Pistol Bay (PST-V) works on drill permitting at Summit Lake B
www.pistolbaymining.com
May 7, 2013 - News Release
Pistol Bay Mining Inc. is finalizing plans to submit a notice of work for a program of diamond drilling, geological mapping, geochemistry and geophysics, including an induced-polarization survey, on its 100-per-cent-owned Summit Lake B property (Kitty claims). The 1,394-hectare Summit B property is contiguous with Colorado Resources' North ROK property and 20 kilometres northwest of Imperial Metals' Red Chris copper-gold project. Pistol Bay's total land package, in the Iskut area, consists of three properties totalling over 8,500 hectares, much of which is adjacent to the Red Chris project. A property map is available on the company's website.
Charles Desjardins, president of Pistol Bay, stated: "Pistol Bay is holding discussions for potential joint ventures on the project with several companies and continues to receive expressions of interest. While the company explores these options, Pistol Bay may elect to carry out its own exploration. I think that it is prudent to initiate the process of drill permitting to fast-track exploration on this exciting project."
The recent copper-gold discovery on Colorado Resources' North ROK property in the Iskut area of Northern British Columbia has generated significant interest in the mining community. The Colorado Resources discovery drill hole intersected 242 metres grading 0.63 per cent copper and 0.85 gram per tonne gold. Colorado Resources has mobilized a drill to carry out step-out drilling.
In 2010 Pistol Bay carried out preliminary surface geological mapping and geochemical sampling, which outlined a gold-bearing horizon on the Summit B property. Previous programs had focused on copper exploration, outlining a trend of roughly 100 metres of strongly anomalous copper values from rock sampling. Although copper was the main focus, rock sampling also returned several high gold values, up to 4.95 grams per tonne gold, along a parallel zone roughly 30 metres southwest of the main trend.
Further exploration in 2010 at this location yielded two notable rock composite grab samples of similar gold-bearing rock. Results of 17.9 grams per tonne gold with 18.5 grams per tonne silver, and 10.9 grams per tonne gold with 15.9 grams per tonne silver, were returned. Detailed grid soil sampling and rock sampling indicate these correspond to a 250-metre trend of anomalous gold values, including a rock chip sample of similar material grading 1.875 grams per tonne gold across 2.0 metres. Similar coincident anomalous copper-gold values were returned from soil sampling about 250 metres farther northwest along trend. This trend represents a new target warranting further exploration within the Summit B block. Composite grab sampling throughout the property returned numerous anomalous copper values from 0.271 per cent to 1.505 per cent copper.
The B.C. Minfile description of the Kitty occurrence reports historic work, including nine bulldozer trenches over an area of 170 metres by five metres (B.C. assessment report 21416), and historic results from surface grab samples as high as 8.98 per cent copper, 24.5 grams per tonne silver and 0.045 gram per tonne gold. Grab samples as high as 1.61 grams per tonne gold and 0.6 per cent copper have been returned from another showing approximately 50 metres southwest of the bulldozed trench area.
Grab samples are selective in nature, and assays may not be representative of all mineralization on the property.
Technical information in this news release has been prepared and/or revised by Mike Magrum, PEng, a qualified person as defined in National Instrument 43-101.
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