by Greg Klein | October 26, 2016
It’s neither the land of cotton nor of traditional jazz, but of zinc with additional metals. And that’s why Pistol Bay Mining TSXV:PST has a November drill program planned for three of its western Ontario Dixie properties. Totalling about 1,900 hectares, Dixies 17, 18 and 19 host lenses of volcanogenic massive sulphides with zinc, copper, silver and minor gold in the Confederation Lake greenstone belt southeast of Red Lake.
All three have historic zinc-copper assays.
A review of previous geophysics will help determine drill targets for the three zones. Additionally, Pistol Bay proposes confirmation holes for Dixie 17 and 18.
Also on October 25, the company announced a private placement of up to $820,000. Pistol Bay closed a $563,450 placement in August.
Earlier this month the company announced a letter of intent to acquire regional properties from AurCrest Gold TSXV:AGO, which would make Pistol Bay the greenstone belt’s largest claimholder. The 5,136-hectare package includes a zinc-copper-silver resource and an historic, non-43-101 estimate.
In Saskatchewan’s Athabasca Basin, the company has a joint venture with a Rio Tinto NYSE:RIO subsidiary on the C-5 uranium property. Having earned 75% of its option so far, Rio intends to acquire the full 100%.
See an infographic: Eleven things every metal investor should know about zinc.