Pistol Bay Acquires Historical Data For Portland Graphite Property
28 January 2014 - 12:30AM
Marketwired
Pistol Bay Acquires Historical Data For Portland Graphite Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 27, 2014) -
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. Cautionary note:
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.
Pistol Bay Mining Inc.Charles DesjardinsPresident and
Director604-683-5445604-687-9631info@pistolbaymining.comwww.pistolbaymining.com
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