Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Pistol Bay Mining (TSX.V: PST) announced that it will not be proceeding with the 100% option on the Pakwash South property in Ontario.
The project, located near Red Lake, comprises 2,130 hectares and lies southeast of the Dixie Lake gold discovery now being explored by Great Bear Resources.
In a media statement, Charles Desjardins, Pistol Bay’s president and CEO, said that the company decided to drop the project to focus its efforts on the Pakwash North and Pakwash East properties, both located in the vicinity of a recent Great Bear Resources discovery.
The miner will focus its efforts on the Pakwash North and Pakwash East properties, both located in the vicinity of a recent Great Bear Resources discovery
Desjardins said that the Pakwash East block comprises of 35 cells, with an area of approximately 716 hectares. It is 12.5 kilometres southeast of Great Bear Resources’ Dixie property and adjoins a 9,650-hectare claim group registered to Great Bear Resources.
The Pakwash North block, on the other hand, is located 44 kilometres southeast of Red Lake, comprises 106-cells, occupies 2,174 hectares and lies 21 kilometres southeast of the Dixie Lake gold discovery.
