Pacific Bay Options Northern BC Silver Property
May 13 2010 - 9:00AM
Marketwired
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX
VENTURE: PBM) (the "Company") reports the Company has entered into
an option agreement with Mr. Piotr Lutynski (the "Vendor") for the
Ax silver and base metals prospect, which yielded an assay of
12.5g/t silver, 1.3% copper, and 4.8% lead over 10 meters (the
"Property").
The Property consists of 15 mineral claims covering 5,664
hectares along a 10km mineralized trend hosting a number of
showings, located approximately 40 km north of Cassiar, 40km
southeast of Silvercorp's Silvertip Deposit and 10 km north of the
Company's Haskins-Reed polymetalic property.
Under the option agreement, the Company can acquire a 100%
interest in the Property by making cash payments totalling $246,000
and issuing an aggregate of 1,000,000 common shares over a
five-year period, with $8,000 and 100,000 shares payable in the
first year, subject to the approval of the TSX Venture
Exchange.
"The prospect of new silver and base metals production in this
region of BC is a significant development," said Pacific Bay CEO
David H. Brett. "Pacific Bay is positioning itself to be a key
player in this revived exploration camp."
Mineralization on the Ax Property consists of stratigraphically
and structurally controlled mantos-type bodies that appear to be of
the same type as at the Silvertip Deposit (Indicated resource:
2,349,055 tonnes grading 352g/t Ag, 6.73% Pb, 9.41% Zn &
0.54g/t Au). Mineralization is of a high grade,
silver-lead-zinc-copper carbonate replacement type with potential
large high tonnage 'chimney' mineralization which may exist at
depth closer to the hyrothermal fluid source. Ax mineralization is
associated with up to 15 metre wide silicified zones of brecciated
dolomite, hosted in carbonates belonging to the Lower Cambrian
Rosella Formation. Mineralization comprises massive to disseminated
galena, chalcopyrite, covelite, sphalerite, chalcocite, malachite,
barite, iron oxides.
The Ax property was explored in the late 1960s and 1980s. The
most significant assay values obtained from three structures traced
over 500m are as follows:
10.0m @ 12.5g/t Ag, 1.3% Cu, 4.8% Pb
1.0m @ 37.7g/t Ag, 1.5% Cu, 10.6% Pb
1.0m @ 34.0g/t Ag, 1.1% Cu, 1.3% Pb
2.5m @ 36.0g/t Ag, 1.2% Cu, 1.2% Zn
Historic soil geochemistry indicates the presence of several new
mineralized structures within the prospective belt. The Company's
initial 2010 exploration program will consist of soil and rock
sampling, mapping, and trenching.
The Option Agreement is subject to regulatory acceptance and
approval. Moreover, all securities issued pursuant to the Agreement
will be subject to a four-month trading restriction period, from
the date of issuance.
Ernie Black, M.Sc., P.Eng., is a Consultant to the Company and
is the Qualified Person (as defined by National Instrument 43-101)
for this project. Geologist Black has verified and supervised
preparation of the scientific and technical information in this
release.
About Pacific Bay: Led by mining veterans Guilford, BA and David
Brett, MBA, Pacific Bay has a diverse portfolio of uranium, silver
and base metals properties, including extensive holdings in
Quebec's Otish Mountains Uranium region, the San Jorge uranium
basin in Chubut Province, Argentina. The Company also has an office
in Namibia, Africa, seeking uranium opportunities. Pacific Bay's
strategy is to its properties mainly through strong partnerships,
such as Strateco Resources Inc. (Otish, Quebec) and UrAmerica
(Chubut, Argentina).
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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