by Greg Klein | October 21, 2015
Recent land acquisitions place another company in the vicinity of Equitas Resources’ (TSXV:EQT) Garland nickel-copper project in Labrador. Announced October 21, Pistol Bay Mining TSXV:PST signed a 100% option with Zimtu Capital Corp TSXV:ZC on 40 claims totalling 1,000 hectares. The new turf increases Pistol Bay’s Garland Peninsula Group, acquired late last month, to 1,150 hectares.
The new claims feature mafic intrusive rocks including gabbro, norite and anorthosite, the same general suite of intrusives that host the Voisey’s Bay nickel-copper-cobalt deposit about 35 kilometres northwest, the companies stated. Cominco conducted limited historic work in 1995 and 1996, when the claims formed part of its Merrifield project. Geophysics revealed weak conductors apparently unexplained by surface observations. Prospecting on Merrifield found disseminated sulphide mineralization containing up to 0.154% copper and 0.22% nickel.
Five kilometres northwest, Equitas has drilling underway at its Garland project following the property’s first-ever exposure to modern geophysics. Pistol Bay has its property slated for a magnetic/electromagnetic survey with ground follow-up.
The deal gives Zimtu $2,500 on signing, another $2,500 and 500,000 shares within five days of TSXV approval, $10,000 and 750,000 shares within a year, and a 2% NSR.
Zimtu staked the claims, part of the prospect generator’s model of evaluating and acquiring properties to offer other companies for sale or joint venture.