Triumph Gold Corp., (TSX-V: TIG) (OTCMKTS: TIGCF) is pleased to announce the results from the 2018 surface sampling program conducted at the Drone, Granger and Blue Sky zones, within the 6-kilometre-long multi-element soil anomaly that encompasses the Revenue and Nucleus deposit areas on Triumph Gold’s 100% owned, road accessible, Freegold Mountain Property, in the Yukon Territory, Canada.
Highlights of results include:
- At the newly discovered Drone Zone grab and chip samples within a 100 X 25 metre area of exposed altered and mineralized bedrock and regolith contain local bonanza grade gold (Au) concentrations up to 450 grams per tonne (g/t)* and consistently anomalous to high grade copper (Cu) up to 2.09%.
- Within the Blue Sky Zone 13 new grab samples* have an average grade of 4.5 g/t Au, ranging up to 16.8 g/t Au. The Blue Sky zone was identified in 2016 as prospective for gold-rich porphyry mineralization and in 2017-2018 the high grade, gold rich Blue Sky Porphyry was discovered (e.g. RVD18-19 with 316 metres @ 1.10 g/t Au, 0.27% Cu). The 2018 grab samples were collected 400-800 metres southeast of the Blue Sky Porphyry discovery area identifying the surface expression of a new and previously untested mineralized zone.
- At the Granger Zone oxide-gold target, samples from two new trenches define gold mineralization in highly oxidized rock at surface and demonstrate continuity of mineralization between surface and intersections made in 2018 drill holes that tested beneath the trenches. Results from trenches include:
- In TR18-04,70 g/t Au over 18.5 metres** including 3.26 g/t Au over 1 metre** on the southern end of the trench, leaving the highest grade portion of the mineralized body open to the south.
- In TR18-03,04 g/t Au over 3.5 metres** and 0.89 g/t Au over 4 metres**.
The 2018 surface sampling program in the Revenue-Nucleus area was designed to explore for, test and validate near-surface targets within a six-kilometre-long multi-element soil anomaly that encompasses the Revenue and Nucleus deposits (Figure 1). Triumph Gold geologists believe that the entire soil anomaly is underlain by rocks affected by a gold-rich hydrothermal system related to a large buried porphyry intrusion that has yet to be tested by drilling. The surface sampling program tested three main areas with a total of 164 linear chip or channel samples collected from exposed bedrock or in excavated trenches, and 35 grab samples of bedrock, regolith or locally sourced float.
The Drone Zone was discovered in 2018 as a result of local placer mining operations that exposed a roughly 100 X 25 metre area of altered and mineralized outcrop at the bottom of the Mechanic Creek valley (news release PR#18-11 dated October 16, 2018). This new zone is located 500 metres east of high-grade drill intercepts in the Nucleus gold deposit, and 500 metres west of drill holes that intersected the Keirsten Zone porphyry. Mineralization encompasses the entire area of exposure, which consists of granite hosting large xenoliths of biotite schist, and cross-cut by irregular quartz-feldspar-porphyry dykes and thick gouge-rich faults. Mineralization comprises disseminated sulfides and quartz-sulfide veins with pyrite, chalcopyrite, and lesser arsenopyrite, bismuthinite and visible gold.
The Drone Zone was tested with 49 chip samples and 21 grab samples*. Sample F00032970 which assayed 450 g/t Au and 19 g/t Ag contained abundant visible gold and was collected from locally sourced rock debris at the eastern side of the placer mining cut where the zone appears to extend beneath overburden. Mineralization with anomalous to bonanza grade gold and copper concentrations is consistent though the Drone Zone; assay highlights are reported in Table 1. The zone is open in all directions and has never been drilled or previously explored.
