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Pegasus Resources Inc. (TSX-V: PEGA; Frankfurt – OQS2, OTC/Pink Sheet symbol SLTFF) (the “Company” or “Pegasus”) is pleased to announce that Infinite Ore Corp. (“Infinite”) has commenced a 2,500 meter drill program on the Confederation North property (formally known as Dixie 17-20) within their Eastern Vision Project.
IHUB SHOULD LIST THIS UNDER PEGA.V
Pistol Bay Mining Inc. changed to Pegasus Resources Inc.
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
Pistol Bay Options Out Garnet Lake and Fredart Claims in Red Lake, Ontario
Vancouver, B.C. – February 04, 2020: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLTFF)
(“Pistol Bay” or the “Company”) reports that it has option out 80% of its Garnet Lake / Arrow Zone and Fredart/Copperload A claims in the Red Lake Mining District to Infinite Lithium Corp. (ILI-TSX:V) (OTCQB:ARXRF)
The Garnet Lake / Arrow Zone is part of Pistol Bay Confederation Lake land package that was acquired from Aurcrest. This land package is 2733 hectares (6752 acres) and includes a substantial mineral deposit 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. (see NR October 19, 2016)
The Copperlode “A” or Fredart Zone deposit is 2620 hectares (6472 acres) and has a historical mineral resource of 425,000 tonnes grading 1.56% copper and 33.6 g/t silver. This historical resource estimate does not comply with the standards of National Instrument 43-101 and has not been reviewed by a Qualified Person. The zone was drill-tested to a depth of approximately 200 metres over a length of 350 metres, and was reported as being open at depth. The area was also explored for molybdenum in the 1970s, and samples containing up to 1.46% Mo were reported. (see NR October 19, 2016)
A 2100 line km VTEM PlusTM airborne survey was completed in 2017 – detected parallel conductors or extensions of known conductors in lengths of 400, 850, 900 and 950 metres at Fredart Corridor which is within a total strike length of 22km.
A diamond drilling program was carried out by AurCrest in 2010, in an attempt to expand the resource base by drilling down a possible easterly plunge in the area of an IP anomaly. A fence of five holes was drilled, without intersecting any significant mineralization. A borehole EM survey carried out on those drill holes in 2010 identified a strong off-hole conductor in two adjacent holes, with an interpreted conductive zone lying between the two holes. It is anticipated that this anomaly may represent the down-plunge extension of the Copperlode “A” zone, or possibly a new zone.
Garnet Lake /Arrow Zone has a NI43-101 resource of
3% Zn equivalent cutoff:
Indicated Resource 2,071,000 tonnes @ 5.92% Zn, 0.75% Cu, 21.1 g/t Ag and 0.58 g/t Au
Inferred Resource 120,550 tonnes @ 2.60% Zn, 0.56% Cu, 18.6 g/t Ag and 0.40 g/t Au
5% Zn equivalent cutoff:
Indicated Resource 1,762,000 tonnes @ 6.75% Zn, 0.79% Cu, 22.3 g/t Ag and 0.61 g/t Au
Inferred Resource 51,630 tonnes @ 3.86% Zn, 0.79% Cu, 23.9 g/t Ag and 0.58 g/t Au
10% Zn equivalent cutoff:
Indicated Resource 633,000 tonnes @ 14.3 Zn, 1.11% Cu, 31.7 g/t Ag and 0.85 g/t Au
Terms of this agreement
GARNET LAKE / ARROW ZONE
Upon Exchange Approval, Pistol Bay will receive the following payments and exploration expenditures commitments from Infinite Lithium Corp.
Payments of $75,000 cash and 1,000,000 Infinite Lithium Corp common shares within 5 days of the Exchange Approval date
Additional payment of $75,000 cash within 6 months of the Exchange Approval date.
Additional payments of $150,000 cash, 1,000,000 Infinite Lithium Corp. common shares and exploration expenditures of $400,00 in or on the claims within 12 months of the Exchange Approval date
Additional payment of 2,000,000 Infinite Lithium Corp. common shares and exploration expenditures of $400,000 in or on the claims within 24 months of the Exchange Approval date
Additional $700,000 in exploration expenditures in or on the claims before the third anniversary of the Exchange Approval date
FREDART / COPPERLOAD A
Upon Exchange Approval, Pistol Bay will receive the following payments and exploration expenditures commitments from Infinite Lithium Corp.
Payments of $30,000 cash and 750,000 Infinite Lithium Corp common shares within 5 days of the Exchange Approval date
Additional payment of $50,000 cash within 6 months of the Exchange Approval date.
Additional payments of $70,000 cash, 750,000 Infinite Lithium Corp. common shares and exploration expenditures of $300,00 in or on the claims within 12 months of the Exchange Approval date
Additional payment of 1,000,000 Infinite Lithium Corp. common shares and exploration expenditures of $300,000 in or on the claims within 24 months of the Exchange Approval date
Additional $400,000 in exploration expenditures in or on the claims before the third anniversary of the Exchange Approval date
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 is also actively pursuing the right opportunity in other resources to enhance shareholders value. 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,
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.
Forward Looking Statements
Statements included in this announcement, including statements concerning of the Company’s plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
Pistol Bay Acquires Land Package in the Greenstone Belt
Pistol Bay Acquires Land Package in the Greenstone Belt
Pistol Bay Acquires Land Package in the Greenstone Belt in the James Bay Region, Quebec
VANCOUVER, British Columbia, Jan. 15, 2020 (GLOBE NEWSWIRE) -- Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLTFF) (“Pistol Bay” or the “Company”) is pleased to announce that it has entered into an option agreement with an arm’s length vendor to acquired a land package in the James Bay Region of Quebec.
The land package comprises of 1690 hectares and is located 12.5 kilometers South West of the recent Azimut Exploration discovery. This property is on strike on the same greenstone belt as the recent Azimut Exploration Inc. discovery. The Elmer property of Azimut Exploration and is separated from Pistol Bay property by the Dios Exploration property in that region.
“Azimut's management considers these results to be among the most significant gold exploration results in the James Bay region since the 2004 discovery of the Eleonore deposit by Virginia Gold Mines. The Eleonore mine is currently owned and operated by Newmont.” (See AZM.V News release Jan 14, 2020)
Pistol Bay can earn a 100% interest in the Property by issuing 1,000,000 common shares and paying a total of $7,000 on the date of approval. A 2% NSR has been granted to the vendor. Pistol Bay has an option to buy back1% NSR from the vendor by paying $500,000 to the vendor.
This transaction is subject to TSX Venture Exchange approval. All shares issued will be subject to a hold period expiring four months plus one day from the date of approval.
About Pistol Bay Mining Inc.
Pistol Bay Mining Inc. (TSXV:PST) is a diversified Junior Canadian Mineral Exploration Company with a focus on gold and base metal properties in North America, notably the Red Lake district of Ontario. 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,
President and Director
Investor Relations
Terry Bramhall
604-833-6999
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.
Forward Looking Statements:
Statements included in this announcement, including statements concerning of the Company’s plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
Pistol Bay acquires additional gold exploration claims in Red Lake
Vancouver, B.C. – September 17, 2019: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLTFF) (“Pistol Bay” or the “Company’) wishes to announce it has entered into an option agreement with 1544230 Ontario Inc. subject to TSX Venture Exchange approval, to acquire a 100% right, title and interest in and to 141 mining cells located in the Pakwash Lake Area in the Red Lake Mining District, Ontario. The 7130-acre properties are located east and south of Great Bear Resources recent discovery.
Charles Desjardins, President & CEO of Pistol Bay stated, “The company is excited about the additional prospects for gold in the vicinity of the recent Great Bear Resources discovery. We believe there is considerable potential for gold on our Confederation Lake side of the Red Lake Mining district as well as the known historic resources of silver, copper and zinc. Many of the historic drill holes in Confederation Lake were not assayed for gold.”
The property comprises two separate claim blocks. The first claim group is referred to as the Pakwash East block. It comprises 35 cells, with an area of approximately 716 hectares (1,760 acres). It is 12.5 kilometres southeast of the Great Bear Resources Dixie property. It adjoins a 9,650-hectare claim group registered to Great Bear Resources. It is traversed by provincial Highway 105, a 115 kV transmission lines and a natural gas pipeline. It is underlain by metasedimentary rocks and granitic intrusions, according to published geological maps. Although it formed part of the Laurentian Goldfields Inc. Goldpines project, the only exploration reported in the area of the Pakwash East block was an airborne magnetic and VLF-EM survey.
The second claim group is referred to as the Pakwash North block. It comprises of 106-cells, 2,174-hectare (5,370 acres). It lies 21 kilometres southeast of the Dixie Lake gold discovery now being explored by Great Bear Resources Ltd, and 44 kilometres southeast of the town of Red Lake. It is accessible by old forestry access roads leading from provincial highway 105, as well as by boat via Pakwash Lake and the Chukuni and English Rivers.
The Pakwash North Block lies in an area of metasedimentary rocks of the English River terrain, including a variety of granitoid intrusives, and straddles a major structural, the Sydney Lake Fault. Metasedimentary terrains in the vicinity of major structures, once considered to have low mineral potential, have been the site of recent gold discoveries such as Newmont-Goldcorp’s Éléonore mine in northern Québec, the Curraghinalt gold deposit in Northern Ireland, and the Valentine Lake gold deposit in Newfoundland.
The Pakwash North Block formerly comprised part of a large claim group known as the Goldpines property, that was explored by Laurentian Goldfields Inc. in 2010 and 2011. This was the only previous exploration in the area, and work in this part of the Goldpines property was confined to geological mapping, lake-sediment geochemical surveying and MMI soil sampling and analysis. The mapping confirmed the existence of the Sydney Lake Fault. There are a small number of MMI soil samples with anomalous gold adjacent to the Sydney lake Fault in the eastern part of the property.
The accompanying map shows the Pakwash North and Pakwash East claim blocks, Great Bear Resources Dixie and Pakwash properties, as well as the Pakwash South property (see news release 29 July, 2019). The Dixie 17-18-19-20 and Dixie 3 (Snake Falls) claim blocks, part of Pistol Bay’s Confederation Lake project, are also indicated on the map.
Under the terms of the option agreement, in order to acquire a 100% right, title and interest in and to the property, Pistol Bay is required to make total cash payments of $45,000 and issue a total of 500,000 shares over a three-year period. 1544230 Ontario Inc. will retain a 1.5% net smelter returns royalty.
Pistol Bay Mining Inc. shall have the right at any time to purchase one-half (1/2) of the NSR Royalty, being three-quarters of one percent (0.75%), from 1544230 Ontario Inc. in consideration of the payment to 1544230 Ontario Inc. of $500,000, thereby leaving Pistol Bay with three-quarters of one percent (0.75%) NSR Royalty.
The technical information in this news release was prepared and/or reviewed by Colin Bowdidge., 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 is also actively pursuing the right opportunity in other resources to enhance shareholders value. 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 Options Out Fredart-Gerry Lake Properties
Red Lake, Ontario
Vancouver, B.C. – September 04, 2019: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2,
OTC/Pink Sheet symbol SLTFF) (“Pistol Bay” or the “Company”) is pleased to announce, subject to the
approval of the TSX Venture Exchange, it has entered into an option agreement whereby Belmont
Resources Inc will option from Pistol Bay its Fredart-Gerry Lake properties in Red Lake, Ontario.
