Vancouver, British Columbia, October 20, 2022.
Mr. David Brett, President & CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, “Pacific Bay” or the “Company”) reports that the Company has completed two diamond holes at the Atlin Goldfields Project (“the Property”) near the town of Atlin in northern British Columbia. The drilling encountered mineralization within the Property’s high grade Yellowjacket shear/vein system and assays are pending. Pacific Bay holds an option to acquire up to a 100% interest in the Property from Brixton Metals Inc.
“This initial phase of a planned larger drilling program represents the first time Yellowjacket zone has be drilled since 2018,” said Pacific Bay President & CEO David Brett. ”We’re looking forward to receiving assay results in the coming weeks.”
The initial two diamond drill holes were designed to test the core of the historic Yellowjacket gold mineralized zone. Both drill holes were drilled toward azimuth 160o, with hole YJ22-01 having -50o dip and a total depth of 155.86 metres and hole YJ22-02 having a -60o dip and total depth of 135.85 metres. Both diamond drill holes intercepted the main Yellowjacket host structure, consisting of strongly sheared and brecciated quartz within altered andesite and ultramafic units. Hole YJ22-01 intersected 8.1 metres of quartz breccia within a 19.64 metre fault structure. Hole YJ22-02 intersected two zones, one with a core length of 6.1 metres and a second of 3.12 metres, both within the 15.43 metre wide favourable host structure. Drill core samples have been shipped to ALS Limited’s laboratory in North Vancouver for analyses and results are pending.
The Yellowjacket occurrence is known to include individual, mineralized quartz veins, that are hosted within pre-existing structures, as well as zones of mineralized vein arrays. Listwanitic altered ultramafic rocks are consistently associated with the gold veins and vein arrays, with the gold most commonly hosted in gabbro, diabase, basalt and andesite (brittle, crackle fractured rocks) in fault contact with ultramafic rocks. Free gold mineralization occurs as scatted coarse native gold grains associated with minor pyrite, chromite and mariposite (Morton, J., 2022; Technical Report on the Atlin GoldFields Project: Sedar/Pacific Bay Minerals Inc.).
Yellowjacket has a BC Ministry of Mines Small Mine Permit (75,000 tonnes per year) in place with the operation currently under care and maintenance.
The Company also announces that Antonio Vespa has stepped down as President & CEO of Pacific Bay, with David Brett resuming his role as President & CEO, effective immediately. Mr. Vespa was unable to continue in the role due to other career commitments, but will remain on the Company’s board of directors.
“The board of Pacific Bay thanks Antonio for his years of service. He has worked hard to advance the prospects of the company and wish him well in his future endeavours,” said President & CEO David Brett.
Quality Assurance/Quality Control (“QA/QC”)
Pacific Bay’s QA/QC procedures include one each of blank, field duplicate, and standard inserted into the sample stream for every 20 drill core samples. At site, core samples are sawed in half, with one half bagged, zip-tied and delivered to ALS Limited’s laboratory’s facility in Whitehorse, YT. The second half of the core is returned to the core box for storage. From Whitehorse, the samples are trucked to ALS main laboratory in North Vancouver, BC for preparation and analyses. The field inserted standards (certified reference materials) were purchased from CDN Resource Laboratories Ltd. of Langley, British Columbia.
The majority of the samples will be analyzed for gold by fire assay with an atomic absorption finish. Due to historically reported coarse gold, samples within the quartz breccia fault zone will be analysed by the metallic screen method, where 1 kg of pulp is screened to 106 microns, followed by duplicate 50 g assays on screen undersize plus an assay of entire oversize fraction. All samples will also be analysed for 41 additional elements by the ICP- MS method.
ALS Limited North Vancouver laboratory conforms with the requirements of ISO/IEC 17025:2017 and the conditions for accreditation as established by SCC and is recognized as an accredited testing laboratory. In the laboratory, blanks (analytical and method), coarse duplicates and standard reference materials are internally inserted in the sequences of client samples. Using these inserted quality control samples each analytical batch and complete job is rigorously reviewed and validated by ALS prior to release.
Linda Dandy, P.Geo., Technical Advisor for the Company and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Pacific Bay Minerals Limited
Pacific Bay Minerals is a Canadian mineral exploration company engaged in the acquisition, exploration, and development of mining projects. Pacific Bay Minerals is focused on advancing its flagship project, Atlin Goldfields, located in Atlin, British Columbia, with a 56,569-hectare package of mineral tenures. The company also holds 100% interest in three mineral properties located in British Columbia: Wheaton Creek Gold, Haskins Reed, and Weaver Gold. Pacific Bay aspires to see its environmentally responsible exploration and development activities bring meaningful benefits to the communities in which it operates.
Pacific Bay Minerals Ltd.
David Brett, President and 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 size and use of proceeds of the Offering, the timing for and expected completion of a definitive option agreement, plans relating to exploration of the Property, the magnitude and quality of the Property, spending commitments, and regulatory approvals (including approvals of the TSXV). 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, results of exploration activities and development of the Property, risks associated with the completion of a definitive option agreement for the Property or that any such agreement may be terminated or the option not exercised, risks relating to regulatory approvals, and the ability of the Company to complete the Offering as contemplated or at all. 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.