Mr. Charles Desjardins reports

PISTOL BAY PLANS ADDITIONAL GEOPHYSICAL STUDIES FROM THE 2017 VTEM SURVEY

Pistol Bay Mining Inc. has planned to commence additional geophysical studies from the 2017 VTEM survey.

Pistol Bay will be conducting a more comprehensive interpretation of the 2,100-line-kilometre VTEM (versatile time domain electromagnetic) survey done by Geotec in 2017. To date, only a small percentage has been interpreted. Pistol Bay plans to focus this work on the Fredart-Gerry Lake trend, especially the No. 1 priority target generated from the survey on the north end of the Fredart Lake trend:

• This Fredart historic mineral resource of 386,000 tonnes grading 1.56 per cent copper and 33.6 grams per tonne silver (non-compliant National Instrument 43-101);
• Drill tested to a depth of approximately 200 metres, reported as being open at depth;
• As well, the 2017 2,100 line km VTEM survey identified four conductors with lengths of 400, 850, 900 and 950 m over a length of 6.5 km.

The second priority target will be north of the 43-101 compliant Arrow zone on the Garnet property. This Arrow zone has historic resources as follows:

• 3-per-cent zinc equivalent cut-off:
  • Indicated resource of 2,071,000 tonnes at 5.92 per cent Zn, 0.75 per cent Cu, 21.1 g/t Ag and 0.58 g/t gold, plus inferred resource of 120,550 tonnes at 2.60 per cent Zn, 0.56 per cent Cu, 18.6 g/t Ag and 0.40 g/t Au;
• 5-per-cent Zn equivalent cut-off:
  • Indicated resource of 1,762,000 tonnes at 6.75 per cent Zn, 0.79 per cent Cu, 22.3 g/t Ag and 0.61 g/t Au, plus inferred resource of 51,630 tonnes at 3.86 per cent Zn, 0.79 per cent Cu, 23.9 g/t Ag and 0.58 g/t Au;
• 10-per-cent Zn equivalent cut-off:
  • Indicated resource of 633,000 tonnes at 14.3 per cent Zn, 1.11 per cent Cu, 31.7 g/t Ag and 0.85 g/t Au.

Pistol Bay had acquired additional ground by staking new claims covering previously unknown anomalies detected by the 2017 2,100 line km VTEM Plus airborne survey. The new claims cover a continuous magnetic anomaly that runs for 6.5 km between the existing Joy and Fredart claim groups. The total strike length of this anomaly, which encompasses the historic Joy and Fredart claim groups, is now approximately 22 km. There are also numerous cases where the new survey has detected parallel conductors or extensions of known conductors.

Pistol Bay has also decided that it will not proceed with optioning the Fredart-Gerry Lake properties in Red Lake, Ont., to Belmont Resources (see news release dated Sept. 4, 2019).

Mutually agreed by both parties, Pistol Bay has decided to keep the assets in the company and will continue to do the work necessary in getting them ready for the next base metal cycle. Pistol Bay will also be concentrating on areas with gold potential, which historically have had little focus.

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 is also actively pursuing the right opportunity in other resources to enhance shareholder value.

We seek Safe Harbor.