14:16:11 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Pistol Bay Mining Inc (3)
Symbol PST
Shares Issued 50,333,822
Close 2019-07-29 C$ 0.05
Market Cap C$ 2,516,691
Recent Sedar Documents

Pistol Bay to acquire 104 mining cells in Red Lake

2019-07-29 05:56 ET - News Release

Mr. Charles Desjardins reports

PISTOL BAY ACQUIRES GOLD EXPLORATION CLAIMS IN RED LAKE

Pistol Bay Mining Inc. has entered into an option agreement with Northbound Capital, subject to TSX Venture Exchange approval, to acquire a 100-per-cent right, title and interest in and to 104 mining cells located in the Cabin Bay township in the Red Lake mining district, Ontario. The 5,264-acre property is located southeast of Great Bear Resources' recent discovery.

Charles Desjardins, president and chief executive officer of Pistol Bay, stated: "We are excited about this new Red Lake gold prospect coming to Pistol Bay having always been Red Lake mining district believers. We feel the recent discoveries by Great Bear will help focus attention on the gold and base metal potential of Pistol Bay's Confederation Lake land package and the Red Lake mining district as a whole."

Under the terms of the option agreement, in order to acquire a 100-per-cent right, title and interest in and to the property, Pistol Bay is required to make total cash payments of $82,500 and issue a total of three million shares over a three-year period. Northbound Capital will retain a 2.0-per-cent net smelter returns royalty. Pistol Bay Mining shall have the right at any time to purchase one-half of the NSR royalty, being 1 per cent, from Northbound Capital in consideration of the payment to Northbound Capital of $1-million, thereby leaving Pistol Bay with a 1-per-cent NSR royalty.

The 2,130-hectare (5,264 acres) Pakwash South property lies southeast of the Dixie Lake gold discovery now being explored by Great Bear Resources Ltd. It is accessible by old forestry access roads leading from provincial Highway 105, as well as by boat via Pakwash Lake and the Chukuni and English Rivers.

The property lies in an area of metasedimentary rocks of the English River terrain, including a variety of granitoid intrusives, and is situated just to the south of a major structural zone called the Sydney Lake fault. Metasedimentary terrains in the vicinity of major structures, once considered to have low mineral potential, have been the site of recent gold discoveries such as Newmont-Goldcorp's Eleonore mine in Northern Quebec, the Curraghinalt gold deposit in Northern Ireland and the Valentine Lake gold deposit in Newfoundland.

The property formerly comprised part of a large claim group known as the Goldpines. This was the only previous exploration in the area, and work in this part of the Goldpines property was mainly geochemical, with lake sediment, lake water surveys and extensive soil sampling for MMI (mobile metal ion) analysis. The property covers a cluster of anomalous gold in MMI soil samples over an area of 2,600 by 1,900 metres.

Vanadium project

Pistol Bay is also planning an initial work program of sampling and prospecting in the near term on its vanadium project in Nevada.

The technical information in this news release was prepared and/or reviewed by Colin Bowdidge, PGeo, a qualified person as defined in National Instrument 43-101

About Pistol Bay Mining Inc.

Pistol Bay is a diversified junior Canadian mineral exploration company with a focus on zinc and base metal properties in North America. The company is also actively pursuing the right opportunity in other resources to enhance shareholder value.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.