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Pistol Bay Mining Inc.
Summary
| Project: | Garnet Lake | |
|---|---|---|
| Deposit: | Garnet Lake | |
| Location: | Canada | |
| Commodities: | Copper-Zinc-Silver-Gold | |
| Date: | 9/6/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 6-9-2017: Pistol Bay Mining Inc. announces a Resource Estimation report for its Garnet Lake deposit at the Garnet Lake project. Mineral reserve estimate for the Garnet Lake property. Pistol Bay Mining, Inc. (“Pistol Bay” or “Company”) is a publicly traded | |
| Resources: | (Resource, Inf.): 1.079Mt @ 1.02% Cu, 10.19% Zn, 26.9g/t Ag, 0.812g/t Au at project | |
| CP/QP: | [Resources]: Geoffrey Carter, Colin Bowdidge (Broad Oak Associates;Independent) | |
| ABSTRACT: | Pistol Bay Mining, Inc. (“Pistol Bay” or “Company”) is a publicly traded (PST/TSX-V) Canadian mining exploration company focused on the acquisition, exploration and development of mineral resources, primarily gold and base metals. Its major focus has been on the Confederation Lake project. The Garnet Lake property, which covers the Arrow Zone zinc-copper-gold-silver deposit, and is the subject of this technical report, forms part of the Confederation Lake project. Property Description and Location: The Garnet Lake property consists of 78 unpatented mining claims comprising 308 claim units, with a nominal area of 4,847 hectares in Belanger, Bowerman and Mitchell Townships and the Fredart Lake and Gerry Lake Areas, 70 kilometres east of the mining town of Red Lake, Ontario. The claims have expiry dates between May 28th, 2018 and May 22nd, 2021. Maintaining the claims in good standing requires assessment work to the value of $123,200 annually. The claims have a reserve of assessment credits of $1,256,482. The Confederation Lake project makes up a substantial land position covering 7,050 hectares within the Archean Confederation Lake Greenstone Belt in the Red Lake Mining Division of Ontario. The project includes claims under option from AurCrest Gold Inc. (“AurCrest”) and other parties. The Garnet Lake property includes claims under option from AurCrest, which were acquired by Tribute Minerals Inc. (“Tribute” – the former name of AurCrest) on February 12, 2002, when Tribute entered into an option agreement with Noranda Inc. (“Noranda” now “Glencore”) to acquire 100% interest in a group of mineral properties collectively known as the Confederation Lake Properties. Tribute fulfilled all the terms of its option agreement and became vested in 2006. It also includes two groups of claims – Fredart and Lucky 7, under option from other parties. | |
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