Fredart/Gerry Lake Property Acquisition -Red Lake Mining Division
Pistol Bay is pleased to announce that they have entered into a mineral property acquisition agreement
(the “Agreement”) with Belmont Resources Inc. (TSX-V: BEA) on its Fredart-Gerry Lake and several
adjoining claim groups in the Confederation Lake greenstone belt, approximately 70km southeast of Red
Lake, Ontario. The Arrow Zone-Garnet Lake, an adjoining claim block also owned by Pistol Bay
contains an Inferred Mineral Resource (2017 NI 43-101) containing 2.1 million tonnes @ 5.78% Zn,
0.72% Cu, 195g/t Ag, and 0.60 g/t Au as filed on SEDAR – September 2017. The geological setting of
the Fredart and associated claims is similar to the Garnet Lake claims area.
The Fredart property had 124 drill holes between 1956 and 2003, totaling 22,500 metres. Additional
drilling on the western extension of the Fredart trend and the Joy-Caravelle area has not been compiled
yet. The Copperlode “A” or Fredart Zone deposit has a historical mineral resource of 425,000 tonnes
grading 1.56% copper. This historical resource estimate does not comply with the standards of NI 43-101
and has not been reviewed by a Qualified Person. The zone was drill-tested to a depth of approximately
200 metres over a length of 350 metres, and was reported as being open at depth. Only portions of the drill
holes were assayed for gold, due to the low price of gold at the time. The area was also explored for
molybdenum in the 1970s, and samples containing up to 1.46% Mo were reported.
Access to the area is by all-weather roads, and a first class gravel road for 40km from the town of Ear
Falls, along the length of the property. Local resources include the availability of skilled labour; a 115kV
transmission line from Ear Falls hydro-electric generating station to Pickle Lake and Musselwhite crosses
the property; natural gas at Ear Falls; and water is readily available throughout the area.
The Fredart property and additional claim units comprises 406 mining claims with an area of approx.
6,700 hectares (16,500 acres). It covers a 17 km length of the Confederation Lake greenstone belt. It
includes two substantial mineral deposits and a number of mineralized drill intersections that are ready for
follow-up drill testing. Mineralization on the property is of volcanogenic massive sulphide (VMS) type,
dominated by zinc, copper and silver, with occasional associated gold values and areas drilled but untested
for gold. The mafic-dominated part of the belt hosts an iron formation, which defines the Fredart-Gerry
Lake “favourable horizon.” Iron formations are very often associated with gold mineralization.
The property is 25 km northeast of the Dixie property – owned by Great Bear Resources Ltd. (TSX.V:
GBR) that has been reporting high-grade gold intersections and their pace of discoveries has accelerated.
Numerous other junior venture companies have been exploring the area, which is becoming one of the
most active mining camps in Ontario.
In 2017 a VTEM Plus survey was completed which covers most of the greenstone belt. Airborne
magnetics and electromagnetic anomalies are superimposed on the Ontario government surveys. Mag
from the VTEM survey suggests the presence of granitic intrusions below surface in the northeast part of
the Fredart area. The VTEM survey revealed two, or even three parallel conductive responses over large
parts of the Fredart-Gerry Lake trend.
Also included in the claim block is the Joy-Caravelle area. This western end of the property area contains
multiple zones of Zn-Cu VMS deposits in a felsic-dominated part of the belt. Drill hole assays reported
were as high as 21.6% Zn, 0.13% Cu over 0.25m; 17.17% Zn, 0.28% Cu over 0.60m; 4.01% Cu over
3.55m; to name a few. Most of the drill holes were not assayed for gold. The Joy North claim has an
undrilled 1100 metre long conductor, which is at a different stratigraphic horizon from the Fredart-Gerry
Lake trend, and is unexplored.
Terms of the Option:
The Options terms over a three-year period are as follows:
For a 65% Interest:
• $40,000 cash and 1.5 million shares upon Exchange approval;
• $50,000 cash and 1.5 million shares -1st year Anniversary of Exchange approval;
• $50,000 cash and 1.0 million shares – 2nd year Anniversary of Exchange approval.
Belmont can earn an additional 10% interest (total 75%) upon completion of 2nd anniversary obligations
by payment of $200,000 in cash. Belmont and Pistol Bay would then enter into a joint venture agreement.
A royalty of 2% Net Smelter Returns (“NSR”) is payable to Glencore plc on all the claims except the
Fredart Claims, where a 2% NSR royalty is payable to Perry English, with a $10,000 annual advance
royalty payment to Mr. English.
Colin R. Bowdidge, Ph.D., P.Geo, and a Qualified Person as defined by National Instrument 43-101 has
reviewed and approved the above technical information in this news release.
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 is also actively pursuing the right
opportunity in other resources to enhance shareholders value. 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,
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.
Forward Looking Statements:
Statements included in this announcement, including statements concerning of the Company’s plans, intentions and
expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”.
Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”,
“expects” and similar expressions. The Company cautions readers that forward-looking statements, including without
limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and
uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
https://bit.ly/31MZqLb
Confederation Lake ExplorerCo Pistol Bay (PST.V) in the hunt for high-grade vanadium
Greg NolanJune 19, 2019
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Companies operating in the junior exploration arena, particularly those in the base metals space, have seen their market caps blown all to hell in recent months.
The negative sentiment surrounding zinc has been especially pronounced. Some might characterize the carnage as a medival battlefield at dawn.
Image courtesy of WhatCulture.com
But these ravaged landscapes can be viewed from a different angle.
The Chinese, always deep in thought and spirit, have a sage and insightful way of looking at such butchery:
Image courtesy of talking business
While some are busy pulling out the last of their hair, blowing out the last of their base metals shares into a market with little to no appetite, others – contrarians at heart – view the negative sentiment as an opportunity to acquire shares in high-quality companies at extremely attractive valuations.
“Be bold and mighty forces will come to your aid.” Someone ‘Almost Famous’ once said that.
This could be an opportunity to buy dollars for dimes.
Pistol Bay (PST.V), according to the companies home page, is “a diversified junior Mining Canadian Exploration Company with a specific focus on zinc and other base metal properties in North America.”
While that may be true, a recent acquisition gives the company control of a highly prospective vanadium project in mining-friendly Nevada.
First things first.
The zinc and copper
Pistol Bay is the dominant land holder in the Confederation Lake VMS Greenstone Belt of Red Lake, Ontario.
This 20,700 hectare land package is host to three significant zinc-copper-silver-gold deposits.
Garnet Lake / Arrow Zone
2,071,000 tonnes @ 5.92% zinc, 0.75% copper, 21.1 g/t silver and 0.58 g/t gold in the indicated category
120,550 tonnes @ 2.60% zinc, 0.56% copper, 18.6 g/t silver and 0.40 g/t gold in the inferred category
Fredart, Copperlode project
425,000 tonnes grading 1.56% copper (historical resource (non 43-101 compliant))
Ben Lake, Joy, Joy North and Caravelle
100,000 tonnes grading 12.5% zinc and 0.5% copper (historical resource (non 43-101 compliant))
As noted above, Confederation Lake is a VMS type setting.
Image courtesy of the 911Metallurgist
Those who know their rocks understand that VMS settings can be prolific – where there’s one deposit, there are often others.
Back in September of 2017, Confederation Lake was subjected to a deep-penetrating geophysical survey. The results suggest there is more. Much more:
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
According to a Nov. 13, 2018 press release, Pistol Lake management is the process of negotiating joint ventures with multiple companies interested in certain Confederation Lake claims.
The press release also stated that the company is looking at drilling off certain projects on their own dime. I’m sure management is anxious to mobilize a drill rig to some of CL’s more compelling targets.
CONFEDERATION LAKE PROJECT PRESENTATION
The vanadium
Vanadium is that hard, silvery-grey, ductile, malleable metal used in everything from surgical instruments to a new generation of energy storage technologies.
Image courtesy of ResearchGate
Some experts believe vanadium flow batteries will revolutionize modern electric grids the same way lithium-ion batteries are revolutionizing a global shift towards electric vehicles.
As a consequence, the price of vanadium has been on a real rollercoaster ride over the past two years as the forces of supply and demand square off.
Chart courtesy of VanadiumPrice.com
On April 10, Pistol Bay announced a vanadium property acquisition in the mining friendly state of Nevada.
The market is looking for new opportunities in the vanadium space. Pistol Bay’s April 10 acquisition announcement generated a flurry of trading activity (note the April volume on the chart below).
Chart courtesy of BigCharts
The particulars of the Clark County deal
The acquisition involves 980 acres covering two properties known as the Vanadium Claims Group (VCG) project.
The VCG project is located in Clark County, Nevada, a historical mining district with 34 reported vanadium occurences.
Image courtesy of FriendsOfNevadaWilderness
This district was mapped by the United States Geological Survey (USGS) in the 1920s.
The USGS report stated that “Vanadates are uncommonly widespread in the district” and that significant concentrations of vanadium were shipped from the district in the form of mine concentrates and bulk shipments.
The report also noted a number of references to vanadium mineralization in the district:
Concentrates reported to contain 15% V205
2.3 meters grading 3.75% V205
A 3-meter wide zone estimated to run up to 10% V205
The USGS described the styles of mineralization within the district and recorded a significant number of vanadium occurrences containing vanadinite (19% V2O5), descloizite (22% V2O5), cuprodescloizite (17-22% V2O5), carnotite (20% V2O5), roscoelite (21-29% V2O5), and patronite (17-29% V2O5).
The report also noted that a number of outcrops within the project area contained vanadium mineralization and that “shipments of vanadium mineralization were made from one of the areas now covered by the VCG project.”
Charles Desjardins, president & CEO:
“We are excited to make this acquisition as it provides the Company exposure to the District Scale Potential of the area for high grade Vanadium mineralization, low cost exploration as well as potential for significant by-product credits ( lead, zinc, silver) from related mineralization in a district that not been systematically explored for vanadium.”
Geologically speaking:
The vanadium mineralization exposed within the VCG project belongs to the Exogenic type vanadium deposits characterized by typically higher grade (2-10% V2O5) mineralization; the vanadium minerals descloizite, cuprodescloizite and vanadinite and occur in oxidation zones of lead-zinc and copper mineralization.
I’m used to seeing vanadium values in the 0.10% to 0.50% range. This is some high-grade rock.
These claims surround the former producing Singer and Tiffin mines and are underlain by “Mississippian/Pennsylvanian age Monte Cristo Limestone, Birdsprings Limestone and outliers of Miocene age andesite/latite/rhyolite flows. Late north trending mica Lamprophyres dikes cross cut the limestone units.”
Singer mine pic courtesy of SilverStateGhostTowns
The Singer and Tiffin mines were former small scale lead-zinc producers that operated in the 1920’s.
The property covers the extension of the Sultan Thrust fault that dips to the south. The property is also host to several north-south trending west dipping faults.
The VGC project is divided into two claim groups:
Claim group #1 measures roughly 1.6 kilometers by 1.0 kilometers covering a number of reported vanadium showings exposed in outcrops and old mine workings.
Regarding this claim group, the USGS report states the following: “One mine (located within the claim group) however did ship 14 tons of material to the American Vanadium Company.”
Information on the vanadium content of the shipment is not available.
Claim group #2 has similar dimensions to claim group #1 with reported vanadium mineralization and a significant number of old workings.
No modern-day exploration has been completed on either of the two claim groups.
The USGS report is somewhat vague. It’s no wonder, it’s nearly a century old. Back in the 1920s the boys in the field were probably too busy fussing over their Tommy guns and fedoras.
