Friday 28th April 2017

Resource Clips


Posts tagged ‘ontario’

Pistol Bay readies geophysics, resource update at Ontario’s Confederation Lake

April 12th, 2017

by Greg Klein | April 12, 2017

Taking to the skies to probe deeper underground, the first airborne survey in 20 years will bring state-of-the-art technology to Pistol Bay Mining’s (TSXV:PST) Confederation Lake greenstone belt land package. Geotech Ltd will carry out an initial 1,128-line-kilometre VTEM Plus campaign, the first phase of a belt-scale helicopter-borne program. That’s part of a multi-disciplinary approach planned over the next few years for Pistol Bay’s portfolio, at 9,450 hectares the largest holdings in Confederation Lake.

Pistol Bay readies geophysics, resource update at Ontario’s Confederation Lake

VTEM Plus penetrates deeper and offers better conductor resolution than previous VTEM systems, the company stated.

“We will essentially be exploring a new depth slice of this greenstone belt, with its numerous VMS deposits and occurrences, that has never been explored before,” said president Charles Desjardins. “This newer technology increases the chances of potentially finding a new zinc-copper-silver deposit like the Arrow zone or the former producing South Bay mine.”

Last week Pistol Bay announced an update had begun on Arrow’s 2007 resource, one of the portfolio’s seven historic estimates.

The company’s currently financed with a $548,436 private placement that closed last month and a recent payment of $750,000 from a Rio Tinto NYSE:RIO subsidiary as part of its 100% option on Pistol Bay’s uranium properties in Saskatchewan’s Athabasca Basin.

Read more about Pistol Bay Mining.

The Rio deal

March 29th, 2017

Cashed-up Pistol Bay Mining consolidates and updates Confederation Lake

by Greg Klein

From a Rio Tinto NYSE:RIO subsidiary comes money for an unprecedented campaign in Ontario’s Confederation Lake greenstone belt. That’s where Pistol Bay Mining TSXV:PST has region-wide exploration with modern methods about to begin on a VMS-rich area that’s previously seen piecemeal, unco-ordinated work with old school technology. President/CEO Charles Desjardins sees plenty of promise in his portfolio’s historic resources. But he also likes the blue sky possibility of a new discovery.

Funding the campaign will be $750,000 from Rio, along with this month’s private placement of $548,436. Proceeds go to the largest land package in Confederation Lake, a region of base metals deposits that Desjardins considers to be clamouring for up-to-date exploration.

Cashed-up Pistol Bay Mining consolidates and updates Confederation Lake

Deep penetration brings blue sky potential to Pistol Bay’s
Confederation Lake portfolio. (Photo: Geotech Ltd)

Rio’s portion comes as the giant exercises more of its 100% option on the junior’s C4, C5 and C6 uranium properties in Saskatchewan’s Athabasca Basin. The deal originally called for $5 million by the end of 2019 and a 5% net profit interest to acquire the final 25%. Now Rio pays the $750,000 along with either $1.5 million by 2017 year-end, $2 million by 2018 year-end or $2.25 million by 2019 year-end, plus the 5% NPI.

“That’s less money than the original option, but I can create so much value with it now,” says Desjardins. “And I’m doing it without dilution.”

First item on the agenda—and long overdue, Desjardins believes—will be helicopter-borne VTEM Max, penetrating to depths of 500 to 700 metres. “There have been major Canadian discoveries over the last decade with this kind of geophysics,” he points out. “But very little of this belt, less than 5% of it, has been explored beyond 200 metres. There’s only one zone examined to 300 metres and that was with downhole geophysics by Noranda.”

He expects the first of three airborne campaigns to begin within four weeks. While Pistol Bay’s package comprises 9,450 hectares, “we’re going to fly this whole belt,” he adds. “I’m looking for something bigger, something that hasn’t been found.”

As for the deposits that have been found, they’re overdue for upgrading to 43-101 status. First priority is the polymetallic Arrow deposit, which has a 2007 estimate that Pistol Bay considers historic and non-43-101:

3% zinc-equivalent cutoff

  • indicated: 2.07 million tonnes averaging 5.92% zinc, 0.75% copper, 21.1 g/t silver and 0.58 g/t gold

  • inferred: 120,552 tonnes averaging 2.6% zinc, 0.56% copper, 18.6 g/t silver and 0.4 g/t gold

5% zinc-equivalent cutoff

  • indicated: 1.76 million tonnes averaging 6.75% zinc, 0.79% copper, 22.3 g/t silver and 0.61 g/t gold

  • inferred: 51,631 tonnes averaging 3.86% zinc, 0.79% copper, 23.9 g/t silver and 0.58 g/t gold

10% zinc-equivalent cutoff

  • indicated: 633,000 tonnes averaging 14.3% zinc, 1.11% copper, 31.7 g/t silver and 0.85 g/t gold

Desjardins expects about a month to redo the resource, incorporating another 20 holes.

