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Pegasus Resources Inc.
Pegasus Resources Inc.
Registriert in: Kanada WKN: A3D7AN Rohstoffe:
Art: Originalaktie ISIN: CA70558T2048 Gold
Heimatbörse: TSX Venture Alternativ: SLTFF
Währung: CAD    
Symbol: PEGA.V Forum:

Infinite Ore Corp. to Start Drilling on Pistol Bay's Fredart Property, Red Lake District, Ontario

11.06.2020 | 15:06 Uhr | The Newswire
Vancouver, June 11, 2020 - Pistol Bay Mining Inc. (TSXV:PST); (Frankfurt-OQS2), (OTC:SLTFF) ("Pistol Bay" or the "Company") is pleased to announce that Infinite Ore Corp. (TSXV:ILI) will commence their initial 1,250 metre diamond drilling program on Pistol Bay's 100% owned Fredart Property in the Red Lake Mining District, Ontario. Pursuant to an option agreement entered into between ILI and Pistol Bay, dated February 03, 2020, ILI has an option to earn up to an 80% undivided interest in the Pistol Bay Property.

The phase one diamond drilling program will commence within a week and aims to confirm and expand on the VMS mineralized zones, test for gold mineralization, and refine the Leapfrog 3D model.

The Fredart Property is located approx. 40 km from the eastern boundary of Great Bear Resource Ltd.'s Dixie project and host an historical resource of (non-NI 43-101 compliant *) mineral resource of 386,200 tonnes grading 1.56 per cent copper (% Cu) and 33.6 grams per tonne silver (g/t Ag) (completed by Phelps-Dodge Mining Co. in 1971 and included within a prospectus for Consolidated Copper Lode Developments Inc., Jan. 7, 1977, submitted to the Ontario Securities Commission).

(* This historical resource estimate does not comply with the standards of NI 43-101 and has not been reviewed by a qualified person, nor verified. ILI and Pistol Bay are not treating the historical resource estimate as a current mineral resource or mineral reserve.)

The 1,250-metre drill program will focus on areas of known VMS mineralization and aims to expand upon the historical resource along strike and to depth. Initial drill targets are at a maximum depth of 200 vertical metres metres below surface. Historical drilling on the Copperlode "A" prospect identified several lenses of mineralization within diamond drill holes, which previous operators interpreted as a single VMS horizon which was subject to several folding events. Infinite's objectives for this program are three-fold: confirm the historical grades and widths; expand the known mineralization to depth and along strike; and test for gold mineralization which was historically not often analyzed.

Being well located in the Red Lake Mining district, the Fredart property benefits from excellent infrastructure and a highly skilled work force, as well as several nearby mills and active mining operations. ILI has contracted Chibougamau Diamond Drilling, which has significant experience in drilling in Red Lake, for this drill campaign.

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The technical information in this news release was prepared and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in National Instrument 43-101

About Pistol Bay Mining Inc.

Pistol Bay Mining Inc. 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. For additional information please visit the Company website at www.pistolbaymininginc.com or contact Charles Desjardins at pistolbaymining@gmail.com.

On Behalf of the Board of Directors

Pistol Bay Mining Inc.

Charles Desjardins,

President and Director

Neither 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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