Table 1: Significant Grab and Chip Samples from the Drone Zone 2018
|Drone Zone Grab Samples*|
|Sample ID||Northing***||Easting***||Au g/t||Ag g/t||Cu %|
|Drone Zone Chip Samples|
|Sample ID||Trench ID||Sample Length**||Au g/t||Ag g/t||Cu %|
Blue Sky Zone
The Blue Sky Zone covers the eastern side of the six-kilometre-long Revenue-Nucleus soil anomaly. Drill testing for porphyry mineralization in 2017 and 2018 confirmed high-grade gold-rich mineralization within the Blue Sky Zone on the western slope of Bowlidden Ridge (e.g. RVD18-19 with 316 metres @ 1.10 g/t Au, 0.27% Cu; see news release PR#18-09 dated Sept. 12, 2018). Surface sampling in 2018 focused on the eastern slope of Bowlidden Ridge approximately 400-800 metres from the Blue Sky Porphyry discovery area (Figure 1).
The 2018 surface sampling program included 86 chip and channel samples from three trenches and thirteen grab samples collected mainly from disturbed bedrock along new access roads. Of the thirteen grab samples, eight contained greater than 2.0 g/t Au, to a high of 16.8 g/t Au (Table 2)*. Trenches returned anomalous gold concentrations (Table 2), including 1.46 g/t Au over 1 metre** in BST18-01 and 0.31 g/t Au over 8 metres** in BST18-02, which is contained within a 52.50 metre** section of 0.15 g/t Au (the full length of the trench). Most mineralized samples comprise phyllic altered granite with quartz veins that contain trace bismuthinite ± molybdenite ± chalcopyrite ± arsenopyrite. These new samples, as well as two grab samples* of quartz veins collected from the area in 2017 that graded 3.76 and 5.77 g/t Au, define an approximately 400-metre-long corridor of mineralization that is open in all directions and is untested by drilling. A single 2017 drill hole tested the southern side of Bowlidden Ridge (RVD17-09). It was collared on the far southern edge of the newly defined mineralized zone and was oriented southwards, away from the new surface samples. Results from that hole include ten intersections that graded over 1.0 g/t Au, within a 269 metre interval of highly anomalous gold (0.24 g/t Au; see news release PR#17-13, dated November 2, 2017).
Table 2: Significant Grab and Chip/Channel Samples from the Blue Sky Zone 2018
|Blue Sky Zone Grab Samples*|
|Sample ID||Northing***||Easting***||Au g/t||Ag g/t||Cu %||Mo %|
|Blue Sky Zone Chip and Channel Samples|
|Trench ID||From-To (m)||Sample Length (m)**||Au g/t||Ag g/t||Cu %||Mo %|
|BST18-02||0.00 – 52.50||52.50||0.15||<2||0.012||<0.001|
|Including||30.00 – 38.00||8.00||0.31||<2||0.027||<0.001|
|BST18-01||9.00 – 10.00||1.00||1.46||<2||0.022||0.002|
The Granger Zone is a shallow oxide gold exploration target that is located between the Revenue and Nucleus deposits near the center of the Revenue-Nucleus soil anomaly. Historical exploration in this zone included trenching, rock sampling, with grab samples up to 45.5 g/t Au*, and percussion, reverse circulation and limited diamond drilling. Historical drilling made multiple shallow oxide gold intercepts, including 5.29 g/t Au over 13.71 metres** in GRRAB-091 (from 3.05 metres to the bottom of the hole at 16.76 metres). Drilling in 2018 intersected variably oxidized near-surface mineralization in every hole, delineating a mineralized corridor over 200 metres strike-length and to a depth of at least 74 metres (News Release PR#18-12, dated October 24, 2018). The mineralized zone is open in all directions and to depth.
