For Immediate Release. Vancouver, British Columbia, June 9, 2014. David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, the “Company”) reports that the Company has engaged a diamond drilling contractor and arranged financing for a 6 to 8 diamond drill hole exploration program on the Brett Zone high grade zinc mineralization in northern British Columbia. In 1997, diamond drilling returned zinc values ranging from 0.01 to 18.96% zinc, including high grade zinc intercepts of 21.19% over 2.6 meters and 9.23% over 13.20 metres. The Brett Zone is located within the Company’s 100% owned Haskins-Reed Base Metals Property on Highway 37 near Cassiar, BC.
The Company has arranged a 2,500,000 unit non-brokered flow-through financing at $0.07 per unit, whereby each unit consists of one common flow-through share and one warrant to purchase an additional common share at $0.10 for one year, subject to the approval of the TSX Venture Exchange.
The Brett Zone, located on Mount Reed about 1.5 km south of the site of Pacific Bay’s 2011 drilling program, was drill tested in 1997 by Demand Gold Ltd. based on strongly anomalous base metal soil geochemical values, high magnetic survey results and surface base metal showings. The zone, which is open to the east, west and downdip, returned strong zinc values, summarized in the table below:
|Hole #||From||To||Interval||% Zinc|
The Brett Zone mineralization occurs within the metasedimentary assemblage of the Atan Group proximal to the Upper Cretaceous porphyritic calc-alkaline intrusions at Mount Reed. Mount Reed was explored extensively in the 1970’s and 1980’s for its molybdenum and tungsten mineralization and was tested with a significant amount of diamond drilling. Potential also exists at the Brett Zone to discover porphyry-style base-metal mineralization in a buried intrusive stock.
“Given the bullish market sentiment for zinc, management is excited about the Brett Zone’s high-grade zinc potential,” said Pacific Bay President and CEO David H. Brett. “The Brett Zone is just one of several drill-tested mineralized zones on the Haskins-Reed property.”
In addition to the above, the Company reports that it has granted two year incentive stock options to directors and officers for 1,000,000 shares at $0.10 per share.
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
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.