Mr. Charles Desjardins reports

PISTOL BAY OPTIONS OUT BEN LAKE AND DIXIE 3 CLAIMS

Pistol Bay Mining Inc. has optioned out 100 per cent of its Ben Lake and Dixie 3 claims in the Red Lake mining district to Infinite Lithium Corp.

The Dixie 3 and Ben Lake properties are contiguous and comprise nine claims for 178 single-cell mining claims and three boundary cell mining claims, covering approximately 3,680 hectares. Both properties have multiple known volcanogenic massive sulphide (VMS) mineral occurrences, electromagnetic (EM) and magnetic geophysical anomalies, and favourable alteration patterns. Both properties have excellent access and logistics, from Red Lake or Ear Falls.

Terms of this agreement:

• Payments of $100,000 cash over a six-month period starting at date of execution of agreement;
• Two million shares of Infinite Lithium issued to Pistol Bay Mining;
• Royalties are payable to original vendors.

Mike England, chief executive officer of Infinite Lithium, stated: "While we are excited to have acquired these claims of merit from Pistol Bay, which are contiguous to our own recently acquired claims, it speak volumes to the quality of the sizable land positions still held by Pistol Bay in this prolific region of the Red Lake camp."

Pistol Bay project portfolio

Red Lake mining district

The Pakwash East block comprises 35 cells with an area of approximately 716 hectares (1,760 acres). It is 12.5 kilometres southeast of Great Bear Resources' Dixie property. It adjoins a 9,650-hectare claim group registered to Great Bear Resources.

The Pakwash North block comprises 106 cells and 2,174 hectares (5,370 acres). It lies 21 kilometres southeast of the Dixie Lake gold discovery now being explored by Great Bear Resources Ltd. and 44 kilometres southeast of the town of Red Lake. It is accessible by old forestry access roads leading from Provincial Highway 105, as well as by boat through Pakwash Lake and the Chukuni and English rivers. Geological mapping has confirmed that Pakwash North straddles a major fault structure, the Sydney Lake fault.

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

Confederation Lake

Advanced exploration-stage zinc-copper properties in Confederation Lake, Red Lake area, Ontario

The Confederation Lake properties consist of 1,096 claims over 20,700 hectares or 51,050 acres covering 60 kilometres in length. A total of 567 holes were drilled on the properties. This includes all of the mining claims Pistol Bay acquired from AurCrest totalling 321 claim units with an area of 5,136 hectares over 31 kilometres. This area includes two substantial mineral deposits and a number of mineralized drill intersections that are in need of follow-up drill testing.

Garnet Lake/Arrow zone

The Arrow zone has National Instrument 43-101-compatible mineral resources as follows: 3-per-cent-zinc-equivalent cut-off: indicated resource of 2,071,000 tonnes of 5.92 per cent zinc, 0.75 per cent copper, 21.1 grams per tonne silver and 0.58 gram per tonne gold; inferred resource of 120,550 tonnes of 2.60 per cent Zn, 0.56 per cent Cu, 18.6 g/t Ag and 0.40 g/t Au; 5-per-cent-zinc-equivalent cut-off: indicated resource of 1,762,000 tonnes of 6.75 per cent Zn, 0.79 per cent Cu, 22.3 g/t Ag and 0.61 g/t Au; inferred resource of 51,630 tonnes of 3.86 per cent Zn, 0.79 per cent Cu, 23.9 g/t Ag and 0.58 g/t Au; and 10-per-cent-zinc-equivalent cut-off: indicated resource of 633,000 tonnes of 14.3 per cent Zn, 1.11 per cent Cu, 31.7 g/t Ag and 0.85 g/t Au.

Fredart and Copperlode

Another substantial deposit in Pistol's portfolio is the Copperlode A or Fredart zone. It has a historical mineral resource of 386,000 tonnes grading 1.56 per cent copper (non-compliant NI 43-101 and has not been reviewed by a qualified person). The zone was previously drill tested to a depth of approximately 200 metres over a length of 350 metres, and was reported as being open at depth. A total of 283 drill holes were drilled on the Fredart A and Garnet Lake claims. The area was also explored for molybdenum in the 1970s, and samples containing up to 1.46 per cent Mo were reported.

