The largest portfolio in western Ontario’s Confederation Lake greenstone belt just got larger as Pistol Bay Mining TSXV:PST expanded its holdings to about 9,450 hectares. Two claim groups, Lucky 7 and Moth, cover “a 53-kilometre length of favourable volcanic geology,” the company stated.
Neighbouring Pistol Bay’s Garnet Lake and Garnet East properties, the 640-hectare Lucky 7 hosts a copper-gold sulphide zone that was drilled in 1980 and 2002. A zone of massive to disseminated sulphides, the Hilltop copper-gold zone, was trenched but apparently never drilled. One of two Hilltop grab samples taken last year assayed 13.84 g/t gold and 3.21% copper.
Five kilometres from Lucky 7, the 1,360-hectare Moth claims underwent at least 14 holes between 1970 and the mid-1990s, revealing widespread hydrothermal alteration and numerous cases of zinc and/or copper mineralization, Pistol Bay stated. One interval graded 2.86 g/t gold over 0.3 metres. Located two kilometres from the former South Bay zinc-copper-silver mine, Moth sits near the Confederation belt’s most accessible area.
Assays from both properties “suggest that we might be getting into an area with a potential for gold as well as base metals,” said CEO Charles Desjardins. “This is something that hasn’t been widely recognized before in the Confederation Lake belt.”
Together, the two properties will cost $72,000 and 2.3 million shares over three years. Pistol Bay may buy half of the 1.5% NSR for $400,000.
Last month the company acquired an historic data set for its recently optioned Joy North copper-zinc project. Mostly consisting of drill logs and ground geophysics maps, the info will go into a digital database including drill information, geology, assays, rock chemistry, petrology and geophysics. Now under consideration is an airborne EM and mag survey to penetrate deeper than earlier systems and better discriminate bedrock from overburden conductivity.
Pistol Bay’s overall strategy is to apply modern methods and a regional approach to properties that had previously been explored individually by different companies using earlier techniques.
The company also holds the C4, C5 and C6 uranium properties in Saskatchewan’s Athabasca Basin, where a Rio Tinto NYSE:RIO subsidiary advances towards a 100% interest.
On March 20 Pistol Bay closed a private placement totalling $548,436.