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File: 2019.09.17   Pistol Bay acquires additional gold exploration claimsin Red Lake.docx

                                                                                                                      
--->                                                                                                Phone 604 369 8973
                                                                                                                      
--->                  TSX-Venture: PST
             OTC/Pink Sheet: SLTFF
   Suite 700-838 W Hastings Street
                                                                                                                      
--->       Vancouver, BC, V6C 0A6

  



 
Pistol Bay acquires additional gold exploration claims in Red Lake 
Vancouver, B.C. - September 17, 2019: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLT
--->FF) ("Pistol Bay" or the "Company') wishes to announce it has entered into an option agreement with 1544230 Ontario In
--->c. subject to TSX Venture Exchange approval, to acquire a 100% right, title and interest in and to 141 mining cells lo
--->cated in the Pakwash Lake Area in the Red Lake Mining District, Ontario. The 7130-acre properties are located east and
---> south of Great Bear Resources recent discovery. 
Charles Desjardins, President & CEO of Pistol Bay stated, "The company is excited about the additional prospects for g
--->old in the vicinity of the recent Great Bear Resources discovery. We believe there is considerable potential for gold 
--->on our Confederation Lake side of the Red Lake Mining district as well as the known historic resources of silver, copp
--->er and zinc. Many of the historic drill holes in Confederation Lake were not assayed for gold."
The property comprises two separate claim blocks. The first claim group is referred to as the Pakwash East block. It c
--->omprises 35 cells, with an area of approximately 716 hectares (1,760 acres). It is 12.5 kilometres southeast of the Gr
--->eat Bear Resources Dixie property. It adjoins a 9,650-hectare claim group registered to Great Bear Resources. It is tr
--->aversed by provincial Highway 105, a 115 kV transmission lines and a natural gas pipeline. It is underlain by metasedi
--->mentary rocks and granitic intrusions, according to published geological maps. Although it formed part of the Laurenti
--->an Goldfields Inc. Goldpines project, the only exploration reported in the area of the Pakwash East block was an airbo
--->rne magnetic and VLF-EM survey. 
The second claim group is referred to as the Pakwash North block. It comprises of 106-cells, 2,174-hectare (5,370 acre
--->s). It lies 21 kilometres southeast of the Dixie Lake gold discovery now being explored by Great Bear Resources Ltd, a
--->nd 44 kilometres southeast of the town of Red Lake. It is accessible by old forestry access roads leading from provinc
--->ial highway 105, as well as by boat via Pakwash Lake and the Chukuni and English Rivers. 
The Pakwash North Block lies in an area of metasedimentary rocks of the English River terrain, including a variety of 
--->granitoid intrusives, and straddles a major structural, the Sydney Lake Fault. Metasedimentary terrains in the vicinit
--->y of major structures, once considered to have low mineral potential, have been the site of recent gold discoveries su
--->ch 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 Pakwash North Block formerly comprised part of a large claim group known as the Goldpines property, that was explo
--->red by Laurentian Goldfields Inc. in 2010 and 2011. This was the only previous exploration in the area, and work in th
--->is part of the Goldpines property was confined to geological mapping, lake-sediment geochemical surveying and MMI soil
---> sampling and analysis. The mapping confirmed the existence of the Sydney Lake Fault. There are a small number of MMI 
--->soil samples with anomalous gold adjacent to the Sydney lake Fault in the eastern part of the property. 
The accompanying map shows the Pakwash North and Pakwash East claim blocks, Great Bear Resources Dixie and Pakwash pro
--->perties, as well as the Pakwash South property (see news release 29 July, 2019). The Dixie 17-18-19-20 and Dixie 3 (Sn
--->ake Falls) claim blocks, part of Pistol Bay's Confederation Lake project, are also indicated on the map.
/
Under the terms of the option agreement, in order to acquire a 100% right, title and interest in and to the property, 
--->Pistol Bay is required to make total cash payments of $45,000 and issue a total of 500,000 shares over a three-year pe
--->riod. 1544230 Ontario Inc. will retain a 1.5% net smelter returns royalty.

Pistol Bay Mining Inc. shall have the right at any time to purchase one-half (1/2) of the NSR Royalty, being three-qua
--->rters of one percent (0.75%), from 1544230 Ontario Inc. in consideration of the payment to 1544230 Ontario Inc. of $50
--->0,000, thereby leaving Pistol Bay with three-quarters of one percent (0.75%) NSR Royalty.
The technical information in this news release was prepared and/or reviewed by Colin Bowdidge., P.Geo., a Qualified Pe
--->rson as defined in National Instrument 43-101

About Pistol Bay Mining Inc. 
Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on zinc and base meta
--->l properties in North America. The company is also actively pursuing the right opportunity in other resources to enhan
--->ce shareholders value. For additional information please visit the Company website at www.pistolbaymininginc.com or co
--->ntact Charles Desjardins at pistolbaymining@gmail.com.

On Behalf of the Board of Directors 
PISTOL BAY MINING INC. 
"Charles Desjardins"   
Charles Desjardins, 
President and Director 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the 
--->TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 
Cautionary note: 
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered specula
--->tive. Any and all other resource or reserve estimates are historical in nature and should not be relied upon. By their
---> nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors
---> that will or may occur in the future. Actual results may vary depending upon exploration activities, industry product
--->ion, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Caution
--->ary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms,
---> such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be eco
--->nomically and legally producible under existing economic and operating conditions.