05:00:17 EDT Sun 24 Mar 2019
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Pistol Bay Mining Inc (2)
Symbol C : PST
Shares Issued 47,497,648
Close 2018-02-21 C$ 0.06
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Pistol Bay to begin Confederation drilling in March

2018-02-22 04:21 ET - News Release

Mr. Charles Desjardins reports


Pistol Bay Mining Inc. is currently soliciting and reviewing bids from drilling contractors for the rights to drill the company's Confederation Lake greenstone belt VMS (volcanogenic massive sulphide) properties. A decision is expected shortly, and drilling is planned to commence in March, 2018.

Pistol Bay has received $1-million from Rio Tinto for the uranium assets it owned in the Athabasca basin (see news release dated Feb. 13, 2018). Proceeds from this payment will be used to finance 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 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 gold and 19.5 g/t silver. (8.42 per cent zinc equivalent) (see news release dated Feb. 15, 2018).

Approximately 10 diamond drill holes totalling 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 per cent copper and 33.6 g/t silver, or alternatively 219,500 tonnes at 1.95 per cent 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 (Canadian Institute of Mining, Metallurgy and Petroleum) guidelines.

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.

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