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Pistol Bay Mining Inc (3)
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Pistol Bay receives rest of Confederation drill results

2018-06-13 11:19 ET - News Release

Mr. Charles Desjardins reports

PISTOL BAY ANNOUNCES ASSAYS CONFIRMING GARNET LAKE (ARROW ZONE) RESOURCE

Pistol Bay Mining Inc. has now received all the assays from its first phase of diamond drilling on the Arrow zone on its Confederation Lake zinc-copper (gold and silver) property southeast of Red Lake, Ont. Three holes totalling 1,555.5 metres were drilled to provide additional information in areas where previous drill intercepts were sparse, or where there was a degree of uncertainty in the location of drill intercepts.

All three diamond drill holes intersected a sulphide zone with sphalerite, chalcopyrite, pyrite and pyrrhotite. Occasionally, minor amounts of galena were present. The attached table presents average grades across the entire sulphide zone and selected intervals of higher grade. Zinc equivalent grades are provided, in addition to grades of individual metals.

 
Hole No.      From       To   Core length       Cu     Zn      Ag      Au      Pb    ZnEq 
                (m)      (m)           (m)      (%)    (%)   (g/t)   (g/t)     (%)     (%)
                               
GL18-01     432.70   443.60         10.90     0.73   2.22    12.0   0.307    0.03    4.34  
includes    440.70   443.60          2.90     0.69   4.49    22.2   0.217    0.10    6.65  
and         432.70   435.70          3.00     1.16   1.48    12.8   0.640    0.01    4.91 
GL18-02**   422.95   435.80         12.85     0.42   3.07    22.2   0.588    0.12    5.15  
includes    426.00   435.80          9.80     0.50   3.82    27.3   0.713    0.15    6.33  
includes    428.50   435.80          7.30     0.56   4.83    26.4   0.446    0.17    7.13  
includes    426.00   429.00          3.00     0.33   0.83    40.8   1.648    0.16    4.41  
includes    429.50   431.50          2.00     0.92   8.88    44.3   0.382    0.38   12.30 
includes    430.40   431.00          0.60     0.28  22.00    74.9   0.314    0.77   24.80 
GL18-03     563.10   576.00         12.90     0.13   1.13     3.3   0.044    0.02    1.54  
includes    570.70   574.50          3.80     0.20   1.93     4.3   0.083    0.04    2.54  
includes    570.20   571.70          1.50     0.11   2.69     3.4   0.040    0.07    3.09  
and         573.20   574.50          1.30     0.48   2.92     8.5   0.150    0.05    4.28  

** Summary assay data for drill hole GL18-02 were reported in news release 
dated May 2, 2018.

Charles Desjardins, president and chief executive officer, noted, "These drill results confirm the consistent nature of mineralization in the Arrow zone and give us more confidence in the existing mineral resource estimate."

The company is in the process of recompiling all drill results on the Arrow zone, incorporating new surveys of drill collar locations and azimuths using differential GPS (global positioning system) equipment. The company published a technical report with an effective date of July 24, 2017, that included an inferred mineral resource of 2.1 million tonnes with average grades of 0.72 per cent copper, 5.78 per cent zinc, 0.60 gram per tonne gold and 19.5 grams per tonne silver.

Drilling on the Confederation Lake property is expected to resume shortly, with a focus on the Fredart copper-gold zone, which was drilled extensively in the period from 1965 to 1985 but has not had a modern mineral resource estimate owing to uncertainty in drill hole locations and the unavailability of core to confirm historical assays.

Technical information in this new release has been prepared and/or reviewed by Dr. Colin Bowdidge, PhD, PGeo, a qualified person as defined in National Instrument 43-101. Assays quoted in this news release were performed by Agat Laboratories in Mississauga, Ont., using ICP methods for zinc, copper, silver and lead and fire assay/ICP for gold. Agat Laboratories is certified to ISO/IEC 17025:2005.

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.

We seek Safe Harbor.

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