Pistol
Bay Mining (TSXV: PST)
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 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.
http://www.321gold.com/editorials/moriarty/moriarty021014.html
Pistol
Bay Mining
PST-V $.085 (Feb 07, 2014)
SLTFF-OTCBB 26.6 million shares
Pistol Bay website
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