Pegasus Resources Inc (SLTFF)

[Sam Dan]

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"PISTOL BAY TO PROVIDE UPDATED 43-101 RESOURCE FOR ARROW ZINC-COPPER-SILVER-GOLD DEPOSIT, CONFEDERATION LAKE PROJECT

Broad Oak Associates is providing a revised National Instrument 43-101-compliant mineral resource for Pistol Bay Mining Inc.'s Arrow zone. The Arrow Zone is the most advanced mineralized zone on the 17,400-acre Confederation Lake Volcanogenic Massive Sulphide (VMS) project southeast of Red Lake, Ontario.

The Arrow Zone lies in the Garnet Lake claim group, one of four properties acquired by Pistol Bay from AurCrest Gold Inc. (formerly Tribute Minerals Inc.). Previous mineral resource estimates, authored by Geoffrey S. Carter, P.Eng. of Broad Oak, were provided to Tribute Minerals in 2007. The following table summarizes the 2007 mineral resource estimate. Cutoff grades were denominated in "zinc equivalent" or "Zn eq" where Zn eq (%) = Zn(%) + 2.4*Cu(%).

The new resource estimate is not expected to differ by more than a few percent from the 2007 estimates. Subsequent diamond drilling in the area of the Arrow Zone concentrated on possible extensions of the mineralization in the up-plunge and down-plunge directions; only lower grade sulphides were intersected and it was concluded that additional resources were most likely to be found in separate mineralized zones. The multi-zone character of VMS deposits is well illustrated by the South Bay mine, 16 kilometres to the northeast of the Arrow Zone. The South Bay mine produced 1,450,000 tonnes with recovered grades of 11.06% Zn, 1.80% Cu and 72.7 g/t Ag, reportedly from twelve separate ore lenses, the largest of which contained approximately 500,000 tonnes.

Technical information in this news release has been provided or approved by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as the term is defined in National Instrument 43-101.

Pistol Receives Cash Injection from Rio Tinto

The Company confirms that it has received the $750,000 cash injection from Rio Tinto previously announced March 28, 2017.

About Pistol Bay Mining Inc.

Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base metal properties in North America.


Read more at http://www.stockhouse.com/companies/bullboard/v.pst/pistol-bay-mining-inc?postid=26077573#G717CcT1MgyiPM57.99