Pistol Bay Mining (TSX.V-PST) and AurCrest has entered into a LOI wherein Pistol Bay will acquire all of the mining claims held by AurCrest Gold in the Confederation Lake greenstone belt, Red Lake, Ontario.
The AurCrest property comprises 108 mining claims with a total of 321 claim units with an area of 5,136 ha being the Confederation Lake Property and the Fredart Lake Property. It covers a 31 km length and includes two substantial mineral deposits and mineralized drill intersections.
The Arrow Zone has a 43-101 compatible mineral resources as follows:
3% Zn equivalent cutoff:
Indicated Resource 2,071,000 tonnes @ 5.92% Zn, 0.75% Cu, 21.1 g/t Ag and 0.58 g/t Au
Plus Inferred Resource 120,550 tonnes @ 2.60% Zn, 0.56% Cu, 18.6 g/t Ag and 0.40 g/t Au
5% Zn Equivalent cutoff:
Indicated Resource 1,762,000 tonnes @ 6.75% Zn, 0.79% Cu, 22.3 g/t Ag and 0.61 g/t Au
Plus Inferred Resource 51,630 tonnes @ 3.86% Zn, 0.79% Cu, 23.9 g/t Ag and 0.58 g/t Au
10% Zn equivalent cutoff:
Indicated Resource 633,000 tonnes @ 14.3% Zn, 1.11% Cu, 31.7 g/t Ag and 0.85 g/t Au
The other substantial deposit is the Copperlode “A” or Fredart Zone. It has a historical mineral resource of 425,000 tonnes grading 1.56% copper. This historical resource estimate does not comply with the standards of National Instrument 43-101 and has not been reviewed by a Qualified Person. The zone was drill-tested to a depth of approximately 200 metres over a length of 350 metres, and was reported as being open at depth. The area was also explored for molybdenum in the 1970s, and samples containing up to 1.46% Mo were reported.