But vague can be a good thing when it comes to these old geological reports. Vague implies that the area is vastly underexplored. It implies that the area could be ripe for important new high-grade discoveries.
Not to dismiss the VMS discovery potential of the company’s extensive land package at Confederation Lake, but I’m guessing VGC is now Pistol Bay’s flagship project.
Final thoughts
Don’t be surprised if the vanadium price kicks back into gear over the coming months. Demand is strong and supply is tight with China responsible for more than 50% of world output (that’s a problem in this era of tarrifs, trade wars and critical metal hording).
The company has a modest market cap of $2.01M based on its 50.33 million shares outstanding and $0.04 share price. Success on the exploration front could factor in large here.
END
~ ~ Dirk Diggler
Full disclosure: Pistol Bay is and Equity.Guru marketing client.
Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.
Rockstone Research Reports Covers Pistol Bay & Vanadium
Full Report https://bit.ly/2WTk7RO
Rockstone
On the Road to a New Vanadium District in Nevada: Pistol Bay Mining targets high-grade vanadium in Clark County
image:
Vanadium, the extremely hard yet ductile and malleable silvery-grey metal was named after Vanadis, the Scandinavian goddess of beauty.
The beauty of vanadium for investors is that the fundamental factors affecting demand and supply have changed significantly over the last few years. Global demand is strong and growing while supply is tight.
Vanadium supply is coming mainly from China, Russia, South Africa and Brazil. With recent mine shutdowns in China and South Africa, along with China's ban on scrap imports, the supply side appears weak in light of the excess demand that is building up globally.
Both supply and demand pressures pushed vanadium prices from about $5 USD/lb in 2016 to more than $30 USD/lb last year. The first half of 2019 saw vanadium prices decline to $8 USD/lb, but with supply-demand fundamentals looking all the more strong, the second half of 2019 could bring a price rebound with vanadium stocks soaring again.
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The United States imports more than 90% of the vanadium they need for steel strengthening and utility-scale battery storage technology. As such, the US has classified vanadium as a critical metal for its economic and national security. New domestic vanadium supply is needed to offset the nation's problematic dependency on imports from countries such as China and Russia.
In April 2019, Pistol Bay Mining Inc. (TSX.V: PST) signed an agreement to acquire a vanadium project in Nevada, USA. The 980 acres (397 hectares) land package is located in Clark County, a historical mining district with 34 reported occurrences of vanadium mineralization. With a current market capitalization of $2.3 million CAD, Pistol Bay aims to create significant shareholder value by advancing the prospect of a new vanadium district in Nevada. Pistol Bay's President and CEO, Charles Desjardins, explained the reasoning behind signing an agreement to acquire the Vanadium Claims Group (VCG) Project in Nevada:
"We are excited to make this acquisition as it provides the Company exposure to the District Scale Potential of the area for high grade Vanadium mineralization, low cost exploration as well as potential for significant by-product credits (lead, zinc, silver) from related mineralization in a district that [has] not been systematically explored for vanadium."
The mining district was mapped by the United States Geological Survey (USGS) in the 1920s. Most interestingly, the USGS report ("Geology and Ore Deposits of the Goodsprings Quadrangle, Nevada"by D. F. Hewett, 1931) includes the following remark: "Vanadates of either lead, zinc, or copper are uncommonly widespread in the district, but only a few specific determinations of the minerals were made."
The full report can be accessed with the following links:
English (web version):
https://www.rockstone-research.com/index.php/en/research-reports/5516-On-the-Road-to-a-New-Vanadium-District-in-Nevada
English (PDF)
https://www.rockstone-research.com/images/PDF/PistolBay7en.pdf
German (PDF):
https://www.rockstone-research.com/images/PDF/PistolBay7de.pdf
German (web version):
https://www.rockstone-research.com/index.php/de/research-reports/5517-Auf-dem-Weg-zu-einem-neuen-Vanadium-Distrikt-in-Nevada
IN THIS ISSUE
Report #7 on Pistol Bay Mining Inc. (TSX.V: PST; Frankfurt: 0QS2)
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Shares Issued and Outstanding: 50,333,822 (Market Cap.: $2.3 Million CAD)
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FIND OUT MORE!
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Frankfurt/Germany:
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Contact:
Stephan Bogner (Dipl. Kfm., FH)
Rockstone Research
8260 Stein am Rhein, Switzerland
info@rockstone-research.com
www.rockstone-research.com
www.pistolbaymining.com
Projections for Vanadium are Compelling...
My expectation is the market will be hearing some detailed updates on Pistol Bay's plans regarding their Nevada Vanadium properties. It's worth noting that Claim Group #1 minded and shipped 14 tons of the material to the American Vanadium Company.
Do your own due diligence and read up on Vanadium.
Vanadium : The metal that may soon be powering your neighbourhood
Vanadium is a chemical element with symbol V and atomic number 23. It is a hard, silvery-grey, ductile, malleable transition metal. The elemental metal is rarely found in nature, but once isolated artificially, the formation of an oxide layer (passivation) somewhat stabilizes the free metal against further oxidation
Vanadium is a metal that was discovered in the early 19th century. Here are some of the more common uses of vanadium in the world today!
Uses of Vanadium
Small amounts of vanadium are added to steel to make it stronger. Surgical instruments, tools, axles, bicycle frames, crankshafts, gears and jet engines are made from this strong steel.
Vanadium pentoxide is used as a catalyst to make sulfuric acid. Sulfuric acid is one of the most important chemicals for industry. Vanadium pentoxide is also used to make maleic anhydride and some ceramics.
In the future, a compound of vanadium may be used in lithium batteries as an anode. It could also be used in rechargeable batteries.
Vanadate, another compound of vanadium, protects steel from rust and corrosion.
Vanadium dioxide is used to make glass coatings which block infrared radiation.
Fake jewelery can be made out of vanadium oxide.
The inner structure of a nuclear fusion reactor can be used to capture neutrons making the nuclear reaction much safer.
Superconducting magnets can be made out of vanadium.
Some bacteria and other organisms use a vanadium compound to fix nitrogen
Vanadium is used for treating prediabetes and diabetes, low blood sugar, high cholesterol, heart disease, tuberculosis, syphilis, a form of "tired blood" (anemia), and water retention (edema); for improving athletic performance in weight training; and for preventing cancer.
Back in 2006, a company decided to reopen an old vanadium mine in Nevada, electricity grids were the last thing on their minds. Back then, vanadium was all about steel. That's because adding in as little as 0.15% vanadium creates an exceptionally strong steel alloy. "Steel mills love it. They take a bar of vanadium, throw it in the mix. At the end of the day they can keep the same strength of the metal, but use 30% less. "It also makes steel tools more resilient. If the name vanadium is vaguely familiar to you, it is probably because you have seen it embossed on the side of a spanner. And because vanadium steel retains its hardness at high temperatures, it is used in drill bits, circular saws, engine turbines and other moving parts that generate a lot of heat. So steel accounts for perhaps 90% of demand for the metal.
Vanadium's alloying properties have been known about for well over a century. Henry Ford used it in 1908 to make the body of his Model T stronger and lighter. It was also used to make portable artillery pieces and body armour in the First World War.But vanadium's history seemingly goes back even further. Indeed, mankind may have been unwittingly exploiting the metal as far back as the 3rd Century BC. That is when "Damascus steel" first began to be manufactured. Swords made of the steel were said to be so sharp that a hair would split if it were dropped on to the blade.Today, vanadium mainly goes into structural steel, such as in bridges and the "rebar" used to reinforce concrete.
Vanadium supply is dominated by China, Russia and South Africa, where the metal is extracted mostly as a useful by-product from iron ore slag and other mining processes. China - which is midway through the longest and biggest construction boom in history - also dominates demand. A recent decision by Beijing to stop using low-quality steel rebar has bumped up forecast demand for vanadium by 40%. Yet the biggest source of future demand may have nothing to do with steel at all, and may instead exploit vanadium's unusual electrochemical nature.
Vanadium "redox flow" batteries are very stable. They can be discharged and recharged 20,000 times without much loss of performance, and are thought to last decades (they have not been around long enough for this to have been demonstrated in practice)
Why should vanadium batteries be the technology of choice?
There is a glut of cheap lithium batteries these days, after manufacturers built out their capacity heavily in anticipation of a hybrid and electric cars boom that has yet to arrive.
Lithium batteries can deliver a lot of power very quickly, which is great if you need to balance sudden unexpected fluctuations - as may be caused by passing clouds for solar, or a passing gale for wind. But a lithium battery cannot be recharged even a tenth as many times as a vanadium battery - it's likely to die after 1,000 or 2,000 recharges.
Lithium batteries cannot scale up to the size needed to store an entire community's energy for several hours. By contrast, vanadium batteries can be made to store more energy simply by adding bigger tanks of electrolyte. They can then release it at a sedate pace as needed, unlike conventional batteries, where greater storage generally means greater power.
At the other end of the scale, there are also plenty of large-scale energy storage systems under development, such as those exploiting liquefied air, and the 1,000-fold shrinkage in the volume of the air when it is cooled to -200C. But these systems take up a lot of space and are better suited to the very largest-scale facilities that will be needed to serve for instance a large offshore wind farm plugging into the high-voltage national grid.
The second really big question for vanadium is whether the world contains enough of the stuff.
The immediate challenge is that the birth of the vanadium battery business is coming just as China is ramping up its demand for vanadium steel. There is also a longer-term problem - the quantities of vanadium added to steel alloys are so tiny that it is not economic to recover it from the steel at the end of its life. So for the battery market, that vanadium is effectively lost forever.
"Like with all raw materials, it's always a question of how stable is the need of the market, and how big are the incentives for the industry to set up new mines."
With demand on an upward trend for Vanadium battery-makers has developed cheap ways of producing vanadium electrolyte from iron ore slag and the fine ash produced by coal-burning.
Over the longer term, demand for vanadium steel could be met by melting down and recasting old vanadium steel rather than making it afresh, so that freshly mined vanadium could be channelled into the energy market instead.
One of the world’s least known metals is also of great importance, and likely to become more so as renewable energies catch up with and possibly eclipse fossil fuels. Yet vanadium’s primary use as a steel alloy is set to keep prices buoyant and North American explorers racing to find a domestic source of the metal that was once used to make swords so strong and sharp the mere sight of them struck fear into the hearts of their enemies.
A sword of Damascus steel – derived from blocks of “wootz”, a form of steel produced from vanadium-rich iron deposits in South India – was said to be so sharp that it could split a hair dropped on the blade, cut a floating feather in half, or crack a steel helmet wide open with ease. The blades were so flexible they could bend 90 degrees without breaking.
First discovered in 1801 by a professor of mineralogy in Mexico City, vanadium, whose symbol V is based on the Norse goddess Vanadis, has some rare qualities that give it the ability to make materials stronger, lighter, more efficient and more powerful. Adding small percentages of it to steel and aluminum creates ultra-high-strength, super-light and resilient alloys.
Just two pounds of vanadium added to a tonne of steel doubles its strength, so it is unsurprising that 80% of vanadium is used to make ferrovanadium – a steel additive.
Henry Ford was the first to use vanadium on an industrial scale, in the 1908 Model T car chassis. But it is only recently that auto makers have discovered that adding vanadium to car bodies makes them lighter and stronger.
Twenty years ago, no vanadium went into cars, versus around 45 percent today. By 2025, it’s estimated that 85 percent of all automobiles will incorporate vanadium alloy to reduce their weight, thereby increasing their fuel efficiency to conform to stringent fuel economy standards set by the US EPA. Who would have thought any material could make steel ‘greener’?
