Pistol Executes Definitive Agreement to Acquire Confederation Lake Property in Red Lake, Ontario from Aurcrest Gold

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[{"type":"text","content":"Pistol Executes Definitive Agreement to Acquire Confederation Lake Property in Red Lake, Ontario from Aurcrest GoldVANCOUVER, BC / ACCESSWIRE / November 1, 2016 / Pistol Bay Mining Inc. (TSXV: PST) (FSE: OQS2) (\"Pistol Bay\" or the \"Company') and AurCrest Gold Inc. (TSXV: AGO) (\"AurCrest\") are pleased to announce that Pistol Bay has executed a Definitive Option Agreement (the \"Agreement\") with AurCrest to acquire all the mining claims held by AurCrest in the Confederation Lake greenstone belt southeast of Red Lake, Ontario.\nThe AurCrest property comprises 108 mining claims with a total of 321 claim units with an area of 5,136 hectares (12,700 acres), being the Confederation Lake Property and the Fredart Lake Property. It covers a 31 kilometre length of the Confederation Lake greenstone belt. It includes two substantial mineral deposits and a number of mineralized drill intersections that are in need of follow-up drill testing. Mineralization on the property is all of Volcanogenic Massive Sulphide (VMS) type, dominated by zinc, copper and silver, with occasional associated gold values. In combination with the 100 percent optioned Dixie and Dixie 3 properties, the Company now controls 7,050 hectares (17,400 acres) containing most of the significant mineral occurrences over 43 kilometres of the total 60 kilometre length of the belt.\nMr. Desjardins, President of Pistol Bay, stated, \"Upon completion of this acquisition, Pistol Bay is a major land holder in a very prolifically mineralized VMS-rich belt. Our holdings include the largest zinc-copper-silver deposit in the area, the second-largest VMS deposit remaining (Fredart Lake Property), and a portfolio of exploration targets ready for follow up drilling. Pistol Bay anticipates commencing an ambitious exploration program in November 2016 that will not only pursue existing targets and known VMS deposits, but will use the latest airborne geophysical survey technologies to explore the whole area to a greater depth than was possible in the past.\"\nThe Arrow Zone has a 43-101 compatible mineral resources as follows:\n3% Zn equivalent cutoff:\nIndicated Resource 2,071,000 tonnes @ 5.92% Zn, 0.75% Cu, 21.1 g/t Ag and 0.58 g/t Au\nPlus Inferred Resource 120,550 tonnes @ 2.60% Zn, 0.56% Cu, 18.6 g/t Ag and 0.40 g/t Au\n5% Zn equivalent cutoff:\nIndicated Resource 1,762,000 tonnes @...

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