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Pistol Receives Exchange Approval to Proceed with Agreement to Acquire Confederation Lake Property in Red Lake, Ontario from AurCrest Gold
VANCOUVER, BC / ACCESSWIRE / January 13, 2017 / Pistol Bay Mining Inc. (TSX-V: PST) (FSE: OQ...
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[{"type":"text","content":"Pistol Receives Exchange Approval to Proceed with Agreement to Acquire Confederation Lake Property in Red Lake, Ontario from AurCrest GoldVANCOUVER, BC / ACCESSWIRE / January 13, 2017 / Pistol Bay Mining Inc. (TSX-V: PST) (FSE: OQS2) (\"Pistol Bay\" or the \"Company') and AurCrest Gold Inc. (TSX-V: AGO) (\"AurCrest\") are pleased to announce that the TSX Venture Exchange has granted approval of the Definitive Agreement under which Pistol Bay has the option to acquire from AurCrest all the mining claims held by AurCrest in the Confederation Lake greenstone belt southeast of Red Lake, Ontario. The TSXV approval requires Pistol Bay to file a NI 43-101 compliant technical report related to the Arrow Zone of the Confederation Lake Property by mid-March 2017.\nThe AurCrest property comprises 108 mining claims with a total of 321 claim units with an area of 5,136 hectares (12,700 acres), being the Confederation Lake Property and the Fredart Lake Property. It covers a 31 kilometre length of the Confederation Lake greenstone belt. It includes two substantial mineral deposits and a number of mineralized drill intersections that are in need of follow-up drill testing. Mineralization on the property is all of Volcanogenic Massive Sulphide (VMS) type, dominated by zinc, copper and silver, with occasional associated gold values. In combination with the 100 percent optioned Dixie and Dixie 3 properties, the Company now controls 7,050 hectares (17,400 acres) containing most of the significant mineral occurrences over 43 kilometres of the total 60 kilometre length of the belt.\nMr. Desjardins, President of Pistol Bay, stated, \"Pistol Bay is a major land holder in a very prolifically mineralized VMS-rich belt. Our holdings include the largest zinc-copper-silver deposit in the area, the second-largest VMS deposit remaining (Fredart Lake Property), and a portfolio of exploration targets ready for follow up drilling. Pistol Bay is engaged in compiling data and re-appraising the AurCrest property with a view to planning an aggressive exploration program that will generate new drill targets, as well as follow up existing target areas and known deposits.\"\nUnder the terms of the Agreement, Pistol Bay has the option to acquire a 100% interest in the AurCrest properties by paying AurCrest an aggregate of $250,000 and issuing an aggregate of 5 million c...