Vanadium’s corrosion-resistant properties make it ideal for tubes and pipes manufactured to carry chemicals. Vanadium-titanium alloys have the best strength-to-weight ratio of any engineered material on earth. Less than one percent of vanadium and as little chromium makes steel shock and vibration resistant. A thin layer of vanadium is used to bond titanium to steel, making it ideal for aerospace applications. Mixing titanium with vanadium and iron strengthens and adds durability to turbines that spin up to 70,000 rpm.
Since vanadium does not easily absorb neutrons it has important applications in nuclear power. Vanadium pentoxide (V2O5) permanently fixes dyes to fabrics. Vanadium oxide is utilized as a pigment for ceramics and glass, as a chemical catalyst, and to produce superconducting magnets.
Of course, the latest application for vanadium is for batteries, particularly vanadium redox flow batteries used for grid energy storage, of which vanadium pentoxide is the main ingredient.
Where it's found and how it's mined
About 85 percent of the world's vanadium comes from three source countries: South Africa, China and Russia. Vanadium is typically found within magnetite iron ore deposits, and is usually mined as a byproduct and not as a primary mineral. Vanadium is often agglomerated with titanium, which must be separated out as an impurity during processing. The higher the titanium content in the ore, the harder it is to remove the vanadium. The end product is vanadium pentoxide, which can be used for the applications cited above or to make ferrovanadium for use in steel.
While V2O5 currently sells for between US$16,000 and US$17,000 a ton, titanium goes for just $US1,500 a ton, which means a low grade of titanium is an attractive feature of a vanadium prospect. Some of the world's key vanadium mines include the Bushveld complex in South Africa – responsible for about a quarter of all vanadium supply; the high-grade Maracas mine in Brazil owned by Largo Resources; and EVRAZ’s Vanady Tula mine in Russia, the largest European producer of vanadium pentoxide and ferrovanadium alloys.
Cities and roads girded with steel
The world needs more steel, ergo, more vanadium. The latest estimate is that vanadium demand and supply currently intersect at about 80,000 tonnes per year. Market research firm Roskill predicts that by 2020 there will be about a 45 percent increase in the demand for vanadium, driven mostly by China.
As an example of how much steel will be required to build just one new Chinese city – Xiong'an, consider that the city will likely need 20 to 30 million tonnes of steel, which translates to 30,000 tonnes of vanadium – roughly a third of current annual production, albeit over 10 years. That means 3,000 additional tonnes of vanadium a year for the next decade, for just one city – an increase of 5 percent above current supply and demand.
Another thing going for vanadium is China's reluctance to manufacture low-quality rebar used in building construction. Recent earthquakes in China and Japan have shown the Chinese that using cheap rebar is penny wise and pound foolish.
“They're increasing the amount of vanadium in the rebar by about 100 percent so that they can end up with structural specifications that are necessary to keep buildings standing for long periods of time. The rebar alone, that's estimated to bring another 10,000 tonnes a year of vanadium demand,” said Priestner.
China’s scrap ban will cut 4,500-5,500 tpy of domestic V2O5 production.
The increased use of vanadium in automobiles is worth re-iterating. Auto makers have discovered that adding vanadium to car bodies makes them lighter and stronger.
Twenty years ago no vanadium went into cars, versus around 45 percent today. By 2025, it’s estimated that 85 percent of all automobiles will incorporate vanadium alloy to reduce their weight, thereby increasing their fuel efficiency to conform to stringent fuel economy standards set by the US EPA.
Chinese infrastructure investments in the New Silk Road – a $900-billion project set to open up land and maritime routes between China and its western neighbors, namely Central Asia, the Middle East and Europe – is another massive spend on steel that will inevitably require more vanadium than is currently being mined.
Then there are the new infrastructure demands in the United States that President Donald Trump campaigned on in 2016 and is promising to address. The state of disrepair of much of America's infrastructure is truly staggering. It's estimated that 80,000 bridges, or over half the entire stock of U.S. bridge structures, need to be repaired or replaced. Whether or not Trump's infrastructure bill is passed, there will certainly be a future need for more U.S. steel, and more vanadium.
In March and April of 2017, electricity produced from utility-scale renewable sources exceeded nuclear power generation in the United States for the first time since 1984. It’s also worth mentioning that besides v-flow batteries, vanadium has also begun to play a role in applications for electric and hybrid vehicles.
Vanadium acts as a supercharger for batteries by increasing the energy density and voltage of the battery. This is important for electric and hybrid vehicle performance since energy density equates to range, while voltage equates to torque.
Insecurity of supply
With vanadium demand set to soar, it is a valid question as to where new vanadium supply will come from. There are currently no North American reserves, a situation that is and should be deeply alarming to politicians on both sides of the 49th parallel.
A critical or strategic metal is defined as one whose lack of availability during a national emergency would affect the economic and defensive capabilities of that country. The United States and Canada, are completely dependent on recycling (mostly through recovery from spent catalyst from oil refining operations) and imports for 100% of their vanadium supply.
Consider what happened to the rare earths market in the 2000s, when China, which produces 90 percent of REEs, restricted exports, causing prices to spike around the world. Rare earths are used in everything from cell phones to wind turbines to missile guidance systems. With just three countries – South Africa, China and Russia – controlling the supply of vanadium, there is a high risk of that supply either being cut off due to a political or trade conflict, or for the price to suddenly jump.
Conclusion
While v-flow batteries have tremendous appeal for harnessing the power of the wind and sun, their mass adoption so their direct application to the supply-demand equation for vanadium is probably a few years off. New technologies take a long time to be proven out, tested and adopted by the mainstream.
And that’s probably just as well, because vanadium suppliers simply won’t be able to keep up with the amount of demand that is coming down the pipe for the 22nd most abundant element. Think back to that single Chinese city being built – over a third of the world’s vanadium production over the next decade going into one city. That isn’t counting the expected increase in vanadium needed for steel production, defense, automobiles, aerospace, rebar and all the other vanadium applications.
The answer is to bring new vanadium mines online – especially North American deposits that can produce vanadium pentoxide and ferrovanadium, thus bringing the supply-demand curve down to a point where the price is attractive for both vanadium producers and consumers, while increasing security of supply in an increasingly hostile world.
Because vanadium is a metal that seems destined for a supply crunch, because of its applications for traditional industries like autos, aerospace, defense and steelmaking, and due to its promising potential for long-term battery storage of grid-scale electricity, companies that are developing vanadium deposits in North America need to be on your radar screen.
Read more at https://stockhouse.com/companies/bullboard?symbol=v.pst&postid=29809251#cMexuUvs3cXP8Q3x.99
Pistol Bay Acquires Nevada Vanadium Project
– April 10, 2019:
Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLTFF) (“Pistol Bay” or the “Company’)
Wishes to announce that it has acquired a Vanadium project totalling 980 acres in Clark County, Nevada
Pistol Bay Mining Inc has signed an agreement with arm's-length third parties to acquire, subject to TSX Venture Exchange approval, a 980 acre land package covering two properties known as the Vanadium Claims Group (VCG) project.
The VCG project is located in Clark County, Nevada; a historical mining district with 34 reported occurrences of vanadium mineralization. Vanadium is a strategic mineral critical to steel strengthening and utility scale battery technology.
The mining district was mapped by the USGS in the 1920’s. The USGS report makes the following comment “Vanadates are uncommonly widespread in the district” and that significant concentrations of vanadium were shipped from the district in the form of mine concentrates and bulk shipments. The USGS report also mentions a number of other references to vanadium mineralization in the district:
a) concentrates reported to contain 15% V2O5
b) 3.75% V205 over 2.3m,
c) 3m wide zone estimated to run up to 10% V2O5
The USGS described the styles of mineralization within the district and recorded a significant number of vanadium occurrences containing vanadinite, descloizite, cuprodescloizite, psittacinite and other unnamed vanadium minerals.
The USGS reported that a number of outcrops from within the two areas covered by the VCG project contained vanadium mineralization and that shipments of vanadium mineralization were made from one of the areas now covered by the VCG project.
Charles Desjardins, President & CEO of Pistol Bay stated that “We are excited to make this acquisition as it provides the Company exposure to the District Scale Potential of the area for high grade Vanadium mineralization, low cost exploration as well as potential for significant by-product credits ( lead, zinc, silver) from related mineralization in a district that not been systematically explored for vanadium”.
Vanadium Deposits and Target Grades
The most important vanadium bearing minerals are vanadinite (19% V2O5), descloizite (22% V2O5), cuprodescloizite (17-22% V2O5),
carnotite (20% V2O5), roscoelite (21-29% V2O5), and patronite (17-29% V2O5).
The vanadium mineralization exposed within the VCG project belongs to the Exogenic type vanadium deposits characterized by typically higher grade (2-10% V2O5) mineralization; the vanadium minerals descloizite, cuprodescloizite and vanadinite and occur in oxidation zones of lead-zinc and copper mineralization.
Details on the Vanadium Project
Claims Group #1:
Measures approximately 1.6 km by 1.0 km covering a number of reported vanadium showing exposed in outcrop and in old mine workings. The USGS report states: “One mine (located within the claim group) however did ship 14 tons of material to the American Vanadium Company.” Information on the vanadium content of the shipment is not available.
Claims Group #2:
Covers an area measuring approximately 1.6 km by 1.0 km with reported vanadium mineralization and a significant number of old workings. No exploration has been completed on the two groups.
Terms of Acquisition 1.
The Vendor hereby agrees to sell and that Pistol Bay Mining Inc. agrees to purchase the Claims free and clear of all liens, charges, and encumbrances for and in consideration of $15,000 USD plus the sum of $150,000 USD upon exchange approval, and 8,000,000 fully paid and non-assessable common shares of Pistol Bay Mining Inc. (the “Purchase Price”).
2. The Purchase Price is due and payable as follows:
(a) A cash consideration of $15,000 USD paid on the date of execution of this Agreement. (b) $50,000 USD upon exchange approval.
(c) $100,000 USD six months post exchange approval. (d) 8,000,000 fully paid and non- assessable shares of Pistol Bay Mining Inc.on the five days following the date this agreement is accepted for filing by the TSX Venture Exchange (the date of acceptance being the “Effective Date”); and
(e) A 2% Net Milling Returns Royalty on the Properties (the “Royalty”); including the right of Pistol Bay Mining Inc. to purchase one and one half (1.5%) of the Royalty at any time for USD $1,000,000.
The technical information in this news release was prepared and/or reviewed by Glen Macdonald, 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 is also actively pursuing the right opportunity in other resources to enhance shareholders value.
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
Pistol Bay comes to life..
Judging by today's SLTFF-OTC-TSX-PST trading volume and share appreciation, I sense traders anticipate new developments are coming shortly. While it is rare for things to happen overnight, increased trading volume after a quiet time often precedes news or shareholder updates. Considering the tepid period shareholders have been through, this may well be the case.
Looking forward to coming news.
Pistol Bay Clarifies Exclusivity Agreement
GlobeNewswire•September 6, 2018
VANCOUVER, British Columbia, Sept. 06, 2018 (GLOBE NEWSWIRE) -- Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - 0QSA, OTC/Pink Sheet symbol SLTFF) (“Pistol Bay” or the “Company’) would like to take this opportunity to clarify its news release issued September 5, 2018.