Highlights of the results from 2018 Granger Zone drilling include:
- RVD18-33 with 18.39 metres** of 0.98 g/t Au (2.95 – 21.34m)
- RVD18-29 with 18.00 metres** of 0.61 g/t Au (53.00 – 71.00m)
- RVD18-30 with 55.21 metres** of 0.45 g/t Au (18.84 – 74.05m)
Twenty-nine chip and channel samples covering 46.80 meters in two newly (2018) excavated trenches tested strongly oxidized rock in the center of the mineralized corridor. Samples form the trenches contain a similar tenor of gold mineralization as that intersected at depth by drilling, indicating continuity from surface to a depth of approximately 45 metres. Trench results include 1.04 g/t over 3.5 metres** in TR18-03, and 0.70 g/t Au over and 18.5 metres** including 1.72 g/t Au over 3.5 metres** in TR18-04 (Table 3). The southern edge of trench TR18-04 has some of the highest grade mineralization (e.g. 3.26 g/t Au over 1 metre**) demonstrating that the zone is open and highly prospective to the south.
Table 3: Chip and Channel Samples from the Granger Zone 2018
|Granger Zone Trench Samples|
|Trench ID||From-To (m)||Sample Length (m) **||Au g/t|
|TR18-03||1.00 – 5.00||4.00||0.89|
|TR18-03||10.00 – 13.50||3.50||1.04|
|TR18-04||1.50 – 20.00||18.50||0.70|
|Including||16.50 – 20.00||3.50||1.72|
|Including||19.00 – 20.00||1.00||3.26|
Tony Barresi, Vice President of Exploration for Triumph Gold Corp. comments “As we advance exploration in underexplored portions of the 6-kilometre-long soil anomaly that surrounds the Revenue and Nucleus deposit areas, we are continually impressed by the world-class scale of the of the underlying gold-rich hydrothermal system. Each of the surface exploration target areas yielded exciting results. Newly discovered mineralization at the Drone Zone and in the Blue Sky Zone reinforce our belief that Revenue and Nucleus are only small parts of a much larger mineralized body. Both of the new showings represent high quality drill ready targets with potential for high grade gold intersections. In addition, new trenches in the Granger Zone demonstrate continuity of oxide gold mineralization between surface and underlying drill intersections, building a case for a near-surface heap leachable oxide gold resource.”
* Grab samples are selective in nature, and the reported mineralization and assay results may not be representative.
** Length/interval refer to sample length. True widths have not been determined.
*** Coordinates are given in North American Datum 83 (NAD83), Zone 8.
Linear chip and channel samples ranged between 0.25 and 2 metres in length. Chip samples were collected with a rock hammer and channel samples were cut from outcrop with a portable diamond saw. The samples were analyzed by SGS Canada of Vancouver, British Columbia. They were prepared for analysis according to SGS method PRP89: each sample was crushed to 75% passing 2mm and a 250g split was pulverized to better than 85% passing 75 micron mesh. Gold was tested by fire assay with atomic absorption finish on a 30g nominal sample (method GE FAA313), and samples that tested over 10 g/T Au were retested using a 30g nominal sample and gravimetric analysis (method GO FAG303). An additional 35 elements were tested by ICP-AES using a four-acid digestion (method GE ICP40B). Quality assurance and control (QAQC) is maintained at the lab through rigorous use of internal standards, blanks and duplicates. An additional QAQC program was administered by Triumph Gold: at minimum three quality control samples, consisting of blanks, certified reference standards and duplicates, were blindly inserted into each 75 sample batch. QAQC samples that return unacceptable values trigger investigations into the results and reanalyses of the samples that were tested in the batch with the failed QAQC sample.
The technical content of this news release has been reviewed and approved by Tony Barresi, Ph.D., P.Geo., VP Exploration for the company, and qualified person as defined by National Instrument 43-101.
