Pistol Bay Mining TSXV-PST acquired a 100% interest in the Joy North Property, located in the Gerry Lake Area, approximately 50 km southeast of Red Lake, Ontario (the “Property”).
The Joy North Property consists of a single mining claim comprising 4 units (64 hectares), which has been held by the vendor continuously since 1992. It covers a 1,000 metre long conductive zone, defined on the ground by a Horizontal Loop Electromagnetic (HLEM) survey. A mobile metal ion (MMI) geochemical survey has indicated anomalies in zinc, copper and gold associated with parts of the conductor. The stronger parts of the HLEM conductor also have more intense magnetic responses.
Pistol also announces that the vendor of the Joy North Property (see news release dated February 16, 2017) has supplied the Company with a package of historical data on exploration in the Confederation Lake greenstone belt in the 1960s and 1970s, much of which has never been in the public domain.
Most of the historical data comprises diamond drill logs and ground geophysical survey maps from Selco Mining Company. Selco carried out a series of extensive and intensive exploration programs over most of the Confederation Lake belt that resulted in the discovery of several occurrences of zinc-copper Volcanogenic Massive Sulphide (VMS) mineralization with associated silver and gold values. The South Bay deposit was one of the first discoveries made by Selco, and it went into production in 1971. Over the period 1971-1981, the South Bay mine produced 1,486,000 tonnes averaging 14.7% zinc, 2.3% copper and 121 g/T silver (see footnote).
A significant number of the Selco drill holes, and many of the survey maps were never filed for assessment. The regulatory regime in Ontario at the time allowed mining claims to have a maximum of 5 years of assessment work, after which they would have been eligible to be leased; there was no incentive to report any excess work for assessment. Further, many of the drill holes that Selco did file for assessment did not include assay data.
Over the next several weeks, Pistol Bay will be incorporating the newly available data into a digital database that includes drill information, geology, assays, rock chemistry and petrology and ground geophysics. Consideration is being given to carrying out a new airborne electromagnetic and magnetic survey using current technology that can “see” deeper than earlier systems and can also better discriminate bedrock from overburden conductivity.