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Pistol Bay Mining Releases Exploration Plans for Multiple Gold-VMS Drill-Permitted Targets in Red Lake District, Ontario
VANCOUVER, British Columbia, Jan. 09, 2020 (GLOBE NEWSWIRE) -- Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLTFF) (“Pistol Bay”
About this update from Pegasus Resources Inc
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 09, 2020 (GLOBE NEWSWIRE) -- Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLTFF) (“Pistol Bay” or the “Company”) is pleased to announce exploration plans for its upcoming work programs at its Joy Trend properties (which includes Fredart) located approximately 25 kilometers north-east of Great Bear Resources Ltd.’s Dixie project near Red Lake, Ontario. Recent VMS-related exploration success by BTU Metals Corp. continues to demonstrate the value of Pistol Bay’s long-standing, district-scale land position within the Confederation VMS belt, as well as the underexplored nature of the camp as being one with the potential for further discoveries. “With the recent successes of Great Bear and BTU Metals, Pistol Bay’s extensive land position must be looked at with a new geological approach that will include looking for both VMS and gold targets. In light of our past successful drilling along the Joy corridor we will now be targeting feeder systems at depth. Pistol Bay will also be assaying for gold along the district-scale structure, which may represent a significant opportunity for our shareholders, including one that may allow for near-term assays using historic drill core,” stated Charles Desjardins, President & CEO of Pistol Bay. The Company is also pleased to confirm that drill permits are now received and in place for two of the Company’s core gold-VMS exploration corridors, including Fredart (part of Pistol Bay’s Joy trend) and the Arrow Zone (part of Pistol Bay’s Lucky 7 trend). Recent VTEM plus™ flown over Pistol Bay’s project has outlined numerous new exploration targets, which are now in the process of being prioritized as go-forward drill targets by the Company’s geological team. Pistol Bay is also pleased to confirm that it is investigating additional geophysical techniques to deploy with the objective of delineating new deeper targets at Fredart and Arrow, both of which have experienced mostly shallow drilling and are open at depth. The Company views it as important to note that the vast majority of VMS targets explored to-date on Pistol Bay’s project base have historically received little to no investigation for gold potential as gold was not then-recognized as significant in the region. Recent exploration success by other public companies operating near...