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Pistol Bay Mining Inc. (TSX-V:PST) (Frankfurt:OQS2) (OTC/Pink

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Sam Dan Member Level  Wednesday, 05/02/18 09:46:28 AM
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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.

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