Business
Infinite Ore Corp. to Start Drilling on Pistol Bay's Fredart Property, Red Lake District, Ontario
(via TheNewswire) Vancouver, B.C. - TheNewswire - June 11, 2020 - Pisto...
About this update from Pegasus Resources Inc
[{"type":"text","content":"Infinite Ore Corp. to Start Drilling on Pistol Bay's Fredart Property, Red Lake District, Ontario(via TheNewswire)\n \n \nVancouver, B.C. - TheNewswire - June 11, 2020 - Pistol Bay Mining Inc. (TSXV:PST); (Frankfurt-OQS2), (OTC:SLTFF) (\"Pistol Bay\" or the \"Company\") is pleased to announce that Infinite Ore Corp. (TSXV:ILI) will commence their initial 1,250 metre diamond drilling program on Pistol Bay's 100% owned Fredart Property in the Red Lake Mining District, Ontario. Pursuant to an option agreement entered into between ILI and Pistol Bay, dated February 03, 2020, ILI has an option to earn up to an 80% undivided interest in the Pistol Bay Property.\n\n\n \n The phase one diamond drilling program will commence within a week and aims to confirm and expand on the VMS mineralized zones, test for gold mineralization, and refine the Leapfrog 3D model. \n\n\n \nThe Fredart Property is located approx. 40 km from the eastern boundary of Great Bear Resource Ltd.'s Dixie project and host an historical resource of (non-NI 43-101 compliant *) mineral resource of 386,200 tonnes grading 1.56 per cent copper (% Cu) and 33.6 grams per tonne silver (g/t Ag) (completed by Phelps-Dodge Mining Co. in 1971 and included within a prospectus for Consolidated Copper Lode Developments Inc., Jan. 7, 1977, submitted to the Ontario Securities Commission). \n\n\n \n(* This historical resource estimate does not comply with the standards of NI 43-101 and has not been reviewed by a qualified person, nor verified. ILI and Pistol Bay are not treating the historical resource estimate as a current mineral resource or mineral reserve.)\n\n\n \nThe 1,250-metre drill program will focus on areas of known VMS mineralization and aims to expand upon the historical resource along strike and to depth. Initial drill targets are at a maximum depth of 200 vertical metres metres below surface. Historical drilling on the Copperlode \"A\" prospect identified several lenses of mineralization within diamond drill holes, which previous operators interpreted as a single VMS horizon which was subject to several folding events. Infinite's objectives for this program are three-fold: confirm the historical grades and widths; expand the known mineralization to depth and along strike; and test for gold mineralization which was historically not often analyzed. \n\n\n \nBeing well loca...