VANCOUVER, British Columbia, June 13, 2018 (GLOBE NEWSWIRE) -- 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.
|Cu %||Zn %||Ag g/t||Au g/t||Pb %||Zneq %|
** 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.comor contact Charles Desjardins at firstname.lastname@example.org.
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.