At the present time, the Company has not entered into an agreement to market the nutraceutical products referenced in the news release issued yesterday. The Company has entered into an exclusivity agreement with a private Ontario company (“Privco”), executed by the parties on September 4, 2018, that allows Pistol Bay to undertake due diligence on the products, the intellectual property surrounding the products and the market opportunities for both the foundational product, as well as new product applications containing cannabinoids.
The agreement restricts Privco from negotiating for the sale or licensing of the products to third parties for a period of 60 days. The parties are at arm’s length. No business or financial terms have been agreed to at this point and there can be no assurance that Pistol Bay will decide to proceed with a transaction following completion of due diligence, or that the parties will agree on financial or business terms. If such an agreement is entered into, such transaction would likely constitute a change of business pursuant to the policies of the TSX Venture Exchange. In such case trading will be halted pending the approval of such transaction by the TSX Venture Exchange.
The Company wishes to clarify certain information relating to the products which are the subject matter of the current due diligence being undertaken. Privco has advised that it has invested $5.5 million to date in the development, and clinical testing of its foundational product, which has sold commercially since 1991. This foundational product, primarily sold through multi-level marketing companies, is mainly a combination of botanicals that contain multiple molecules that contribute to delivering therapeutic effects, including stress reduction and anti-aging. The foundational product holds an NPN (Natural Health Number) which was issued by Health Canada and Privco advises that retail sales of the product by third party licensees has totaled approximately US$500 million to date.
Privco has developed a product that combines its foundational product with CBD molecules. CBD is a plant-based molecule that is getting a lot of attention recently for its many benefits including treating pain, anxiety, inflammation, and epilepsy. Privco believes that CBD, when combined with its foundational product, could enhance the efficacy of the CBD.
Privco is also developing a second product, a full spectrum soft gel, which will contain solely CBD. Neither of these products have been made available for commercial sale and remain subject to further development and clinical trials.
The Company also wishes to clarify that the statement from the September 5, 2018 news release, “We are unique worldwide in that our adaptogenic blend increases the bioavailability and bioefficacy of the cannabinoids significantly”, was meant to reference a statement put forward by Privco in their current marketing materials. At present, Pistol Bay undertakes no activity in this line of business.
Investors are cautioned that until such time as a definitive transaction agreement is entered into, and a management information circular or filing statement is prepared in connection with such a transaction, any information released or received with respect to the potential transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Pistol Bay should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of any potential transaction and has neither approved or disapproved the contents of this news release.
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 is also actively pursuing the right opportunity in the Cannabis space looking to enhance shareholders' value. For additional information please visit the Company website at
www.pistolbaymininginc.com or contact Charles Desjardins at pistolbaymining@gmail.com.
Pistol Bay Signs Exclusivity Agreement for Cannabinoid Herbal Blend
Vancouver, B.C. – September 05, 2018: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLTFF) (“Pistol Bay” or the “Company’) is pleased to provide an update on its plans to seek opportunities outside of the resource sector and, in particular, the cannabis industry.
Charles Desjardins, President and CEO of Pistol Bay reports that the company has entered into negotiations and signed an Exclusivity Agreement to negotiate for the acquisition of the world-wide exclusive rights to market three nutraceutical products from an established private Ontario Company, that specializes in the development, manufacturing and marketing of premium phytopharmaceuticals, offering innovative solutions to complex issues of human health. The three natural health products demonstrate unique intellectual property with respect to novel ingredients, production and extraction technology. To date $5.5 million has been spent on clinical trials to prove safety and efficacy of the foundational product, which has generated approximately USD $500 million in sales.
The foundational product is a combination of ten botanicals, wherein each contains multiple molecules that contribute to delivering adaptogen and antioxidant effects, providing noticeable improvements in physical, mental and emotional well-being.
In recent trials and testimonies this anti-stress blend has shown therapeutic benefits when combined with cannabinoids (containing minimal THC), which then formed the basis of two other products:
1. Cannabidiol (CBD) combined with the foundational adaptogen blend.
2. A full spectrum soft gel containing solely CBD.
About Adaptogens and CBD
Stress has a role in every human disease, and that the mitigation of the effects of stress is of vital importance in preserving human wellness.
Using genuine proper double-blinded placebo-controlled clinical trials it has been proven that the adaptogenic blend modulates the body’s production of cortisol (the stress hormone) without using steroidal mechanisms, but rather working through diffusing systemic physiological mechanisms.
The adaptogens contain hundreds of biologically active molecules extracted from an orchestra of plant species that have been carefully selected and prepared to function in harmony and provides tools it needs to function optimally allows it to stay healthy.
The other two products will contain cannabidiol (CBD) which is a plant-based molecule (there are hundreds of different plant-based molecules that can come from hemp and they fall mainly into the categories of terpenes, flavonoids and cannabinoids). CBD is one of over 100+ cannabinoids found in hemp.
CBD a non-psychoactive, plant-based molecule. It is getting a lot of attention recently for its many benefits including treating pain, anxiety, inflammation, epilepsy and diabetes without the disconcerting feelings of lethargy or dysphoria. CBD works with the body’s endocannabinoid system to deliver these benefits.
The finished products containing CBD will be manufactured to comply with both US and Canadian regulatory laws, and each lot is tested to ensure THC levels are below the permitted requirements.
We are unique worldwide in that our adaptogenic blend increases the bioavailability and bioefficacy of the cannabinoids significantly.
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 is also actively pursuing the right opportunity in the Cannabis space looking to enhance shareholders value. 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,
President and Director
Pistol Bay Considers Business Outside of Resources
Vancouver, B.C. – August 01, 2018: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLTFF) (“Pistol Bay” or the “Company’) announces that despite the recent encouraging results of the 2018 Confederation Lake drilling program and the existing potential still to be explored on the 51,050 acres Zinc-Copper Properties, with 570 holes drilled to date, the Company is considering other business ventures.
The Company has no current intention of abandoning the Confederation Lake properties, but the geopolitical world we are in has dampened the demand for commodities. With this in mind, the company is considering becoming involved in the cannabis industry which has become a major focus for capital markets. The reason for the Company’s interest in this industry is because of the opportunities being presented to the Company. Cannabis companies have raised substantial capital from the public markets and many companies’ shareholders have seen increased share values.
The Company has not signed any term sheet, letter of intent or indication of interest, and has no particular transaction which it is currently pursuing in the cannabis industry. However, as opportunities present themselves, management will take the time to consider whether those opportunities would better serve the interests of the Company’s shareholders. Canada’s anticipated legalization of cannabis has put Canada in an advantageous position within this industry.
Charles Desjardins, CEO of Pistol Bay states “We definitely still believe in the potential of the Confederation Lake project, but we want to create value now for Pistol Bay shareholders, so we will start looking seriously at the cannabis opportunities that are being presented to the Company. If the right deal comes along, and if we believe that we as a Company can add value because of our experience and connections in the public markets, it would only make sense to take that deal and try to make it a success. We will not jump at the first thing that comes along but will take the time to make decisions based on the right reasons. No particular deal is imminent at this time.”
The Company also announces that it has engaged the law firm of Cassel Brock & Blackwell LLP with the intention of advising Pistol Bay in the cannabis space.
Pistol Bay is also pleased to welcome Dr Zoltan P Rona to its Advisory Board. Dr Zoltan is a graduate of McGill University Medical School and has a Masters Degree in Biochemistry and Clinical Nutrition. He is a 40-year member of the Canadian Medical Association (CMA) and a past president of The Canadian Holistic Medical Association. He is the author of best selling books on health along with a private medical practice in Toronto for the past 37 years. He has appeared on radio and TV as well as lectured extensively in Canada and the US.
He currently writes regular articles for Alive and Vitality magazines and for several web sites on the appropriate medical usage of cannabis.
His latest focus is peer reviewed cannabinoid research and the safe utilization of this medicine in conjunction with natural health products. He not only understands this burgeoning sector from a medical prospective, but has several years of insights and effective results in the safe and therapeutic usage of cannabis.
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.
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Maybe news soon on PB Blockchain soon can help this ticker post changes.
The Second coming of Zinc Financial Post June 5th-Peter Kenter
Pistol Bay looks to ride resurgent zinc market
Zinc has been riding a price wave as strong demand and market shortfalls have pushed prices for the base metal to 10-year highs of US$1.60 per lb. Pistol Bay Mining Inc.(PST.V: TSX), a diversified junior mining Canadian exploration company focusing on zinc and other base metals, is looking to secure supplies for that underserved market with promising stakes in several northern Ontario properties.
The zinc market has tightened in recent years, between increased demand for the metal and voluntary supplier cutbacks. In its Q2 2018 commodities report, Scotiabank sees zinc prices holding steady through 2019 until some producers re-enter the market. It’s the second big spike of the millennium following record high prices of more than US$2 per lb. in late 2006. The World Bank predicts only a gentle moderation curve in the zinc market by 2030, when prices are expected to hover around US$1.09 — giving zinc a strong economic forecast in the base metal future.
Enter Charles Desjardins, president and CEO of Pistol Bay Mining, a seasoned venture capitalist with a keen eye for commodities. His company is bolstered by a $1.75 million payout received from Rio Tinto in 2017 and 2018 for options on a Saskatchewan uranium property it developed. With 23.5 million shares outstanding and a $2.8 million market cap, Pistol Bay is a small company with plenty of upside potential.
image: https://www.bnnbloomberg.ca/polopoly_fs/1.1086472!/fileimage/httpImage/image.jpg_gen/derivatives/landscape_620/intense-folding-at-vein-showing.jpg
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Intense folding at vein showing.
“Following uranium, I was looking for a commodity that had reached the bottom of the market,” Desjardins says. “But one that had excellent potential for price recovery.”
As the world’s fourth most-used metal, zinc is topped only by iron, aluminum and copper. It’s primarily used in hot-dip galvanizing to provide steel with a corrosion-resistant coating. It’s also used to make brass, build batteries and to provide dietary mineral supplements.
“I’ve lived through several zinc cycles, but what makes this one different is that there isn’t as much capacity to turn back on to meet demand,” Desjardins says. “China is the world’s biggest zinc market, but also its largest producer. However, an environmental crackdown has seen production cutbacks in zinc, with some facilities shut down entirely. They’re no longer turning on the taps in response to higher demand.”
Desjardins searched for underexplored mineral properties with a history of zinc discovery when prices hovered at US$0.60 per lb. Pistol Bay is now the dominant land-holder in the prolific Confederation Lake VMS Greenstone Belt, located 30 kilometres east of Red Lake, Ontario. VMS is an acronym for volcanogenic massive sulfide, a type of ore deposit typically associated with zinc, copper, lead, silver and gold. The road-accessible properties cover more than 15,000 hectares and are located near developed infrastructure.
The holdings encompass two substantial zinc-copper-silver-gold mineral deposits — one with 43-101 compatible mineral resource and one substantial deposit with a historical mineral resource.
“I didn’t want to be entirely dependent on the zinc market, and these properties indicate very good results in copper, silver and gold, in that order,” says Desjardins. “Discoveries for each of these metals could drive an economic decision for a mining company to go into production.”
The Pistol Bay holdings have been sub-divided into six properties for exploration. The search relies on high-tech site surveys, historic research of previous mining and exploration ventures, and on intimate knowledge of the area’s geology.
The area has been successfully mined in the past, and historic production and drilling information is being leveraged to locate potentially large mineral deposits alongside previous discoveries. Pistol Bay is also re-drilling some of the 567 historic drill holes on the properties, where geologists may have narrowly missed promising deposits.