Jay Taylor, Editor, J Taylor’s Gold, Energy & Tech Stocks, interviews John Anderson, Chairman of Triumph Gold Corp. TSXV-TIG OTCMKTS-TIGCF at Metals Investor Forum January 2019 in Vancouver BC
Grizzly Discoveries $GZD $GZDIF is pleased to announce that Kinross Gold Corporation’s wholly owned subsidiary, KG Exploration (Canada) Inc. (“Kinross”) has informed Grizzly that a drill will be mobilized to the Midway Target within the Greenwood Project, located near Greenwood in southern B.C. Kinross is planning a 1,200 m drill program at the Midway area during July and August, 2018, to continue the proof of concept drilling at the Midway Epithermal Target intersected in 2017. Proof-of-concept drilling in 2017 intersected gold, silicification, argillic alteration and minor quartz veining in 2 out of 3 holes along strike, warranting further follow-up exploration, particularly to the east and down-dip at the epithermal target.
Grizzly is also pleased to announce that it has closed on a private placement for gross proceeds of $55,000 (the “Placement”).
Highlights of 2017 Kinross Exploration Program at Midway
The portions of the Greenwood Project being explored by Kinross, 100% owned by Grizzly Discoveries Inc., includes 131 claims that form a contiguous package totaling approximately 27,346 hectares, representing approximately one third of Grizzly’s land holdings at Greenwood. Kinross can earn a 75% interest on the optioned land pursuant to an Option Agreement dated September 2015 by incurring US$3 million in exploration expenditures over a 5 year period. By the second anniversary on September 23, 2017, Kinross had completed 1,129 metres of diamond drilling and had incurred US$750,000 in expenditures.
Kinross geologists hypothesize that the Midway Epithermal target is an Eocene-aged epithermal system developed within Triassic clastic sediments and limestone, and Jurassic hornblende diorite intrusions, all unconformably overlain by Eocene Kettle River Formation sediments and Marron volcanics.
A 3 +/- m thick blanket of massive silica (locally banded, brecciated and vuggy) occurs at the basal Eocene unconformity. Remnants of this silica blanket occur in outcrop, intermittently over a 1 x 1 km area, in some places replacing Triassic limestone. The massive silica contains elevated gold (“Au”) (to 1.175 parts per million [ppm]) as well as locally anomalous arsenic (“As”), mercury (“Hg”) and antimony (“Sb”). Near the eastern end of the (known) silica exposure, up to 15% marcasite occurs as disseminations within the silica, and as cm-scale clasts that exhibit internal banding. This showing is interpreted as representing a hydrothermal vent intersecting the unconformity.
Widespread argillic alteration and more local silicification occur in the footwall of the unconformity. Two separate zones of alteration and veining have been discovered: The western zone is a north-trending, 200 m long by 50-75 m wide, zone of silicification, with peripheral argillic alteration, centered on a north trending fault zone marked by a narrow band of listwanite. Multiple narrow (to 0.5 m) chalcedonic quartz (+/-quartz breccia) veins (up to 4.2 ppm Au) occur within the broader zone of silicification. A second similar zone of alteration and veining is located 200 m to the east. The target areas were further delineated via a large Au-Cu-Ag +/- Hg, Sb, Se, Ba soil anomaly over the exposed epithermal system.
Rock chip and drill hole results indicate predominately argillic, and lesser propylitic alteration. Kaolinite dominates the argillic suite. The strongest zone of alteration is a north-trending, 200 m long by 50-75 m wide, zone of silicification near the irregular clastic/intrusive contact centered on a north-trending fault
zone. Multiple narrow (to 0.5 m) chalcedonic quartz (+/- quartz breccia) veins occur within the broader zone of silicification. Values of up to 4.2 ppm Au have been recovered from these veins.
Private placement and 2018 Proposed Work Programs
On July 19, 2018, the Company closed a private placement of Units and FT Units for gross proceeds of $55,000. The Company sold 562,500 units (“NFT Units”) at a price of $0.08 per unit, and 100,000 flow-through units (FT Units) at a price of $0.10 per FT Unit. Each NFT Unit consisted of one common share of Grizzly (a “Share”) and one Share purchase warrant (a “Warrant”). Each FT Unit sold consisted of one Share, issued as a flow-through share pursuant to the Income Tax Act (Canada) and one half of one Warrant. Each Warrant entitles the holder to acquire an additional Share for an exercise price of $0.12 and expires on the earlier of: (a) 30 days following the issuance of a news release by the Corporation that the trading price of the Common Shares on the TSX Venture Exchange is at or greater than $0.18 per Common Share for 10 consecutive trading days; and (b) July 19, 2020.
