Pacific Bay Minerals Ltd.: Haskins-Reed Core Yields 66 Meters 0.11% Tungsten and 43 Meters 0.05% MoS2; Also, New Gold Target Ide
January 20 2010 - 9:00AM
Marketwired
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX
VENTURE: PBM) (the "Company") reports assay results from previously
un-sampled sections of historic Mount Reed drill core, within the
Company's 100% optioned Haskins-Reed Property near Cassiar, BC, -
including 66.16 meters grading 0.115% Tungsten and 42.68 meters
grading 0.051% MoS2 (0.030% Mo) from hole 81-11.
The Haskins-Reed property hosts several different styles of
mineralization including skarn hosted Lead-Zinc-Silver-Bismuth,
intrusive hosted Moly/Tungsten, and vein hosted silver-lead
deposits. Company geologists have also recently discovered
potential low-sulphidation, low grade gold mineralization on the
property.
In 2009, Company geologists found visible moly in large sections
of well preserved, un-assayed historic drill core in the Mount Reed
section of the Haskins Reed Property. Core from two of the historic
drill holes were re-logged and previously un-assayed sections were
split and sent to Eco Tech Labs for analysis. The assay results
confirm molybdenum occurs in a granitic intrusion as well as within
alteration zones, where the latter comes in contact with
sedimentary cap-rocks. Molybdenum occurs coincidently with
Tungsten, withIn the contact selvage zones.
"Management believes these results confirm the potential for a
large scale, intrusive hosted molybdenum deposit with Tungsten
enrichment at Haskins-Reed," said Pacific Bay CEO David H. Brett.
"This renewed Moly/Tungsten potential, combined with the property's
well established Lead-Zinc-Copper-Silver potential, makes the
Haskins-Reed property a compelling exploration target for Pacific
Bay."
To better understand the mineralization, Company geologists are
currently working on a detailed compilation of historic drilling
and other geologic data in the Mount Reed Zone. Plans for 2010
include a thorough re-examination and assaying of all untested
drill core and development of new diamond drill targets.
The following table summarized the significant drill core
results:
------------------------------------------------
Hole ID FROM TO (m) % Mo % MoS2 m Core
------------------------------------------------
81-11 60.98 84.45 0.037 0.062 23.48
------------------------------------------------
81-11 160.06 218.60 0.025 0.042 58.54
------------------------------------------------
incl. 160.06 202.74 0.030 0.051 42.68
------------------------------------------------
81-6 59.45 125.00 0.027 0.046 65.55
------------------------------------------------
----------------------------------------
Hole ID From (m) To (m) W % m Core
----------------------------------------
81-11 136.59 202.74 0.115 66.16
----------------------------------------
Part of the 2009 trenching program focused on a significant and
widespread high gold, multi-element soil anomaly near the Joe Reed
silver-lead vein. Although the trenching failed to definitively
identify the source of the gold anomaly, prospecting revealed the
presence of low-temperature hydrothermal system. This gold-bearing
multi-element soil anomaly coincides with a strong magnetic anomaly
and includes notable hydrothermal pathfinder values, such as
arsenic. The Company plans include aggressive follow-up of this new
gold target in the 2010 exploration season to define possible drill
targets.
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. All assays reported in this news release were prepared by
Eco Tech Laboratory Ltd. of Kamloops, B.C.
In other news, the Company has granted to an employee an
incentive option to purchase 200,000 shares at $0.12 per share for
two years.
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)
www.pacificbayminerals.com
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