VANCOUVER, British Columbia, Jan. 24, 2020 (GLOBE NEWSWIRE) — Pistol Bay Mining Inc. (TSX-V – PST; Frankfurt – OQS2, OTC/Pink Sheet symbol SLTFF) (“Pistol Bay” or the “Company”) reports that it has negotiated an agreement expediting the option agreement with Aurcrest Gold Inc. which includes the Garnet Lake/ Arrow Zone and the Fredart/Copperload properties subject to the TSX approval.
The Garnet Lake/Arrow Zone and the Fredart/Copperload properties both have NI43-101 resources. Pistol Bay negotiated an expedited agreement for the final 2 years of the option agreement for 100% interest in the properties.The Aurcrest option agreement includes other claims besides Fredart/Copperload and Garnet Lake/Arrow Zone.Garnet Lake/Arrow Zone has a NI43-101 resource of
3% Zn equivalent cutoff:
Indicated Resource 2,071,000 tonnes @ 5.92% Zn, 0.75% Cu, 21.1 g/t Ag and 0.58 g/t Au
Inferred Resource 120,550 tonnes @ 2.60% Zn, 0.56% Cu, 18.6 g/t Ag and 0.40 g/t Au
5% Zn equivalent cutoff:
Indicated Resource 1,762,000 tonnes @ 6.75% Zn, 0.79% Cu, 22.3 g/t Ag and 0.61 g/t Au
Inferred Resource 51,630 tonnes @ 3.86% Zn, 0.79% Cu, 23.9 g/t Ag and 0.58 g/t Au
10% Zn equivalent cutoff:
Indicated Resource 633,000 tonnes @ 14.3 Zn, 1.11% Cu, 31.7 g/t Ag and 0.85 g/t Au
Copperlode “A” or Fredart Zone has non-compliant NI 43-101
A historical mineral resource of 386,000 t grading 1.56% copper and 33.6 g/t silver
Four conductors with lengths of 400, 850, 900 and 950 metres over a length of 6.5 km.
Re: Pistol Bay Mining Inc. (the “Company”) Option to Earn a 100% Interest in the Confederation Lake Property from AurCrest Gold Inc. (“AurCrest”)On Behalf of the Board of DirectorsPISTOL BAY MINING INC.Charles Desjardins,
President and DirectorNeither 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.Forward Looking Statements:Statements included in this announcement, including statements concerning of the Company’s plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
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