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Pistol Bay Options Out Dixie 17-20, Red Lake, Ontario
VANCOUVER, British Columbia, Jan. 29, 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. 29, 2020 (GLOBE NEWSWIRE) -- Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLTFF) (“Pistol Bay” or the “Company”) reports that it has optioned out 75% of its Dixie 17-20 claims in the Red Lake Mining District to Infinite Lithium Corp. (ILI-TSX:V) (OTCQB:ARXRF) The Dixie 17-18-19,20 properties (“Dixie Claims”) consist of 67 claim units (1,072 hectares) located in the Confederation Lake greenstone belt, 35 kilometres southeast of Red Lake, Ontario. The Confederation Lake belt is known to host numerous Volcanogenic Massive Sulphide (VMS) occurrences and deposits. This property will be renamed ‘Dixie 10 Mile’ by Infinite Lithium Corp. The largest VMS deposit to date in this region is the South Bay Mine, which produced between 1971 and 1981, approximately 354,000,000 pounds of zinc, 57,600,000 pounds of copper and 3,740,000 ounces of silver from 1,600,000 short tons (grades of 11.06% Zn, 1.8% Cu and 72.7 g/t Ag). The three Dixie mineralized zones were explored by Selco in the 1977-1981 period, by Noranda in 1989-1992 and by Tribute Minerals Inc. between 2002 and 2009. Selco drilled a total of 40 diamond drill holes, Noranda drilled 7 holes and Tribute Minerals drilled 11 holes. Terms of this agreementA. Infinite Lithium Corp will make the following cash payments to Pistol Bay: (i) $15,000 on or before the date that is five business days after the Exchange Approval Date(ii) $10,000 on or before the date that is six months after the Exchange Approval Date(iii) $30,000 on or before the date that is twelve months after the Exchange Approval Date and B. Infinite Lithium Corp. will issue to Pistol Bay(i) 500,000 common shares of Infinite Lithium Corp. on of before the date that is five business days after the Exchange Approval Date(ii) 500,000 common shares of Infinite Lithium Corp. on or before the date that is twelve months after the Exchange Approval Date and C. Infinite Lithium Corp. wil...