Leeward Capital: Pistol Lake Gold shines in rich Bathurst Inlet region
The Pistol Lake Gold Project is located in the Bathurst Inlet region of Nunavut.
A high grade gold project, Pistol lake is surrounded by many old and new large-scale gold deposits:
The Lupin Mine produced in excess of 3.3 million ounces at an average grade of 9 g/t
Au. Lupin is on track to be reopened in 2014 by Elgin Mining.
Sabina Gold and Silver recently purchased the Bathurst Inlet Port and Road project. This infrastructure will serve Sabina’s Back River gold project, with an ongoing $70 MM drill program, as well as Xtrata’s Hackett River silver-zinc project and other mining projects in the region.
Recently, Nunavut has seen a huge influx of investment capital, including an additional $200 million line of credit from the federal government of Canada.
- The Pistol Lake Gold project holds many of the markers of a successful, large tonnage gold deposit, including:
- A geological footprint similar to the Lupin Mine
- Near surface gold mineralization
- High grades
- Preliminary gold recoveries of 95% to 98% (fine grind & gravity-cyanidation)
- Well known deposit types
- In the most active gold region in Canada
This 100%-owned project totals 7 sq. km, of which just a fraction has been explored to date.
Access to the project is by a combination of helicopter and aircraft and is 100% owned by Leeward Capital.
In total, 77 drill holes have been completed on the project plus trenching, sampling, mapping and geophysical surveying.
This work has identified numerous folded gold bearing iron formation zones. Most work to date has been on the F, G and Farney zones.
A diabase dyke located along the western margin of the Pistol Lake property is estimated to be 100 to 130 metres thick.
High grade gold mineralization is found to the east of this, in a silicate iron formation (FESI) that has been folded resulting in brittle fracturing.
Although the diabase dyke dips to the east at approximately 35 degrees, drilling has shown that the mineralized structures continue below the dykes.
The F Zone
The F Zone is comprised of three sub areas—the A, B and NE limbs—which have all returned notable grades and thicknesses over a strike length of between 150 and 250 metres.
To date 31 holes have hit pay dirt here, including PL-04 which was drilled to 103 metres and returned 7.62 metres grading 7.62 g/t Au.
“A” Limb in particular has produced the widest intervals and highest grades on the project to date.
Like all zones on this project, the F Zone remains open along strike (NW-SE) and at depth.
The G Zone
The G Zone appears to have the best potential for a large tonnage operation, due to its wide iron oxide formation yet just a fraction of the zone has been tested.
28 diamond drill holes (3,706 m) and five trenches have explored the G Zone over a strike length of approximately 500 metres.
Grades range from 3.3 g/t Au to 29.3 g/t Au over core lengths of 0.5 to 3.5 metres.
Although the Pistol Lake Gold property has undergone several phases of exploration since the 1960s additional drilling will be required to expand the known mineralization and expand resources.
Leeward Capital is seeking a joint venture partner to help explore, define resources and develop the Pistol Lake Gold Project in this well established mining region.
Please email email@example.com for more information, or visit www.leewardcapital.com.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. Mineral resource estimates that include Inferred mineral resources are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves.
This presentation may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Issuer relies upon litigation protection for forward-looking statements. This piece is for information purposes only and is not a recommendation to buy or sell any securities.