Pacific Bay Minerals Ltd.: Haskins-Reed Moly Potential Enhanced, Historic Drill Core Assays Pending
October 19 2009 - 10:02AM
Marketwired
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.
Contacts: Pacific Bay Minerals Ltd. Investor Relations (604)
682-2421 or Toll Free: 1-800-670-6570 (Canada) Toll Free:
1-800-665-5101 (USA) (604) 682-7576 (FAX) (FAX)
www.pacificbayminerals.com
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