There have been successive phases of exploration in the Confederation Lake belt, all of them using airborne electromagnetic surveys, which uses electromagnetic radiation to identify underground anomalies that indicate potential mineral deposits. But airborne surveying has come a long way since the last round of surveys in the 1980s, says Colin Bowdidge, Pistol Bay’s consulting geologist, who thrives on the detective work required to tease rich deposits from rock and soil.
image: https://www.bnnbloomberg.ca/polopoly_fs/1.1086473!/fileimage/httpImage/image.jpg_gen/derivatives/landscape_620/core-racks-are-intact.jpg
Embedded Image
Core racks are intact.
“The prior aerial surveys might have identified mineral deposits up to 200 metres below ground,” he says. “Last year, we conducted a 2,100 line-kilometre survey using much more precise helicopter-borne VTEM Plus® equipment, which flies lower and slower to provide images up to 700 metres deep. During that survey, we found brand new anomalies that have never been seen before and really need to be investigated in detail over the next few years.”
Pistol Bay’s plan of attack is based in part on VMS geology that occurred nearly 3 billion years ago when the region was submerged. “Black smokers” — hydrothermal vents on the sea bottom — were first observed off the coast of British Columbia in 1977. The active geology of these formations provides clues to the underwater dispersal of sulfides containing minerals in areas such as Confederation Lake.
Pistol Bay surmises that its Fredart and Arrow zones, which offer records indicating significant copper deposits, represent clusters of the ancient black smokers.
“As lava and magma pushed their way out onto the sea floor and were rapidly cooled, we see significant fractured rocks,” says Bowdidge. “Corrosive seawater leached metals from those rocks and deposited them on the sea floor in depressions such as the valley that runs through the Arrow Zone, on our claims. We’re looking for similar dispersion here in hopes of leading us to a larger deposit.”
Pistol Bay recently drilled three holes in its Arrow Zone, looking to confirm an extension of an already identified deposit. Drill hole GL18-03 ran into the mineralized zone about 65 metres earlier than expected. “As far as we can tell, this places it on a paleo-topographic high rather than in the ‘valley’. It’s possible that this represents a separate sub-zone with its own geometrical constraints,” says Bowdidge.
Precise surveying of historic drill holes with a differential GPS is currently under way, and this may help to resolve the detailed configuration of the mineralization.
“Examining the historical drill logs and processing that data, the most encouraging thing for me is that the geology of the area is quite a bit simpler than we previously thought,” says Bowdidge. “There’s a quartz-feldspar porphyry at the bottom. On top of that is the sulfide zone, and on top of that is another deposit of volcanic rocks that were not part of the original black smoker event. Understanding VMS and focusing on the big picture provides significant cues for exploration.”
Pistol Bay next has its sights on exploratory drilling in Fredart, which has a historical resource of copper mineralization. “Copper and gold tend to go together in the VMS environment, as do zinc and silver, yet most of the historic drill holes on Fredart were never assayed for gold,” says Desjardins.
“The drilling validates historic information and provides a great reminder of the potential that’s already here,” says Desjardins. “It’s a big property and I could see us optioning some of these historic resources to three or four mining companies while we concentrate on exploring the higher risk areas ourselves. Based on what we’ve already seen, we could keep a team of geophysicists modeling the conductors and anomalies we’ve discovered for a long time. This is just the tip of the iceberg.”
Zinc Plus Advanced Technology Equals Beneficiary Pistol BayMATT CRAZE | MAY 22, 2018 | NO COMMENTS
https://bit.ly/2IZc0QU
A well-versed theme in these columns is how technology has created a paradigm shift in mining exploration. Not only are mining companies now better equipped to survey historic mining sites on a smaller budget, but many of the metals they are looking for have underperformed in recent decades.Take zinc. The zinc market of all of the London Metal Exchange (LME) traded metals is the contract with the lousiest supply and demand fundamentals. Somewhat akin to the shipping industry in recent years, the industry built a swathe of new mines in the 1980s and 1990s, flooding the market for decades.
Only in recent years have some of those mines, such as the massive Century mine in Australia, became exhausted and created a more favourable price environment for zinc miners.
Although top producer Glencore aided the most recent price run by shutting down two mines in Australia, restarting them is unlikely to close a supply gap, heralding an era of promising economics for developers of new deposits. Charles Desjardins, the founder of Pistol Bay Mining Inc. (TSXV: PST), looked for a metal that could surprise on the upside in coming years, but has suffered from a dearth in exploration activity.
“The reason I got into zinc 3-4 years ago when prices were crappy, I was looking for where there might be a commodity shock, and zinc looked like a good prospect,” Desjardins said.
Pistol Bay bought a claim in Confederation Lake, Western Ontario where historical drilling in an area of volcanogenic massive sulphide ore (VMS) showed mineralization that would be attractive to mine in current market conditions. Being an area of zinc (of little interest to geologists since the 1970s), Desjardins was able to secure an area of 20,700 hectares (51,050 acres). With a 5% zinc equivalent cut-off, the Garnet Lake or Arrow Zone area holds an indicated resource of 2.1 million tons averaging 5.78% zinc, 0.72% copper, 0.60 g/t of gold and 19.5 g/t of silver (that’s 8.42% zinc equivalent.
Desjardins said another zinc project being developed currently by Calinex Mines Ltd. in New Brunswick gives an internal rate of return (IRR) estimate of 34% on a project with a 4.2% zinc equivalent, giving him optimism that the economics of his project are promising.
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A procession of companies explored the site in the 1970s, but airborne electromagnetic surveying has greatly evolved since then. Currently technology allows companies to detect anomalies as deep as 700 meters. One geologist of former mining company Noranda who worked at the Confederation Lake site told Desjardins recently that back in the 1970s, this type of surveying could only yield results until 200 meters depth.
Those studies were conducted when there was a looming global zinc shortage. The market scenario, like so many mining boom-to-bust cycles, prompted several major mining companies to develop zinc mines during that period. That geological work led to the discovery of the massive Red Dog mine in Alaska that started up in the late 1980s. The Century mine in northern Australia started in 1999, and accounted for up to 5% of global output until its closure in 2016.
The timely sale of a uranium deposit to mining giant Rio Tinto Plc funded Pistol Bay with $1.5 million this year to start drilling at the Arrow Zone. Results are due later this month. Pistol Bay also plans to drill the Fridart site in the Confederation Lake, that unlike all other targets contains high quantities of copper.
The airborne surveys and advanced downhole technology is giving Pistol Bay plenty of clues of where to drill next at the company’s concessions, which span 60 kilometers in length by 25 kilometers in width. Pistol Bay may form alliances with other exploration companies to advance work at other sites.“This technology is giving us a whole new bunch of things to chase,” Desjardins said. “We are going to be a busy group.
”GOLD, SILVER & BASE METALS INTEL
Pistol Bay Provides Assays for Confederation Lake
VANCOUVER, British Columbia, May 02, 2018 (GLOBE NEWSWIRE) -- Pistol Bay Mining Inc. (TSX-V:PST) (Frankfurt:OQS2) (OTC/Pink Sheet:SLTFF) (“Pistol Bay” or the “Company’) is pleased to provide an update with assays on its 3,500-metre diamond drilling program on its Confederation Lake property in northwestern Ontario.
Charles Desjardins, CEO of Pistol Bay Mining Inc. (TSX-V:PST) is pleased to announce that the Company has completed three diamond drill holes totaling 1,525 metres on the Arrow Zone, as the first phase of its 2018 winter-spring drill program on its 100% optioned Confederation Lake property in northwestern Ontario. The property, which now covers approximately 15,000 hectares (37,000 acres) covers numerous zinc-copper (-gold-silver-lead) occurrences, zones and deposits of VMS (volcanogenic massive sulphide) type. Assays have been received for the central part of the mineralized intersection in hole GL18-02, which averaged 3.82% zinc, 0.50% copper, 0.15% lead, 27.3 grams/tonne (g/t) silver and 0.71 g/t gold over a core length of 9.80 metres (estimated true width 6.9 metres).
Drill holes GL18-01 and GL18-02 were drilled into the middle of the Arrow Zone to fill in parts of the zone with additional data points. In combination with pinpointing collars by differential GPS and measuring collar azimuths of historical drill holes, this will make the drill database for the Arrow Zone more complete and more accurate. In 2017, a 43-101 resources estimate was made for the Arrow Zone: an Inferred Mineral Resource of 2,100,000 tonnes averaging 5.78% Zn, 0.72% Cu, 0.60 g/t Au and 19.5 g/t Ag. By improving the reliability of survey data for historical holes and including new drill holes, the Company hopes to be able to upgrade part or all of the Inferred Mineral Resource into the Indicated category.
Drill hole GL18-01 cut a 12 metre section of alternating massive sulphides and disseminated sulphides in heavily altered felsic pyroclastic rocks. It was preceded by 30 metres of mixed chert and felsic tuff with minor amounts of disseminated sulphides. A number of historical drill holes reported gold values in this “Upper Chert” rock unit. GL18-02 gave similar results, with 26.95 metres of “Upper Chert” followed by 12.85 metres of massive and disseminated sulphides. The following table presents averages within the 12.85 metre section for which assays have been received (those samples were assayed on a “rush” basis, while the remaining samples from GL18-02 and all of GL18-01 were not given priority).
SUMMARY ASSAY DATA DDH GL18-02 (Main sulphide zone)
From To Length Cu% Zn% Pb% Ag g/t Au g/t Zneq%
Average 422.95 435.80 12.85 0.42 3.07 0.12 22.2 0.59 5.15
Includes 426.00 435.80 9.80 0.50 3.82 0.15 27.3 0.71 6.33
Includes 428.50 435.80 7.30 0.56 4.83 0.15 26.4 0.45 7.13
Includes 429.50 431.50 2.00 0.92 8.88 0.38 44.3 0.38 12.30
Includes 430.40 431.00 0.60 0.28 22.00 0.77 74.9 0.77 24.80
Includes 426.00 429.00 3.00 0.33 0.83 0.17 40.4 1.65 4.41
The last average quoted is for a 3 metre section of conspicuous gold enrichment towards the top of the main sulphide zone.
Drill hole GL18-03 was drilled to test a possible extension of the Arrow Zone down a 45 degree plunge to the southwest. It intersected the main sulphide zone much earlier than expected, which demonstrated that the zone was apparently displaced about 25 metres to the northwest from where it was expected. The main sulphide zone was 26 metres thick (core length) and included more interbedded tuff than in other holes. It was overlain by approximately 40 metres of “Upper Chert”, which was in turn overlain by 16 metres of felsic tuff with a few percent of disseminated sulphides.
The possibility is being considered that the Arrow Zone is actually two separate zones, arranged en echelon, or that the southwestern part is displaced from the northeastern part by a fault.
The drill will be moving to the Fredart “A” Zone, a copper zone with associated silver values that was drilled at various times between the 1960s and the 1980s. Only the first four holes were assayed for gold. 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 Definition Standards for Mineral Resources and Mineral Reserves. Initially three pairs of drill holes, each at inclinations of 50° and 70° will be drilled through the Fredart zone.
The technical information in this news release was prepared 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. The company has also created a subsidiary for resource driven blockchain applications. 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.
