Feb 24 2014
Pistol Bay Mining Inc. reports that Revolver Resources Inc. (Revolver), joint venture partner on the Summit B property, announces initial assay results.
The 1,394 hectare (3,446 acre) Summit B property is located in the Iskut area of northwestern British Columbia, Canada, and is contiguous with Colorado Resources Ltd.'s ("Colorado") North Rok copper-gold property (the "North Rok Property"). Revolver has the option to earn a 60-per-cent interest in the property by completing $2.5-million in exploration expenditures on the property, making $500,000 in cash payments to Pistol Bay and issuing Pistol Bay four million common shares over the next three years.
Revolver released the assay results of two DDH (SUMB-02 and SUMB-05), distanced by 1 km, revealing several intersections of copper mineralization associated with quartz-carbonate veins and fracture filling. Best results produced intercepts of 6.3 m @ 0.43 wt. % Cu (SUMB-02), 1.2 m @ 0.18 wt. % Cu and 0.3 m @ 0.25 wt. % Cu (SUMB-05) (The lengths of the intervals do not represent true stratigraphic lengths). The drill holes intersected a folded, fractured and sheared assemblage of Permian basic-intermediate volcanic rocks interstratified with thin shale, phyllite, schist and siltsone layers. A significant number of pyrite+/-chalcopyrite-bearing quartz-carbonate (calcite-ankerite-dolomite) veins were encountered throughout the core with numerous pyrite+/-chalcopyrite fracture and fault-fillings especially at depth greater than 200 m.
The copper mineralization is associated with the core of a 2 km x 500 m NW-oriented high-chargeability/low resistivity anomaly bounded by NW-striking high angle faults (see Revolver Resources press release of November 8, 2013). Cu-bearing zones extend in a northwesterly direction for at least 1 km, whereas an arsenic-copper-gold-rich system is exposed at the periphery of the anomaly, especially on the southeastern segment of the property. Harsh winter conditions, rugged terrain and the difficulty to obtain water prevented the investigation of this area. However, Revolver still holds a drilling permit for at least four additional holes and expects to resume its drilling campaign on the Au-rich zone in the early summer months.
Revolver commissioned Black Hawk Diamond Drilling Ltd. for the drilling operations. UTM Exploration Services from Smithers, BC perfomed the on-site management of drilling operations, core logging and core sampling. UTM established a strict protocol for the QA/QC program including the insertion of standards, blanks and duplicates into the sampling procedure. Assays were performed at the AGAT Laboratories using aqua regia digestion with ICP/ICP-MS finish for Cu and other metals and fire assay with ICP-OES finish for Au.