Pegasus Resources Inc (SLTFF)

[Sam Dan]

Pistol Bay Provides an Update on 2018 Drilling Program
at Confederation Lake

Vancouver, B.C. – April 11, 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 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 [e-mail].