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Pacific Bay Announces Letter of Intent to Option Atlin Goldfields Property in BC, and $500,000 Non-Brokered Financing
Vancouver, British Columbia--(Newsfile Corp. - March 24, 2022) - David H. Brett, President and...
About this update from Pacific Bay Minerals Ltd.
[{"type":"text","content":"Pacific Bay Announces Letter of Intent to Option Atlin Goldfields Property in BC, and $500,000 Non-Brokered FinancingVancouver, British Columbia--(Newsfile Corp. - March 24, 2022) - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSXV: PBM) (\"Pacific Bay\" or the \"Company\") reports that Pacific Bay has signed a Letter Agreement (the \"Agreement\") with Brixton Metals Corp. (\"Brixton\") to acquire an option to purchase up to a 100% interest in the Atlin Goldfields Project (the \"Property\"), located in Northwest British Columbia. The Agreement is subject to the completion of a definitive option agreement, the completion by PBM of a $500,000 financing, and the approval of the TSX Venture Exchange. Atlin Goldfield Highlights:Underexplored, district-scale gold property with 59,154 hectares of mineral tenures.Prospective for high grade orogenic gold deposit systems including the Yellowjacket high grade gold deposit.200 ton-per-day mining permit (Yellowjacket Mine) and exploration permits already in placeTop-tier mining jurisdiction \"Atlin Goldfields is located in a district known for its prolific placer gold found in the majority of its drainages, which include Spruce Creek, home of the largest gold nugget in British Columbia,\" said Pacific Bay VP of Exploration Sebastien Ah Fat, P.Geo. \"Historical drilling has found that the source of the placer gold is in close proximity to the creek drainages. We believe Atlin Goldfields has the potential to host extensive mesothermal gold mineralization within the shear zone corridors identified by past geochemical and geophysical surveys. We are looking forward to extensively exploring this property.\"\"Atlin is one of BC's most famous gold districts,\" said Pacific Bay President & CEO David Brett. \"Brixton has done an excellent job of consolidating and exploring the Property, including compiling a vast database that we look forward to leveraging.\" Atlin Goldfields Property Overview:The Property is situated in Northwest British Columbia, east of the town of Atlin, consisting of a district scale 59,154 hectares of mineral tenures in addition to a Mines Act permit over the Yellowjacket zone authorizing a for 200 tons per day operation. The surrounding infrastructure offers excellent access to the project through its local airstrip, year-round Provincially maintained high...