About eight kilometres west of Arrow, the Fredart zone, also known as Copperlode A, has an historic, non-43-101 estimate showing 385,000 tonnes averaging 1.56% copper and 33.6 g/t silver.

Roughly 24 kilometres farther west, the Dixie property’s historic, non-43-101 estimate comes to 136,000 tonnes averaging 14% zinc.

Estimates for other zones, all with historic, non-43-101 caveats, include:

  • Dixie 3: 83,000 tonnes averaging 10% zinc and 1% copper

  • Copperlode D: 33,000 tonnes averaging 7.58% zinc and 0.26% copper

  • Copperlode E: 145,000 tonnes averaging 8.28% zinc and 1.02% copper

  • Diamond Willow: 270,000 tonnes averaging 4% zinc

There have been major Canadian discoveries over the last decade with this kind of geophysics. But very little of this belt, less than 5% of it, has been explored beyond 200 metres.—Charles Desjardins, president/CEO of Pistol Bay Mining

Past work has left an extensive legacy of other data too. Historic records for the recently optioned Joy North property show intriguing electromagnetic and geochemical anomalies. Pistol Bay’s team has been poring over details of about 850 Confederation Lake holes sunk between 1962 and 2007. A Noranda database of rock chemical analysis, meanwhile, could offer insight into the belt’s VMS mineralizing process and help define zinc-copper targets.

Along with February’s Joy North option, Pistol Bay’s acquisitions continue with the Lucky 7 and Moth properties picked up this month. Now yellow metal shows its Confederation Lake potential with one 2016 grab sample assaying 13.84 g/t gold and 3.21% copper.

As for drilling, the already-permitted Joy North might be first, depending on the review of historic info. Eight other areas have permitting underway. The rigs will take part in Pistol Bay’s threefold near-term agenda: the Arrow resource, the VTEM Max and a drill program, all of which should fuel a steady news flow. “We’ve got lots of work coming up and, thanks to the Rio payment, money to do it with no dilution,” says Desjardins.

Apart from growing the existing deposits, he clearly believes in the potential for a new discovery. “The opportunity here is in consolidating the belt and exploring the whole thing at depth, which hasn’t been done. There’s lots of blue sky at Confederation Lake.”

Seen this 100-kilo gold coin? Call Berlin police

March 27th, 2017

by Greg Klein | March 27, 2017, updated March 28, 2017

A 100-kilogram Maple Leaf gold coin seems destined for meltdown following a daring heist at Berlin’s Bode Museum. With a face value of $1 million but worth over four times that amount at today’s prices, it’s one of five identical coins produced by the Royal Canadian Mint.

Thieves entered the building between 2:00 and 4:00 a.m. March 27, according to a museum statement.

Seen this 100-kilo gold coin? Call Berlin police

A tad too conspicuous for general circulation, an identical
coin delights visitors at Toronto’s Royal Ontario Museum.
(Photo: Royal Ontario Museum)

“We are shocked that the burglars overcame our security systems, which have been successfully protecting our objects for many years,” said Michael Eissenhauer, director general for the State Museums of Berlin. “We hope that the perpetrators will be caught and the precious coin will be returned undamaged.”

The museum requested tips from anyone who’s been offered deals on large volumes of gold.

Due to superior security or less brazen bandits, other million-dollar Maple Leafs have survived Canadian museums. Victoria’s Royal B.C. Museum hosted the numismatic oddity in 2015 at the Gold Rush! El Dorado in British Columbia exhibit, before the show’s artefacts went to Gatineau’s Canadian Museum of History last spring.

That Maple Leaf belongs to its creator, the Royal Canadian Mint. “We don’t know who owns the coin stolen in Berlin but we can confirm that it’s not the Mint’s,” Alex Reeves of RCM external communications informed ResourceClips.com. “Our own coin is safe and sound in our Ottawa vaults.” The Mint doesn’t reveal the other owners’ names, Reeves added.

