Pacific Bay Minerals Provides Corporate Update and Announces Plans for the Remainder of 2021
Vancouver, British Columbia, May 27, 2021
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, “Pacific Bay” or the “Company”) is pleased to provide an update on the Company’s exploration strategy and program for its 100% owned Wheaton Creek Gold and Haskins-Reed polymetallic properties.
The recommended exploration includes:
- Site visit by the VP Exploration & VP Operations
- Airborne magnetic geophysics survey
- Geochemical soil survey
Diamond drilling is expected to commence in June following an initial reconnaissance by Pacific Bay staff.
From Pacific Bay Minerals’ VP Exploration, Sebastien Ah Fat, P.Geo., “Wheaton Creek is a fairly underexplored prospect. We’re giving it a fresh look and applying a new understanding of the geology in the area as part of our exploration strategy. It is once again an exciting property for the Company and we look forward to the results of our exploration campaign later this summer.”
Wheaton Creek Highlights:
- 3,019 hectares of mineral tenures 100% owned by the Company
- 1986 drillhole 86-01 intercepted 5.38 grams per tonne of gold over 3.05 metres with visible gold
- 5-year multi-year area based (MYAB) permit in good standing
- Notice of work (NOW) application approved
The Haskins-Reed Polymetallic Property remains a project of merit for the Company. Work is ongoing by the management team to compile data from the historical work conducted (including 200+ drill holes into multiple mineralized zones) in order to identify additional opportunities for shareholder value creation including additional exploration/development and/or joint-venture agreement.
- 3,930 hectares of mineral tenures 100% owned by Pacific Bay Minerals
- High-grade carbonate replacement deposit similar to Coeur’s Silvertip mine.
- 2011 high grade intercept of 102.59 grams per tonne of silver over 13.95 metres
- Adjacent to Cassiar Gold’s:
- Taurus (1M oz gold inferred resource)
- Table Mountain (past producing and permitted high grade gold mine).
Note: all above reported intercepts are core lengths only as the true width of the structures has not yet been determined.
In addition to work being done on current portfolio properties, the Company has been active in implementing its strategic growth plan. Given strong precious metals markets, the management team continues to evaluate accretive acquisitions of brownfield projects meeting specific target criteria including those where:
- Early exploration has been completed
- Established resource with the potential for expansion
- Near term pathway to commercial production and sustained cashflow
Additional fundraising and corporate development activities are planned for the third/fourth quarter of 2021 to meet the Company’s growth objectives.
The Company’s VP of Operations, Antonio Vespa, comments “Our vision is to eventually become a junior metals producer. Our management team is doing great work in bringing forth projects to evaluate that meet our criteria and could potentially help us drive shareholder value.”
Sebastien Ah Fat, P.Geo., a Qualified Person as defined by National Instrument 43-101, approved the technical information in this release.
On Behalf of the Board of Directors
David Brett, CEO
Helder Carvalho, Vice President, Corporate Development
This news release contains “forward‐looking statements” within the meaning of Canadian securities legislation. Forward‐looking statements include, but are not limited to, statements with respect to the expected use of proceeds of the Financing. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Pacific Bay will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward‐looking statements include, amongst others, the global economic climate, dilution, share price volatility and competition. Although Pacific Bay has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. Pacific Bay does not undertake to update any forward‐looking statements, except in accordance with applicable securities laws.
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.