Thursday 29th June 2017

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Posts tagged ‘saskatchewan’

Saskatchewan Mining Association chairperson Jessica Theriault signals “growing leadership role of women in mining”

May 25th, 2017

by Greg Klein | May 25, 2017

The director of environmental affairs for The Mosaic Company NYSE:MOS, Jessica Theriault has been elected to lead the Saskatchewan Mining Association board. A former SMA director and member of its environment committee, she has an environmental engineering degree and MBA from the University of Regina, along with 19 years of environmental experience in Saskatchewan potash mining.

Saskatchewan Mining Association chairperson Jessica Theriault signals “growing leadership role of women in mining”

Jessica Theriault

Theriault succeeds Neil McMillan, who serves as chairperson of Cameco Corp TSX:CCO.

“Given the importance of mining to the Saskatchewan and Canadian economies, and the strength of our industry’s reputation, my focus as chair will be to ensure that we continue to deliver, but also drive improvements across the sector,” said Theriault.

Elected as SMA vice-chairperson was Tammy Van Lambalgen, VP of corporate affairs and general counsel for AREVA Resources Canada.

Although the SMA already has a female president in Pamela Schwann, the association noted that Theriault will be the first woman to lead its board. Her election, along with that of Van Lambalgen, “represents a significant milestone in signalling the growing leadership role of women in mining,” the SMA stated. “It also shines a light on the diversity of rewarding careers for women in the mining sector in Saskatchewan, home to global mining and exploration companies and the top jurisdiction in the world for attracting mineral investment according to the annual Fraser Institute Survey of Mining Companies.”

The news follows last week’s appointment of Edie Thome as president/CEO of the British Columbia-based Association for Mineral Exploration, which already had a female chairperson in Diane Nicolson. But in 2002, when the position of AME president was voluntary and the executive director was the staff lead position, Shari Gardiner served as president.

That province lost a prominent female industry spokesperson in April, however, when Karina Briño stepped down as B.C. Mining Association president/CEO to take on a mining role in her native Chile.

Earlier this month Saskatchewan mining companies pledged $1 million to the International Minerals Innovation Institute to help encourage greater employment of women and natives in the industry.

‘Everyone’s hiring again’

May 24th, 2017

Mining headhunter Andrew Pollard says executive recruiting presages a wave of M&A

by Greg Klein

As an executive search firm, the Mining Recruitment Group might serve as a bellwether for the industry. Founder and self-described mining headhunter Andrew Pollard says, “I put together management teams for companies, I connect people with opportunities and opportunities with people.” In that role, he experienced the upturn well before many industry players did.

To most of them, the long-awaited resurgence arrived late last year. Pollard saw it several months earlier.

Mining headhunter Andrew Pollard says executive recruiting could presage a wave of M&A

“The market came back in a huge way, at least in the hiring side, early last year when my phone started ringing a hell of a lot more,” he explains. “There was a huge volume. And what I’ve found is that the available talent pool for executives shrank in a period of about six months. In January 2016, for example, I was working on a search and there was almost a lineup out the door of some really big-name people. What I’m finding now, a year and a half later, is that the available talent has almost evaporated. It’s much harder to recruit for senior positions.”

Lately his work suggests another industry development. “The major upturn I’m seeing in the market now is a huge demand for corporate development people who can do technical due diligence on projects. Over the last few years large mining companies and investment banks cut staff almost to the bone in that regard because no one was interested in doing deals or looking at acquisitions.”

Just completed, his most recent placement was for Sprott. “They had me looking for someone with a technical background who can do due diligence for their investments. In doing so I spoke with everyone on the street, from investment banks to some big name corporate development people and they all said the same thing: Everyone’s hiring again. These are people who couldn’t get job offers a year ago, now every single candidate on the short list for this last search has multiple offers from companies looking to get them. I haven’t seen that in five years.

“So that leads me to believe companies have been staffing up their corporate development teams. I see that as a major sign that you’re going to see M&A pick up in a huge, huge way, probably over the next three to six months.”

An early example would be last week’s Eldorado Gold TSX:ELD buyout of Integra Gold TSXV:ICG—“one of my best clients over the years”—in a deal valued at $590 million.