Making no secret of its ownership, Barrick Gold TSX:ABX displays its Maple Leaf in the company’s section of the Teck Suite of Galleries at the Royal Ontario Museum in Toronto. A ROM spokesperson declined to discuss security arrangements.

The Ottawa mint has itself been victim of a heist, although not a caper likely to inspire admiration. Last month former employee Leston Lawrence was sentenced to 30 months and ordered to repay $190,000 or serve an additional 30 months. The court heard he snuck something like 22 gold “pucks,” weighing around 7.4 ounces each, out of his workplace and into the hands of buyers.

Among the evidence was a tube of Vaseline found in his locker. He smuggled the contraband in his rectum.

Pistol Bay expands Confederation Lake package, adding gold to base metals potential

March 22nd, 2017

by Greg Klein | March 22, 2017

The largest portfolio in western Ontario’s Confederation Lake greenstone belt just got larger as Pistol Bay Mining TSXV:PST increased 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.

Pistol Bay expands Confederation Lake package, adding gold to base metals potential

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] suggest that we might be getting into an area with a potential for gold as well as base metals. This is something that hasn’t been widely recognized before in the Confederation Lake belt.—Charles Desjardins,
CEO of Pistol Bay Mining

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.

Read more about Pistol Bay Mining.

Update: BonTerra Resources’ high gold grades bring big money and Kinross to Urban Barry

March 21st, 2017

by Greg Klein | March 22, 2017

Update: On March 22 BonTerra Resources TSXV:BTR announced a $5.2-million private placement by Kinross Gold TSX:K, giving the global miner around 9.5% of BonTerra’s issued and outstanding shares. The parties expect to close by March 24. The news follows $15 million of BonTerra financings raised in February and March with strong participation from Sprott Capital Partners.

Kinross’ “entry into the Urban Barry gold camp further validates our ongoing progress and success at the Gladiator deposit and surrounding properties,” said BonTerra president/CEO Nav Dhaliwal. “The depth of technical expertise that Kinross offers will be of great value to BonTerra’s development going forward.”

The previous day BonTerra released assays up to 41 g/t gold over 6 metres, showing further progress as the company works to bring continuity to a 1.2-kilometre potential strike. Part of an effort to bridge the gap between the Gladiator deposit and the Rivage zone to the east, hole BA-17-05 encountered five zones, two of them new, as well as a western extension of the project’s Footwall zone. Highlights show:

  • 1.1 g/t gold over 12 metres, starting at 19 metres in downhole depth
BonTerra Resources’ Quebec Gladiator hits 41 g/t gold over 6 metres

Backed by over $20 million in recent financings,
BonTerra has three rigs busy at Gladiator.

  • 23.6 g/t over 5 metres, starting at 45 metres

  • 41 g/t over 6 metres, starting at 72 metres
  • (including 147.9 g/t over 1.6 metres)

  • 36.6 g/t over 1 metre, starting at 152 metres

  • 2.2 g/t over 6.8 metres, starting at 527 metres

True widths weren’t available.

Last year’s final assays came from the project’s East Side, with highlights showing:

BA-16-41

  • 5.5 g/t over 1.5 metres, starting at 786.5 metres

  • 2.3 g/t over 3 metres, starting at 831 metres

  • 6.8 g/t over 2.4 metres, starting at 944.6 metres

[Kinross’] entry into the Urban Barry gold camp further validates our ongoing progress and success at the Gladiator deposit and surrounding properties. The depth of technical expertise that Kinross offers will be of great value to BonTerra’s development going forward.—Nav Dhaliwal, president/CEO
of BonTerra Resources

BA-16-43

  • 1 g/t over 13.3 metres, starting at 726 metres

  • 2 g/t over 3 metres, starting at 816 metres

BA-16-49

  • 4.8 g/t over 3 metres, starting at 855 metres

Again, true widths weren’t available.

While additional assays are pending, three rigs focus on the Deep East zone, the Rivage Gap western side and Rivage Gap infill. The company has a fourth rig under consideration to explore the on-trend Coliseum property.

Last week BonTerra announced property acquisitions in the Urban Barry area play that’s home to Gladiator, as well as new turf near the company’s Larder Lake project in Ontario’s Cadillac-Larder Lake Break camp.

Read more about BonTerra Resources.

Coal mine could produce green, renewable electricity

March 17th, 2017

by Greg Klein | March 17, 2017

Should all go to plan, the transformation from dirty to clean energy might come to be symbolized by this German coal producer. A longstanding idea to convert mine shafts to hydro chutes got further encouragement in a March 14 speech reported by Bloomberg. North-Rhine Westphalia state governor Hannelore Kraft has declared her support for a project that would convert the Prosper Haniel coal mine into a pumped storage facility.

