VANCOUVER, BRITISH COLUMBIA–(Marketwire – April 20, 2011) – David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company”) reports that a recent compilation of exploration data from its 100% optioned Haskins-Reed polymetallic property in northern British Columbia has confirmed the potential for large-scale, intrusive-hosted, polymetallic deposits. It now appears, based upon coincidental geological, geochemical and geophysical evidence, that the numerous historic prospects identified over a combined 6-kilometre strike length may be associated with a large-scale, intrusive-related mineralizing system. A comprehensive two-stage program including geological mapping, geochemical sampling, trenching and two phases of diamond drilling is scheduled to commence in mid-June to evaluate several exploration targets.
Over the past 50 years several major and junior mining companies have explored their individual claim holdings within the area now covered by the Haskins-Reed property, which is now consolidated under Pacific Bay’s 100% control. Their exploration efforts have discovered numerous mineral showings hosting a variety of silver, lead, zinc, copper, molybdenum, tungsten, cobalt, gold and bismuth mineralization. This work resulted in several non-43-101 compliant mineral resource estimates, such as the “B Zone”, which was explored extensively by underground workings (refer to the 43-101 technical report filed on Sedar for complete historical results).
Pacific Bay has compiled the results from past and recent exploration programs including: geological mapping, soil and rock geochemical sampling, trenching, airborne geophysics and the geological and assay results from 198 surface and underground drill holes totalling 18,230 metres of drilling. The results of this work indicate that the known mineralization is probably spatially and temporally-related to a series of elongated, buried to partially-exposed stocks that have intruded well-fractured carbonate and fine-grained metasedimentary rocks along two parallel 3-kilometre long, north-westerly trends. Maps showing these trends and the many mineralized zones along them can be viewed on the Company’s website (www.pacificbayminerals.com).
The first high priority 2011 drill target is the Meteor Zone where 2010 excavator trenching, mapping and sampling identified near-surface, oxidized sulphide mineralization averaging 15 metres in width along a 300-metre north-westerly strike length. Chip samples collected from one trench (Trench 4) returned values of 0.292 gpt gold, 57.11 gpt silver, 1.21% lead and 3.67% zinc across 24.70 metres.
“We have developed a new, breakthrough exploration model for Haskins-Reed that has moved the project to the top of our priority list,” said Pacific Bay CEO David H. Brett. “Recent positive announcements regarding the Northwest Power Transmission Line also have the potential to dramatically improve the property’s economics.”
The technical disclosures in this news release were reviewed and approved by Doug Blanchflower, P.Geo., a Qualified Person, as defined by National Instrument 43-101.
Pacific Bay Minerals Ltd.
David H. Brett, MBA, President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.