Pistol Bay Announces Assays Confirming Garnet Lake (Arrow Zone) Resource
June 13 2018 - 9:30AM
Pistol Bay Mining Inc. (TSX-V:PST) (Frankfurt:OQS2) (OTC Pink
Sheet:SLTFF) (“Pistol Bay” or the “Company’) is pleased to announce
that the company has now received all the assays from its first
phase of diamond drilling on the Arrow Zone, on its Confederation
Lake zinc-copper (-gold and -silver) property southeast of Red
Lake, Ontario. Three holes totalling 1,555.5 metres were
drilled to provide additional information in areas where previous
drill intercepts were sparse, or where there was a degree of
uncertainty in the location of drill intercepts.
All three diamond drill holes intersected a
sulphide zone with sphalerite, chalcopyrite, pyrite and
pyrrhotite. Occasionally, minor amounts of galena were
present. The following table presents average grades across
the entire sulphide zone and selected intervals of higher
grade. Zinc equivalent grades are given, in addition to
grades of individual metals.
Hole No. |
From (m) |
To (m) |
Core Length |
Cu % |
Zn % |
Ag g/t |
Au g/t |
Pb % |
Zneq % |
|
|
|
|
|
|
|
|
|
|
GL18-01 |
432.70 |
443.60 |
10.90 |
0.73 |
2.22 |
12.0 |
0.307 |
0.03 |
4.34 |
includes |
440.70 |
443.60 |
2.90 |
0.69 |
4.49 |
22.2 |
0.217 |
0.10 |
6.65 |
and |
432.70 |
435.70 |
3.00 |
1.16 |
1.48 |
12.8 |
0.640 |
0.01 |
4.91 |
|
|
|
|
|
|
|
|
|
|
GL18-02** |
422.95 |
435.80 |
12.85 |
0.42 |
3.07 |
22.2 |
0.588 |
0.12 |
5.15 |
includes |
426.00 |
435.80 |
9.80 |
0.50 |
3.82 |
27.3 |
0.713 |
0.15 |
6.33 |
includes |
428.50 |
435.80 |
7.30 |
0.56 |
4.83 |
26.4 |
0.446 |
0.17 |
7.13 |
includes |
426.00 |
429.00 |
3.00 |
0.33 |
0.83 |
40.8 |
1.648 |
0.16 |
4.41 |
includes |
429.50 |
431.50 |
2.00 |
0.92 |
8.88 |
44.3 |
0.382 |
0.38 |
12.30 |
includes |
430.40 |
431.00 |
0.60 |
0.28 |
22.00 |
74.9 |
0.314 |
0.77 |
24.80 |
|
|
|
|
|
|
|
|
|
|
GL18-03 |
563.10 |
576.00 |
12.90 |
0.13 |
1.13 |
3.3 |
0.044 |
0.02 |
1.54 |
includes |
570.70 |
574.50 |
3.80 |
0.20 |
1.93 |
4.3 |
0.083 |
0.04 |
2.54 |
includes |
570.20 |
571.70 |
1.50 |
0.11 |
2.69 |
3.4 |
0.040 |
0.07 |
3.09 |
and |
573.20 |
574.50 |
1.30 |
0.48 |
2.92 |
8.5 |
0.150 |
0.05 |
4.28 |
** Summary Assay Data for Drill Hole GL18-02 was
reported in news release dated May 02, 2018.
Charles Desjardins, President and CEO, noted
that, “These drill results confirm the consistent nature of
mineralization in the Arrow Zone, and give us more confidence in
the existing mineral resource estimate.”
The company is in the process of re-compiling
all drill results on the Arrow Zone, incorporating new surveys of
drill collar locations and azimuths using differential GPS
equipment. The company published a technical report with an
effective date of July 24th, 2017 that included an Inferred Mineral
Resource of 2,100,000 tonnes with average grades of 0.72% copper,
5.78% zinc, 0.60 g/t gold and 19.5 g/t silver.
Drilling on the Confederation Lake property is
expected to resume shortly, with a focus on the Fredart copper-gold
zone, which was drilled extensively in the 1965 to 1985 period but
has not had a modern mineral resource estimate owing to uncertainty
in drill hole locations and the unavailability of core to confirm
historical assays.
Technical information in this new release has
been prepared and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., a
Qualified0 Person as defined in National Instrument 43-101.
Assays quoted in this news release were performed by Agat
Laboratories in Mississauga, Ontario using ICP methods for zinc,
copper, silver and lead, and fire assay/ICP for gold. Agat
Laboratories is certified to ISO/IEC 17025:2005. Zinc
equivalent grades are derived by the formula:Zneq% = Zn% +
Cu%× 2.07 + Ag g/t × 0.017 + Au g/t × 1.27 + Pb% × 0.73
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. 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 DirectorsPISTOL 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.
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