1 to 1.5 weighted per cent. Gold is significantly enriched, highlighted by several concentrations greater than three grams per tonne Au; for example 3.0 g/t, 17.9 g/t, 12.3 g/t and 10.9 g/t. Pervasive hematite-ankerite-silica alteration affected the sheared volcanosedimentary rocks.
The Summit B IP anomaly is similar in shape and intensity to that observed in Colorado Resources’ adjacent North Rok property. The North Rok chargeability anomalies characterized a porphyry copper-gold system associated with an early Jurassic monzodiorite-diorite pluton intruding Upper Triassic Stuhini Group volcanic rocks. Already, drill core intersections of 402 m at 0.28 weighted per cent Cu and 0.27 g/t and 242 m at 0.63 weighted per cent Cu and 0.85 g/t Au were obtained less than three km away from the Summit B property. The Summit B IP anomaly is associated with low magnetic values relative and occur in a greenschist metamorphosed Mississippian-Permian volcanosedimentary assemblage. The age of the Summit B mineralization is presumed to be Jurassic and concordant with the age of alkalic intrusions at North Rok, Red Chris (a porphyry copper-gold mine and with reserves of over 300 million tonnes grading 0.359 per cent copper and 0.274 g/t gold) and elsewhere in northwestern B.C. The carbonate alteration and precious metal mineralization at Summit B may be related to deep metamorphic fluids with appropriate chemistry to cause quartz-carbonate-gold deposits. Alternatively, the mineralization may be produced by hydrothermal fluids generated by the intrusion of alkalic plutonic rocks at moderate depth.
Technical information in this news release has been prepared and/or revised by Michel Boily, Ph.D., P.Geo., and qualified person as defined in NI 43-101.
About Pistol Bay Mining Inc. (TSX VENTURE:PST)
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Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on graphite, precious and base metal properties in North America.
For additional information please contact Charles Desjardins at Pistol Bay Mining Inc. or visit www.pistolbaymining.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.
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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