Business
Pistol Bay Mining Re-Appraises Gold Potential of its Confederation Lake Properties, Red Lake, Ontario
(via TheNewswire) Vancouver, B.C. - TheNewswire - July 15, 2020 - Pisto...
About this update from Pegasus Resources Inc
[{"type":"text","content":"Pistol Bay Mining Re-Appraises Gold Potential of its Confederation Lake Properties, Red Lake, Ontario(via TheNewswire)\n \n \nVancouver, B.C. - TheNewswire - July 15, 2020 - Pistol Bay Mining Inc. (TSXV:PST); (Frankfurt-OQS2), (OTC:SLTFF) (\"Pistol Bay\" or the \"Company\") is very pleased to provide this Corporate Update on the Company's activities.\n\n \n \nDue to widespread interest generated by the recent gold discovery at Dixie Lake by Great Bear Resources Ltd., Pistol Bay has had numerous inquiries regarding the Company's properties in the Confederation Lake greenstone belt, southeast of Red Lake, Ontario. In response, the Company is providing this brief update of the Confederation Lake project.\n\n \n \nProperty Status: Pistol Bay has a major land position in the Confederation Lake greenstone belt. Total claim holdings cover an area of approximately 22,578 hectares (55,777 acres). Three of the Company's claim groups with a combined area of 7,066 hectares (17,456 acres) have been optioned to Infinite Ore Corp. If Infinite Ore Corp. fully satisfies the terms of the option agreement, Pistol Bay will retain interests of 20% in the Garnet and Fredart claim groups, and 10% in the Dixie 17-18-19 claim group. Details of the option agreements are provided in the Company's news releases of January 29th and February 4th, 2020.\n\n \n \nRe-appraisal of Gold Potential in Felsic Volcanics: The Confederation Lake greenstone belt, with its abundance of felsic volcanic rocks, has traditionally been regarded as being geologically more favourable for polymetallic (zinc-copper-silver +- accessory gold) volcanogenic massive sulphide (VMS) deposits than gold. This view has now changed; extensive areas of felsic volcanic rocks can now be assessed as having potential for \"gold-only\" mineralization, as well as the VMS-type deposits that they are already known for.\n\n \n \nThe \"base metal prone\" reputation of the Confederation Lake belt is in part due to thick and extensive overburden that covers the western two-thirds of the belt, which made conventional \"boots-on-the-ground\" prospecting for gold difficult and unproductive. However, gold was discovered in the better-exposed eastern end of the belt, with a number of small gold mines being developed in the 1930s. These include the Uchi Mine, which produced 114,000 ounces of gold, and the Jac...