NR PINE POINT TO DRILL GEOPHYSICAL ANOMALIES
October 19, 2017
Toronto, Ontario - October 19, 2017 - Pine Point Mining Limited (TSXV: ZINC) (“Pine Point” or the “Company”) is pleased to report that it has remobilized a drill rig at its Pine Point lead-zinc project near Hay River in the Northwest Territories. The drill will begin testing several anomalies outlined in an ongoing ground gravity survey which began in August. To date, 50.7 line kilometres of a 97-kilometre survey have been completed.
The target areas are located near the former Pine Point townsite and mill site. The initial survey results confirmed the presence of the two gravity anomalies along strike to the east from the N-42 deposit, one of Cominco’s higher grade open pits. Historical production from this deposit was 2,959,680 tonnes grading 5.3% lead and 9.5% zinc. Another anomaly has been located immediately north of the historical O-42 deposit, which produced 2,742,720 tonnes grading 8.8% lead and 11.6% zinc. These anomalies have no recorded drilling from previous operators. There is also a strong gravity response at the north end of the grid that requires further definition.
Additional results in the last week have located new targets in the southern and northwestern parts of the former Pine Point townsite. These also have no historical drilling. When the original mine and Pine Point townsite were built by Cominco in 1962-64, the known mineralization was in two trends, known as the Main and North trends. In 1964, another company found the X-15 deposit and in doing so discovered a new mineralized area now known as the South Trend. Cominco acquired the X-15 deposit and went on to mine 17,474,260 tonnes grading 6.2% zinc and 2.0% lead by open pit. Several other deposits were also discovered along that trend, which provided about 30% of the historical production at Pine Point. The South Trend went directly through the former Pine Point townsite, which had little exploration during the life of the mine, and no exploration has been recorded since the mine closed in 1987. The newly discovered anomaly in the southeast corner shows a strike length of more than 400 m and lies on strike with the past-producing South Trend deposits, X-15, W-17 and T-58.
The Company is pleased to announce it has received a modification its Land Use Permit to complete exploration work on its eight new claims, of which six claims cover the old Pine Point townsite.
Stanley Clemmer, P. Geo, a Qualified Person under NI 43-101, reviewed and approved the scientific and technical information presented in this press release.