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Soon drilling starts on PST potential ore holdings. lets
assays are significant. patience needed as results should start in April.
"Pistol Bay Mining Inc. (TSX-V:PST) (Frankfurt:OQS2) (“Pistol Bay” or the “Company’) is pleased to announce that it is currently soliciting and reviewing bids from drilling contractors for the rights to drill the Company’s Confederation Lake greenstone belt VMS properties. A decision is expected shortly, and drilling is planned to commence March 2018.
Pistol Bay has received the one million dollars ($1,000,000) from Rio Tinto for the uranium assets it owned in the Athabasca Basin (see news release February 13, 2018). Proceeds from this payment will be used to fund the drilling program at Confederation Lake.
Three drill holes of at least 500 metres each are planned to further test the Arrow Zone and to retrieve core for preliminary metallurgical testing. The Arrow Zone was the subject of a 43-101 report in 2017 that presented an inferred mineral resource of 2,100,000 tonnes grading 5.78% zinc, 0.72% copper, 0.60 grams per tonne (g/t) gold and 19.5 g/t silver. (8.42% zinc eq.) (see news release February 15, 2018).
Approximately ten diamond drill holes totaling approximately 2,000 metres will test the Fredart “A” Zone(also referred to as the Copperlode “A” Zone). A historical resource estimate made in 1971 for the Fredart “A” Zone, based on diamond drilling in the 1960s, was 386,000 tonnes grading 1.56% copper and 33.6 g/t silver, or alternatively 219,500 tonnes at 1.95% copper and 41.8 g/t silver. Neither of these estimates conforms to any class of mineral resource or mineral reserve defined by the 2014 CIM guidelines.
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. The company has also created a subsidiary for resource driven blockchain applications."
Obviuosly management has planned ahead for drilling on prime targets on Confederation holdings. Hopefully, successful assay grades will attract J/V partners to the table. Or management may be able to raise finances to do it alone.
Realistically,the best result would be a major mining firm [ala Rio] would be enticed to develop the whole package. But I am way beyond on that prediction. let's hope first assays are significant. If so, we have a huge potential mineral area to develop.!
PISTOL BAY PLANS 2018 DRILLING PROGRAM IN CONFEDERATION LAKE
Pistol Bay Mining Inc. plans to commence a 2018 drilling program on its Confederation Lake greenstone belt in the very near future.
Charles Desjardins, President and CEO of Pistol Bay, commented, "After the company's very encouraging VTEM plus survey in 2017, we are excited to commence the next stage of development of Confederation Lake volcanic massive sulphide belt."
Three drill holes of at least 500 metres each are planned to further test the Arrow Zone, and to retrieve core for preliminary metallurgical testing. The Arrow Zone was the subject of a 43-101 report in 2017 that presented an inferred mineral resource of 2,100,000 tonnes grading 5.78% zinc, 0.72% copper, 0.60 grams per tonne (g/t) gold and 19.5 g/t silver. (8.42% zinc eq.)
Additionally, the Company plans to survey the older drill holes on the Arrow Zone, which were drilled by Noranda in 1997 and 1998, using a gyro or similar method, to accurately determine hole deviation. Collars of all holes on the Arrow zone will be surveyed by differential GPS to determine their precise location and the initial azimuth. These new and precise measurements will allow more precise positioning of drill intercepts and will ultimately lead to a higher level of confidence in the mineral resource.
Approximately 10 diamond drill holes totaling approximately 2,000 metres will test the Fredart "A" zone (also referred to as the Copperlode "A" zone). A historical resource estimate made in 1971 for the Fredart "A" zone, based on diamond drilling in the 1960s, was 386,000 tonnes grading 1.56% copper and 33.6 g/t silver, or alternatively 219,500 tonnes at 1.95% copper and 41.8 g/t silver. Neither of these estimates conforms to any class of mineral resource or mineral reserve defined by the 2014 CIM guidelines.
Although the first five holes in 1965 were assayed for gold with results up to 1.2 g/t Au, the remaining 76 holes were not assayed for gold. Four of the highest grade and widest drill intercepts on the Fredart "A" zone were:
DDH 65-03: 1.83 metres @ 5.24% Cu and 170.45 g/t Ag
DDH 66-11: 6.61 metres @ 3.37% Cu and 159.52 g/t Ag
DDH 66-15: 17.53 metres @ 2.54% Cu and 45.72 g/t Ag
DDH 66-18: 46.21 metres @ 1.18% Cu and 51.11 g/t Ag
Intersection lengths are core lengths; true widths are not known. Sampling, assaying, security and QC protocols are unknown.
Technical information in this news release was reviewed by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in National Instrument 43-101
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. The company has also created a subsidiary for resource driven blockchain applications.
Funding from Rio should allow PST to drill one of their more
anticipated target areas to begin the proof, via assays, of the worth of Confederation properties. Such a successful find would bring J/V companies to the table for management to receive significant interest.
Pistol Bay Mining Inc. (TSX-V:PST) (Frankfurt:OQS2) (“Pistol Bay” or the “Company”) is pleased to report that the Company has entered into an amending and final agreement with Rio Tinto Canada Uranium Corp. (”RTCUC” or “Rio Tinto”), with regard to the C 4, 5 and 6 Uranium properties, whereby Rio Tinto will make a final cash payment of $1,000,000 to Pistol Bay.
The C block of Uranium properties, located in the Athabasca Basin of Saskatchewan, is under option to Rio Tinto, which has earned a 75-per-cent interest to date.
Under the 4th amending and final agreement, Rio Tinto will acquire an additional 25% interest in the Property (thereby increasing its aggregate interest to 100%), by making a cash payment of $1,000,000 to Pistol Bay within 14 days from the effective date of this final agreement. As part of this final agreement, no royalty is granted to Pistol Bay with respect to the property under the agreement.
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. The company has also created a subsidiary for resource driven blockchain applications
Funding from Rio should allow PST to drill one of their more
anticipated target areas to begin the proof, via assays, of the worth of Confederation properties. Such a successful find would bring J/V companies to the table for management to receive significant interest.
Pistol Bay Mining Inc. (TSX-V:PST) (Frankfurt:OQS2) (“Pistol Bay” or the “Company”) is pleased to report that the Company has entered into an amending and final agreement with Rio Tinto Canada Uranium Corp. (”RTCUC” or “Rio Tinto”), with regard to the C 4, 5 and 6 Uranium properties, whereby Rio Tinto will make a final cash payment of $1,000,000 to Pistol Bay.
The C block of Uranium properties, located in the Athabasca Basin of Saskatchewan, is under option to Rio Tinto, which has earned a 75-per-cent interest to date.
Under the 4th amending and final agreement, Rio Tinto will acquire an additional 25% interest in the Property (thereby increasing its aggregate interest to 100%), by making a cash payment of $1,000,000 to Pistol Bay within 14 days from the effective date of this final agreement. As part of this final agreement, no royalty is granted to Pistol Bay with respect to the property under the agreement.
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. The company has also created a subsidiary for resource driven blockchain applications
PB BLOCKCHAIN ANNOUNCES HASHDROP BLOCKCHAIN APPLICATION
Pistol Bay Mining Inc. is giving an update on the development of its subsidiary, PB Blockchain Inc. (see news release dated Nov. 15, 2017). This wholly owned subsidiary is focused on blockchain applications for mining and resource company management. We will be leveraging the work of other Application Program Interface (API) companies to build a suite of blockchain products to address needs that are particular to the data management and security of mining/oil and gas companies. It is expected that many of these blockchain products could have crossover to other industries.
Charles Desjardins, President and CEO of PB Blockchain, is pleased to report that our development team is creating our own application named "HashDrop". This will be accomplished by utilizing existing blockchain solutions to create a secure platform for parties to manage and update digital assets and documents within their data centers while providing trusted transactions with full confidence in the principle of the information being shared or accessed.
It is a secure, comprehensive, and unalterable platform that eliminates the time and costs of document sharing and assembly. It enables the organization to better coordinate compliances, deliver information efficiently, and trade digital assets securely. With a wide range of device types, our platform adapts to various device configurations.
Our easy to use interfaces are backed by the infrastructure behind the scenes to ensure fast, reliable uploads, downloads, and sharing. Our team who is creating HashDrop will continue to evolve the product and architecture to ensure speed data transfer and improved reliability.
The framework of our HashDrop application will be as follows:
Architecture
Designed with multiple levels of protection covering:
Data transfer
Encryption
Network configuration
Application-level controls all distributed across a scalable, secure infrastructure
Platform Objectives
A secure platform for users or parties to manage and update digital assets and documents
Integrate with Ethereum blockchain for logging all digital assets, data, and documents
Validate and allow transfer of ownership of the digital assets
Authentication
Different levels of authority access
Login/register using email and password
Accessibility
Parties can share and manage digital assets anywhere with internet access - with the utilization of public blockchain, information is shared under a fast and secure environment
Search Function
Authorized members are able to search for all data & digital assets that are uploaded on to the blockchain platform through our user-friendly interface
Our HashDrop application will communicate with the secured database that is synced with the blockchain, where uploaded data & digital assets are recorded
Quality Control
Documentation errors are the No.1 source of defects and generate excessive costs and time
Our platform eliminates duplicate documents, lost documents, document issues, and exceptions
Due Diligence
Whether it is file transfer or trade of digital assets, the costs will be significantly reduced to all parties to review and audit the documents and data associated with the transaction
Sharing Permissions
Administration will have comprehensive control of:
The team sharing abilities
Whether members can share files and folders with people within the company
Whether members can edit folders owned by people within the company
Whether members can create file request and collect files from other members of the company
Whether members can view and make comments on files
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. The company has also created a subsidiary for resource driven blockchain applications.
Another major addition to the PST holdings
PISTOL BAY ACQUIRES ADDITIONAL ZINC-COPPER PROPERTIES INCONFEDERATION LAKE VMS GREENSTONE BELT, ONTARIO
Pistol Bay Mining Inc. has entered into an option agreement with an arm's-length vendor to acquire a 100-per-cent interest in the Mitchell, Gerry Lake and Karas Lake properties, located in the Karas Lake area, Red Lake mining division, Ontario.
The Property consists of 33 mining claims, comprising 232 claim units, and covering approximately 3700 hectares.
Charles Desjardins, President & CEO of Pistol Bay, states, "These newly acquired claims were part of our recent 2017 VTEM PLUS survey. We are very excited about the data and have given these targets a high priority for geophysical modelling."
The Mitchell Township or Fly-Moth claim group covers a 9 kilometre stretch of the Confederation Lake greenstone belt and extends to within 1.5 km of the former producing South Bay zinc-copper-silver mine. The property was explored by Selco Mining Corp., Placer Dome Inc., Kerr-Addison Mines, St Joseph Explorations Ltd., Minnova Inc./Inmet Mining and Noranda Inc. at various times between 1967 and 1999. Previous exploration has included approximately 90 diamond drill holes.
Historical work has identified numerous zinc-bearing sulphide zones across the Mitchell claims, including the Wasp Lake, Fly Lake, Trippier, Culvert, Moth and Road Zones. Following are a few highlights from previous work.
The Wasp Lake Mineralized Trend was extensively drilled by Selco; most results are unavailable. Two holes by St Joseph Explorations yielded the following:
DDH 3197-6-80: 2.79 m @ 2.96% Zn, 0.04% Cu
includes 0.76 m @ 7.44% Zn, 0.05% Cu
AND 4.02 m @ 2.18% Zn, 0.01% Cu, 0.26% Pb
includes 0.50 m @ 8.97% Zn, 0.02% Cu, 1.17% Pb
AND 3.31 m @ 1.27% Zn, 0.09% Cu
DDH 3197-7-80: 7.19 m @ 1.12% Zn, 0.04% Cu
includes 1.24 m @ 3.63% Zn, 0.14% Cu
AND 4.29 m @ 0.98% Zn, 0.01% Cu, 0.15% Pb
This mineralized trend gave a strong conductive response on Pistol Bay's recent VTEM PLUS airborne survey. The Company plans to have the geophysics modelled to assess the possibility of a deep-seated massive sulphide zone.