Pistol Bay finishes three holes at Confederation Lake
Pistol Bay Mining Inc (2) (C:PST)
Shares Issued 47,847,648
Last Close 4/27/2018 $0.055
Monday April 30 2018 - News Release
Mr. Charles Desjardins reports
PISTOL BAY MINING INC. GIVES PRELIMINARY RESULTS FROM CONFEDERATION LAKE DRILLING
Pistol Bay Mining Inc. is providing preliminary results from its 2018 winter/spring Confederation Lake drilling.
Charles Desjardins, CEO of Pistol Bay Mining Inc. is pleased to announce that the Company has completed three diamond drill holes totalling 1,525 metres on the Arrow Zone, as the first phase of its 2018 winter-spring drill program on its 100% optioned Confederation Lake property in northwestern Ontario. The property, which now has an area of approximately 15,000 hectares (37,000 acres) covers numerous zinc-copper (-gold-silver-lead) occurrences, zones and deposits of VMS (volcanogenic massive sulphide) type.
Drill holes GL18-01 and GL18-02 were drilled into the middle of the Arrow Zone to fill in parts of the zone with additional data points. In combination with pinpointing collars by differential GPS and measuring collar azimuths of historical drill holes, this will make the drill database for the Arrow Zone more complete and more accurate. In 2017, a 43-101 resource estimate was made for the Arrow Zone: an Inferred Mineral Resource of 2,100,000 tonnes averaging 5.78% Zn, 0.72% Cu, 0.60 g/t Au and 19.5 g/t Ag (8.36% zinc equivalent or ZnEq*). By improving the reliability of survey data for historical holes and including new drill holes, the Company hopes to be able to upgrade part or all of the Inferred Mineral Resource into the Indicated category.
Drill hole GL18-01 cut a 12 metre section of alternating massive sulphides and disseminated sulphides in heavily altered felsic pyroclastic rocks. It was preceded by 30 metres of mixed chert and felsic tuff with minor amounts of disseminated sulphides. A number of historical drill holes reported gold values in this "Upper Chert" rock unit. GL18-02 gave similar results, with 26.95 metres of "Upper Chert" preceding 12.85 metres of massive and disseminated sulphides.
Successful Test of Down Dip Extension
Drill hole GL18-03 was drilled to test a possible extension of the Arrow Zone down a 45 degree plunge to the southwest. It successfully intersected the main sulphide zone, but at a shallower depth than anticipated, which demonstrated that the zone was apparently displaced about 25metres to the northwest from where it was expected. The main sulphide zone was 26 metres thick (core length) and included more interbedded tuff than in other holes. It was preceded by approximately 40 metres of "Upper Chert", which was in turn overlain by 16 metres of felsic tuff with a few percent of disseminated sulphides. The apparent offset in the main sulphide zone in hole GL18-03, from its expected location raises the possibility that the Arrow Zone may actually be two separate zones, arranged en echelon at different positions in the volcanic sequence. After re-surveying the historical drill holes, it may be possible to assess this hypothesis and judge its potential implications for the size of the mineral resource.
Assays of cut drill core are expected to start being delivered shortly. Turnaround time at the assay laboratory is currently about three weeks.
Drilling to Commence on Fredart Copper Zone
The drill will be moving to the Fredart "A" Zone (also referred to in some historical reports as the Copperlode "A" Zone), a copper zone with associated silver values that was drilled at various times between the 1960s and the 1980s. Only the first four holes were assayed for gold. 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 (1.83% copper equivalent or CuEq*), or alternatively 219,500 tonnes at 1.95% copper and 41.8 g/t silver (2.28% CuEq). Neither of these estimates conforms to any class of mineral resource or mineral reserve defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. Initially three pairs of drill holes, each at inclinations of 50degree and 70degree will be drilled through the Fredart zone.
* Note: Zinc equivalent and copper equivalent are calculated using gross metal values averaged over the last year, to convert other metal values to their equivalent grades of zinc or copper. Published metal prices are denominated in US dollars and were converted to Canadian dollars for the calculation at the rate of US$1.00 = C$1.28 to reflect that costs are in Canadian dollars.
The technical information in this news release was prepared 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 the Confederation Lake greenstone belt in the Red Lake area in Ontario, Canada. For additional information please visit the Company website at www.pistolbaymininginc.com or contact Charles Desjardins at pistolbaymining@gmail.com.
We seek Safe Harbor.
Pistol Bay Mining profiled on One Market Minute
CEO Charles Desjardins provides a company overview on One Market Minute.
https://bit.ly/2H5Xjra
TSX-V-PST OTC-SLTFF
Pistol Bay Provides an Update on 2018 Drilling Program at Confederation Lake
VANCOUVER, British Columbia, April 11, 2018 (GLOBE NEWSWIRE) -- Pistol Bay Mining Inc. (TSX-V:PST) (Frankfurt:OQS2) (OTC/Pink Sheet symbol:SLTFF) (“Pistol Bay” or the “Company’) is pleased to provide an update on its 3,500-metre diamond drilling program on its 51,000-acre Confederation Lake property in northwestern Ontario.
Drilling of the first two holes on the Arrow Zone has been completed. Core samples from the first hole have been sent to the lab for assaying. The core from the second hole is currently being logged. Sampling of the second hole will be carried out after the hole has been logged.
The drill is being moved to the site of the third hole and drilling will commence on this hole as soon as the drill is set up.
Following is a selection of drill intersections from previous diamond drill holes on the Arrow Zone by Noranda Exploration in 1997-1998 and Tribute Minerals Inc. in 2004-2007.
DDH-ID From
(m) To
(m) Core
Length True
width Cu% Zn% Ag g/t Au g/t
GL1997-02C 451.80 456.10 4.30 3.51 3.07 27.16 50.4 2.105
GL1997-04 469.00 474.80 5.80 4.25 1.61 9.36 37.0 0.818
GL2004-08 325.00 335.20 10.20 7.13 0.95 8.50 25.3 1.018
GL2006-18 513.50 518.90 5.40 3.84 0.66 18.71 25.6 0.446
GL2006-27 304.90 309.05 4.15 3.20 0.59 10.59 19.6 0.730
GL2006-39 338.83 343.10 4.27 3.00 1.21 18.54 8.2 0.413
GL2007-50 526.50 537.60 11.10 7.99 0.92 2.45 15.1 0.496
GL2007-53 560.35 567.40 7.05 5.39 1.20 4.28 25.4 0.834
Following drilling on the Arrow Zone, the drill will move to the Fredart Zone, which was drilled in the 1960s and contained copper mineralization of VMS type with associated silver values. Only the first four holes were assayed for gold.
The technical information in this news release was prepared 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. The company has also created a subsidiary for resource driven blockchain applications. 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.
Investing News Network has Profiled Pistol Bay Mining Inc
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Resource Investing News Featured Stock
Pistol Bay—Exploring Zinc and Copper in the Confederation Lake VMS Greenstone Belt
Overview
Pistol Bay Mining (TSXV:PST) is a base metals exploration company currently focused on developing its 20,700-hectare zinc-copper land holding in Ontario’s Confederation Lake VMS Greenstone belt. Owning 100 percent of its holdings, the company is currently exploring the property and its historic deposits having kicked off its initial drilling program in March 2018.
VMS deposits are known to occur in clusters, and it is not uncommon to identify a number of them within an area like Pistol Bay’s Confederation Lake land holding. Within Canada alone, VMS deposits are quite popular, with approximately 350 out of the 800 known VMS deposits in the world sitting within the North American nation. As such, districts that host VMS deposits, like the Confederation Lake VMS Greenstone belt, are considered to be opportune for potential discoveries.
Pistol Bay’s key area of interest in the Confederation Lake is the Arrow Zone, which has a 2017 indicated resource of 2.07 million tonnes at 5.92 percent zinc, 0.75 percent copper, 21.1 g/t silver and 0.58 g/t gold with a 3 percent zinc equivalent cutoff. This is supplemented by an inferred resource of 120,550 tonnes at 2.60 percent zinc, 0.56 percent copper, 18.6 g/t silver and 0.40 g/t gold. The resource estimate also covers values with a 5 percent zinc equivalent cutoff, as well as a 10 percent zinc equivalent cutoff. The initial focus of the company’s 2018 drill program is the Arrow Zone, and it will then move on to the Fredart zone, another area of interest.
Pistol Bay is led by a management team and board of directors with vast experience in running public companies. They are also supported by a professional geologist, Glen MacDonald, who brings over 30 years of mining experience, including in running Potash Inc. Management and individuals close to the company are significantly invested in the company, holding 25 percent of outstanding shares.
Investment Highlights
Numerous high-grade zinc-copper deposits in a dominant 20,700-hectare land holding in the Confederation Lake VMS Greenstone belt, Red Lake, Ontario
Completed 2,100-kilometer VTEM Plus™ airborne survey
Ongoing 3,500-meter drill program targeting Arrow and Fredart zones
Recent financing of $1 million from Rio Tinto acquisition of Pistol Bay’s uranium properties in Saskatchewan to be used to advance current holdings
Strong management team holding 25 percent of shares alongside friends of the company
Flagship Project: Confederation Lake Land Holding
Up until early 2018, Pistol Bay has been working on ammassing its land position in along the Confederation Lake VMS Greenstone belt in Ontario. Under that initiative, the company has developed a wholly-owned land package of 20,700 hectares, which is made up of 1,096 mining claims. The Confederation Lake properties sit within the mining-friendly jurisdiction of Red Lake, which has shown itself to be a politically-stable environment open to mining initiatives. The properties are supported by existing infrastructure including easy road access and available power.
pistol-bay-conferdation-lake
The land holding covers a number of existing properties that have collectively seen 567 drill holes aimed at uncovering zinc-copper-silver-gold VMS-style massive sulphide deposits.
pistol-bay-highlights
Garnett Lake / Arrow Zone
The Garnett Lake / Arrow Zone property is located 16 kilometers southwest of the South Bay mine, which produced 1.45 million tonnes with recovered grades of 11.06 percent zinc, 1.8 percent copper and 72.7 g/t silver from 12 ore lenses. The property was previously owned by Noranda Exploration and Tribute Minerals Inc, both of which conducted drilling programs. Drill results include 4.3 meters of 3.07 percent copper, 27.16 percent zinc, 50.4 g/t silver and 2.1 g/t gold, and 5.8 meters of 1.6 percent copper, 9.36 percent zinc, 37.0 g/t silver and 0.8 g/t gold.
pistol-bay-garnet-lake
In 2017, Pistol Bay released an updated NI 43-101 resource estimate for the Garnet Lake / Arrow Zone property, which included the following highlights:
3 percent zinc equivalent cutoff:
Indicated resource of 2.07 million tonnes at 5.92 percent zinc, 0.75 percent copper, 21.1 g/t silver and 0.58 g/t gold
Inferred resource of 120,550 tonnes at 2.6 percent zinc, 0.56 percent copper, 18.6 g/t silver and 0.4 g/t gold
5 percent zinc equivalent cutoff:
Indicated resource of 1.76 million tonnes at 6.75 percent zinc, 0.79 percent copper, 22.3 g/t silver and 0.61 g/t gold
Inferred resource of 61,630 tonnes at 3.86 percent zinc, 0.79 percent copper, 23.9 g/t silver and 0.58 g/t gold
10 percent zinc equivalent cutoff:
Indicated resource of 633,000 tonnes at 14.3 percent zinc, 1.11 percent copper, 31.7 g/t silver and 0.85 g/t gold
In March 2018, Pistol Bay announced that it had kicked off its 3,500-meter drilling program. The first three drill holes will test the Arrow Zone and their products will be used as part of a metallurgical testing initiative.
