VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 20, 2014) - Pistol Bay Mining Inc. (TSX VENTURE:PST) ("the Company") reports that Revolver Resources Inc. (Revolver), joint venture partner on the Summit B property, announces initial assay results. The 1,394 hectare (3,446 acre) Summit B property is located in the Iskut area of northwestern British Columbia, Canada, and is contiguous with Colorado Resources Ltd.'s ("Colorado") North Rok copper-gold property (the "North Rok Property"). Revolver has the 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 over the next three years.
Revolver released the assay results of two DDH (SUMB-02 and SUMB-05), distanced by 1 km, revealing several intersections of copper mineralization associated with quartz-carbonate veins and fracture filling. Best results produced intercepts of 6.3 m @ 0.43 wt. % Cu (SUMB-02), 1.2 m @ 0.18 wt. % Cu and 0.3 m @ 0.25 wt. % Cu (SUMB-05) (The lengths of the intervals do not represent true stratigraphic lengths). The drill holes intersected a folded, fractured and sheared assemblage of Permian basic-intermediate volcanic rocks interstratified with thin shale, phyllite, schist and siltsone layers. A significant number of pyrite+/-chalcopyrite-bearing quartz-carbonate (calcite-ankerite-dolomite) veins were encountered throughout the core with numerous pyrite+/-chalcopyrite fracture and fault-fillings especially at depth greater than 200 m.
The copper mineralization is associated with the core of a 2 km x 500 m NW-oriented high-chargeability/low resistivity anomaly bounded by NW-striking high angle faults (see Revolver Resources press release of November 8, 2013). Cu-bearing zones extend in a northwesterly direction for at least 1 km, whereas an arsenic-copper-gold-rich system is exposed at the periphery of the anomaly, especially on the southeastern segment of the property. Harsh winter conditions, rugged terrain and the difficulty to obtain water prevented the investigation of this area. However, Revolver still holds a drilling permit for at least four additional holes and expects to resume its drilling campaign on the Au-rich zone in the early summer months.
Revolver commissioned Black Hawk Diamond Drilling Ltd. for the drilling operations. UTM Exploration Services from Smithers, BC perfomed the on-site management of drilling operations, core logging and core sampling. UTM established a strict protocol for the QA/QC program including the insertion of standards, blanks and duplicates into the sampling procedure. Assays were performed at the AGAT Laboratories using aqua regia digestion with ICP/ICP-MS finish for Cu and other metals and fire assay with ICP-OES finish for Au.
Technical information in this news release has been prepared and/or reviewed by Mike Magrum, PEng, and qualified person as defined in NI 43-101.
Pistol Bay further reports that Rio Tinto Canada Uranium Corporation ("RTCUC") continues to drill on the C-5 Uranium property in the Athabasca Basin, Saskatchewan. RTCUC is currently on the fourth hole of a total of approximately 2,500m of diamond drilling proposed for the 2014 C-5 Block winter exploration program with a budget of $1,200,000. The program is designed to test five to six holes within the Corridor A target area as a follow-up to mineralization intersected during the winter 2013 exploration program.
About Pistol Bay Mining Inc. (TSX VENTURE:PST) is a diversified Junior Canadian Mineral Exploration Company with a focus on graphite, precious 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
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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.