Pistol Bay Mining Inc. said Oct. 12 that it signed confidentiality agreements with two prospective partners, a midtier producer and a junior exploration group, interested in farming-in to part or all of the Confederation Lake zinc-copper project in Ontario.
"With zinc prices at a record high, there's lots of demand for zinc and copper exploration projects," Pistol Bay CEO Charles Desjardins said. "Not many companies can offer a belt-wide property base with proven [volcanogenic massive sulfide] mineralization and a new airborne [electromagnetic] survey with multiple untested targets."
Pistol Bay also reported that it applied to the Ontario Ministry of Northern Development and Mines for exploration permits covering the Garnet, Fredart, Moth and Fly claim groups within the project.
The company noted that exploration permits are typically issued within 50 days of the circulation date unless serious concerns are raised by indigenous interests.
Pistol Bay recently acquired 297 claim units to expand Confederation Lake to more than 42,000 acres. The company holds an exploration permit for the Dixie property at the project.