Copperlode “A” / Fredart Zone
The Fredart zone has a historical mineral resource (non-NI 43-101 compliant) of 386,000 tonnes grading 1.56 percent copper and 33.6 g/t silver. The property was also drilled in the 1960s, during which it presented VMS-type copper mineralization associated with silver values, open at depth. Reported samples from the 1970s also included up to 1.46 percent molybdenum.
pistol-bay-copperlode
Past exploration on the property has shown four conductive zones with lengths of 400, 850, 900 and 950 meters over a total length of 6.5 kilometers. As part of the 2018 drilling program, the company will move the drill to the Fredart Zone once it has finalized the three drill holes at the Arrow Zone.
Ben Lake, Joy, Joy North and Caravelle
The Joy North property sits in the southwestern portion of Pistol Bay’s land holding, and is surrounded by the Ben Lake and Joy properties. The property includes a 1,000-meter conductive zone, which was defined by a HLEM survey. Additional exploration work has also uncovered indicated anomalies of zinc, copper and gold linked to the conductor.
pistol-bay-joy-north-zone
Joy North covers five VMS mineralized zones, four of which have been drilled and produced the following highlights:
Joy Zone:
5.7 meters at 3.10 percent copper and 0.20 percent zinc
3.35 meters at 4.01 percent copper, 0.17 percent zinc
Creek Zone:
0.95 meters at 2.33 percent copper, 0.27 percent zinc
South Zone:
0.60 meters at 0.28 percent copper, 17.17 percent zinc
0.25 meters at 0.17 percent copper, 8.36 percent zinc
Caravelle Zone:
0.25 meters at 0.13 percent copper, 21.60 percent zinc
1.10 meters at 0.22 percent copper, 4.44 percent zinc
Dixie 17, 18, 19, 20 and Dixie 3
The Dixie zinc copper collection of claims includes the former Snake Falls property, which sits 45 kilometers southeast of Red Lake. The largest VMS deposit in this region is the South Bay mine, which was in production between 1971 and 1981, producing 354 million pounds of zinc, 57.6 million pounds of copper and 3.73 million ounces of silver.
pistol-bay-dixie
The mineralized zones on the Dixie claims were explored by Selco, Noranda and Tribute Minerals from the 1980s to the late 2000s. Drilling programs by all three owners covered a total 58 holes and delivered results of 1.25 meters of 9.71 percent zinc, 0.2 percent copper and 10.7 g/t silver, and 1.25 meters averaging 5.32 percent zinc on the Dixie 19 claim. Historical resources for the area include 150,000 tons at 14 percent zinc.
The company is working on compiling the historical data associated with the property and review all the data collected by Tribute Minerals in their drilling initiatives.
Mitchell, Gerry Lake and Karas Lake
This collection of 33 mining claims covers 3,700 hectares, hosting a nine-kilometer portion of the Confederation Lake greenstone belt. Historical work in the region has demonstrated a number of zinc-bearing sulphide zones. The properties have seen extensive exploration since the 1960s, which covered approximately 90 drill holes.
Results from Pistol Bay’s VTEM survey have indicated that the area has a strong conductive response, particularly showing two well-defined response lines with a length of up to 400 meters.
Management
Charles Desjardins—President, CEO and Director
Charles Desjardins brings more than 25 years of public company experience in the areas of finance and public company management. He is President and CEO of Tandem Capital Group Inc. which was active in the investor relations field during the mid 1980’s. He was also past president of numerous public mineral exploration and technology companies which traded on the TSX Venture exchange.
Doug McFaul—Director
Doug McFaul has 20 years of experience with companies involved in the public markets. He has acted as a director and held senior management positions with various public companies. He completed the Canadian Securities Course in 1994. He also obtained a degree in finance from the University of Alaska in 1989
Dave Bissoondatt—Director
Dave Bissoondatt has over 20 years of experience with companies involved in the public markets. He has held the position as director in various companies traded on the TXS Venture Exchange. He has also served on the Audit Committee in some of the companies. He graduated from BCIT in Control Electronics in 1975 and in Medical Radiology in 1980. He has been a business owner for many years. Presently he also has a managerial position in the healthcare field.
Glen MacDonald—Director
Glen MacDonald is a professional geologist with over 30 years of exploration and mine development experience in the mineral industry. He has a BSc. (1973) from the University of British Columbia. He is a member of the Alberta Professional Engineers, Geologist and Geophysicists Association since 1982 and of the British Columbia Association of Professional Engineers and Geoscientists since 1993. Co-founder of and a director of Potash One Inc. from March 2003 to May 2009. He is currently a director of several other TSX Venture listed resources companies.
Pistol Bay Mining Inc (2) (C-PST) (OTC-SLTFF) - News Release
Pistol Bay starts 3,500m drill program at Confederation
2018-03-22 03:15 PT - News Release
Shares issued 47,697,648
PST Close 2018-03-21 C$ 0.055
Mr. Charles Desjardins reports
PISTOL BAY COMMENCES DRILLING IN CONFEDERATION LAKE
Pistol Bay Mining Inc. has commenced its planned 3,500-metre diamond drilling program on its 51,000-acre Confederation Lake property in Northwestern Ontario.
The first three drill holes, of approximately 500 metres each, will test the Arrow zone, and the core will be used for preliminary metallurgical testing. The Arrow zone is a volcanogenic massive sulphide (VMS) deposit, which was the subject of a National Instrument 43-101 report in 2017 that presented an inferred mineral resource of 2.1 million tonnes grading 5.78 per cent zinc, 0.72 per cent copper, 0.60 gram per tonne (g/t) gold and 19.5 g/t silver (8.42 per cent zinc equivalent).
A selection of drill intersections from previous diamond drill holes on the Arrow zone by Noranda Exploration in 1997/1998 and Tribute Minerals Inc. in 2004 to 2007 is shown in the associated table.
DDH From To Core True Cu Zn Ag Au
ID (m) (m) length width (%) (%) (g/t) (g/t)
GL1997-02C 451.80 456.10 4.30 3.51 3.07 27.16 50.4 2.105
GL1997-04 469.00 474.80 5.80 4.25 1.61 9.36 37.0 0.818
GL2004-08 325.00 335.20 10.20 7.13 0.95 8.50 25.3 1.018
GL2006-18 513.50 518.90 5.40 3.84 0.66 18.71 25.6 0.446
GL2006-27 304.90 309.05 4.15 3.20 0.59 10.59 19.6 0.730
GL2006-39 338.83 343.10 4.27 3.00 1.21 18.54 8.2 0.413
GL2007-50 526.50 537.60 11.10 7.99 0.92 2.45 15.1 0.496
GL2007-53 560.35 567.40 7.05 5.39 1.20 4.28 25.4 0.834
Following drilling on the Arrow zone, the drill will move to the Fredart zone, which was drilled in the 1960s and contained copper mineralization of VMS type with associated silver values. Only the first four holes were assayed for gold.
The technical information in this news release was prepared 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 zinc and base metal properties in North America. The company has also created a subsidiary for resource-driven blockchain applications.
We seek Safe Harbor.
Pistol Bay Executes Drilling Contract
VANCOUVER, British Columbia, March 12, 2018
(GLOBE NEWSWIRE) -- Pistol Bay Mining Inc. (TSX-V:PST) (Frankfurt:OQS2) (OTC Pink:SLTFF) (“Pistol Bay” or the “Company’)
Shares Issued: 47,497,648
Is pleased to announce that the Company has signed a contract for a minimum of 3,000 metres of diamond drilling on its Confederation Lake property in northwestern Ontario. The property now covers an area of approximately 20,700 hectares or 51,000 acres.
Three drill holes of approximately 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.
Approximately ten diamond drill holes totaling about 2,000 metres will test the Fredart “A” zone (also referred to as the Copperlode “A” zone). Some of the better drill intercepts from diamond drilling in the 1960s reported by Rexdale Mines Ltd include:
Hole No. From (m) To (m) Core Length Cu % Ag g/t
FA-1965-06 54.25 77.11 22.86 1.03 16.39
Includes 54.25 60.66 6.40 1.44 32.70
and 66.75 77.11 10.36 1.18 15.96
FA-1965-07 21.95 58.52 36.57 0.68 18.16
includes 21.95 24.99 3.05 1.56 55.55
and 52.73 58.52 5.79 3.24 85.46
FA-1966-11 73.43 80.04 6.61 3.37 159.52
FA-1966-15 46.63 64.16 17.53 2.54 45.72
FA-1966-18 31.09 77.30 46.21 1.18 51.11
Includes 34.08 51.51 17.43 1.89 51.11
and 64.22 77.30 13.08 1.47 51.72
FA-1966-31 64.77 69.01 4.24 3.39 101.89
The drill intersections listed above do not include any gold values, because only the first four drill holes in 1965 were assayed for gold; they gave gold values of 0.3 to 0.6 grams per tonne. Gold was not an important commodity in those years. The mineralization in the Fredart Zone appears to be of VMS type. Copper-rich VMS deposits often have accessory gold with occasional higher values. Pistol Bay will assay all mineralized intersections for gold as well as copper and silver.
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 Definition Standards for Mineral Resources and Mineral Reserves.
The technical information in this news release was prepared 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. The company has also created a subsidiary for resource driven blockchain applications. 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 TO START DRILLING AT CONFEDERATION LAKE IN MARCH 2018
Vancouver, B.C. – February 22, 2018: Pistol Bay Mining Inc. (TSX-V - PST; OTC-SLTFF; 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 February13,2018). 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. 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
PISTOL BAY PLANS 2018 DRILLING PROGRAM IN CONFEDERATION LAKE
Vancouver, B.C. – February 15, 2018: Pistol Bay Mining Inc. (TSX-V - PST; OTC-SLTFF; Frankfurt - OQS2) (“Pistol Bay” or the “Company’) is pleased to announce that it plans to commence a 2018 drilling program on it’s 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. 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
RIO TINTO EXERCISES OPTION FOR PISTOL BAY C-BLOCK URANIUM PROPERTIES
Vancouver, BC – February 13, 2018: Pistol Bay Mining Inc. (TSX-V: PST) (Frankfurt – OQS2)(OTC-SLTFF) (“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. 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 Directo
PB Blockchain Announces “HashDrop” Blockchain Application
Vancouver, B.C. – January 31, 2018: Pistol Bay Mining Inc. (TSX-V - PST; OTC-SLTFF; Frankfurt- OQS2) (“Pistol Bay” or the “Company’) is pleased to give an update on the development of our subsidiary, PB Blockchain Inc. (see news release dated November 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:
A. Architecture Designed with multiple levels of protection covering: • Data transfer • Encryption • Network configuration • Application-level controls all distributed across a scalable, secure infrastructure
B. 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
C. Authentication • Different levels of authority access • Login/register using email and password
D. 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
E. 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
F. 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
G. 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
H. 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. 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
PISTOL BAY ACQUIRES ADDITIONAL ZINC-COPPER PROPERTIES IN CONFEDERATION LAKE VMS GREENSTONE BELT, ONTARIO
Vancouver, B.C. – January 10, 2018: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2) (“Pistol Bay” or the “Company’) is pleased to announce that it has entered into an option agreement with an arm’s length vendor to acquire a 100% interest in the Mitchell, Gerry Lake and Karas Lake Properties, located in the Karas Lake Area, Red Lake Mining Division, Ontario (the “Property”).
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.
On Behalf of the Board of Directors PISTOL BAY MINING INC.
"Charles Desjardins" Charles Desjardins, President and Director
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.
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