Mining headhunter Andrew Pollard says executive recruiting could presage a wave of M&A

Andrew Pollard: Executive recruiting “leads me to believe companies have been staffing up their corporate development teams.”

“I think there’s leverage for other companies to start pulling the trigger faster because they’re adding the expertise to get these things done.”

Having founded the Mining Recruitment Group over a decade ago at the age of 20, “a snotty kid” with only a single year of related experience, he’s placed people in companies with market caps ranging from $5 million to well over $200 million. Now in a position to pick and choose his assignments, Pollard’s business concentrates on “the roles that will have the most impact on a company’s future.” That tends to be CEO, president, COO and board appointments.

Last year he placed five CEOs, as well as other positions. Among those assignments, Pollard worked with Frank Giustra on a CEO search for Fiore Exploration TSXV:F and filled another vacancy for Treasury Metals TSX:TML as it advances Goliath toward production.

But the hiring surge coincides with an industry-wide recruitment challenge. Pollard attributes that to a demographic predicament complicated by mining’s notorious cyclicality.

During the 1990s, he points out, fewer people chose mining careers, resulting in a shortage of staffers who’d now be in their 40s and 50s. Greater numbers joined up during the more promising mid-2000s, only to “get spat out” when markets went south. Now Pollard gets a lot of calls to replace baby boomers who want to retire. Too many of those retirements are coming around the same time, he says, because stock losses during the downturn had forced executives to postpone their exit.

Now, with a wave of retirements coinciding with a demographic gap, Pollard sees a “perfect storm to identify the next batch of young leaders.”

But he also sees promise in a new generation. That inspired him to assemble Young Leaders, one of two panel discussions he’ll present at the International Metal Writers Conference in Vancouver on May 28 and 29.

“By talking with some very successful executives age 35 and under, I want to show that we need to look at people one generation younger, and foster and develop this talent.”

By talking with some very successful executives age 35 and under, I want to show that we need to look at people one generation younger, and foster and develop this talent.

Well, it’s either talent or a precocious Midas touch that distinguishes these panel members. Maverix Metals TSXV:MMX CEO Dan O’Flaherty co-founded the royalty/streaming company just last year, already accumulating assets in 10 countries and a $200-million market cap.

As president/CEO of Skyharbour Resources TSXV:SYH, Jordan Trimble proved adept at fundraising and deal-making while building a 250,000-hectare uranium-thorium exploration portfolio in Saskatchewan’s Athabasca Basin. Integra president/CEO Steve de Jong raised the company from a $10-million market cap in 2012 to last week’s $590-million takeout.

And, demographic gap notwithstanding, Pollard’s second panel features three other success stories, just a bit older but with lots of potential left after guiding three of last year’s biggest M&A deals. They’ll take part in the Vision to Exit discussion, which closes the conference on May 29.

Eira Thomas burst into prominence at the Lac de Gras diamond fields where she discovered Diavik at age 24. Her most recent major coup took place last year on the Klondike gold fields with Goldcorp’s (TSX:G) $520-million buyout of Kaminak Gold.

Featherstone Capital president/CEO Doug Forster founded and led Newmarket Gold, producing over 225,000 ounces a year from three Australian mines and enticing Kirkland Lake Gold’s (TSX:KL) billion-dollar offer.

Now chairperson of Liberty Gold TSX:LGD and a director of NexGen Energy TSX:NXE, Mark O’Dea co-founded and chaired True Gold Mining, acquired in April 2016 by Endeavour Mining TSX:EDV. Three other companies that O’Dea co-founded, led and sold were Fronteer Gold, picked up by Newmont Mining NYSE:NEM in 2011; Aurora Energy, sold to Paladin Energy TSX:PDN in 2011; and True North Nickel, in which Royal Nickel TSX:RNX bought a majority interest in 2014.

“We’ll be looking at how they go into deals, what their philosophy is, what’s their current reading of the market and what they’re going to do next. They each have a big future ahead of them.”

Pollard’s two panel discussions take place at the International Metal Writers Conference on May 28 and 29 at the Vancouver Convention Centre East. Pre-register for free or pay $20 at the door.

In all, the conference brings generations of talent, expertise and insight to an audience of industry insiders and investors alike.

