Mr. Charles Desjardins reports
PISTOL BAY RECEIVES FIRST RESULTS OF VTEM PLUS SURVEY AT CONFEDERATION LAKE
Geotech Ltd. of Aurora, Ont., has
completed a helicopterborne VTEM Plus survey of the eastern three-quarters of Pistol Bay Mining Inc.'s
landholdings in the Confederation Lake greenstone belt southeast of Red Lake, Ont. The
first set of products has been delivered to Pistol Bay, including electromagnetic (EM) profiles
and total-field magnetics. More data products will be delivered over the next few weeks.
The VTEM (versatile time-domain electromagnetic) system was first deployed in 2005, when
it featured a 30-metre-diameter transmitter loop, capable of putting out more powerful pulses
than any other helicopterborne system, giving it unprecedented depth penetration. Continual
improvements over the years have led to the VTEM Plus system, with a 36-metre transmitter
loop and improved signal processing, allowing it to see even deeper.
The Confederation Lake greenstone belt has long been known as being prospective for zinc-copper VMS (volcanogenic massive sulphide) mineralization. Electromagnetic survey
methods, both on the ground and airborne, have been the most important exploration tool for
VMS deposits and have been responsible for virtually every VMS discovery since the early
The history of the Confederation Lake greenstone belt has paralleled the history of
electromagnetic surveying. The first substantial deposit in the belt was the Copperlode A (also
known as Fredart A) deposit (1), discovered in the early 1960s by prospecting, which led to
widespread appreciation of the VMS potential of the area. In the late 1960s, Selco Exploration
Co. carried out an airborne EM survey, and drill testing of anomalies led to the discovery of the
South Bay zinc-copper-silver deposit. Selco put the South Bay mine into production in 1971,
producing approximately 1.45 million tonnes until its closure in 1981. Although it was a
relatively small deposit, its high grade of 11.06 per cent zinc, 1.80 per cent copper and 72.7 grams per tonne
silver (2) is reported to have made it a very profitable mine for Selco.
Between the South Bay discovery and 1998, several companies, including Noranda Exploration
Co. and Minnova Inc., surveyed all, or parts, of the Confederation Lake belt with airborne EM
systems of increasing power and depth penetration, looking for blind sulphide zones (that is, zones
that do not come to surface). New sulphide zones were found by drill testing EM anomalies.
However, the next two substantial discoveries were made by Noranda in the 1990s using deep-penetrating, time-domain ground surveys in areas of favourable geology. The top of the Arrow zone is approximately 150 metres below surface. The Arrow zone was drilled by Noranda, then
by Tribute Minerals Inc., which acquired all of Noranda's assets in the area in 2003. Pistol Bay
optioned all of Tribute Minerals' properties, including the Arrow zone, in October, 2016, and is
currently waiting for a new mineral resource estimate (3).
The top of the Hornet zone is 300 metres below surface. Noranda only tested it with three drill
holes. Pistol Bay is in negotiations to acquire a majority interest in the four-claim property that
includes the Hornet zone. Ground time-domain EM systems, like the Crone PEM and Geonics
EM-37 that were used by Noranda, are not practical for exploring large areas, because of their
high cost. The new VTEM Plus system offers similar depth penetration capabilities at a cost
that allows large areas to be covered effectively.
After reviewing the first tranche of the VTEM Plus survey results, Pistol Bay has seen a
number of anomalies where no mineralized zones were previously known. No exploration
decisions will be made until all of the survey results are in, and appropriate interpretation and
modelling procedures have been used.
Chief executive officer Charles Desjardins stated: "We are very encouraged
by these preliminary results. We now have complete coverage of our land package with a
system that can detect sulphide zones at depths of 300 metres or more, possibly much more (up
to 700 metres). It gives us the opportunity to look deeper than anyone else has been able to."
(1) The Copperlode A or Fredart A zone has a historical resource estimate of 386,000
tonnes grading 1.56 per cent copper. The method used to calculate that resource is not disclosed
sufficiently to allocate that resource estimate to any of the currently accepted categories of
mineral resource or mineral reserve. No qualified person has reviewed the resource to assess its
quality or relevance. As a historical estimate, it should not be relied upon.
(2) Although the number of tonnes produced at South Bay is consistent across published
sources, there are other published statements of the grade, which are significantly higher than
those quoted here, which are from an Ontario Geological Survey record, and hence are somewhat
(3) In 2007, a mineral resource estimate was made for Tribute Minerals of the Arrow
zone: indicated resource, 2,071,000 tonnes grading 5.92 per cent zinc, 0.75 per cent copper, 21.1 grams per tonne silver
and 0.58 g/t gold, plus inferred resource, 120,500 tonnes at 2.60 per cent zinc, 0.56 per cent copper, 18.6 g/t
silver and 0.40 g/t gold. This is a now a historical resource and should not be relied upon. A
new mineral resource estimate has been prepared, and Pistol Bay expects to receive it shortly.
Technical information in this news release has been provided or approved by Colin Bowdidge,
PhD, PGeo, a qualified person as the term is defined in National Instrument 43-101 and
consulting geologist for Pistol Bay.
About Pistol Bay Mining Inc.
Pistol Bay Mining is a diversified junior Canadian mineral
exploration company with a focus on precious and base metal properties in North America.
We seek Safe Harbor.
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