Pistol Bay becomes dominant landholder in the Confederation Lake Greenstone Belt
Canadian junior Pistol Bay Mining (CVE:PST) announced the acquisition of all properties and deposits from AurCrest Gold (CVE:AGO) and Glencore (LON:GLEN) in Ontario’s Confederation Lake Greenstone Belt.
The property package covers a 31 kilometres length of the Confederation Lake Greenstone Belt and includes two zinc-copper deposits and a number of zones which are in need of follow-up drilling. Mineralization is all of volcanogenic massive sulphide-type, dominated by zinc, copper, and silver, with occasional associated gold values.
This acquisition, combined with the already optioned Dixie and Dixie 3 Properties, makes the Vancouver-based company the sole controller of 7,050 hectares in the area southeast of Red Lake.
“Our holdings include the largest zinc-copper-silver deposit in the area, the second-largest VMS deposit remaining (Fredart Lake Property), and a portfolio of exploration targets ready for follow up drilling. Pistol Bay proposes an ambitious exploration program that will not only pursue existing targets and known VMS deposits, but will use the latest airborne geophysical survey technologies to explore the whole area to a greater depth than was possible in the past,” Pistol Bay’s Charles Desjardins said in a statement.