Pacific Bay Minerals Ltd.: Data Review Highlights Size Potential of Haskins-Reed Property, BC
April 20 2011 - 9:00AM
Marketwired
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSX
VENTURE: PBM) (the "Company") reports that a recent compilation of
exploration data from its 100% optioned Haskins-Reed polymetallic
property in northern British Columbia has confirmed the potential
for large-scale, intrusive-hosted, polymetallic deposits. It now
appears, based upon coincidental geological, geochemical and
geophysical evidence, that the numerous historic prospects
identified over a combined 6-kilometre strike length may be
associated with a large-scale, intrusive-related mineralizing
system. A comprehensive two-stage program including geological
mapping, geochemical sampling, trenching and two phases of diamond
drilling is scheduled to commence in mid-June to evaluate several
exploration targets.
Over the past 50 years several major and junior mining companies
have explored their individual claim holdings within the area now
covered by the Haskins-Reed property, which is now consolidated
under Pacific Bay's 100% control. Their exploration efforts have
discovered numerous mineral showings hosting a variety of silver,
lead, zinc, copper, molybdenum, tungsten, cobalt, gold and bismuth
mineralization. This work resulted in several non-43-101 compliant
mineral resource estimates, such as the "B Zone", which was
explored extensively by underground workings (refer to the 43-101
technical report filed on Sedar for complete historical
results).
Pacific Bay has compiled the results from past and recent
exploration programs including: geological mapping, soil and rock
geochemical sampling, trenching, airborne geophysics and the
geological and assay results from 198 surface and underground drill
holes totalling 18,230 metres of drilling. The results of this work
indicate that the known mineralization is probably spatially and
temporally-related to a series of elongated, buried to
partially-exposed stocks that have intruded well-fractured
carbonate and fine-grained metasedimentary rocks along two parallel
3-kilometre long, north-westerly trends. Maps showing these trends
and the many mineralized zones along them can be viewed on the
Company's website (www.pacificbayminerals.com).
The first high priority 2011 drill target is the Meteor Zone
where 2010 excavator trenching, mapping and sampling identified
near-surface, oxidized sulphide mineralization averaging 15 metres
in width along a 300-metre north-westerly strike length. Chip
samples collected from one trench (Trench 4) returned values of
0.292 gpt gold, 57.11 gpt silver, 1.21% lead and 3.67% zinc across
24.70 metres.
"We have developed a new, breakthrough exploration model for
Haskins-Reed that has moved the project to the top of our priority
list," said Pacific Bay CEO David H. Brett. "Recent positive
announcements regarding the Northwest Power Transmission Line also
have the potential to dramatically improve the property's
economics."
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
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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