Read more about the International Metal Writers Conference.

Pistol Bay signs LOI on Confederation Lake property, expands airborne geophysics

May 5th, 2017

by Greg Klein | May 5, 2017

Update: On May 8 Pistol Bay announced a further expansion of the airborne VTEM Plus survey, from 1,128 to 2,100 line-kilometres, covering a 40-kilometre length of the Confederation Lake greenstone belt.

An upcoming geophysical program has been extended to fly a potential land acquisition under consideration by Pistol Bay Mining TSXV:PST. The company announced a letter of intent on the 496-hectare Copperlode property, about four kilometres along strike from Pistol Bay’s Arrow zone in Ontario’s Confederation Lake greenstone belt. Having already assembled the area’s largest land package, the company plans region-wide, state-of-the-art exploration over neglected but VMS-rich ground.

Copperlode would bring Pistol Bay two more historic, non-43-101 estimates:

  • D zone: 32,600 tonnes averaging 7.58% zinc and 0.26% copper

  • E zone: 145,000 tonnes averaging 8.28% zinc, 1.02% copper and 24 g/t silver
Pistol Bay signs LOI on Confederation Lake property, expands airborne geophysics

Additionally, some historic, non-43-101 drill intercepts include:

  • B zone: 2.5% zinc and 1.68% copper over 6.3 metres

  • C zone: 0.21% zinc and 6.02% copper over 1.5 metres

  • Hornet zone: 7.56% zinc and 0.08% copper over 6.6 metres
  • 4.07% zinc and 1.13% copper over 5.03 metres

Hornet remains open at depth and along strike.

On finishing the region-wide airborne VTEM Plus campaign Pistol Bay may acquire an initial 65% option on Copperlode from Frontline Gold TSXV:FGC, which holds an option on the claims from another vendor. Pistol Bay would pay Frontline $26,000 and issue 450,000 shares over two years and spend $150,000 over three years. Another $50,000 and 300,000 shares would boost Pistol Bay’s stake to 80%.

Pistol Bay’s current Confederation Lake portfolio consists of 9,450 hectares with a number of historic estimates, including the 2007 Arrow resource on which the company began a 43-101 update last month.

Also last month, the company closed a $336,000 private placement that followed a $548,436 placement in March. April brought more money with $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.

Belmont Resources has drilling imminent for Nevada lithium

April 19th, 2017

by Greg Klein | April 19, 2017

In search of lithium-bearing brines similar to those of the Clayton Valley, 65 kilometres south, drilling could resume any day now at Belmont Resources’ (TSXV:BEA) Kibby Basin project. Having attempted sonic drilling in February, the company now has Harris Exploration Drilling and Associates mobilizing a track-mounted rig for an HQ program to possible depths of about 300 metres.

Belmont Resources has drilling imminent for Nevada lithium

A new drilling contractor brings considerable Clayton Valley experience
and proprietary techniques to Belmont Resources’ Kibby Basin.

The contractor brings extensive Clayton Valley experience in recovering core from unconsolidated lakebed sediments and in testing lithium brine with Harris’ proprietary instrumentation, Belmont stated.

Based on last year’s gravity survey on the 2,760-hectare property, initial holes “are designed to test the eastern basin-bounding fault, where lithium brines are likely to well up in the structural zone, analogous to the concentration of lithium brines along the Paymaster fault in Clayton Valley, and to test the stratigraphy near the central axis of the basin,” the company added. “The holes will test for porous basin sediments, which could serve as aquifers for lithium brines.”

In Saskatchewan’s Uranium City region, Belmont holds a 50/50 JV with International Montoro Resources TSXV:IMT in the 12,091-hectare Crackingstone and Orbit claims.

Belmont also has international arbitration proceedings underway regarding the revocation of mining rights at a talc project in Slovakia.

During February and March the company closed private placements totalling $467,500.

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 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.

Co-authors Taylor Jackson and Kenneth P. Green comment on the latest Fraser Institute survey of mining jurisdictions, which placed Saskatchewan, Manitoba and Quebec in first, second and sixth place globally

April 4th, 2017

…Read more

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

  • 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.”

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.

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.