VANCOUVER, British Columbia, March 12, 2018 (GLOBE NEWSWIRE) -- Pistol Bay Mining Inc. (TSX-V:PST) (Frankfurt:OQS2) (OTC Pink:SLTFF) (“Pistol Bay” or the “Company’) is pleased to announce that the Company has signed a contract for a minimum of 3,000 metres of diamond drilling on its Confederation Lake property in northwestern Ontario. The property now covers an area of approximately 20,700 hectares or 51,000 acres.
Three drill holes of approximately 500 metres each are planned to further test the Arrow Zone, and to retrieve core for preliminary metallurgical testing. The Arrow Zone was the subject of a 43-101 report in 2017 that presented an inferred mineral resource of 2,100,000 tonnes grading 5.78% zinc, 0.72% copper, 0.60 grams per tonne (g/t) gold and 19.5 g/t silver.
Approximately ten diamond drill holes totaling about 2,000 metres will test the Fredart “A” zone (also referred to as the Copperlode “A” zone). Some of the better drill intercepts from diamond drilling in the 1960s reported by Rexdale Mines Ltd include:
| Hole No. | From (m) | To (m) | Core Length | Cu % | Ag g/t |
| FA-1965-06 | 54.25 | 77.11 | 22.86 | 1.03 | 16.39 |
| Includes | 54.25 | 60.66 | 6.40 | 1.44 | 32.70 |
| and | 66.75 | 77.11 | 10.36 | 1.18 | 15.96 |
| FA-1965-07 | 21.95 | 58.52 | 36.57 | 0.68 | 18.16 |
| includes | 21.95 | 24.99 | 3.05 | 1.56 | 55.55 |
| and | 52.73 | 58.52 | 5.79 | 3.24 | 85.46 |
| FA-1966-11 | 73.43 | 80.04 | 6.61 | 3.37 | 159.52 |
| FA-1966-15 | 46.63 | 64.16 | 17.53 | 2.54 | 45.72 |
| FA-1966-18 | 31.09 | 77.30 | 46.21 | 1.18 | 51.11 |
| Includes | 34.08 | 51.51 | 17.43 | 1.89 | 51.11 |
| and | 64.22 | 77.30 | 13.08 | 1.47 | 51.72 |
| FA-1966-31 | 64.77 | 69.01 | 4.24 | 3.39 | 101.89 |
The drill intersections listed above do not include any gold values, because only the first four drill holes in 1965 were assayed for gold; they gave gold values of 0.3 to 0.6 grams per tonne. Gold was not an important commodity in those years. The mineralization in the Fredart Zone appears to be of VMS type. Copper-rich VMS deposits often have accessory gold with occasional higher values. Pistol Bay will assay all mineralized intersections for gold as well as copper and silver.
A historical resource estimate made in 1971 for the Fredart “A” zone, based on diamond drilling in the 1960s, was 386,000 tonnes grading 1.56% copper and 33.6 g/t silver, or alternatively 219,500 tonnes at 1.95% copper and 41.8 g/t silver. Neither of these estimates conforms to any class of mineral resource or mineral reserve defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.
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 has also created a subsidiary for resource driven blockchain applications. 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"
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.
Cautionary note:
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.