Feb 10, 2014
Pistol Bay Mining (PST-V) is in a Joint Venture with Revolver Resources on their Summit B Project in Northern BC. As part of their earn in, Revolver recently completed a 1010-meter drill program. Results are due out shortly. Revolver has the right to earn 60%; Pistol Bay will retain 40%.
Pistol Bay has three projects around the Red Chris copper-gold mine which is due to begin production in June of 2014, called Summit A, B and D. The Red Chris deposit contains 301.5 million tons of .359% copper and .274 g/t gold in reserve. Colorado Resources had a home run hole last year grading .63% copper and .85 g/t gold over 242 meters. The stock ran from $.16 to $1.74 on the release. The Colorado Resources’ project is immediately south of the Summit B project currently being drilled by Revolver.
Pistol Bay has the single joint venture with Revolver on Summit B. Summit A and D are wholly owned by Pistol Bay.
Pistol Bay has more than one arrow in its quiver but totally different metals than copper/gold as represented by the Summit projects. Near Portland, Ontario they own a 429 HA graphite project. Reports dating back to the 1960s show large flake graphite. A company named Victoria Graphite drilled 5,884 meters of drilling in a 73-hole program in the late 1980s with up to 10% graphite.
Victoria Graphite did come up with a historic resource of 295,000 tonnes of slightly greater than 6% large flake graphite. That resource does not comply with 43-101 standards. Met testing done in 1989 by Lakefield Research indicated recoveries of 87-95% graphite ground to -10 mesh. Concentrates grading 80-85% C were produced that could be upgraded to 91-93% by heavy liquid separation. Those tests indicated a coarse flake concentration of greater than 48 mesh in 66% of the concentrate.
Finally, Pistol Bay has four uranium projects in the Athabasca Basin they call the C3, C4, C5 and C6 blocks. Rio Tinto has entered into a Joint Venture with Pistol Bay. They have earned 55% interest in the projects by spending $1 million already. Rio plans a $1.2 million dollar 2,500 meter drill program during the winter as a follow up to intercepts of mineralization discovered during a program in 2013. Rio expects to have earned 75% in the projects during 2014 as a result of an additional $1 million spent on exploration. At any time Rio can get 100% of the projects by paying Pistol Bay $5 million.
The prime mover for the share price in the near future will be the drill results expected momentarily from Revolver. The stock was as low as $.03 a month ago before shooting higher to $.11 in the last two weeks. Revolver has a 60% option on the Summit B project but has more shares outstanding than Pistol Bay. Good results would provide an interesting investment for either company.
Pistol Bay is an advertiser. I own shares so I am biased. You are always responsible for your own investment decisions. Please do your own due diligence.
Pistol Bay Mining
PST-V $.085 (Feb 07, 2014)
SLTFF-OTCBB 26.6 million shares
Pistol Bay website