The Fly Lake zone was tested by 4 drill holes by St Joseph Minerals in 1976 over a 50 metre length. Pistol Bay's VTEM PLUS survey gave a well-defined response on 2 lines, indicating a length of up to 400 metres. Results of the St Joseph drilling include:
DDH 3197-2-79: 0.60 m @ 1.71% Zn, 0.15% Cu, 0.3 g/t Ag
AND 0.27 m @ 2.00% Zn, 0.08% Cu
DDH 3197-1-80: 4.51 m @ 0.53% Zn, 0.06% Cu
includes 0.76 m @ 1.34% Zn, 0.18% Cu
AND 11.5 m @ 1.36% Zn, 0.17% Cu
includes 2.65 m @ 4.30% Zn, 0.21% Cu
includes 1.01 m @ 8.25% Zn, 0.34% Cu
DDH 3197-2-80: 0.30 m @ 2.69% Zn, 0.07% Cu
AND 4.90 m @ 1.51% Zn, 0.06% Cu
AND 0.90 m @ 1.98% Zn, 0.01% Cu
DDH 3197-3-80: 8.90 m @ 1.51% Zn, 0.08% Cu
includes 3.90 m @ 2.53% Zn, 0.06% Cu
includes 1.00 m @ 4.63% Zn, 0.09% Cu
This zone appears to be open along strike and at depth. The Company proposes to drill for extensions of the mineralization, assisted by modelling of the VTEM data.
VTEM Anomalies: There are 9 discrete VTEM PLUS conductive anomalies that do not appear to have had any previous drill testing. Their conductivity varies from very weak to moderate. Most are in areas with little or no outcrop and one is under a lake.
The Transaction
The Company can earn a 100% interest in the Property by issuing an aggregate 500,000 common shares and paying a total of $104,000 over a four-year period. A 1.5% NSR has been granted to the vendor, of which 0.75% may be purchased at any time by the Company for $400,000.
This transaction is subject to TSX Venture Exchange approval. All shares issued will be subject to a hold period expiring four months and one day from the day of issuance.
Technical information in this news release has been provided and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in National Instrument 43-101.
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.
"
I TRIED TO GRASP WHY MANAGEMENT IS SO EXCITED WITH
THE CONFEDERATION LAKE POSSIBILITIES
THESE EXCERPTS FROM PRS AND WEBSITE,I BELIEVE GIVES, US AN IDEA.
"This geophysical survey was commissioned to test depths of up to 700 metres in areas that were previously tested to only to a depth of 200 metres".IT IS POSSIBLE THE FURTHER 5000METRES OF DEPTH HOLD POTENTIAL OF SIGNIFICANT REVENUE PRODUCING AREAS,
"In April, we started the VTEM Plus survey, which showed fantastic results in identifying numerous new conductors and IP-(induced polarization)-effect anomalies throughout our landholdings and confirming that many deposits that were already indicated in the historical data acquired in February had potential for tonnage growth.
Confederation Lake VMS Greenstone Belt, Ontario
· Recently Staked over 14,500 Acres of Conductors and IP Anomalies
· 1063 claims over 17,000 hectares or 42,000 acres.
· A total of 477 holes were drilled on all the properties.A. Garnet Lake / Arrow Zone
Indicated Resource 2,071,000 tonnes @ 5.92% Zn, 0.75% Cu, 21.1 g/t Ag and 0.58 g/t Au
B. Copperlode “A” or Fredart Zone
Recent VTEM Plus identified 400, 850, 900 and 950 metres conductors and there is an almost continuous trend of conductivity over a length of 6.5 kilometre Historical mineral resource of 386,000 tonnes grading 1.56% copper (non-compliant NI 43-101 and has not been reviewed by a Qualified Person).
C. Ben Lake, Joy, Joy North and Caravelle
100,000 tonnes grading 12.5% zinc and 0.5% copper
D. Multiple drill targets identified by recent VTEM Plus Survey"
IN SUMMARY,HISTORICAL MINING YIELDS AT DEPTH OF 200 METRES HAD YIELDED SIGNIFICANT REVENUE!
THE RECENT VTEM PLUS SURVEY INDICATED THAT POSSIBLE RESOURCE MATERIALS WERE PRESENT IN THE 500 METRE DEPTH EXTENSION!!
OF COURSE, THE ONLY REAL PROOF WILL BE IN THE ASSAYS RECOVERED IN COMING EXPLORATION..
THAT IS WHAT THE GAME IS ALL ABOUT !!
Mineral prices have been moving higher for months due
to demand from the rising economy in the USA and especially in China.
In particular, Zinc has been making new highs. Now copper pricing is rising as well. This will give incentive to potential J/V partners to come to the table with PST. Hopefully, the J/V candidates will fund immediate drilling projects as part of the agreements. Its hinted in the PR that they are close to completing such a deal.
The fact that Mr. Desjardins had met with many potential J/V persons in London, England may see significant European interest in PST and the Confederation Lake potential
President’s Message to Pistol Bay Shareholders
January 4, 2018
On behalf of the Directors and myself, we would like to thank all our loyal shareholders for your support in 2017 and look forward to your continued support in 2018 and beyond.
As we move forward in 2018, which we feel will be a very exciting time in the company’s history, I would like to reflect upon our activities and accomplishments in 2017.
Confederation Lake (Zinc, Copper, Silver, Gold VMS Greenstone Belt)
The year started off with the company receiving exchange approval to proceed with acquiring the AurCrest properties in the Confederation Lake greenstone belt. These properties expanded our holdings in Confederation Lake making us the dominant landholder in this VMS-rich greenstone belt. With this land package, plus the previous land holdings, Pistol Bay made plans to do a VTEM PlusTM survey over a large portion of our claims. This geophysical survey was commissioned to test depths of up to 700 metres in areas that were previously tested to only to a depth of 200 metres.
In February, Jody Dahrouge, B.Sc., Sp.C., P.Geol., was added to our Advisory Board. Mr. Dahrouge has been involved in all aspects of mineral exploration and development for a wide variety of commodities worldwide. He is President of Dahrouge Geological Consulting Ltd., a geological services company that provides consulting services to a broad range of public and private exploration and mining companies.
In February and March, Pistol Bay acquired additional land holdings in Confederation Lake that included all historic data, which was reviewed by Colin Bowdidge, Ph.D., P.Geo., and his team. We also closed a private placement financing and received a cash infusion of $750,000 from Rio Tinto exercising part of their option for our Athabascan Basin uranium property (C4, C5, C6 Blocks).
In April, we started the VTEM PlusTM survey which showed fantastic results in identifying numerous new conductors and IP-effect anomalies throughout our land holdings and confirming that many deposits that were already indicated in the historic data acquired in February had potential for tonnage growth. These results were supplied to us by Geotech in September after carefully analyzing and compiling a 3D module model of the data. As a result of all our acquisitions, we now have a total of 297 claim units bringing Pistol Bay’s total land package in the Confederation Lake greenstone belt to over 42,000 acres.
Pistol Bay was invited by the Province of Ontario to be part of their delegation at the Mines and Money Conference in London, England held in November 2017. This conference provided many leads which the company is currently in discussions with. With the data in hand from the VTEM PlusTM survey, we had several Joint Ventures (JV’s) discussions with companies wanting to get involved with the claims Pistol Bay holds in the Confederation Lake area. Some of these JV’s discussions are ongoing and we hope to announce the first joint venture in the very near term.
PB Blockchain Inc (a wholly owned subsidiary of Pistol Bay Mining Inc.)
The company realized early in 2017 that there was a fundamental shift happening in technology, Blockchain! Blockchain and the benefits of distributed ledger was going to impact most industries, if not all, and there is an opportunity to create blockchain products specific to the Mining and Oil and Gas industries.
With this in mind, we created a subsidiary focused on blockchain applications for mining and resource company management. We will be leveraging the work of other Application Program Interface (API) companies to build a suite of blockchain products to address needs that are particular to the data management and security of mining/oil and gas companies. It is expected that many of these blockchain products could have crossover to other industries. These blockchain products may include but will not be limited to focused Ethereum smart contracts, security, claim management, resource management and the tokenization of resources.
In December, PB Blockchain Inc., the wholly owned subsidiary of Pistol Bay, added Brad Moynes to the Advisory Board. Mr Moynes is the founder of DigaTrade Financial Corp (OTCQB: DIGAF), which launched its digital assets exchange on July 1st, 2015. Along with his accomplishments in the Bitcoin early entry into the Cryptocurrency and Blockchain space, Mr Moynes has extensive experience in public company management, finance and corporate relations and has served as a senior executive for a junior mining exploration company.
The technical team is now prioritizing products and working on time lines for roll out of early adopter products. We anticipate several announcements in this regard in January 2018.
The Pistol Bay team would like to wish everyone a Happy and Prosperous New Year!
Charles Desjardins
President & CEO
Pistol Bay Mining Inc.
PISTOL BAY MINING ANNOUNCES LEI NUMBER
December 22, 2017: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2) (“Pistol Bay” or the “Company’) is pleased to announce that it has been assigned the Legal Entity Identifier (“LEI”) number 5299009H8LVJKFT8ZN10. The European Union has adopted regulations that require use of the LEI as a barcode equivalent aimed at pinpointing systemic risks.
About the Legal Entity Identifier (LEI)
The Legal Entity Identifier (LEI) number is a 20-digit alphanumeric code. It is an internationally standardized and globally valid identifier for financial market participants. Its purpose is to clearly and unequivocally identify contracting parties (e.g., companies, banks, and investment funds). It is used to comply with a variety of financial reporting requirements. The Deutsche Borse Group has stated that “the LEI will clearly assist the regulatory authorities in monitoring and analysing threats to the stability of the financial markets, (but) it can also be utilised by counterparties internally for risk management purposes.”
Pistol Bay meets the requirement for all companies listed on German Stock Exchanges (ie. Frankfurt Stock Exchange) to have an LEI number by January 3, 2018.
According to the website of the Deutsche B?rse Group, the LEI number will affect most aspects of the securities markets in Europe, including trading, clearing, settlement, custody, collateral and liquidity management, market data and indices. (See http://deutsche-boerse.com/dbg-en/regulation/regulatorytopics/legal-entity-identifier)
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 Directors
PISTOL 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.
Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2) (“Pistol Bay” or the “Company’) is pleased to announce that PB Blockchain Inc., a Pistol Bay Mining Inc. wholly owned subsidiary, is pleased to welcome Brad Moynes to its advisory board. Mr Moynes is the founder of DigaTrade Financial Corp (OTCQB: DIGAF), which launched its digital assets exchange on July 1st, 2015.
Along with his accomplishments in the Bitcoin early entry into the Cryptocurrency and Blockchain space, Mr Moynes has extensive experience in public company management, finance and corporate relations and has served as a senior executive of a junior mining explorer.
Charles Desjardins, President & CEO of Pistol Bay, states, “We are excited to have the experience of such a visionary as Brad Moynes to call upon as the company moves forward in its development of blockchain applications specific to the mining industry.”
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 Confederation Lake, Ontario. The company is also creating a subsidiary for resource driven blockchain applications.
Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2) (“Pistol Bay” or the “Company’) is pleased to announce that the Company is in discussions to create a wholly owned subsidiary focused on blockchain applications for mining and resource company management. Pistol Bay will be leveraging the work of other Application Program Interface (API) companies to build a suite of blockchain products to address needs that are particular to the data management and security of mining/oil and gas companies. It is expected that many of these blockchain products could have crossover to other industries.
These blockchain products may include but will not be limited to focused Ethereum smart contracts, security, claim management, resource management and the tokenization of resources.
Charles Desjardins, President and CEO of Pistol Bay states, “As blockchain technology is adapted at an ever-increasing rate by individuals and industry worldwide, we believe a unique opportunity exists to lead the mineral development industry by building a resource focused blockchain company to facilitate modern mining related transactions. This represents an exciting opportunity for the shareholders of Pistol Bay and as a founder of the original Investment.com portal, I have always recognized the need to be early in adapting to new technologies.”
Subsequent information will be released as details are finalized. Pistol Bay remains committed to its exploration efforts at Confederation Lake and is not pursuing a change of business.
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 Confederation Lake, Ontario. The company is also creating a subsidiary for resource driven blockchain applications.
A VERY important PR finally released !! Show management,
true to its word, is moving forward in obtaining J/V partners to develop both Dixie and Confederation Lake projects. Confederation is a huge property with mltiple indicators of significant mineral deposits. Obviously, management will have multiple J/V partners until they feel, perhaps, PST can develop some portions on its own?
