VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2013) - Pistol Bay Mining Inc. (TSX VENTURE:PST) is pleased to report that Rio Tinto Canada Uranium Corporation ("RTCUC") has completed the planned winter diamond drill program and gravity survey on the Company's C-5 property, located in the Athabasca Basin, Saskatchewan.
Of the proposed 1,800 meter diamond drill program RTCUC was in fact able to complete an additional 960 meters for a total of 2,760 meters in 6 drill holes. All drill core samples have been shipped to the Saskatchewan Research Council in Saskatoon for analysis.
Hole 13CBK003 did intersect what appears to be a minor mineralized facture associated with quartzite just below the unconformity. Gamma probing returned a maximum value of 688CPS across the interval of mineralization which appears to be isolated to a fracture coating. Final assay results are required to confirm definitive numbers.
There were also some encouraging signs exhibited in hole 13CBK004. The hole was being drilled on an ice set-up on a lake, however due to safety concerns the hole was abandoned at 354m in the sandstones. While this hole did not intersect the unconformity it did cross some favourable structure and minor alteration in the sandstones that is encouraging.
Hole 13CBK005 was completed to a depth of 621 meters. While no mineralization or significant alteration was intersected, it has provided some very valuable lithological information that can now be incorporated into the geological model.
The gravity survey was completed by Eastern Geophysics of West Pubnico, NS and they have demobilized from the site. The planned survey was designed to infill and extend the gravity survey completed in 2011 by Terra Ventures. The objective of the survey was to extend the current data set and identify areas of potential alteration that may be related to mineralization. The survey was completed at 50m station spacings along 100m spaced lines and extended the coverage over the entire C-5 block property. A total of 1431 stations were collected.
Upon review and analysis of all the assays and data, a plan for possible follow up drilling can be addressed.
Technical information in this news release has been prepared and/or revised by Mike Magrum, PEng, and qualified person as defined in NI 43-101.
About Pistol Bay Mining Inc. (TSX VENTURE:PST) is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base metal properties in North America.
For additional information please contact Charles Desjardins at Pistol Bay Mining Inc. or visit www.pistolbaymining.com.
On Behalf of the Board of Directors
PISTOL BAY MINING INC.
Charles Desjardins, President and Director
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.
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- Saskatchewan Research Council
President and Director