Coal mine could produce green, renewable electricity

Dirty old Prosper Haniel could get a new, clean lease on life.

Referred to as a type of battery, it would use excess wind or solar energy to pump water from a reservoir at the depths of the mine to another reservoir above the shafts. When wind or solar fails to meet demand, the water would be released, plunging something like 1,300 metres to electricity-generating turbines.

A 2014 article on Grist.org said the mine could store up to about 990,000 cubic metres of H2O, “roughly the volume of the Empire State Building.” That could produce a 200 megawatt capacity, enough to power more than 400,000 homes, Bloomberg reported.

Prosper Haniel’s mining days are expected to end in 2018, when federal subsidies for the industry expire. Other mines could follow this reincarnation as the coal mining region of North-Rhine Westphalia intends to double its production of renewable energy to 30% by 2025, Bloomberg stated.

According to the National Energy Board, Canada’s only pumped storage facility is the 174 MW Sir Adam Beck station operated by Ontario Power Generation, which diverts water from the Niagara River to a 300-hectare reservoir. The transition from turbine to pumping sequence takes just minutes and occurs several times a day, the utility states.

The NEB attributes over 30 pumped storage facilities to the U.S., producing about 23,000 gigawatt hours a year but using about 29,000 GWh to do so. “Despite this net loss of energy, the grid reliability provided by PSH facilities and the ability to generate when demand is strong is highly beneficial and will become increasingly important as Canada and the U.S. integrate more renewable power into their grids.”

BonTerra Resources expands its land in Urban Barry and Larder Lake

March 16th, 2017

by Greg Klein | March 16, 2017

Growing an already major position in the Windfall Lake-inspired Urban Barry area play, BonTerra Resources TSXV:BTR announced additional property acquisitions March 15. Among them is Thubiere, northwest of the company’s Arena property and surrounded by Osisko Mining TSX:OSK turf.

BonTerra Resources expands its land in Urban Barry and Larder Lake

BonTerra’s Gladiator project consists of the
West Arena, East Arena and Coliseum properties.

One day previously BonTerra closed a $1-million private placement, bringing the March total to about $15 million. Obviously well-funded, the company has three rigs working a program of up to 40,000 metres at its nearby Gladiator gold project. Recent results have graded up to 16.8 g/t gold over 3.8 metres and 15.7 g/t over 8.5 metres as the company endeavours to connect zones across a 1.2-kilometre potential strike.

BonTerra describes the 338-hectare Thubiere property as poorly explored, despite historic, non-43-101 assays grading 13.7 g/t gold over 1.2 metres, 10.98 g/t over 1.83 metres and 74.8 g/t over 0.61 metres.

The historic work “strongly supports a pattern of future exploration along the main fault and specifically in areas where porphyritic felsic intrusives are recorded to exist,” BonTerra stated. “This gold-fault-felsic intrusive association is beginning to emerge as a useful gold pathfinder [in the] Urban Barry greenstone belt of Quebec, based on recent discoveries.”

The company staked four new claims north of its Gladiator project’s Lacroix Lake block and intends to buy another 226 contiguous hectares.

In Ontario, BonTerra signed a purchase agreement for another 56-hectare claim proximal to the company’s Larder Lake gold project, currently active with 25,000 metres of resource development and exploration.

Subject to approvals, Thubiere’s price tag comes to $5,000 and 150,000 shares. The 226 hectares north of Lacroix would cost $10,000 and 150,000 shares. The Larder Lake addition calls for 100,000 shares and a 2% NSR, half of which may be subject to a $750,000 buy-back.

Due for updates are the Gladiator and Larder Lake resources. Gladiator’s 2012 estimate used a 4 g/t cutoff to show 905,000 tonnes averaging 9.37 g/t for 273,000 gold ounces inferred.

Historic, non-43-101 estimates at Larder Lake give the Bear Lake deposit 683,000 gold ounces inferred, and the Cheminis deposit 43,800 gold ounces indicated and 233,400 ounces inferred.

Read more about BonTerra Resources.

BonTerra Resources closes $14-million bought deal to fund Windfall Lake-area drilling

March 2nd, 2017

by Greg Klein | March 2, 2017

Clearly Osisko Mining’s (TSX:OSK) not the only company attracting money to the region. BonTerra Resources’ (TSXV:BTR) private placement began with a $6-million offer early last month that was raised three times to close March 2 at $13.97 million. That’s not including a non-brokered $1.02 million expected to close mid-month.

