Pistol Bay Mining Inc. (TSX.V-PST) has an option agreement to acquire 100% interest in three Zinc-Copper properties known as the Dixie 17-18-19 properties consisting of 67 claim units (1,072 ha) located in the Confederation Lake greenstone belt, 35 km SE of Red Lake, Ontario. This area is known to host VMS occurrences and deposits. Drilling on Dixie 17 has yielded 7.34% Zn and 1.4% Cu over a core length of 9.5m.
Rio Tinto Canada Uranium Corp. has earned 75% interest in Pistol Bay’s 1,016 ha C-5 Uranium property in the Athabasca Basin, Northern Saskatchewan. The C-5 property lies 5km north of the Phoenix Uranium deposit controlled by Dennison Mines Corp. Rio Tinto has an ongoing exploration program on the C-5 property and has announced its intention to exercise the further option to acquire 100% interest.
Pistol Bay has 42M shares outstanding.