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Pistol Bay Mining Inc (2)
Symbol PST
Shares Issued 29,965,757
Close 2017-02-22 C$ 0.075
Market Cap C$ 2,247,432
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Pistol acquires historical Confederation Lake database

2017-02-22 11:10 ET - News Release

Mr. Charles Desjardins reports

PISTOL BAY ACQUIRES HISTORIC DATA SET

The vendor of the Joy North property (see the news release dated Feb. 16, 2017) has supplied Pistol Bay Mining Inc. with a package of historical data on exploration in the Confederation Lake greenstone belt in the 1960s and 1970s, much of which has never been in the public domain.

Most of the historical data comprise diamond drill logs and ground geophysical survey maps from Selco Mining Company. Selco carried out a series of extensive and intensive exploration programs over most of the Confederation Lake belt that resulted in the discovery of several occurrences of zinc-copper-volcanogenic-massive-sulphide (VMS) mineralization with associated silver and gold values. The South Bay deposit was one of the first discoveries made by Selco, and it went into production in 1971. Over the period from 1971 to 1981, the South Bay mine produced 1,486,000 tonnes averaging 14.7 per cent zinc, 2.3 per cent copper and 121 grams per tonne silver (1).

A significant number of the Selco drill holes and many of the survey maps were never filed for assessment. The regulatory regime in Ontario at the time allowed mining claims to have a maximum of five years of assessment work, after which they would have been eligible to be leased; there was no incentive to report any excess work for assessment. Further, many of the drill holes that Selco did file for assessment did not include assay data.

Over the next several weeks, Pistol Bay will be incorporating the newly available data into a digital database that includes drill information, geology, assays, rock chemistry, and petrology and ground geophysics. Consideration is being given to carrying out a new airborne electromagnetic and magnetic survey using current technology that can see deeper than earlier systems and can also better discriminate bedrock from overburden conductivity.

Charles Desjardins, president of Pistol Bay, stated: "This data package will make our regional and property-scale compilations as complete as they can possibly be. When we follow up on some of the partially drilled-off zinc-copper zones that were originally discovered by Selco, we will be in possession of essentially all of the data that still exists, and that will allow us to make the most effective use of drilling metres."

(1) The South Bay mine site does not form part of Pistol Bay's property holdings. Production figures from the South Bay mine vary depending on the source. Selco appears to have been equally as cautious about publishing production figures as it was about filing assessment reports. The numbers quoted here are from a 2003 report by Noranda Exploration Company. Noranda acquired most of its Confederation Lake properties through a joint venture with Selco; hence, Noranda had access to Selco data, and these production figures are considered sufficiently reliable for the purposes of this news release.

Technical information in this news release has been provided and/or reviewed by Dr. Colin Bowdidge, PhD, PGeo, a qualified person as defined in National Instrument 43-101.

About Pistol Bay Mining Inc.

Pistol Bay Mining is a diversified junior Canadian mineral exploration company with a focus on precious and base metal properties in North America.

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