BonTerra Resources closes $14-million bought deal to fund Windfall-area drilling

A fresh financing supports BonTerra’s quest for high-grade gold.

The news follows $82 million in financings that Osisko closed on February 28. BonTerra’s Gladiator project sits about six kilometres south of Windfall Lake, where Osisko’s high-grade gold has attracted a busy area play to the Abitibi’s Urban Barry greenstone belt. Among other companies in the area, Beaufield Resources TSXV:BFD closed a $6-million bought deal a week earlier.

Acting as lead underwriter for BonTerra was Sprott Capital Partners, a division of Sprott Private Wealth LP. Eric Sprott invested $3.89 million, raising his stake in BonTerra from 0.3% to about 10.3%.

Assays reported last month from Gladiator reached as high as 16.8 g/t gold over 3.8 metres, which followed a standout of 15.7 g/t over 8.5 metres released two days earlier. The company hopes to connect zones across a 1.2-kilometre potential strike and update the resource. The 2012 inferred category came to 905,000 tonnes averaging 9.37 g/t for 273,000 gold ounces at a 4 g/t cutoff. The deposit remains open in all directions.

BonTerra’s Larder Lake project in Ontario features two historic, non-43-101 resources: Bear Lake with 683,000 gold ounces inferred, and Cheminis with 43,800 gold ounces indicated and 233,400 ounces inferred. Larder Lake has a 43-101 underway, incorporating another 25,000 metres of drilling.

Read more about BonTerra Resources.

Saskatchewan and Manitoba first and second globally as mining jurisdictions

March 1st, 2017

by Greg Klein | March 1, 2017

Saskatchewan edged one notch upwards to take first place worldwide while Manitoba soared from 19th to second in this year’s Fraser Institute survey of mining and exploration jurisdictions. Those two provinces pushed last year’s top performer, Western Australia, down to third place. Canada’s other top 10 spot went to Quebec, rising to sixth from eighth the year before. All continents but Antarctica came under scrutiny but Canadian, American, Australian and European locales monopolized the top 10.

Farther down the list, the strongest Canadian improvements were Newfoundland and Labrador, climbing to 16th from 25th, and the Northwest Territories, now 21st, previously 35th. Most disappointing were British Columbia (falling to 27th from 18th), Nunavut (31st from 23rd) and Alberta (47th from 34th).

Those findings come from the survey’s Investment Attractiveness Index, which combines two other indices—Policy Perception, a “report card” on government attitudes, and Best Practices Mineral Potential, concerning geological appeal. Representatives of 104 companies responded with their 2016 experiences in mind, giving a numerical rating to questions in several categories regarding their likelihood of investing in a particular jurisdiction. The previous year 109 companies responded.

Here’s the top 10 globally for overall investment attractiveness, with last year’s standings in parentheses:

1 Saskatchewan (2)

2 Manitoba (19)

3 Western Australia (1)

4 Nevada (3)

5 Finland (5)

6 Quebec (8)

7 Arizona (17)

8 Sweden (13)

9 Ireland (4)

10 Queensland (16)

Here are the Canadian runners-up:

15 Yukon (12)

16 Newfoundland and Labrador (25)

18 Ontario (15)

21 Northwest Territories (35)

27 British Columbia (18)

31 Nunavut (23)

40 New Brunswick (45)

47 Alberta (34)

52 Nova Scotia (59)

At least those provinces and territories steered far clear of the bottom 10, where Argentina figures prominently:

95 Mozambique (84)

96 Zimbabwe (98)

97 India (73)

98 Mendoza province, Argentina (101)

99 La Rioja province, Argentina (109)

100 Afghanistan (not available)

101 Chubut province, Argentina (104)

102 Venezuela (108)

103 Neuquen province, Argentina (93)

104 Jujuy province, Argentina (86)

“We believe that the survey captures, at least in broad strokes, the perceptions of those involved in both mining and the regulation of mining in the jurisdictions included in the survey,” stated authors Taylor Jackson and Kenneth P. Green.

Download the Fraser Institute Annual Survey of Mining Companies 2016.

Pistol Bay Mining adds new property to Confederation Lake portfolio

February 16th, 2017

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.

Pistol Bay Mining adds new property to Confederation Lake portfolio

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.

Read more about Pistol Bay Mining.