VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 19, 2013) - Pistol Bay Mining Inc. (TSX VENTURE:PST) ("the Company") reports results from a recent work program carried out by Revolver Resources Inc. ("Revolver") on its Summit B property located in the Iskut area of northwestern British Columbia, Canada
The following information is from Revolver's news release dated August 19th, 2013.
"Revolver Resources Inc. ("Revolver") is pleased to announce that it has received TSX Venture Exchange ("Exchange") approval of its previously announced option agreement (the "Option Agreement") with Pistol Bay Mining Inc. ("Pistol Bay") and has completed and filed a National Instrument 43-101 ("NI 43-101") compliant technical report (the "Report") on the Summit B property ("Property") in the Iskut area of northwestern British Columbia, Canada. The Report is available for viewing on Revolver's corporate website and on SEDAR under Revolver's profile at www.sedar.com.
Pursuant to the terms of the Option Agreement, Revolver completed the initial payment of $75,000 and issuance of 2,000,000 shares of the Company to Pistol Bay in connection with Exchange acceptance. Revolver may earn a 60% interest in the Property. (For more information on the Option Agreement see Revolver's press release dated May 17th, 2013.)
Revolver Resources completed new surface rock and chip sampling of previously discovered mineralized trenches at Summit B. Chip samples collected in Trench 4 reveal weighted average results of 0.26 ppm Au, 0.53 ppm Ag, and 1941 pm Cu over 4.55 m. One grab sample returned grades of 2.48 ppm Au and 0.30 ppm Ag with minor Cu values. One sample gathered from Trench 3 returned assay values of 0.84 ppm Au, 0.90 ppm Ag and 1530 ppm Cu over 2.0 m. A composite grab sample of a mineralized quartz vein within this chip sample produced a value of 2.87 g/t gold. In addition, a 25 cm-thick scoroditic altered vein was exposed in the trench wall generated grades of 12.30 ppm Au, 15.50 ppm Ag, and 1,720 ppm Cu over. Finally, one composite grab sample of scoroditic altered material collected from pushed material at the southwest end of Trench 9 provided concentrations of 13.00 g/t Au, 17.9 g/t Ag and 1,730 ppm Cu.
With the completion of the NI 43-101 report on the Summit B Property, Revolver has thus confirmed the presence of two previously identified NW-oriented gold-arsenic-copper mineralized fault structures yielding high precious metal values. These structures may extend up to 1.5 km in length. One consists of copper-arsenic-bearing pyrite-rich quartz veining, yielding values from 0.47 to 2.87 g/t Au; the other consists of a quartz scorodite-Cu vein setting, returning much higher gold values from 10.9 to 17.9 g/t Au. Revolver Resources is also planning a 3D induced polarization (IP) / Magnetic survey on approximately 34 line-km during late August. Aurora Geosciences of Whitehorse, Yukon will be the operator of the survey."
"Technical information in this news release has been prepared and/or revised by Michel Boily, PhD, P. Geo, and Qualified Person as defined in NI 43-101."
About Pistol Bay Mining Inc. (TSX-V symbol: PST) is a diversified Junior Canadian Mineral Exploration Company with a focus on graphite, precious and base metal properties in North America. Pistol
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
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.
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.