| Announcement Date: | 2022-12-12 |
|---|---|
| Announcement Type: | Drilling Results |
| Announcement Code: | NI43-101 |
| Company name: | Pacific Bay Minerals Ltd. |
| Project name: | Atlin Goldfields |
| Location: | Canada |
| Commodities: | Gold |
| Highlight: | Drilling results incl. 3.05m at 9.96g/t Au, from 117.96m |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | For Immediate Release. Vancouver, British Columbia, December 12, 2022. Mr. David Brett, President & CEO, Pacific Bay Minerals Ltd. (TSX Venture: PBM, “Pacific Bay” or the “Company”) reports that the Company has now received assay results for the initial drill phase conducted in September 2022, consisting of two diamond drill holes on the Atlin Goldfields Project (“the Property”) near the town of Atlin in northern British Columbia. Pacific Bay holds an option to acquire up to a 100% interest in the Property from Brixton Metals Inc. The diamond drill holes were designed to test gold mineralization at the Yellowjacket Zone, initially identified in the 1980s as a high grade orogenic (mesothermal) gold system. Yellowjacket was subsequently diamond drilled, bulk sampled and achieved a BC Small Mine Permit in 2009. The mining operation is currently under care and maintenance. Diamond drill hole YJ22-01, with a dip of -50o , intersected the Yellowjacket main zone returning 9.96 g/t gold over 3.05 metres (from 117.96 to 121.01 metres). Diamond drill hole YJ22-02, with a dip of -60o , stopped at 135.85 metres just entering the mineralized zone and did not return any gold values of significance. The two diamond drill holes, collared 30 metres apart were designed to test the Yellowjacket shear/vein system immediately down dip of prior drill holes which returned high grade gold intercepts. Due to difficult ground conditions and drill issues, neither hole reached its final target depth. Hole 2 stopped within the anticipated mineralized zone when the drill rods were stuck and unable to be retrieved. The next phase of diamond drilling will utilize larger core diameters and more aggressive “mud” mixtures which will enhance drill performance and core recoveries. |
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