VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 7, 2013) - Pistol Bay Mining Inc. (TSX VENTURE:PST) reports that plans are being finalized to submit a Notice of Work for a program of diamond drilling, geological mapping, geochemistry and geophysics, including an IP (induced polarization) survey on its 100% 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 totaling over 8,500 hectares, much of which is adjacent to the Red Chris project. (To view the property map click here: http://pistolbaymining.com/wp-content/uploads/2013/04/Summit-Properties.png).
Charles Desjardins, president of Pistol Bay, states: "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 Resource's 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% copper and 0.85 g/t 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 g/t 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 g/t gold with 18.5 g/t silver, and 10.9 g/t gold with 15.9 g/t silver respectively, 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 g/t 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% to 1.505% copper.
The B.C. Minfile description of the Kitty occurrence reports historic work including 9 bulldozer trenches over an area of 170 by 5 metres (B.C. Assessment Report 21416) and historic results from surface grab samples as high as 8.98% copper, 24.5 g/t silver and 0.045 g/t gold. Grab samples as high as 1.61 g/t gold and 0.6% 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, and qualified person as defined in NI 43-101.
About Pistol Bay Mining Inc. (TSX VENTURE:PST) is a diversified Junior Canadian Mineral Exploration Company with a focus on graphite, precious metals and base metal properties in North America.
For additional information please contact Charles Desjardins at Pistol Bay Mining Inc. or visit www.pistolbaymining.com.
On Behalf of the Board of Directors
PISTOL BAY MINING INC.
Charles Desjardins, President and Director
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.
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