Pistol Bay Mining Inc., a diversified junior Canadian mineral exploration company, is happy to announce that exploration plans for its forthcoming work programs will be carried out at its Joy Trend properties, including Fredart.
The properties are situated about 25 km north-east of the Dixie project of Great Bear Resources Ltd. close to Red Lake in Ontario.
Recently, BTU Metals Corp. has successfully conducted VMS-related exploration work that continues to show the value of the established, district-scale land position of Pistol Bay Mining within the Confederation VMS belt. It also demonstrates that the camp has not been completely explored and offers the potential for additional discoveries.
With the recent successes of Great Bear and BTU Metals, Pistol Bay’s extensive land position must be looked at with a new geological approach that will include looking for both VMS and gold targets. In light of our past successful drilling along the Joy corridor we will now be targeting feeder systems at depth.
Charles Desjardins, President and CEO, Pistol Bay Mining Inc.
Desjardins continued, “Pistol Bay will also be assaying for gold along the district-scale structure, which may represent a significant opportunity for our shareholders, including one that may allow for near-term assays using historic drill core.”
Pistol Bay Mining also takes pleasure in confirming that drill permits have currently been obtained and are set for two of its core gold-VMS exploration corridors, such as the Arrow Zone and Fredart—both of which are part of the Lucky 7 trend and part of the Joy trend of Pistol Bay Mining.
Various new exploration targets have been outlined by a VTEM plus™ recently flown over the company’s project. The geological team of Pistol Bay Mining is now prioritizing these exploration targets as go-forward drill targets.
In addition, Pistol Bay Mining is happy to confirm that additional geophysical methods are being analyzed to deploy with an aim to define new deeper targets at Arrow Zone and Fredart. Mostly shallow drilling has been performed in both the Arrow Zone and Fredart, which remain exposed in-depth.
Pistol Bay Mining considers it significant to note that a large part of the VMS targets investigated so far on its project base was not extensively explored in the past for gold potential because during that time, gold was not considered important in the region.
Other public firms operating close to Pistol Bay Mining recently experienced exploration success that helped in advancing the regional context of potential gold deposition and also helped in highlighting the region as a potentially important VMS camp enriched in gold.
Accordingly, ongoing research and planning are being performed by Pistol Bay Mining to define and prioritize prospective gold-bearing targets that are likely to be affiliated with both untested and tested VMS targets.
A previous mineral resource of 386,000 t grading 33.6 g/t silver and 1.56% copper (non-compliant NI 43-101):
- Four conductors measuring 400, 850, 900, and 950 m in length over a 6.5 km length
- The area was drill-tested to a depth of about 200 m and reported to be open in-depth
- The area, which was previously investigated in the 1970s, reported samples that contained molybdenum of up to 1.46%
Equivalent cutoff of 3% Zn:
Indicated resource: 2,071,000 tons @ 0.58 g/t Au, 21.1 g/t Ag, 0.75% Cu, and 5.92% Zn
Inferred resource: 120,550 tons @ 0.40 g/t Au, 18.6 g/t Ag, 0.56% Cu, and 2.60% Zn
Equivalent cutoff of 5% Zn:
Indicated resource: 1,762,000 tons @ 0.61 g/t Au, 22.3 g/t Ag, 0.79% Cu, and 6.75% Zn
Inferred resource: 51,630 tons @ 0.58 g/t Au, 23.9 g/t Ag, 0.79% Cu, and 3.86% Zn
Equivalent cutoff of 10% Zn:
Indicated resource: 633,000 tons @ 0.85 g/t Au, 31.7 g/t Ag, 1.11% Cu, and 14.3 Zn
Last year, Pistol Bay Mining procured two more land packages called the Pakwash East and the Pakwash North claims to additionally expand its prospective Red Lake-area holdings.
The Pakwash East block contains 35 cells, with an area spanning about 1,760 acres or 716 hectares. It lies 12.5 km southeast of the property owned by Great Bear Resources Dixie Ltd, and adjoins a claim group of 9,650 hectares registered to Great Bear Resources.
The Pakwash North block contains 106 cells, with an area spanning 5,370 acres or 2,174 hectares. It is located 21 km southeast of the Dixie Lake gold discovery that is currently being investigated by Great Bear Resources Ltd, and lies 44 km southeast of the Red Lake town.
Moreover, Great Bear Resources had optioned out its Ben Lake and Dixie 3 claims that should suffice for additional working capital to Pistol Bay Mining and also for near-term exploration activity.