|Pistol Bay Mining Inc. (TSX-V :PST) (Frankfurt – OQS2) is pleased to announce that it has entered into an option agreement with an arm’s length vendor to acquire a 100% interest in the Mitchell, Gerry Lake and Karas Lake Properties, located in the Karas Lake Area, Red Lake Mining Division, Ontario.
The Property consists of 33 mining claims, comprising 232 claim units, and covering approximately 3700 hectares.
Charles Desjardins, President & CEO of Pistol Bay, states, “These newly acquired claims were part of our recent 2017 VTEM PLUS survey. We are very excited about the data and have given these targets a high priority for geophysical modelling.”
The Mitchell Township or Fly-Moth claim group covers a 9 kilometre stretch of the Confederation Lake greenstone belt and extends to within 1.5 km of the former producing South Bay zinc-copper-silver mine. The property was explored by Selco Mining Corp., Placer Dome Inc., Kerr-Addison Mines, St Joseph Explorations Ltd., Minnova Inc./Inmet Mining and Noranda Inc. at various times between 1967 and 1999. Previous exploration has included approximately 90 diamond drill holes.
Historical work has identified numerous zinc-bearing sulphide zones across the Mitchell claims, including the Wasp Lake, Fly Lake, Trippier, Culvert, Moth and Road Zones. Following are a few highlights from previous work.
The Wasp Lake Mineralized Trend was extensively drilled by Selco; most results are unavailable. Two holes by St Joseph Explorations yielded the following:
DDH 3197-6-80: 2.79 m @ 2.96% Zn, 0.04% Cu
includes 0.76 m @ 7.44% Zn, 0.05% Cu
AND 4.02 m @ 2.18% Zn, 0.01% Cu, 0.26% Pb
includes 0.50 m @ 8.97% Zn, 0.02% Cu, 1.17% Pb
AND 3.31 m @ 1.27% Zn, 0.09% Cu
DDH 3197-7-80: 7.19 m @ 1.12% Zn, 0.04% Cu
includes 1.24 m @ 3.63% Zn, 0.14% Cu
AND 4.29 m @ 0.98% Zn, 0.01% Cu, 0.15% Pb
This mineralized trend gave a strong conductive response on Pistol Bay’s recent VTEM PLUS airborne survey. The Company plans to have the geophysics modelled to assess the possibility of a deep-seated massive sulphide zone.