In 2017, a VTEM Plus (versatile time domain electromagnetic plus) survey was done on most of the claims, and it showed that conductors on these claims that do not appear to have been drilled tested in the past are 400, 850, 900 and 950 metres, and there is an almost continuous trend of conductivity over a length of 6.5 kilometres.

Dixie 17, 18, 19 and 20

The Dixie zinc-copper project is optioned by Pistol Bay and is in the Confederation Lake greenstone belt in Ontario. This property is known as the 17-18-19 Dixie claims. Pistol also owns the Dixie 20 claim, which is located east of the Dixie 18 claim and north of the Dixie 19 claim. This property is located approximately 35 kilometres southeast of Red Lake.

The Dixie 18 zone, which lies on the Dixie property, was estimated by Noranda Inc., to contain 100,000 tonnes grading 12.5 per cent zinc and 0.5 per cent copper.

Joy, Joy North and Caravelle

The Joy North claim is contiguous with the Joy group of claims and covers five separate mineralized zones, all of VMS character. A single 48-metre diamond drill hole was put down in the vicinity of the conductor (exact location unknown) in 1970 by Caravelle Mines Ltd. It intersected a variety of metavolcanic rocks, exhibiting intense alteration of the type associated with volcanogenic massive sulphide (VMS) deposits. It also intersected calc-silicate rocks suggesting that the property may lie at the same stratigraphic horizon as the Dixie zone, 11 kilometres to the west.

Mitchell, Gerry Lake and Karas Lake

The property consists of 33 mining claims, comprising 232 claim units and covering approximately 3,700 hectares.

The Mitchell township or the Fly-Moth claim group covers a nine-kilometre stretch of the Confederation Lake greenstone belt and extends to within 1.5 kilometres of the former producing South Bay zinc-copper-silver mine. Previous exploration has included approximately 90 diamond drill holes.

The Wasp Lake mineralized trend was extensively drilled by Selco. This mineralized trend gave a strong conductive response on Pistol Bay's recent VTEM plus airborne survey. The company plans to have the geophysics modelled to assess the possibility of a deep-seated massive sulphide zone.

The Fly Lake zone was tested by four drill holes by St. Joseph Minerals in 1976 over a 50-metre length. Pistol Bay's VTEM plus survey gave a well-defined response on two lines, indicating a length of up to 400 metres. This zone appears to be open along strike and at depth. The company proposes to drill for extensions of the mineralization, assisted by modelling of the VTEM data.

VTEM anomalies

There are nine discrete VTEM plus conductive anomalies that do not appear to have had any previous drill testing. Their conductivity varies from very weak to moderate. Most are in areas with little or no outcrop, and one is under a lake.

Lucky 7 and Moth

The Lucky 7 property (five claims, 640 hectares and 1,580 acres) covers a number of mineralized zones. The claims adjoin the Garnet Lake and Garnet East claim groups. A copper-gold sulphide zone, which apparently grades into a siliceous gold zone at its eastern end, was stripped and drill tested in 2002 by Kings Bay Gold Corp. Two short electromagnetic anomalies were drill tested by Selco Mining in 1980. A zone of massive to disseminated sulphides, referred to as the Hilltop copper-gold zone, has been trenched but apparently never drilled.

The Moth group of 10 claims comprises 85 units (1,360 hectares and 3,360 acres). It is separated from the Lucky 7 claims by a five-kilometre gap. It covers a 5.5-kilometre length of favourable geology, and its north boundary is only two kilometres from the former producing South Bay mine, which is at the end of the South Bay Road, and hence the end of the most accessible part of the Confederation Lake greenstone belt. The area was extensively explored between 1970 and the mid-1990s, with at least 14 diamond drill holes. Widespread hydrothermal alteration was noted, and there were numerous indications of zinc and/or copper mineralization.

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 shareholders value.

We seek Safe Harbor.