"PISTOL BAY SIGNS CONFIDENTIALITY AGREEMENTS AND APPLIES FOR ADDITIONAL DRILL PERMITS FOR CONFEDERATION LAKE
Pistol Bay Mining Inc. has signed confidentiality agreements with two prospective partners, which have expressed interest in farming in to part or all of the 42,000-acre Confederation Lake zinc-copper project east of Red Lake, Ont. One CA has been signed by a mid-tier producer, and the other by a junior exploration group.
Pistol Bay has applied to the Ontario Ministry of Northern Development and Mines ("MNDM") for exploration permits covering the Garnet, Fredart, Moth and Fly claim groups. The MNDM circulated the applications to potentially affected First Nations and other aboriginal organizations on September 22, 2017, with no comments or concerns received to date. Exploration permits are normally issued within 50 days of the circulation date unless serious concerns have been raised by indigenous interests. The Company currently holds an exploration permit for the Dixie property.
Charles Desjardins, CEO of Pistol Bay, commented "The level of interest expressed by companies that have approached us about possible farm-ins and joint ventures is a testament to the quality of the Confederation Lake project. With zinc prices at a record high, there's lots of demand for zinc and copper exploration projects. Not many companies can offer a belt-wide property base with proven VMS mineralization and a new airborne EM survey with multiple untested targets."
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.
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.
Pistol Bay Mining will be Exhibiting at Mines & Money Americas
October 2-4, 2017 at Delta Toronto Hotel, 75 Lower Simcoe Street, Toronto, ON
Mines and Technology will be bringing corporate and operational attendees (Mine Managers, CTOs, Heads of Production, Heads of Operations and Heads of Technology/Development/Innovation from mining companies) along with key technical personnel from the solution providers
Charles Desjardins, President & CEO, is pleased to have been asked to be a panellist in the
Special Session: Mining Investment Opportunities in Ontario at 11:50 am on October 4th.
11.50 Special Session: Mining Investment Opportunities in Ontario
Panellists:
Charles Desjardins, President & CEO, Director, Pistol Bay
Trevor Walker, President & CEO, Frontier Lithium
Harry Barr, Chairman & CEO, International Metals Group
Greg Collins, COO, Transition Metals and CEO, Canadian Gold Miner
Moderator: David de Launay,Deputy Minister, Ministry of Northern Development of Mines
About Pistol Bay Mining
Pistol Bay Mining (TSX.V-PST) is a diversified junior mining Canadian exploration company with a specific focus on zinc and other base metal properties in North America. For further information, go to www.
Management of PST reports additional staking at their Confederation property. Explains their concept of the increased potential of this project.
As ALWAYS, the proof of the project will be in the assays obtained by drilling. Hopefully a very interesting 6 months ahead !!
"PISTOL BAY STAKES OVER 14,500 ACRES OF CONDUCTORS AND IP ANOMALIES AT CONFEDERATION LAKE, ONTARIO
Further to the news release dated Sept. 14, 2017, Pistol Bay Mining Inc. has substantially expanded its land base in the Confederation Lake greenstone belt, southeast of Red Lake, Ont., by staking additional claims to cover anomalies detected by the recent VTEM Plus electromagnetic and magnetic survey. A total of 297 claim units have been acquired bringing Pistol Bay's total land package in the Confederation Lake belt to over 42,000 acres. The Confederation Lake Greenstone Belt is a prolific VMS-rich belt that has a past producer, two substantial mineral deposits and mineralization dominated by zinc, copper and silver, with occasional associated gold values. Pistol Bay foresaw opportunity in zinc and copper and has consolidated this district now applying modern geophysics (VTEM PlusTM) not previously utilized. Fractured property ownership and changes in corporate direction meant previous explorers did not follow up on work that was conducted, such as geochemistry. A detailed appraisal of survey results in combination with previous drilling results, recent geological mapping by the Geological Survey of Canada, and whole-rock geochemical information, will be undertaken by the Company's consultants over the next few weeks. To advance this asset significantly in the next six months, the Company plans to incorporate data from the new VTEM PlusTM survey into the database and define clear drill targets, achieve drill permits and start drilling to test this prospective camp. The new claims cover multiple conductors and IP-effect anomalies from the VTEM Plus(TM) survey, some which have been tested by drilling in the past resulting in values in zinc or copper. There are also numerous cases where the new survey has detected parallel conductors, or extensions of known conductors. The lengths of the four conductors in the newly staked claims between the Fredart and Joy claim groups, that do not appear to have been drill-tested in the past, are 400, 850, 900 and 950 metres. The Fredart claims are in the eastern boundary of these four conductors and have a historical mineral resource of 425,000 tonnes grading 1.56% copper. (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.) Including weak conductors, there is an almost continuous trend of conductivity over a length of 6.5 kilometres. There is also a well-defined 700-metre long "IP effect" anomaly.
Charles Desjardins, CEO of Pistol Bay, comments, "We are excited to work on identifying and interpreting the results of the new VTEM PlusTM survey, correlating them with historic drilling, and then fitting them into our whole-rock geochemical database, which was seriously under-utilized by previous operators. The Company is focused on advancing this property to drill stage this winter."
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."
Possibly a significant find announced by PST
It will take time to explore and drill for provable assays but is an exciting prospect. Along with other indicators shown by the new technology "fly over"-of Confederation holding if they prove significant will greatly increase chances of an economic bonanza.
Do your own DD !!
`
"PISTOL BAY MINING EXPANDS CONFEDERATION LAKELAND PACKAGE
Pistol Bay Mining Inc. 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(TM) 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."
Finally, A VERY SIGNIFICANT NEWS REPORT FROM PST!
Of course, only assay results from drilling are the only PROOFof the economic value of PST holdings but the "fly over" indicates significant targets. Also, management is obviously planning significant J/V methods of funding to minimize share dilution
" Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2) (“Pistol Bay” or the “Company’) is pleased to provide an update of our activities for the past few months.
The Company has received the final results of a 2,100 line-kilometer helicopter-borne electromagnetic and magnetic survey of the eastern two-thirds of its properties in the Confederation Lake greenstone belt, covering a 40- kilometer length of the belt. The survey was carried out by Geotech Ltd., using its VTEM Plus™ system. Geotech is an industry leader in airborne electromagnetic surveying, and the VTEM Plus™ system has successfully detected conductive zones at depths of several hundred meters. The latest versions of VTEM have succeeded in detecting an “IP Effect” response, which is capable of responding to disseminated sulphides. Horizontal gradient magnetometers allow the creation of “gradient-enhanced magnetic” grids, which give resolution of fine structural details, at a level that would have required a closer line spacing in previous single-magnetometer airborne surveys.
After reviewing the survey data with the Company’s consulting geophysicist, Jeremy S Brett of MPH Consulting Limited, the following observations were made:
Conductive responses were confirmed at all historic showings, zones and mineralized drill intersections;
There are conductive extensions of several known zones, beyond sections that have been drilled in the past;
There are untested conductors on strike with known mineralized zones or occurrences;
There are new clusters of conductors, away from any known mineralization, that are in areas of favorable geology, and constitute new target areas;
Numerous IP effect anomalies have been identified, either as separate anomalies or as extensions of conductors.
Appraisal of targets from the VTEM Plus™ survey is continuing. The database of whole-rock chemical analyses, inherited from Noranda by Tribute Minerals Inc., is an important tool in evaluating anomalies, because it can highlight areas of favorable geology and hydrothermal alteration.
Charles Desjardins, CEO of Pistol Bay, commented “this is an exciting time for Pistol Bay. We are working to develop and prioritize targets for ground follow-up and drill testing. Because of the large number of potential targets generated by the VTEM survey, we are considering inviting joint venture partners for all or parts of the Confederation Lake project. We have had early-stage discussions with potential joint venture partners. Once we’ve got our targets finalized, we will be entertaining proposals for joint ventures to advance this highly prospective property.”
In another development, the Company has received a new NI43-101 technical report on the Garnet Lake property (which includes the Fredart and Lucky 7 claim groups). The report includes a new Inferred Mineral Resource for the Arrow Zone: 2,100,000 tonnes with average grades of 5.78% zinc, 0.72% copper, 0.60 grams per tonne (g/t) gold and 19.5 g/t silver. The resource is based on a cutoff grade of 3% zinc equivalent, and a 3 metre minimum true width. The technical report recommends 2,000 metres of diamond drilling to test for possible down-plunge extensions of the Arrow Zone. The report can be viewedunder the Company’s profile on www.sedar.com.
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 meters averaging 1.40% copper and 21.1 g/t silver, including a higher grade section of 16.22 meters grading 2.67% copper and 48.3 g/t silver.
Technical information in this news release has been provided or approved by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as the term is defined in National Instrument 43-101 and consulting geologist for Pistol Bay.
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."
Here is discussion of what MAY be in the Confederation
project. Only assays will prove what we have!! Hope we have ability to begin drilling this year!
"PISTOL BAY RECEIVES FIRST RESULTS OF VTEM PLUS SURVEY AT CONFEDERATION LAKE
Geotech Ltd. of Aurora, Ont., has completed a helicopterborne VTEM Plus survey of the eastern three quarters of Pistol Bay Mining Inc.'s landholdings in the Confederation Lake greenstone belt southeast of Red Lake, Ont. The first set of products has been delivered to Pistol Bay, including electromagnetic (EM) profiles and total-field magnetics. More data products will be delivered over the next few weeks.
The VTEM (Versatile Time-domain Electro Magnetic) system was first deployed in 2005, when it featured a 30-metre diameter transmitter loop, capable of putting out more powerful "pulses" than any other helicopter-borne system, giving it unprecedented depth penetration. Continual improvements over the years have led to the VTEM Plustrademark system, with a 36-metre transmitter loop and improved signal processing, allowing it to "see" even deeper.
The Confederation Lake greenstone belt has long been known as being prospective for zinc- copper VMS (Volcanogenic Massive Sulphide) mineralization. Electromagnetic survey methods, both on the ground and airborne, have been the most important exploration tool for VMS deposits and have been responsible for virtually every VMS discovery since the early 1960s.
The history of the Confederation Lake greenstone belt has paralleled the history of electromagnetic surveying. The first substantial deposit in the belt was the Copperlode "A" (also known as Fredart "A") deposit Superscript 1 was discovered in the early 1960s by prospecting, which led to widespread appreciation of the VMS potential of the area. In the late 1960s, Selco Exploration Co. carried out an airborne EM survey, and drill testing of anomalies led to the discovery of the South Bay zinc-copper-silver deposit. Selco put the South Bay mine into production in 1971, producing approximately 1.45 million tonnes until its closure in 1981. Although it was a relatively small deposit, it's high grade of 11.06% zinc, 1.80% copper and 72.7 grams/tonne silver Superscript 2 is reported to have made it a very profitable mine for Selco.
Between the South Bay discovery and 1998, several companies, including Noranda Exploration Co. and Minnova Inc., surveyed all, or parts, of the Confederation Lake belt with airborne EM systems of increasing power and depth penetration, looking for "blind" sulphide zones (i.e. zones that do not come to surface). New sulphide zones were found by drill testing of EM anomalies. However, the next two substantial discoveries were made by Noranda in the 1990s using deep- penetrating, time-domain ground surveys in areas of favourable geology. The top of the Arrow Zone is approximately 150 metres below surface. The Arrow Zone was drilled by Noranda, then by Tribute Minerals Inc., which acquired all of Noranda's assets in the area in 2003. Pistol Bay optioned all of Tribute Minerals' properties, including the Arrow Zone, in October 2016 and is currently waiting for a new mineral resource estimate Superscript 3.
The top of the Hornet Zone is 300 metres below surface; Noranda only tested it with three drill holes. Pistol Bay is in negotiations to acquire a majority interest in the 4-claim property that includes the Hornet Zone. Ground time-domain EM systems, like the Crone PEM and Geonics EM-37 that were used by Noranda, are not practical for exploring large areas, because of their high cost. The new VTEM Plustrademark system offers similar depth penetration capabilities at a cost that allows large areas to be covered effectively.
After reviewing the first tranche of the VTEM Plustrademark survey results, Pistol Bay has seen a number of anomalies where no mineralized zones were previously known. No exploration decisions will be made until all of the survey results are in, and appropriate interpretation and modeling procedures have been used.