An insider of the Company purchased 137,500 Units for proceeds of $11,000 and a corporation controlled by an insider purchased 75,000 NFT Units for proceeds of $6,000. The closing of the Placement is subject to final acceptance by the TSX Venture Exchange.
Grizzly has submitted three Notices of Work (“NOW”) programs to the BC Ministry of Energy, Mines & Petroleum Resources. The planned programs cover planned exploration, including planned drilling, at the Ket 28 – Dayton and Motherlode target areas in the Greenwood Project area on lands not under option to Kinross. The third NOW program will cover potential cobalt-copper-silver (Co-Cu-Ag) drill targets at the Company’s 100% owned Robocop Project to be tested this fall after completion of an airborne survey and surface exploration activities planned during August and September 2018.
About Grizzly Discoveries Inc.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 62 million shares issued, focused on developing its precious and base metals properties in southeastern British Columbia along with significant Potash assets in Alberta. The Company holds over 180,000 acres of precious-base metal properties at its Greenwood Project; additionally, Grizzly holds 9,891 acres with Co-Cu-Ag mineralization at its Robocop Property, both located in southeastern British Columbia. The Company also holds more than 160,000 acres of properties which host diamondiferous kimberlites in the Buffalo Head Hills region of Alberta; and metallic and industrial mineral permits for potash totaling more than 60,000 acres along the Alberta-Saskatchewan border.
The content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Triumph Gold Corp. (TSX-V: TIG) (“Triumph” or the “Company”) is pleased to announce that it has completed a private placement financing of 14,641,101 units of Triumph at a price of $0.35 per unit for gross proceeds of approximately $5,124,385. Each unit consists of one common share of the Company and one half of one non-transferable common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable into one additional common share at a price of $0.55 for a period of two years from the closing of the financing. The investment was made primarily by institutional investors. A private Hong Kong fund invested approximately $2.5 million and three existing shareholders (amongst others) participated in the offering, including Goldcorp Inc. (“Goldcorp”) which exercised its right to top up to a 19.9% ownership by participating in the financing.
John Anderson, Chairman of Triumph commented: “We are excited to have new institutional investors investing directly into the Company as we continue to explore the Freegold Mountain project. As well, we are overwhelmed that current shareholders requested to increase their investment at this time. Goldcorp has participated in this financing to increase its interest in the Company to 19.999% on a partially diluted basis. We view this investment as a validation of our exploration philosophy and look forward to continuing to work with Goldcorp’s technical team as we continue to advance the Freegold Mountain project.”
The proceeds of the offering will be used for exploration at the Company’s Freegold Mountain project and for general working capital. Triumph currently has two diamond drills on the property and is in the middle of an 18,000 metre drilling program.
All securities issued in connection with this financing will be subject to a statutory four month hold period expiring on November 12, 2018, in accordance with applicable Canadian securities laws. Upon completion of the private placement, the Company will have 78,442,638 common shares issued and outstanding. The Company has agreed to pay cash finder’s fees in the aggregate amount of $31,300 to certain finders in connection with the private placement.
Goldcorp and Palisade Global Investments Ltd., each subscribed for 2,719,674 units and 2,900,000 units, respectively, under the offering. The participation of each of these insiders is considered to be a “related party transaction” as defined under TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company determined that an exemption from the formal valuation requirement of MI 61-101 was available for each related party transaction pursuant to Section 5.5(b) of MI 61-101. The Company also relied on Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement.
The Company did not file a material change report more than 21 days in advance of the closing of the offering, which the Company deems reasonable and necessary in the circumstances as the closing date of the private placement had not been established at that time.
