Pistol Bay Mining (PST-V) Revolver Resources (RZ-V) operator locates anomaly at Summit B
Nov 13th 2013 - News Release
Pistol Bay Mining Inc. operator Revolver Resources Inc. has completed a 3-D induced-polarization inversion model on the 100-per-cent-owned Summit B property, located in northwestern British Columbia. The property is under option to Revolver Resources, operator of the project, which has an option to earn a 60-per-cent interest in the property by completing $2.5-million in exploration expenditures on the property, making $500,000 in cash payments to Pistol Bay and issuing Pistol Bay four million common shares prior to May, 2016.Revolver Resources recently announced a financing to initiate a 1,000-metre drilling program to investigate a 2.3-kilometre-by-0.5-kilometre high-chargeability anomaly identified on the Summit B property and associated with fault-bounded copper-gold mineralization.
Revolver Resources recently completed a 3-D I-P inversion model based upon the results of the IP (resistivity/chargeability) survey carried out on the Summit B property located in the Iskut area of northwestern British Columbia, Canada. The model reveals a strong 2.0-kilometre-long-to-500-metre-wide northwest-oriented ovoid chargeability anomaly with values reaching over 35 millivolts per second accompanied by low-resistivity signatures. It extends from shallow depth (less than 100 metres) to at least 500 metres and is open at both the northwest and southeast ends. Surface geology indicates the high-chargeability/low-resistivity anomaly is spatially related to copper-gold-bearing disseminated sulphide bodies and stockworks distributed within fault zones. Recent rock and chip sampling of historic mineralized trenches generated substantial copper assay values ranging from 0.1 weighted per cent to 1.5 weighted per cent. Gold is significantly enriched, highlighted by several concentrations greater than three grams per tonne Au; for example 3.0 grams per tonne, 17.9 grams per tonne, 12.3 grams per tonne and 10.9 grams per tonne. Pervasive hematite-ankerite-silica alteration affected the sheared volcanosedimentary rocks.
The Summit B IP anomaly is similar in shape and intensity to that observed in Colorado Resources' adjacent North Rok property. The North Rok chargeability anomalies characterized a porphyry copper-gold system associated with an early Jurassic monzodiorite-diorite pluton intruding Upper Triassic Stuhini group volcanic rocks. Already, drill core intersections of 402 metres at 0.28 weighted per cent Cu and 0.27 g/t Au, and 242 m at 0.63 weighted per cent Cu and 0.85 g/t Au, were obtained less than three kilometres away from the Summit B property. The Summit B IP anomaly is associated with low magnetic values and occurs in a greenschist metamorphosed Mississippian-Permian volcano-sedimentary assemblage. The age of the Summit B mineralization is presumed to be Jurassic and concordant with the age of alkalic intrusions at North Rok, Red Chris (a porphyry copper-gold mine with reserves of over 300 million tonnes grading 0.359 per cent copper and 0.274 gram per tonne gold) and elsewhere in northwestern B.C. The carbonate alteration and precious metal mineralization at Summit B may be related to deep metamorphic fluids with appropriate chemistry to cause quartz-carbonate-gold deposits. Alternatively, the mineralization may be produced by hydrothermal fluids generated by the intrusion of alkalic plutonic rocks at moderate depth.
Technical information in this news release has been prepared and/or revised by Dr. Michel Boily, PhD, PGeo, a qualified person as defined in National Instrument 43-101. |