CEO Charles Desjardins stated "We are very encouraged by these preliminary results. We now have complete coverage of our land package with a system that can detect sulphide zones at depths of 300 metres or more, possibly much more.(up to 700 meters) It gives us the opportunity to look deeper than anyone else has been able to".
Note Superscript 1: The Copperlode "A" or Fredart "A" zone has a historical resource estimate of 386,000 tonnes grading 1.56% copper. The method used to calculate that resource is not disclosed sufficiently to allocate that resource estimate to any of the currently accepted categories of mineral resource or mineral reserve. No Qualified Person has reviewed the resource to assess its quality or relevance. As a historical estimate, it should not be relied upon.
Note Superscript 2: Although the number of tonnes produced at South Bay is consistent across published sources, there are other published statements of the grade, which are significantly higher than those quoted here, which are from an Ontario Geological Survey record, and hence are somewhat "official".
Note Superscript 3: In 2007, a mineral resource estimate was made for Tribute Minerals Inc. of the Arrow Zone: Indicated resource, 2,071,000 tonnes grading 5.92% zinc, 0.75% copper, 21.1 g/t silver and 0.58 g/t gold, plus Inferred resource 120,500 tonnes at 2.60% zinc, 0.56% copper, 18.6 g/t silver and 0.40 g/t gold. This is a now a historical resource and should not be relied upon. A new mineral resource estimate has been prepared and Pistol Bay expects to receive it shortly.
Technical information in this news release has been provided or approved by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as the term is defined in National Instrument 43-101 and consulting geologist for Pistol Bay
About Pistol Bay Mining Inc.
Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base metal properties in North America. For additional information please contact Charles Desjardins pistolbaymining@gmail.com - at Pistol Bay Mining Inc.
I suspect that PST has been waiting for the filing of a 43-101 technical report before commencing a drilling program. Hope we see movement in September.
"Pistol Bay Mining Inc. has issued this news release to clarify the company's previous disclosure. On Nov. 17, 2016, the company announced that it would file a National Instrument 43-101-compliant technical report by mid-April, 2017, to support Pistol Bay's mineral resource disclosure for the Arrow zone of its Confederation Lake project, southeast of Red Lake, Ont.
The company has not yet filed the required technical report, and accordingly, until such report is filed to support the previous Arrow zone mineral resources reported by the company, the company's mineral resource disclosure of the Arrow zone should not be relied upon. The company expects to file an NI 43-101 technical report respecting the property, known as the Garnet claim group, which includes the Arrow zone and the contiguous claims, including the Fredart (or Fredart Lake), Fredart West, Fredart East (or Fredart Creek), Garnet South, Garnet East and Lucky 7 claim blocks, by the week of Aug. 28, 2017.
The qualified person who has reviewed and approved the technical disclosure in this news release is Dr. Colin Bowdidge, PhD, PGeo, consulting geologist for Pistol Bay.
Technical information in this news release has been provided or approved by Mr. Bowdidge."
By now the "fly over" of all the PST holdings should have been completed.
I could be wrong or overoptimistic, {yes, as hard to believe, I could be wrong } But based on the Rio Tinto payment to PST of $750,000. for the uranium project, Rio Tinto is developing and that at a minimum another $1 million dollars would be paid to PST to give Rio Tinto complete control of said uranium project. I can see that favorable indication from the "Flyover" of the Confederation project of PST would probably result in a J/V agreement between PST and Rio Tinto.
Have not seen anything in writing but seems logical to me!!
Read more at http://www.stockhouse.com/companies/bullboard/v.pst/pistol-bay-mining-inc?postid=26309106#hSqMIYvGjf03pTKq.99
FRONTLINE EXECUTED LOI TO OPTION ITS COPPERLODE PROPERTY TO PST
Frontline Gold Corp. has executed a letter of intent with Pistol Bay Mining Inc. wherein, subject to the analysis of the results, Pistol Bay has the option to acquire up to an 80-per-cent interest in its Copperlode property, in the Confederation Lake greenstone belt, by making certain payments and share issuances. The Confederation Lake greenstone belt lies 40 to 60 kilometres southeast of Red Lake, Ontario and is known to contain multiple deposits, zones and occurrences of volcanogenic massive sulphide (VMS) mineralization, dominated by zinc and copper, with associated silver and gold values.
Frontline's Confederation Lake - "Copperlode Property"
The Copperlode Property, with five known zinc-copper zones, consists of four mining claims comprising 31 claim units for a total area of approximately 496 hectares or 1,225 acres. Frontline holds the claims under option from a vendor. The Copperlode Property hosts two mineralized zones with historical mineral resources based on drilling by Copperlode Mines Ltd. and Rexdale Mines Ltd. in the 1960s and 1970s: The Copperlode "E" Zone has a historical resource of 145,000 tonnes with reported grades of 8.28% zinc, 1.02% copper and 24 grams per tonne silver. The Copperlode "D" Zone has a historical resource of 32,600 tonnes reported to average 7.58% zinc and 0.26% copper. These historical resources do not comply with current standards as spelled out in National Instrument 43-101. Insufficient work has been done on these zones by a qualified person to determine whether 43-101 compliant mineral resources exist.
Other mineralized zones on the Copperlode Property, with selected diamond drill intercepts, are:
Copperlode "B" zone, 6.3 metres @ 2.50% zinc and 1.68% copper
Copperlode "C" zone, 1.5 metres @ 0.21% zinc and 6.02% copper
Hornet Zone, 6.6 metres @ 7.56% zinc and 0.08% copper, also 5.03 metres @ 4.07% zinc and 1.13% copper. The Hornet zone was discovered by Noranda Exploration in 1997; it is open at depth and along strike.
The Copperlode Property lies approximately 4 kilometres from, and on strike with the Arrow Zone, which is on claims held by Pistol Bay. The Arrow Zone has a historical (2007), 43-101 compliant, indicated mineral resource of 2,071,000 tonnes grading 5.92% zinc, 0.75% copper, 21.1 grams per tonne (g/t) silver and 0.58 g/t gold, plus an inferred mineral resource of 120,552 tonnes grading 2.60% zinc, 0.56% copper, 18.6 g/t silver and 0.40 g/t gold (based on 3% zinc equivalent cutoff). An updated mineral resource estimate is being prepared for Pistol Bay.
Terms of Letter of Intent - Option Agreement
Upon completion of the airborne survey, Pistol Bay will have the option to acquire an initial 65 percent interest in the Copperlode Property from Frontline by making cash payments totaling $26,000, issuing a total of 450,000 common shares over a two year period and expending a total of $150,000 on exploration expenditures over a period of three years. The interest can be increased to 80 percent by paying Frontline an additional $50,000 and issuing 300,000 common shares within 90 days after earning the initial 65% interest. See Abitibi press release dated 05/05/2017: http://www.pistolbaymininginc.com/pdf/news/2017_05_05%20PST%20NR%20Copperlode%20LOI%20_final_.pdf Frontline is a Canadian junior mineral exploration company. The Company's principal Ontario properties include the following:
Red Lake Gold exploration properties consisting of 16 claims, totaling 6,400 acres on 160 claim units adjoining Pure Gold's Madsen Mine to the east and the south. This land package combined with the Company's Chukuni and White Horse Island Projects, provides the Company with one of the largest exploration land packages within the Red Lake District totaling just 9,600 acres.
PISTOL BAY INCREASES SIZE OF CONFEDERATION LAKE VTEM™ SURVEY
May 8, 2017: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2) (“Pistol Bay” or the “Company’) is pleased to announce that the upcoming VTEM™ airborne electromagnetic and magnetic survey of the Company’s properties in the Confederation Lake greenstone belt has been expanded to cover almost twice the area of the original survey plan. The survey is expected to commence in the next few days.
Pistol Bay has modified its contract with Geotech Limited to expand the helicopter-borne VTEM™ survey from 1,128 to 2,100 line-kilometres. The survey will cover a 40-kilometre length of the Confederation Lake greenstone belt, southeast of Red Lake, Ontario. The Confederation Lake belt is characterized by numerous occurrences, zones and deposits of volcanogenic massive sulphide (VMS) mineralization carrying zinc and/or copper with associated gold and silver credits.
With a larger loop, more power and better signal-to-noise resolution than earlier airborne electromagnetic systems, the current version of VTEM™, known as VTEM™ Plus, is able to resolve conductors at significantly greater depths than any previous airborne system. By flying a survey over large areas of favourable geology, Pistol Bay will be exploring a depth slice that has only been investigated in the past by large-loop ground EM systems over very limited areas. Target definition will be materially assisted by two recently acquired data sets. A whole-rock geochemical database with almost 7,000 analyses was inherited from Noranda Exploration by AurCrest Gold Inc. and delivered to Pistol Bay as part of the AurCrest Gold property acquisition (see Pistol Bay news release January 18, 2017). As well, a data set of Selco drill results, many of which were never in the public domain was supplied by the vendor of the Joy North property (see Pistol Bay news release February 22, 2017).
Mr. Desjardins stated that “the Confederation Lake greenstone belt has gone through two major exploration cycles. The first was dominated by Selco Mining, from the late 1960s to the mid-1970s, and resulted in the discovery of the South Bay mine. The second cycle ran from the mid-1980s to the late 1990s and was dominated by Noranda Exploration. Like many large companies, changes in budgets and corporate priorities led Noranda to divest its Confederation Lake portfolio to Tribute Minerals (now AurCrest Gold), which carried on its work into the mid-2000s and delineated the Arrow Zone*. Now Pistol Bay is commencing the third cycle of exploration, with the benefit of 50 years’ worth of data collection, plus the latest geophysical technology.”
* - a new 43-101 report and resource estimate is being prepared for the Arrow Zone. A 43-101 compliant, historical resource estimate was prepared for Tribute Minerals Inc in 2007. It comprised an indicated mineral resource of 2,071,000 tonnes grading 5.92% zinc, 0.75% copper, 21.1 grams per tonne (g/t) silver and 0.58 g/t gold, plus an inferred mineral resource of 120,552 tonnes grading 2.60% zinc, 0.56% copper, 18.6 g/t silver and 0.40 g/t gold (based on 3% zinc equivalent cutoff).
Technical information in this news release has been provided or approved by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as the term is defined in National Instrument 43-101.
About Pistol Bay Mining Inc.
Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base metal properties in North America.
Additional potential mineral project added to fly over!!
"PISTOL EXECUTES LOI TO OPTION COPPERLODE PROPERTY WITH FIVE KNOWN ZINC-COPPER ZONES
Pistol Bay Mining Inc. will expand the coming VTEM airborne electromagnetic and magnetic survey of the company's properties in the Confederation Lake greenstone belt to cover the adjacent Copperlode property, held under option by Frontline Gold Corp. Pistol Bay has executed a Letter of Intent with Frontline wherein, subject to the analysis of the results, Pistol Bay has the option to acquire up to an 80 percent interest in the Copperlode Property by making certain payments and share issuances. The Confederation Lake greenstone belt lies 40 to 60 kilometres southeast of Red Lake, Ontario and is known to contain multiple deposits, zones and occurrences of volcanogenic massive sulphide (VMS) mineralization, dominated by zinc and copper, with associated silver and gold values.
The Copperlode Property consists of four mining claims comprising 31 claim units for a total area of approximately 496 hectares or 1,225 acres. Frontline holds the claims under option from a vendor. The Copperlode Property hosts two mineralized zones with historical mineral resources based on drilling by Copperlode Mines Ltd. and Rexdale Mines Ltd. in the 1960s and 1970s:
The Copperlode "E" Zone has a historical resource of 145,000 tonnes with reported grades of 8.28% zinc, 1.02% copper and 24 grams per tonne silver. The Copperlode "D" Zone has a historical resource of 32,600 tonnes reported to average 7.58% zinc and 0.26% copper. These historical resources do not comply with current standards as spelled out in National Instrument 43-101. Insufficient work has been done on these zones by a qualified person to determine whether 43-101 compliant mineral resources exist.
Other mineralized zones on the Copperlode Property, with selected diamond drill intercepts, are:
Copperlode "B" zone, 6.3 metres @ 2.50% zinc and 1.68% copper
Copperlode "C" zone, 1.5 metres @ 0.21% zinc and 6.02% copper
Hornet Zone, 6.6 metres @ 7.56% zinc and 0.08% copper, also 5.03 metres @ 4.07% zinc and 1.13% copper. The Hornet zone was discovered by Noranda Exploration in 1997; it is open at depth and along strike.