About Triumph Gold Corp.
Triumph Gold Corp. is a growth oriented Canadian-based precious metals exploration and development company. Triumph Gold Corp. is focused on creating value through the advancement of the district scale Freegold Mountain project in Yukon. For maps and more information, please visit our website www.triumphgoldcorp.com
On behalf of the Board of Directors
Signed “Paul Reynolds”
Paul Reynolds, President & CEO
|For further information please contact:
John Anderson, Executive Chairman
Triumph Gold Corp.
+1 (604) 218-7400
Vancouver, B.C. – February 22, 2018: Pistol Bay Mining Inc. (TSX-V – PST; Frankfurt – OQS2) (“Pistol Bay” or the “Company’) is pleased to announce that it is currently soliciting and reviewing bids from drilling contractors for the rights to drill the Company’s Confederation Lake greenstone belt VMS properties. A decision is expected shortly, and drilling is planned to commence March 2018.
Pistol Bay has received the one million dollars ($1,000,000) from Rio Tinto for the uranium assets it owned in the Athabasca Basin (see news release February13,2018). Proceeds from this payment will be used to fund the drilling program at Confederation Lake.
Three drill holes of at least 500 metres each are planned to further test the Arrow Zone and to retrieve core for preliminary metallurgical testing. The Arrow Zone was the subject of a 43-101 report in 2017 that presented an inferred mineral resource of 2,100,000 tonnes grading 5.78% zinc, 0.72% copper, 0.60 grams per tonne (g/t) gold and 19.5 g/t silver. (8.42% zinc eq.) (see news release February 15, 2018).
Approximately ten diamond drill holes totaling approximately 2,000 metres will test the Fredart “A” Zone (also referred to as the Copperlode “A” Zone). A historical resource estimate made in 1971 for the Fredart “A” Zone, based on diamond drilling in the 1960s, was 386,000 tonnes grading 1.56% copper and 33.6 g/t silver, or alternatively 219,500 tonnes at 1.95% copper and 41.8 g/t silver. Neither of these estimates conforms to any class of mineral resource or mineral reserve defined by the 2014 CIM guidelines.
Triumph intends to execute a $4 million exploration program on the Freegold Mountain property, as well as smaller reconnaissance mapping and sampling projects on Tad/Toro and Severance properties in Yukon and Andalusite Peak in northern British Columbia.
Exploration on the Freegold Mountain property will commence in late May and extend until early October. The work will include approximately 13,000 m of diamond drilling, seven line km of trenching, geological mapping, prospecting and a soil geochemistry survey.
Drilling will be focused on four areas:
- Nucleus (4,000 m). The Nucleus deposit involves several superimposed deposit types and contains 1.3 million Ozs gold within 74.7 million tonnes in the indicated category (0.30 g/t AuEq1 cut-off). 2017 exploration drilling will comprise broad step outs that target areas prospective for extensions of one or more of the deposit types.
- Revenue and the adjacent Blue Sky Zone (5,000 m). Revenue is a porphyry style deposit that contains 1.0 million Ozs gold, 8.98 million Ozs Ag, and 241 million lbs copper within 80.8 million tonnes in the inferred category (0.5 g/t AuEq1 cut-off). 2017 drilling near Revenue will focus on the Blue Sky Zone, a 2.3 square km area to the east of Revenue, with coincident soil and chargeability anomalies that are adjacent to and along strike of some of the longest and best drill intersection within the main Revenue Zone (e.g. 16% Cu, 0.66 g/t Au over 196.02 m [RVD11-019 368.88 – 476.94m]).
- The newly discovered Generation Zone (2,000 m). The Generation zone is a porphyry copper gold target identified in 2016. It consists of strongly altered granodiorite exposed over 80 meters that contains a high density of mineralized quartz +/- magnetite veins. The mineralized outcrops are centered approximately 150 meters above the modeled depth of a strong 2.9 X 1.3 km chargeability high.
