|By Marketwired .||
|January 27, 2014 08:30 AM EST|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/27/14 -- Pistol Bay Mining Inc. (TSX VENTURE: PST) ("the Company") is pleased to report that it has acquired an extensive inventory of historical data resulting from previous exploration and development work carried out on the Portland Graphite property located in Southeastern Ontario. The Portland property is situated 1.6 km north of Highway 15, between Kingston and Ottawa. It is road-accessible and consists of private lands covering approximately 429 hectares, located 5.5 km northeast of the community of Portland, Ontario. Power and water are available on-site and rail access is nearby.
Victoria Graphite Inc. carried out test mining and milling utilizing a 100 tonne per day pilot plant in the early 1990's. The mill building is still present and may potentially be an asset to the Company in terms of the ongoing development of the property.
The recently acquired historical data from the Portland Graphite property consists of the following material:
-- Three (3) geophysical reports covering magnetic, VLF, Horizontal Loop EM and Mise-a-la-masse surveys - prepared by JVX Ltd. 1987 - 1988. -- Diamond drilling reports from Victoria Graphite Inc. and J.P. Rollinson B. Sc. Geologist 1987 - 1989 providing all logging and sampling data for the 73 holes on the Portland property. -- Five (5) engineering reports on the Evaluation of Portland Graphite Deposit, Leeds County, prepared by Robert H. Morse Ph. D., P. Eng from July 1986 to May 1989. -- Metallurgical reports by I.M.D. Laboratories covering processing and flotation test work 1987 - 1989.
Paul Gorman, an advisor to the Company for the Portland Graphite property, stated the following concerning the historical data - "This valuable historical data will allow the Company to better design an efficient plan to advance the project to a production decision as quickly as possible."
After thorough analysis of the historical data, the Company's plan - subject to adequate financing -is as follows:
-- Complete a detailed geophysical survey to better outline stratigraphy, structure and high-grade mineralization. -- 3-D geological and mineralization models constructed based on review of the recently acquired historical data. -- Stripping and mapping of former pit in spring 2014 in order to accurately sample and understand controls on mineralization, confirm previous metallurgical work. -- First round of drilling focused on high-grade zones on detailed sections - planned summer 2014. -- Prioritize areas with highest grade/best widths for 2nd round of drilling. -- Initial 43-101 resource estimates, metallurgical, beneficiation studies planned completion in 2014 Q2/Q3 - all with the focus of fast-tracking the highest grading pod towards DFS and production decision. -- Extensive marketing of Portland product to past customers as well as all major North American players - Portland product is well-known to the industry.
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 visit www.pistolbaymining.com.
On Behalf of the Board of Directors
PISTOL BAY MINING INC.
Charles Desjardins, President and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.