The Copperlode Property lies approximately 4 kilometres from, and on strike with the Arrow Zone, which is on claims held by Pistol Bay. The Arrow Zone has a historical (2007), 43-101 compliant, indicated mineral resource of 2,071,000 tonnes grading 5.92% zinc, 0.75% copper, 21.1 grams per tonne (g/t) silver and 0.58 g/t gold, plus an inferred mineral resource of 120,552 tonnes grading 2.60% zinc, 0.56% copper, 18.6 g/t silver and 0.40 g/t gold (based on 3% zinc equivalent cutoff). An updated mineral resource estimate is being prepared for Pistol Bay.
Upon completion of the airborne survey, Pistol Bay will have the option to acquire an initial 65 percent interest in the Copperlode Property from Frontline by making cash payments totaling $26,000, issuing a total of 450,000 common shares over a two year period and expending a total of $150,000 on exploration expenditures over a period of three years. The interest can be increased to 80 percent by paying Frontline an additional $50,000 and issuing 300,000 common shares within 90 days after earning the initial 65% interest.
Technical information in this news release has been provided or approved by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as the term is defined in National Instrument 43-101.
About Pistol Bay Mining Inc.
Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base metal properties in North America. For additional information please contact Charles Desjardins - pistolbaymining@gmail.com - at Pistol Bay Mining Inc"
Charles must have all the ducks in a row by now. Lets hope PST finds the mother load
"
[/bPISTOL BAY CLOSES FINANCING, EXTENDS EXPIRY ON WARRANTS
Pistol Bay Mining Inc. has closed a non-brokered private placement financing for total gross proceeds of $336,600.
The company has allotted and issued 3.96 million units at a price of 8.5 cents per unit. Each unit comprises one common share and one transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share of the company for a period of up to 18 months at a price of 12 cents.
In addition, the company has paid finders' fees of a total of $32,810, 173,000 common shares and 223,000 finders' warrants under the following terms:
One hundred seventy-three thousand finders' warrants authorize the holder to acquire one unit of the company for a period of 18 months at a price of 12.5 cents, with each unit consisting of one common share and one non-transferable share purchase warrant exercisable at a price of 12.5 cents for 18 months from closing.
Fifty thousand finders' warrants authorize the holder to acquire one unit of the company for a period of 12 months at a price of 8.5 cents, with each unit consisting of one common share and one non-transferable share purchase warrant exercisable at a price of 12 cents for 12 months from closing.
The company will use the proceeds of the private placement for exploration expenditures on the company's Canadian properties and general working capital. All securities issued under the private placement are subject to a four-month-and-one-day hold period expiring on Aug. 28, 2017.
Further, the company announces an amendment to the amount of NFT (non-flow-through) units issued pursuant to the financing closed on March 20, 2017. The company issued an additional 2,731 NFT units at a price of seven cents per NFT unit to one subscriber. Each NFT unit comprises one common share and one transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share of the company for a period of up to 18 months at a price of 12 cents.
Warrant extension
Furthermore, upon the approval of the TSX Venture Exchange, the company will extend the expiry date of 7,632,500 common share purchase warrants that were issued by way of a private placement approved by the exchange on Aug. 29, 2016. The old expiry date on the warrants of Aug. 29, 2017, will be extended to Aug. 29, 2018. The exercise prices will remain the same.
About Pistol Bay Mining Inc.
Pistol Bay is a diversified junior Canadian mineral exploration company with a focus on precious and base metal properties in North America.]
Looks like PST has completed obtaining all the properties at
the confededration project.
"The TSX Venture Exchange has accepted for expedited filing documentation pertaining to an amended option agreement dated March 20, 2017, between Pistol Bay Mining Inc. and 1544230 Ontario Inc. (Perry English and Julie English), pursuant to which the company may acquire a 100-per-cent interest in 15 mineral claims (125 units) covering approximately 2,000 hectares, located in the Confederation Lake greenstone belt, southeast of Red Lake, Ont., known as the Lucky 7 and Moth claims. In consideration, the company will make cash payments totalling $72,000 and issue a total of 2.3 million shares in stages as follows:
Upon acceptance, $12,000 cash and 400,000 shares;
First anniversary, $16,000 cash and 500,000 shares;
Second anniversary, $20,000 cash and 600,000 shares;
Third anniversary, $24,000 cash and 800,000 shares.
A 1.5-per-cent net smelter return royalty has been granted to the optionor, of which 0.75 per cent may be purchased at any time for $400,000."
It is obvious that Rio Tinto payment of the $750,000 had 2 objectives for PST and Rio Tinto. First it confirmed the Rio is happy with results of the exploration of the uranium JéV but also that the Confedeeration Lake Project
has distinct possible success. The `years`time frame of today`s NR indicates that Rio`s final payment of 1.5 million`re full ownership of the uranium project will be available to continue exploration of the Confederation Lake project,
Care to guess who will be there to take over the Confederation Lake project to reach production. Either as a JV or full ownership.
Now starts the exploration of PST`s major project !
Mr Desjardin`s optomism re Confederation Lake is based on the believe that there is a MAJOR ore body DEEP below the surface. This fly over has the capacity to illuminate deep structures. Keep fingers crossed that such images are present. That would lead to deep drilling for significant assays. Not a proven structure until we get those assays!
PISTOL BAY TO COMMENCE VTEM SURVEY, CONFEDERATION LAKE PROJECT, NORTHWEST ONTARIO
Pistol Bay Mining Inc. has contracted Geotech Ltd. of Aurora, Ont., to carry out a 1,128-line-kilometre helicopter-borne survey of the central part of the company's land position in the Confederation Lake greenstone belt, southeast of Red Lake, Ont. The survey will use Geotech's Versatile Time-Domain Electromagnetic (VTEM Plus) system, which includes a horizontal magnetic gradiometer.
Geotech Ltd. is an industry leader in airborne EM survey technology. The VTEM Plus system delivers more power into the ground, and a better signal-to-noise ratio than previous VTEM systems, resulting in greater depth penetration and better conductor resolution. Pistol Bay anticipates that this survey will explore the survey area to a significantly greater depth than previous airborne surveys, the last of which was done 20 years ago.
Charles Desjardins, President of Pistol Bay commented, "We are very excited about the potential of this new survey. We will essentially be exploring a new depth slice of this greenstone belt with its numerous VMS deposits and occurrences, that has never been explored before. This newer technology increases the chances of potentially finding a new zinc-copper-silver deposit like the Arrow Zone, or the former producing South Bay mine".
The current VTEM survey is the first phase of a belt-scale survey, which will form part of a multi-disciplinary exploration program of the Confederation Lake greenstone belt, that is planned to extend over the next few years.
Technical information in this news release has been provided or approved by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as the term is defined in National Instrument 43-101.
About Pistol Bay Mining Inc.
Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base metal properties in North America.`
]
Latest news contains ,as if an after thought, best news .
I have highlighted the best news- Money in the bank!!
"PISTOL BAY TO PROVIDE UPDATED 43-101 RESOURCE FOR ARROW ZINC-COPPER-SILVER-GOLD DEPOSIT, CONFEDERATION LAKE PROJECT
Broad Oak Associates is providing a revised National Instrument 43-101-compliant mineral resource for Pistol Bay Mining Inc.'s Arrow zone. The Arrow Zone is the most advanced mineralized zone on the 17,400-acre Confederation Lake Volcanogenic Massive Sulphide (VMS) project southeast of Red Lake, Ontario.
The Arrow Zone lies in the Garnet Lake claim group, one of four properties acquired by Pistol Bay from AurCrest Gold Inc. (formerly Tribute Minerals Inc.). Previous mineral resource estimates, authored by Geoffrey S. Carter, P.Eng. of Broad Oak, were provided to Tribute Minerals in 2007. The following table summarizes the 2007 mineral resource estimate. Cutoff grades were denominated in "zinc equivalent" or "Zn eq" where Zn eq (%) = Zn(%) + 2.4*Cu(%).
The new resource estimate is not expected to differ by more than a few percent from the 2007 estimates. Subsequent diamond drilling in the area of the Arrow Zone concentrated on possible extensions of the mineralization in the up-plunge and down-plunge directions; only lower grade sulphides were intersected and it was concluded that additional resources were most likely to be found in separate mineralized zones. The multi-zone character of VMS deposits is well illustrated by the South Bay mine, 16 kilometres to the northeast of the Arrow Zone. The South Bay mine produced 1,450,000 tonnes with recovered grades of 11.06% Zn, 1.80% Cu and 72.7 g/t Ag, reportedly from twelve separate ore lenses, the largest of which contained approximately 500,000 tonnes.
Technical information in this news release has been provided or approved by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as the term is defined in National Instrument 43-101.
Pistol Receives Cash Injection from Rio Tinto
The Company confirms that it has received the $750,000 cash injection from Rio Tinto previously announced March 28, 2017.
About Pistol Bay Mining Inc.
Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base metal properties in North America.
Read more at http://www.stockhouse.com/companies/bullboard/v.pst/pistol-bay-mining-inc?postid=26077573#G717CcT1MgyiPM57.99
Here is very interesting and positive article
"Cashed-up Pistol Bay Mining consolidates and updates Confederation Lake
by Greg Klein
From a Rio Tinto NYSE:RIO subsidiary comes money for an unprecedented campaign in Ontario’s Confederation Lake greenstone belt. That’s where Pistol Bay Mining TSXV:PST has region-wide exploration with modern methods about to begin on a VMS-rich area that’s previously seen piecemeal, unco-ordinated work with old school technology. President/CEO Charles Desjardins sees plenty of promise in his portfolio’s historic resources. But he also likes the blue sky possibility of a new discovery.
Funding the campaign will be $750,000 from Rio, along with this month’s private placement of $548,436. Proceeds go to the largest land package in Confederation Lake, a region of base metals deposits that Desjardins considers to be clamouring for up-to-date exploration.
Cashed-up Pistol Bay Mining consolidates and updates Confederation Lake
Deep penetration brings blue sky potential to Pistol Bay’s
Confederation Lake portfolio. (Photo: Geotech Ltd)
Rio’s portion comes as the giant exercises more of its 100% option on the junior’s C4, C5 and C6 uranium properties in Saskatchewan’s Athabasca Basin. The deal originally called for $5 million by the end of 2019 and a 5% net profit interest to acquire the final 25%. Now Rio pays the $750,000 along with either $1.5 million by 2017 year-end, $2 million by 2018 year-end or $2.25 million by 2019 year-end, plus the 5% NPI.
“That’s less money than the original option, but I can create so much value with it now,” says Desjardins. “And I’m doing it without dilution.”
First item on the agenda—and long overdue, Desjardins believes—will be helicopter-borne VTEM Max, penetrating to depths of 500 to 700 metres. “There have been major Canadian discoveries over the last decade with this kind of geophysics,” he points out. “But very little of this belt, less than 5% of it, has been explored beyond 200 metres. There’s only one zone examined to 300 metres and that was with downhole geophysics by Noranda.”
He expects the first of three airborne campaigns to begin within four weeks. While Pistol Bay’s package comprises 9,450 hectares, “we’re going to fly this whole belt,” he adds. “I’m looking for something bigger, something that hasn’t been found.”
As for the deposits that have been found, they’re overdue for upgrading to 43-101 status. First priority is the polymetallic Arrow deposit, which has a 2007 estimate that Pistol Bay considers historic and non-43-101:
3% zinc-equivalent cutoff
indicated: 2.07 million tonnes averaging 5.92% zinc, 0.75% copper, 21.1 g/t silver and 0.58 g/t gold
inferred: 120,552 tonnes averaging 2.6% zinc, 0.56% copper, 18.6 g/t silver and 0.4 g/t gold
5% zinc-equivalent cutoff
indicated: 1.76 million tonnes averaging 6.75% zinc, 0.79% copper, 22.3 g/t silver and 0.61 g/t gold
inferred: 51,631 tonnes averaging 3.86% zinc, 0.79% copper, 23.9 g/t silver and 0.58 g/t gold
10% zinc-equivalent cutoff
indicated: 633,000 tonnes averaging 14.3% zinc, 1.11% copper, 31.7 g/t silver and 0.85 g/t gold
Desjardins expects about a month to redo the resource, incorporating another 20 holes.
About eight kilometres west of Arrow, the Fredart zone, also known as Copperlode A, has an historic, non-43-101 estimate showing 385,000 tonnes averaging 1.56% copper and 33.6 g/t silver.