- A soil and geophysical anomaly that extends 2 km along strike between the Nucleus and Revenue deposit areas (2,000 m).
Drilling at the Nucleus and Revenue deposit areas will constitute significant step outs, up to 1.5 km from the current resource areas, to test new exploration targets developed during a thorough data and drill core review conducted in 2016.
Exploration at the property’s third resource area, the Tinta polymetallic vein deposit, will include broadening of the existing soil geochemistry survey area with approximately 1,200 samples over 7 km2. This will complement the ground magnetic and VLF-EM survey that was conducted in 2016, which defined several strong conductors that parallel the Tinta vein deposit and are coincident with Au, Ag, Pb, Bi in soil anomalies over the limited existing soil grid. Once results are obtained, trenching will be conducted over coincident anomalies.
A number of less developed prospects on the Freegold Mountain property, including the Nitro, Castle, and Stoddart porphyry prospects and Goldy, Ridge, and Irene epithermal gold prospects, will be the subject of focused data, drill core, and field studies/reviews by Triumph’s senior geologists in order to evaluate exploration potential.
NI 43-101 Disclosure
- AuEq is based on metal prices of $1,250/oz for gold, US$22.00/oz for silver, US$2.90/lb for copper and US$10.00/lb for molybdenum. The AuEq calculations reflect gross metal content and do not apply any adjustment factors for difference in metallurgical recoveries of gold, copper, silver and molybdenum.
- Mineral resources do not demonstrate economic viability, and there is no certainty that these mineral resources will be converted into mineable reserves once economic considerations are applied.
- The above mineral resource estimates have been prepared in compliance with the standards of NI 43-101 by J. Campbell, B.Sc., P. Geo., A. Armitage, Ph.D., P. Geol., A. Sexton, M.Sc., P. Geo., and D. Studd, M.Sc., P. Geo. of GeoVector Management Inc.
The technical content of this news release has been reviewed and approved by Tony Barresi, Ph.D., P.Geo, Vice President Exploration of the company and qualified person for the purposes of National Instrument 43-101 — Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators.
Subject to regulatory approval, the Company has granted 5,900,000 incentive stock options to officers, directors, employees and consultants at a price of $0.40 per share for a period of five years from grant.
Pistol Bay expanded the upcoming VTEM airborne electromagnetic and magnetic survey to cover almost twice the area of the original survey plan. Geotech Limited is contracted to survey the 40 km length of the Confederation Lake greenstone belt, southeast of Red Lake, Ontario.
With a larger loop, more power and better signal-to-noise resolution than earlier airborne electromagnetic systems, the current version of VTEM™, known as VTEM™ Plus, is able to resolve conductors at significantly greater depths than any previous airborne system. By flying a survey over large areas of favourable geology, Pistol Bay will be exploring a depth slice that has only been investigated in the past by large-loop ground EM systems over very limited areas. Target definition will be materially assisted by two recently acquired data sets. A whole-rock geochemical database with almost 7,000 analyses was inherited from Noranda Exploration by AurCrest Gold Inc. and delivered to Pistol Bay as part of the AurCrest Gold property acquisition (see Pistol Bay news release January 18, 2017). As well, a data set of Selco drill results, many of which were never in the public domain was supplied by the vendor of the Joy North property (see Pistol Bay news release February 22, 2017).
Pistol Bay $PST closed a non-brokered private placement financing for gross proceeds of $336,600, issuing 3,960,000 units at a price of $0.085 per unit, each unit comprising of one common share and one transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share for a period of 18 months at a price of $0.12.
The Company has paid finder’s fees of a total of $32,810, 173,000 common shares, and an aggregate 223,000 finder’s warrants. Pistol Bay will use the proceeds of the private placement for exploration expenditures and general working capital.
The Company will extend the expiry date of 7,632,500 common share purchase warrants that were issued on August 29, 2016. The old expiry date of August 29, 2017 will be extended to August 29, 2018.