Mr. Charles Desjardins reports

PISTOL BAY EXECUTES DRILLING CONTRACT

Pistol Bay Mining Inc. has signed a contract for a minimum of 3,000 metres of diamond drilling on its Confederation Lake property in Northwestern Ontario. The property now covers an area of approximately 20,700 hectares or 51,000 acres.

Three drill holes of approximately 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.

Approximately 10 diamond drill holes totalling about 2,000 metres will test the Fredart A zone (also referred to as the Copperlode A zone). Some of the better drill intercepts from diamond drilling in the 1960s reported by Rexdale Mines Ltd. are shown in the table.

Hole No.     From (m)  To (m) Core length (m)  Cu (%)  Ag (g/t)
 
FA-1965-06     54.25   77.11           22.86    1.03     16.39
includes       54.25   60.66            6.40    1.44     32.70
and            66.75   77.11           10.36    1.18     15.96
FA-1965-07     21.95   58.52           36.57    0.68     18.16
includes       21.95   24.99            3.05    1.56     55.55
and            52.73   58.52            5.79    3.24     85.46
FA-1966-11     73.43   80.04            6.61    3.37    159.52
FA-1966-15     46.63   64.16           17.53    2.54     45.72
FA-1966-18     31.09   77.30           46.21    1.18     51.11
includes       34.08   51.51           17.43    1.89     51.11
and            64.22   77.30           13.08    1.47     51.72
FA-1966-31     64.77   69.01            4.24    3.39    101.89

The drill intersections listed in the table do not include any gold values, because only the first four drill holes in 1965 were assayed for gold; they gave gold values of 0.3 to 0.6 gram per tonne. Gold was not an important commodity in those years. The mineralization in the Fredart zone appears to be of VMS type. Copper-rich VMS deposits often have accessory gold with occasional higher values. Pistol Bay will assay all mineralized intersections for gold as well as copper and silver.

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 Canadian Institute of Mining, Metallurgy and Petroleum definition standards for mineral resources and mineral reserves.

The technical information in this news release was prepared 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 zinc and base metal properties in North America. The company has also created a subsidiary for resource driven blockchain applications.

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