Roughly 24 kilometres farther west, the Dixie property’s historic, non-43-101 estimate comes to 136,000 tonnes averaging 14% zinc.
Estimates for other zones, all with historic, non-43-101 caveats, include:
Dixie 3: 83,000 tonnes averaging 10% zinc and 1% copper
Copperlode D: 33,000 tonnes averaging 7.58% zinc and 0.26% copper
Copperlode E: 145,000 tonnes averaging 8.28% zinc and 1.02% copper
Diamond Willow: 270,000 tonnes averaging 4% zinc
There have been major Canadian discoveries over the last decade with this kind of geophysics. But very little of this belt, less than 5% of it, has been explored beyond 200 metres.
—Charles Desjardins, president/CEO of Pistol Bay Mining
Past work has left an extensive legacy of other data too. Historic records for the recently optioned Joy North property show intriguing electromagnetic and geochemical anomalies. Pistol Bay’s team has been poring over details of about 850 Confederation Lake holes sunk between 1962 and 2007. A Noranda database of rock chemical analysis, meanwhile, could offer insight into the belt’s VMS mineralizing process and help define zinc-copper targets.
Along with February’s Joy North option, Pistol Bay’s acquisitions continue with the Lucky 7 and Moth properties picked up this month. Now yellow metal shows its Confederation Lake potential with one 2016 grab sample assaying 13.84 g/t gold and 3.21% copper.
As for drilling, the already-permitted Joy North might be first, depending on the review of historic info. Eight other areas have permitting underway. The rigs will take part in Pistol Bay’s threefold near-term agenda: the Arrow resource, the VTEM Max and a drill program, all of which should fuel a steady news flow. “We’ve got lots of work coming up and, thanks to the Rio payment, money to do it with no dilution,” says Desjardins.
Apart from growing the existing deposits, he clearly believes in the potential for a new discovery. “The opportunity here is in consolidating the belt and exploring the whole thing at depth, which hasn’t been done. There’s lots of blue sky at Confederation Lake.”
NEWS today. Significant Funding for PST WITH NO DILUTION!
"RIO TINTO TO PROVIDE $750,000 CASH
INJECTION TO PISTOL BAY
Vancouver, BC – March 28, 2017: Pistol Bay Mining Inc. (TSX-V: PST) (Frankfurt – OQS2) (“Pistol Bay” or the “Company”) is pleased to report that the Company has entered into an amending agreement with Rio Tinto Exploration Canada Inc. (”RTECI” or “Rio Tinto”), with regard to the C 4, 5 and 6 Uranium properties, whereby Rio Tinto will make an initial cash payment of $750,000 to Pistol Bay.
The C block of Uranium properties, located in the Athabasca Basin of Saskatchewan, is under option to Rio Tinto, which has earned a 75-per-cent interest to date. Rio Tinto has previously indicated its intention to exercise the further option to acquire a 100-per-cent interest by paying Pistol Bay $5-million on or before Dec. 31, 2019, and granting Pistol Bay a 5-per-cent net profit interest (see Pistol Bay news release of Feb. 16, 2015).
Under the amending agreement, Rio Tinto will acquire an additional 25% interest in the Property (thereby increasing its aggregate interest to 100%), by:
(a) paying Pistol Bay $750,000 on or before April 17, 2017; and
(b) paying Pistol Bay one of the following payments:
(i) $1,500,000 on or before 31 December 2017;
(ii) $2,000,000 on or before 31 December 2018; or
(iii) $2,250,000 on or before 31 December 2019.
Pistol Bay will retain a 5% net profits interest in the Property.
Charles Desjardins, CEO of Pistol Bay, commented: “Rio Tinto’s payment does not dilute the Company and allows Pistol Bay to expand the scope of its upcoming exploration work, including drilling, on its Confederation Lake greenstone belt zinc-copper-gold project. We look forward to continuing our working relationship with Rio Tinto.”
About Pistol Bay Mining Inc.
Pistol Bay Mining Inc. is a diversified junior Canadian mineral exploration company with a focus on precious and base metal properties in North America. "
Obviously RioTinto is confident the uranium find IS significant.
PISTOL BAY ACQUIRES ADDITIONAL GROUND
AT CONFEDERATION LAKE GOLD AS WELL AS ZINC/COPPER IN
HISTORIC DRILL HOLES
Vancouver, BC – March 22, 2017: Pistol Bay Mining Inc. (TSX-V: PST) (Frankfurt – OQS2) (“Pistol Bay” or the “Company”) is pleased to announce that the Company has entered into an option agreement to acquire two additional claim groups in the Confederation Lake greenstone belt, southeast of Red Lake, Ontario. This acquisition brings Pistol Bay’s land position in this belt with its numerous zinc-copper-silver (-gold) deposits and occurrences to approximately 9450 hectares (23,300 acres) over a 53-kilometre length of favourable volcanic geology.
The two claim groups are called the Lucky 7 and Moth groups. The Lucky 7 Property (5 claims, 640 hectares, 1580 acres) covers a number of mineralized zones discovered by prospectors Jerry Williamson and Perry English. The claims adjoin the Garnet Lake and Garnet East claim groups that are part of the group of properties acquired by Pistol Bay from AurCrest Gold Inc. A copper-gold sulphide zone, which apparently grades into a siliceous gold zone at its eastern end, was stripped and drill tested in 2002 by Kings Bay Gold Corp. Two short electromagnetic anomalies were drill tested by Selco Mining Corp. in 1980. A zone of massive to disseminated sulphides, referred to as the Hilltop Copper-Gold Zone, has been trenched but apparently never drilled. The table at the end of this release provides the highlights of drill assay results from the Selco and Kings Bay drill programs, and the results of four grab samples collected by Colin Bowdidge, Ph.D., P.Geo., consulting geologist for the Company, during a property visit in 2016. Note the high-grade gold and copper assays from the last sample listed from the Hilltop Zone.
The Moth group of 10 claims comprises 85 units (1360 hectares, 3360 acres). It is separated from the Lucky 7 claims by a 5 kilometre gap. It covers a 5.5 kilometre length of favourable geology and its north boundary is only 2 kilometres from the former producing South Bay mine, which is at the end of the South Bay Road, and hence the end of the most accessible part of the Confederation Lake greenstone belt. The area was extensively explored between 1970 and the mid 1990s, with at least 14 diamond drill holes. Widespread hydrothermal alteration was noted and there were numerous indications of zinc and/or copper mineralization. The table at the end of this news release provides assays from two 1993 diamond drill holes by Metall Mining Corporation.
Charles Desjardins, CEO of Pistol Bay, commented: “This latest acquisition continues Pistol Bay’s policy of acquiring a dominant land position in this well-mineralized belt with its high potential for zinc-copper mineralization. The 13-gram plus gold assay in a grab sample from the Lucky 7 Property, and historic drill hole assays up to 2.86 grams per tonne of gold on the Moth Property suggest that we might be getting into an area with a potential for gold as well as base metals, and this is something that hasn’t been widely recognized before in the Confederation Lake belt.”
Under the terms of the option agreement, in order to acquire a 100% interest in the Lucky 7 and Moth claims, Pistol Bay is required to make total cash payments of $72,000 and issue a total of 2,300,000 shares over a three-year period. A vendor of the Lucky 7 and Moth claims will retain a 1.5% net smelter returns royalty (“NSR”), of which one half or 0.75% of the NSR may be repurchased for the consideration of $400,000 at any time up to when a production decision is made.
LUCKY 7 AND MOTH CLAIMS - ASSAYS FROM HISTORICAL DRILL HOLES AND 2016 GRAB SAMPLES
DDH No. From (m) to (m) Length (m) Au g/t Cu% Zn% Ag g/t
Lucky 7 Siliceous Gold Zone
GL01 23.16 23.62 0.46 3.050
24.84 26.06 1.22 2.106
GL03 18.32 20.09 1.77 2.201
Lucky 7 Copper-Gold Zone
GL05 4.42 6.34 1.92 0.097 0.55
22.25 24.54 2.29 0.354 0.36
27.43 28.29 0.85 0.305 0.61
GL06 15.85 16.86 1.01 0.637 0.71
31.33 34.29 2.96 0.109 0.27
GL08 6.10 6.71 0.61 1.378 1.29
18.90 20.73 1.83 0.128 0.25
25.91 31.09 5.18 0.478 0.54
GL10 25.91 32.61 6.71 0.167 0.21
includes 28.96 29.26 0.30 1.219 0.35
35.36 35.66 0.30 1.094 1.67
60.96 65.84 4.88 0.427 0.85
includes 63.09 63.40 0.30 1.983 2.89
2016 Grab sample 2.200 0.16 0.00 8.0
2016 Grab sample 0.290 0.41 0.03 3.0
Selco 1980 Drill Holes, Lucky 7 claims
226-11-1 38.04 38.16 0.12 0.02 2.75 2.0
226-11-2 63.25 64.50 1.25 0.09 1.80 2.0
Lucky 7 Hilltop Copper-Gold Zone
2016 Grab sample 0.722 0.67 0.03 11.0
2016 Grab sample 13.844 3.21 0.07 45.0
Moth Claims Historical drill holes
CFL 93-15 178.70 179.70 1.00 2.45
189.00 189.30 0.30 2.860 2.23
CFL 93-16 89.75 90.90 1.15 1.54
437.30 437.80 0.50 1.50
441.00 442.60 1.60 1.72
539.00 539.13 0.13 0.37 4.62
Technical information in this news release has been provided and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in National Instrument 43-101.
About Pistol Bay Mining Inc.
Pistol Bay Mining Inc. is a diversified junior Canadian mineral exploration company with a focus on precious and base metal properties in North America. For additional information please contact Charles Desjardins – pistolbaymining@gmail.com.
Here is an independent view of PST Looks like things are starting to move forward
Pistol Bay Mining (TSXV: PST)
This is a zinc opportunity that is just coming out to the market. It has been quiet until now while the
company sewed up the land it wanted and figured out financing. With those aspects now complete,
Pistol Bay Mining (TSXV: PST) is ready to tell and advance its story.
The story is focused on the Confederation Lake VMS greenstone belt in Red Lake, Ontario.
Volcanogenic massive sulphide (VMS) deposits can carry any or all of copper, lead, zinc, silver, and
gold; the ratios depend on the setting and where the deposit is in the system. In Confederation Lake
the VMS’s are zinc-dominant but also carry good copper, as evidenced by the South Bay mine. South
Bay tapped into one of Confederation Lake’s VMS deposits, at the northeast end of the greenstone
belt, and between 1971 and 1981 mined 1.45 million tonnes grading 11.06% zinc, 1.8% copper, and
72.7 g/t silver.
Characteristically, where greenstone belts in Ontario host one VMS deposit there are others. Pistol
Bay’s land package stretches along 31 km of the belt and includes three historic deposits plus
numerous mineralized drill hits that deserve follow up.
I am moving on this opportunity now for two reasons:
1. The story is about to get busy. Pistol Bay’s team has plans to get out and tell the story; trading
volumes today suggest they had some success doing so at PDAC. Having acquired all the
ground it wants and with a financing almost wrapped up and some additional cash expected
from another property deal, PST has what it needs to get going.
2. News flow over the next few months should be constant and good. To upgrade the historic
resources to compliant standards, half of the pending drill program will twin historic holes to
verify results. That work should produce reliably good results that will highlight what Pistol Bay
has in Confederation Lake. The company will also fly a VTEM survey over the entire belt. It
has never been done, because the belt was divided into a dozen properties with different
owners, but now that PST has acquired a good number of those projects VTEM is the obvious
geophysical tool to assess the potential for new zones, connections between zones, and
feeders beneath zones.
The stock has moved up some in the last two months as Pistol Bay got organized, but between news
flow and leverage to zinc I think PST offers good odds of near-term upside from here
Pistol Bay Mining Inc. has closed a non-brokered private placement financing for total gross proceeds of $548,436.89
The company has allotted and issued 5,566,126 units at a price of seven cents per non-flow-through unit and 1,764,534 flow-through units at the price of nine cents per flow-through unit. The total gross hard dollars raised are $389,628.83 and the total gross flow-through dollars are $158,808.06.
The non-flow-through units comprises one common share and one transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share of the company for a period of up to 18 months at a price of 12 cents.
