VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 19, 2009) – David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX VENTURE:PBM) (the “Company”) reports that Company geologists have discovered large amounts of un-split 1979-1981 drill core, much of it containing visible molybdenum. The Company has an option to acquire 100% of the Haskins-Reed Property.
The “Mount Reed” moly/tungsten prospect is located within the Haskins-Reed Property in North Central BC. Previous operators drilled fifty-six (56) holes from 1970 to 1997. Results included 72 meters grading 0.19% MoS2 and 0.15% tungsten and 0.33% MoS2 and 0.22% Wo3 over 39 meters. Holes 81-06 & 81-11, comprising over 280 meters of core, have now been re-logged, split, sampled and sent in to EcoTech Labs in Kamloops for assay. Results are pending.
Much of the historic drilling in the Mount Reed prospect was completed by Canadian Superior Exploration Ltd. in 1980-81, during a program aimed at outlining a skarn-hosted tungsten deposit. Molybdenum was not a priority target at the time and large intersections of molybdenum mineralized core were not split and assayed. Company geologists have now sent 172 drill core samples in for assaying and are currently plotting the historic drill holes to develop a 3D model of the mineralization.
The Moly in the old Mount Reed core occurs as Molybenite, frequently seen in quartz stock-work zones as veinlets and fracture-fillings in quartz feldspar porphyry, biotite granite, quartzite, carbonate skarns and altered sedimentary units.
“The potential for a sizeable porphyry style, bulk tonnage deposit is significant, which makes this an exciting discovery,” said CEO David Brett. “The molybdenum mineralization in granites was largely ignored, giving the Company an incentive to re-evaluate all the historic core and contemplate a drill program for 2010.”
About Pacific Bay Minerals Ltd. Pacific Bay is a mineral exploration company with a diverse portfolio of properties with an emphasis on mineral discovery worldwide. The Company has extensive land holdings in Quebec’s Otish Mountains Uranium region, uranium and gold prospects in Argentina, advanced base and precious metal prospect in northern British Columbia, claims in the Red Lake Gold Camp of Ontario, and an exploration office seeking uranium opportunities in Namibia, Africa.
The technical information contained in this news release has been reviewed, edited and approved by Ernie Black, P.Eng., a consultant to the Company and a Qualified Person under policy NI43-101.
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.