by Greg Klein | February 16, 2017
Pistol Bay Mining TSXV:PST hopes to unlock one of the puzzles of western Ontario’s Confederation Lake greenstone belt with its 100% option on the Joy North property. The 64-hectare claim lies contiguous with the company’s previously acquired Joy group of claims, which include five mineralized VMS zones. Pistol Bay’s Dixie zone is located about 11 kilometres east of Joy North.
The new property covers a 1,000-metre-long conductive zone where a geochem survey found anomalous zinc, copper and gold. The conductor’s stronger areas also showed stronger magnetic responses.
In 1970 a single 48-metre hole found metavolcanic rocks with the intense alteration associated with volcanogenic massive sulphide deposits. The hole also revealed calc-silicate rocks “suggesting the property may lie at the same stratigraphic horizon as the Dixie zone,” Pistol Bay stated.
The previously acquired Joy group includes the Diamond Willow zone, with an historic, non-43-101 estimate of 270,000 tonnes averaging 4% zinc.
Past drilling highlights from the other four zones have included:
- Joy Zone: 3.1% copper and 0.2% zinc over 5.7 metres
- 4.01% copper and 0.17% zinc over 3.35 metres
- Creek Zone: 2.33% copper and 0.27% zinc over 0.95 metres
- South Zone: 0.28% copper and 17.17% zinc over 0.6 metres
- 0.17% copper and 8.36% zinc over 0.25 metres
- Caravelle Zone: 0.13% copper and 21.6% zinc over 0.25 metres
- 0.22% copper and 4.44% zinc over 1.1 metres
The new acquisition “includes one of the very few electromagnetic anomalies in the prolifically mineralized Confederation Lake greenstone belt that has not been satisfactorily explained by diamond drilling,” commented CEO Charles Desjardins. The geochemical anomalies also “make it a prime exploration target,” he added.
Subject to approvals, Joy North’s price tag comes to a total of one million shares and $40,500 over four years. A 2% NSR applies, half of which may be bought back for $500,000 and the other half for $1.5 million. Pistol Bay must also drill at least two holes totalling 600 metres. The company intends to drill the project this year.
Last month Pistol Bay updated plans for a regional, multi-disciplinary approach to its Confederation Lake portfolio, which hosts properties that were previously explored by different companies in an inconsistent manner.
In Saskatchewan’s Athabasca Basin, Pistol Bay also holds the C4, C5 and C6 uranium properties, currently being drilled by a Rio Tinto NYSE:RIO subsidiary earning a 100% interest.
Two days before the Joy North announcement, the company appointed geologist Jody Dahrouge to its advisory board.