The flow-through units comprise one common share and one-half of one transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional non-flow-through common share of the company for a period of up to 18 months at a price of 15 cents.
In addition, the company has paid finders' fees of a total of $9,580 and issued 50,000 finders' warrants to a registered dealer authorizing the holder to acquire one common share of the company for a period of 18 months at a price of 12 cents and 72,000 finders' warrants to a registered dealer authorizing the holder to acquire one unit of the company for a period of 18 months at a price of 12 cents. The unit consists of one common share and one non-transferable share purchase warrant exercisable at a price of 15 cents for 18 months from issuance.
The company will use the proceeds of the private placement for qualified exploration expenditures on the company's Canadian properties and general working capital. All securities issued under the private placement are subject to a four-month-and-one-day hold period expiring on July 21, 2017.
About Pistol Bay Mining Inc.
Pistol Bay Mining is a diversified junior Canadian mineral exploration company with a focus on precious and base metal properties in North America.
Important meetings in Torono this coming week re the mining
indutry. PST will be there. Looks like April will be start of drive to prove up Confederation Lake belt property. hope they have the financial resources to do work necessary.
Charles Desjardins, President & CEO of Pistol Bay Mining, with the plans for the future of this historical deposit.
I’ve actually controlled Pistol Bay since about 2006, it used to be called Solitare Minerals. I’ve been in the resource industry or venture capital for 30 years. Pistol Bay is a resource explorer that’s focused on zinc and copper in the Confederation Lake belt. This belt has had major exploration, there is some 850 drill holes in the belt but it’s never been consolidated under one owner and that’s what we’ve done.
Confederation Lake has four historic resources that we now control. As well as one two million tonne, 43-101 resource that has an excellent grade. So this is volcanic mass of sulfide belt that hasn’t really been explored beyond 200 meters for 95% of it. What we are planning to do is do deep penetrating V-Tim Max surveys that can seek a big anomaly down to 500 or 700 meters.
What I like about this project is it has — the blue sky as in we are going to look for the big deposit’s but it also has a grassroots program that we can methodically build the resource with this historical deposit as well as our 43-101 resource at Arrow
Obviously management is trying to get attention for its
holdings.Lets hope it is successful.The more 'eyes' the better for interest in the company's future.
"Pistol Bay Mining is to be Featured on CEO Clips
on the Documentary Channel
Vancouver, BC – February 24, 2017: Pistol Bay Mining Inc. (TSX-V: PST) (Frankfurt – OQS2) (“Pistol Bay” or the “Company”) is pleased to announce it is to be featured on CEO Clips on the Documentary Channel.
CEO Clips, a series which profiles the most innovative publicly traded companies in North America, will feature Pistol Bay Mining on The Documentary Channel beginning April 3-16, Monday through Friday, between the hours of 6:00am – 12:00am. It can also be viewed online via this link: Pistol Bay Mining CEO Clip.
In addition it will be posted on these financial portals: BNN.ca Finance,Thomson Reuters Insider Network, Stockhouse, YouTube, on your stock symbol page as well as on BTV/CEO Clips.
About The Documentary Channel
“Documentary is a digital television station devoted to showing the best documentaries from Canada and around the world. With its special emphasis on feature length films, watching Documentary is like having a cinema in your own living room, showing award winning films twenty-four hours a day, seven days a week.”
About Pistol Bay Mining Inc.
Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base metal properties in North America. For additional information please contact Charles Desjardins –pistolbaymining@gmail.com - at Pistol Bay Mining Inc."
Nore news from PST The TSX Venture Exchange has accepted for expedited filing documentation pertaining to an option agreement dated Feb. 9, 2017, between Pistol Bay Mining Inc. and Precambrian Ventures Ltd. (Greg Campbell), pursuant to which the company may acquire a 100-per-cent interest in four units, comprising approximately 64 hectares, located in Gerry Lake area of Ontario, known as the Joy North property. In consideration, the company will make cash payments totalling $40,500 and issue a total of 1,005,000 shares as follows:
Upon exchange acceptance, $3,000 cash and 55,000 shares;
On or before first anniversary, 100,000 shares;
On or before second anniversary, 100,000 shares;
On or before third anniversary, 150,000, two diamond drill holes to depth of 600 metres;
On or before fourth anniversary, $37,500 cash and 600,000 shares.
PISTOL BAY ACQUIRES HISTORIC DATA SET
The vendor of the Joy North property (see the news release dated Feb. 16, 2017) has supplied Pistol Bay Mining Inc. with a package of historical data on exploration in the Confederation Lake greenstone belt in the 1960s and 1970s, much of which has never been in the public domain.
Most of the historical data comprises diamond drill logs and ground geophysical survey maps from Selco Mining Company. Selco carried out a series of extensive and intensive exploration programs over most of the Confederation Lake belt that resulted in the discovery of several occurrences of zinc-copper volcanogenic massive sulphide (VMS) mineralization with associated silver and gold values. The South Bay deposit was one of the first discoveries made by Selco, and it went into production in 1971. Over the period from 1971 to 1981, the South Bay mine produced 1,486,000 tonnes averaging 14.7 per cent zinc, 2.3 per cent copper and 121 grams per tonne silver (1).
A significant number of the Selco drill holes and many of the survey maps were never filed for assessment. The regulatory regime in Ontario at the time allowed mining claims to have a maximum of five years of assessment work, after which they would have been eligible to be leased; there was no incentive to report any excess work for assessment. Further, many of the drill holes that Selco did file for assessment did not include assay data.
Over the next several weeks, Pistol Bay will be incorporating the newly available data into a digital database that includes drill information, geology, assays, rock chemistry, and petrology and ground geophysics. Consideration is being given to carrying out a new airborne electromagnetic and magnetic survey using current technology that can see deeper than earlier systems and can also better discriminate bedrock from overburden conductivity.
Charles Desjardins, president of Pistol Bay, stated: "This data package will make our regional and property-scale compilations as complete as they can possibly be. When we follow up on some of the partially drilled-off zinc-copper zones that were originally discovered by Selco, we will be in possession of essentially all of the data that still exists, and that will allow us to make the most effective use of drilling metres."
(1) The South Bay mine site does not form part of Pistol Bay's property holdings. Production figures from the South Bay Mine vary depending on the source. Selco appears to have been equally as cautious about publishing production figures as it was about filing assessment reports. The numbers quoted here are from a 2003 report by Noranda Exploration Company. Noranda acquired most of its Confederation Lake properties through a joint venture with Selco; hence, Noranda had access to Selco data, and these production figures are considered sufficiently reliable for the purposes of this news release.
Technical information in this news release has been provided and/or reviewed by Dr. Colin Bowdidge, PhD, PGeo, a qualified person as defined in National Instrument 43-101.
About Pistol Bay Mining Inc.
Pistol Bay Mining is a diversified junior Canadian mineral exploration company with a focus on precious and base metal properties in North America.
New acquisition near other PST holdings
PISTOL BAY MINING OPTIONS JOY NORTH PROPERTY, ONTARIO
Pistol Bay Mining Inc. has entered into an option agreement with an arm's-length vendor to acquire a 100-per-cent interest in the Joy North property, located in the Gerry Lake area, approximately 50 kilometres southeast of Red Lake, Ont.
The Joy North Property consists of a single mining claim comprising 4 units (64 hectares), which has been held by the vendor continuously since 1992. It covers a 1,000 metre long conductive zone, defined on the ground by a Horizontal Loop Electromagnetic (HLEM) survey. A mobile metal ion (MMI) geochemical survey has indicated anomalies in zinc, copper and gold associated with parts of the conductor. The stronger parts of the HLEM conductor also have more intense magnetic responses.
A single 48 metre diamond drill hole was put down in the vicinity of the conductor (exact location unknown) in 1970 by Caravelle Mines Ltd. It intersected a variety of metavolcanic rocks exhibiting intense alteration of the type associated with Volcanogenic Massive Sulphide (VMS) deposits. It also intersected calc-silicate rocks suggesting that the Property may lie at the same stratigraphic horizon as the Dixie zone, 11 kilometres to the west. The Dixie 18 zone, which lies on the Dixie Property, also held by Pistol Bay, was estimated by Noranda Inc. to contain 100,000 tonnes grading 12.5% zinc and 0.5% copper (see caution in footnote).
The Joy North claim is contiguous with the Joy group of claims, which is part of the property package acquired by Pistol Bay from AurCrest Gold Inc. (see news release dated November 1, 2016). The Joy group of claims covers five separate mineralized zones, all of VMS character, that lie on two "horizons" that lie parallel to and 1,000 and 1,300 metres respectively, south of the Joy North anomaly. The Diamond Willow Zone has a historical resource estimate of 270,000 tonnes grading 4% zinc plus copper (see caution in footnote). No mineral resource, historical or otherwise, has been calculated for any of the other four zones. Following is a list of their more significant diamond drill intercepts:
Joy Zone: 5.7 metres @ 3.10% Cu, 0.20% Zn 3.35 metres @ 4.01% Cu, 0.17% Zn Creek Zone: 0.95 metres @ 2.33% Cu, 0.27% Zn South Zone: 0.60 metres @ 0.28% Cu, 17.17% Zn 0.25 metres @ 0.17% Cu, 8.36% Zn Caravelle Zone: 0.25 metres @ 0.13% Cu, 21.60% Zn 1.10 metres @ 0.22% Cu, 4.44% Zn
Charles Desjardins, CEO of Pistol Bay, stated: "The Joy North Property includes one of the very few electromagnetic anomalies in the prolifically mineralized Confederation Lake greenstone belt that has not been satisfactorily explained by diamond drilling. It's associated MMI geochemical anomalies make it a prime exploration target. An existing logging road that comes within 200 metres of the target also makes it one of the most accessible. The Company intends to apply for an Exploration Permit and to include drilling this target in its plans for the 2017 program."
The Transaction
The Company can earn a 100% interest in the Property by issuing an aggregate 1,005,000 common shares and paying a total of $40,500 over a four-year period. A 2% NSR has been granted to the vendor, of which 1% may be purchased at any time by the Company for $500,000 and the remaining 1% at any time for $1,500,000. In addition, the Company must drill a minimum of two diamond drill holes with core of BTW or larger size, to a minimum aggregate depth of 600 metres on the Property, subject to the Company being granted an Early Exploration Permit by the MNDM.
This transaction is subject to TSX Venture Exchange approval. All shares issued will be subject to a hold period expiring four months and one day from the day of issuance.
Technical information in this news release has been provided and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in National Instrument 43-101
Lengthy discussion of potential value of PST holdings in
Confederation Lake and hints of further land acquisitions.
"PISTOL BAY UPDATES CONFEDERATION LAKE ZINC-COPPER VMS PROJECT -- EXPLORATION STRATEGY TO INCLUDE GEOPHYSICS, GEOCHEMISTRY AND GEOLOGY
Pistol Bay Mining Inc. has provided an update on the company's plans for exploration of its properties in the base-metal-rich Confederation Lake greenstone belt southeast of Red Lake, Ont. The Confederation Lake project now includes six separate claim blocks with a total area of approximately 17,400 acres, over a 42-kilometre length of the belt.
Pistol Bay's review and compilation of the large data package received from Aurcrest Gold Inc. (formerly Tribute Minerals Inc.) is continuing and close to completion. Pistol Bay acquired four of its claim groups from Aurcrest/Tribute. The data package includes records received by Tribute from Noranda Inc., from which Tribute acquired most of the property in 2003, and from BP-Selco, from which Noranda acquired the property in 1987. It includes records of approximately 850 historical diamond drill holes dating from 1962 to 2007.
Pistol Bay is developing a multidisciplinary exploration program to explore the property. Charles Desjardins, chief executive officer of Pistol Bay, stated: "The Confederation Lake project has experienced 50 years of exploration by well-funded companies using the best technologies that were available at the time. Exploring deeper using the latest geophysics is one obvious advantage that we have, but we must also use every other tool at our disposal. It's obviously a very well-mineralized belt, and if we are smart, and if we try harder, we'll maximize our chances of making Canada's next base metal VMS discovery."
Geophysics: Geophysical survey, specifically electromagnetic ("EM") surveying, will still be the primary exploration tool. The whole belt has been surveyed by at least two different airborne EM systems including Dighem and INPUT, and large parts were also surveyed with GeoTEM in 1997. Also, selected areas that were considered prospective were covered with large-loop time-domain ground EM surveys (EM-37, Crone PEM) or Quantec's Titan-24 IP/MT hybrid survey.
