Pistol Bay Receives Assessment Report on Summit A and Summit D Properties
February 5, 2014 (Source: Marketwired) — Pistol Bay Mining Inc. (TSX VENTURE:PST) (“the Company”) is pleased to announce that it has received the final Assessment Report and accompanying assay results from the field program conducted on its 100% owned Summit A and Summit D properties adjoining the boundary of Imperial Metals Red Chris Copper-Gold project, located 80km south of the town of Dease Lake in the Iskut area of northern British Columbia.
In July 2013 UTM Exploration Services Ltd. (UTM) of Smithers, British Columbia mobilized a crew to conduct field mapping and sampling on areas of the Summit A & D claims (approximately 7,106 hectares) which were not previously explored in 2010. In 2010 work done on the property included a soil geochemical survey and minor geological mapping and stream silt sampling, resulting in 102 soil samples and 7 silt samples. Two anomalous gold values were found. Work was concentrated around the northern third of the property, and the southern quarter. Work resulted in a few anomalous soil samples suggesting potential in the southwest and north.
The purpose of the July 2013 work program was to follow up on the success of the 2010 field program and identify possible new trends, as well as to discover new areas of interest and mineralization. More exploratory work was to focus on the Summit D area in the north of the claim group where copper mineralization has been exposed and discovered in recent years, both on neighbouring claims of other Minfile and tenure holders as well as the success of 2010 rock sampling.
During the 2013 field program, 51 rock samples were taken over the Summit properties. All but 7 samples were taken from outcrop. The property was traversed following a similar path taken during the 2010 exploration field program with focus on following up on the areas where assay values were elevated. In the process of this follow up work, numerous new locations were discovered that yielded visual mineralization and oxidation that warranted sampling.
As the sampling progressed and more and more areas were exhibiting significant malachite staining and sulphide mineralization, the sampling traverses were then focused on following any and all apparent trends of this newly found mineralization. An apparent trend of copper mineralization, all within similar calc-alkaline rocks, extends an assumed 1200m from the 2010 rock sample that assayed 0.85% Cu to the 2013 sample #54872 that assayed 0.84% Cu.
Additional favourably mineralized and altered float boulders, 2km north of this trend, yielded 2 samples of 1.00% Cu and 0.71% Cu respectively. The source outcrop of these samples remains unknown.
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In addition, a single rock sample taken in strongly veined andesitic rocks along the claims on the eastern side of the Klappan River produced a sample boasting 8.78 g/t Au.
The 2013 field program yielded a significant upside to the property in that there is what appears to be a new discovery on the Summit D portion of the claim group and the new corridor of mineralization is open in all directions. To date, the property has seen minimal exploration activity; however, given the amount of excitement generated in the area in the past year, coupled with the geological upside of the location of the mineralization, further work is warranted on the property to better determine the extent of this new discovery.
Favourable assay results from the 2013 sampling program and within the new discovery trend are shown below:
|Significant Assay Results from 2013 Sampling Program|
|Sample ID||Ag (ppm)||As (ppm)||Cu (ppm)||Au (ppm)|
(To view rock sample photos visit the Company’s website at www.pistolbaymining.com.)
Technical information in this news release has been prepared and/or revised by Mike Magrum, P.Eng., and qualified person as defined in NI 43-101.
About Pistol Bay Mining Inc. (TSX VENTURE:PST)
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.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>