Pistol Bay is planning to survey all its claims with VTEM™Plus, the latest version of Geotech Ltd.'s very successful VTEM™ helicopter-borne time-domain EM system. VTEM™ Plus has more power and better signal/noise discrimination than its predecessor systems, and is capable of detecting conductive zones at significantly greater depths than was possible with airborne EM systems that were available 20 years ago.
Rock Geochemistry: The data inherited from AurCrest includes a remarkable database of whole-rock chemical analyses that was compiled by Noranda. Surface and drill core samples were collected and analysed as part of Noranda's ambitious area-wide exploration program between 1987 and 2003. It appears that Noranda did not make a great deal of use of the data, perhaps because of changing priorities and budgets. Augmented by AurCrest's whole-rock analysis of selected drill core samples, the database contains major and trace element data for a remarkable 6,890 samples that cover a 60 kilometre length of the Confederation Lake greenstone belt.
The main uses of the whole-rock chemical data base are (1) defining areas of hydrothermal alteration that may be related to the VMS mineralizing process, (2) lithological mapping to assist in unravelling volcanic stratigraphy and (3) defining areas of background enrichment in zinc and/or copper.
Very preliminary plots of whole-rock chemical data have outlined five areas that appear to exhibit intense hydrothermal alteration. The largest of these covers a length of 3.5 kilometres.
Geology: Although most of the project area has been geologically mapped, the work was done by different mappers at different times with different levels of detail. There is room for substantial improvement in mapping detail and the reconstruction of the submarine volcanic history and the tectonic framework of the belt.
A limited amount of mapping on the Fredart claim group in the fall of 2016 revealed what appears to be part of the bounding fault of a collapse caldera, or one side of a graben. Further mapping planned for the summer of 2017 may be able to refine the interpretation, but either possibility has implications for VMS potential. Calderas (circular collapse structures) and grabens (elongated, trough-like collapse structures) can focus hydrothermal discharge sites along their bounding faults, and the depressions that they create in the sea floor can help to retain the discharged fluids and localize VMS mineral deposition.
Acquisitions: The fourth ingredient in Pistol Bay's exploration arsenal will comprise strategic property acquisitions, either by staking or by acquiring existing claims. The Company is in preliminary negotiations on four claim blocks with significant mineral occurrences and/or exploration targets.
Technical material in this news release has been prepared and/or reviewed and approved by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in National Instrument 43-101"
Pistol Bay Mining Inc. is a diversified junior Mining Canadian Exploration Company with a specific focus on zinc and other base metal properties in North America. The Company is engaged in the acquisition, exploration and development of mineral properties and is focusing on:
100% optioned properties in Confederation Lake VMS Greenstone Belt, Ontario:
Garnet Lake/Arrow Zone Zinc-Copper Claims
Dixie 17, 18, 19, 20 and Dixie 3 Zinc-Copper Claims
Fredart, Copperlode, Ben Lake, Joy and Caravelle Zinc-Copper Claims
Uranium in Athabasca Basin in Northern Saskatchewan, optioned by Rio Tinto
The Confederation Lake properties consist of 108 claims over 5,136 ha with assessment work reserves of $1.7 million, sufficient to maintain all contiguous claims for 13 years.
Dixie 17, 18, 19, 20 and Dixie 3
The Dixie Zinc Copper Project is optioned by Pistol Bay and is in Confederation Lake Greenstone Belt in Ontario. This property is known as the 17-18-19 Dixie Claims. Pistol also owns the Dixie 20 Claim which is located east of the Dixie 18 Claim and North of the Dixie 19 Claim. In addition,Pistol Bay also has the Dixie 3 claim, formerly know as the Snake Falls property. This property is located 45 kilometers southeast of Red Lake. It is within 8 kilometers of the Dixie 17, 18, 19, 20 properties and fits within the company's exploration model located 35 kilometers southeast of Red Lake, Ontario.These are Zinc-Copper properties
Fredart, Copperlode, Ben Lake, Joy and Caravelle
The other substantial deposit is the Copperlode “A” or Fredart Zone. It has a historical mineral resource of 425,000 tonnes grading 1.56% copper (non-compliant NI 43-101 and has not been reviewed by a Qualified Person). The zone was drill-tested to a depth of approximately 200 meters over a length of 350 meters, and was reported as being open at depth. The area was also explored for molybdenum in the 1970’s and samples containing up to 1.46% Mo were reported.
The funding announced should be available for this project
"PISTOL BAY CLOSES FIRST TRANCHE OF FINANCING
Pistol Bay Mining Inc. has closed the first tranche of its financing previously announced on Oct. 25, 2016, and amended on Nov. 25, 2016.
The company closed on 2.71 million non-flow-through units at seven cents for gross proceeds of $189,700. Each unit consists of one common share and one share purchase warrant. One warrant will entitle the holder to purchase one additional common share of the company at a price of 12 cents for 18 months expiring on June 29, 2018.
The company also closed on 135,000 flow-through units at nine cents for gross proceeds of $12,150. Each unit consists of one common share and one-half of one share purchase warrant. One whole warrant will entitle the holder to purchase one additional common share of the company at a price of 15 cents for 18 months expiring on June 29, 2018. Shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period of four months expiring on April 30, 2017. The proceeds of the private placement will be used for general working capital and exploration on the company's mineral properties."
Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2) (“Pistol Bay” or the “Company’) and AurCrest Gold Inc. (“AurCrest”) (TSX-V: AGO) are pleased to announce that the TSX Venture Exchange has granted approval of the Definitive Agreement under which Pistol Bay has the option to acquire from AurCrest all the mining claims held by AurCrest in the Confederation Lake greenstone belt southeast of Red Lake, Ontario. The TSXV approval requires Pistol Bay to file a NI 43-101 compliant technical report related to the Arrow Zone of the Confederation Lake Property by mid-March 2017.
The AurCrest property comprises 108 mining claims with a total of 321 claim units with an area of 5,136 hectares (12,700 acres), being the Confederation Lake Property and the Fredart Lake Property. It covers a 31 kilometre length of the Confederation Lake greenstone belt. It includes two substantial mineral deposits and a number of mineralized drill intersections that are in need of follow-up drill testing. Mineralization on the property is all of Volcanogenic Massive Sulphide (VMS) type, dominated by zinc, copper and silver, with occasional associated gold values. In combination with the 100 percent optioned Dixie and Dixie 3 properties, the Company now controls 7,050 hectares (17,400 acres) containing most of the significant mineral occurrences over 43 kilometres of the total 60 kilometre length of the belt.
Mr. Desjardins, President of Pistol Bay, stated, “Pistol Bay is a major land holder in a very prolifically mineralized VMS-rich belt. Our holdings include the largest zinc-copper-silver deposit in the area, the second-largest VMS deposit remaining (Fredart Lake Property), and a portfolio of exploration targets ready for follow up drilling. Pistol Bay is engaged in compiling data and re-appraising the AurCrest property with a view to planning an aggressive exploration program that will generate new drill targets, as well as follow up existing target areas and known deposits.”
Under the terms of the Agreement, Pistol Bay has the option to acquire a 100% interest in the AurCrest properties by paying AurCrest an aggregate of $250,000 and issuing an aggregate of 5 million common shares over four years with an initial payment of $25,000 and the issuance of 1 million common shares on closing, the payment of a further $25,000 within 90 days following closing and the payment of $50,000 and the issuance of 1 million common shares on each of the four anniversaries following closing. Each of the AurCrest properties is subject to a 2% net smelter returns royalty in favour of third parties.
Technical material in this news release has been prepared and/or reviewed and approved by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in National Instrument 43-101.
About Pistol Bay Mining Inc.
Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base metal properties in North America. For additional information please contact Charles Desjardins – pistolbaymining@gmail.com - at Pistol Bay Mining Inc.
About AurCrest Gold Inc.
AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake and Bridget Lake gold properties
Management moving forward on Dixie project
PISTOL BAY PLANS DRILL PROGRAM ON DIXIE ZINC PROPERTY AND ANNOUNCES FINANCING
Pistol Bay Mining Inc. is planning a diamond drilling program to take place in November on the Dixie zinc properties (totalling 4,700 acres) in the base-metal-rich Confederation Lake greenstone belt, southeast of Red Lake, Ont. Previous geophysical surveys carried out in the 1990's by Noranda and Tribute Minerals in the early 2000's are being re-evaluated to define possible drill targets that may extend the known mineralized zones (Dixie 17, 18 and 19). In addition, confirmation drill holes are proposed for the Dixie 17 and 18 zones. Once the scope of the drill program and the hole depths are determined, bids for a drill contract will be solicited.
The Dixie 17 and 18 zones are typical Volcanogenic Massive Sulphide (VMS) deposits. They comprise lenses of massive suphides carrying zinc, copper, silver and minor gold. Historic drill results for the Dixie 18 zone include 4.30 metres of 15.44% zinc, 0.43% copper and 20.9 grams/tonne silver, and for Dixie 17 9.5 metres of 7.34% zinc and 1.44% copper.
Furthermore, subject to the approval of the TSX Venture Exchange, the Company has arranged a non-brokered private placement of up to 9,000,000 units for total proceeds of up to $820,000. Up to 4,000,000 units will be issued as non flow-through units at a price of $0.08 per unit consisting of one common share and one whole warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.12 per share for 18 months from the date of closing. Up to 5,000,000 units will be issued as flow-through units at a price of $0.10 per unit consisting of one common share and one-half of one whole warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.15 per share for 18 months from the date of closing. Finder's fees, as allowed pursuant to the policies of the TSX Venture Exchange, may be payable in connection with the offering.
Technical material in this news release has been prepared and/or reviewed and approved by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in National Instrument 43-101.
About Pistol Bay Mining Inc.
Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base metal properties in North America. For additional information please contact Charles Desjardins - pistolbaymining@gmail.com - at Pistol Bay Mining Inc
so much yet to still come....should see .25 very soon
Pistol Bay will be attending the
Mines and Money Americas
Conference and Exhibition
September 26th - 28th in Toronto ON
Pistol Bay Mining Inc. (TSX.V: PST) will be attending the upcoming Mines and Money Americas conference from Monday September 26 to Wednesday September 28 2016 in Toronto, Ontario. Pistol Bay is part of the Zimtu group of companies and welcome you to come by the exhibit to meet management.
Click this link to: Mines and Money Americas Website
About Pistol Bay Mining Inc.
Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on
zinc and other base metal properties in North America. For additional information, go to:www.pistolbaymininginc.com or contact:
PISTOL BAY MINING INC.
Charles Desjardins
President
T: 604-808-3156
E: Charlesventure1000@gmail.com
PISTOL BAY RECEIVES EXPLORATION PERMIT
FOR GROUND WORK AND DRILLING
Another step forward
"Pistol Bay Mining Inc. has provided the following update. The Ontario Ministry of Northern Development and Mines has issued an early exploration permit for the company's 100-per-cent-optioned Dixie zinc-copper projects in Northwestern Ontario. The exploration permit is valid for three years and allows diamond drilling and mechanized stripping. An exploration plan has also been placed on file, covering line cutting and geophysical surveys requiring a generator.
With the Exploration Permit in hand, the Company is planning an initial diamond drilling program of between 1,500 and 2,000 metres for the fall of 2016. The program will focus on confirmation of previously drilled targets for which information is incomplete. These will include:
{{a ●} ●} the Dixie 17 zone, with reported drill intercepts that include a 9.5 metre core length averaging 7.34% zinc and 1.4% copper; {{a ●} ●} the Dixie 19 zone, with reported drill intercepts over a 500 metre length, including 6.33% zinc and 1.5% copper over a core length of 3.55 metres; {{a ●} ●} the Dixie 18 zone, with reported drill intercepts over a length of 250 metres and to a depth of 150 metres, including 15.44% zinc, 0.43% copper and 20.9 grams/tonne silver over a 4.3 metre core length.
Also to be tested, subject to confirmation by ground electromagnetic surveying, are two anomalies identified by an Ontario government airborne survey, that do not appear to have been drill-tested in the past. Meanwhile, compilation of historical exploration data is continuing, as well as plans for a possible deep-penetrating electromagnetic survey and/or a gravity survey.
Technical material in this news release has been prepared and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in National Instrument 43-101."
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