projects > red lake gold claims
In October 2009, PBM acquired four mineral claims in the Slate Bay area of the Red Lake gold district in the province of Ontario, comprising 44 units and totalling 704 hectares. The PBM property adjoins claims held by Gold Corp and Rubicon Minerals and covers ground, believed by previous operators, to be geologically favorable for economic gold mineralization. This strategic acquisition gives Pacific Bay shareholders exposure in one of the world's richest gold mining districts, where significant new discoveries are still being made, case in point, Rubicon’s F2 gold discovery on its Phoenix Gold Property approximately 5 miles southeast of the PBM claims.
The PBM Red Lake gold property is the subject of a number of historical geological, geophysical, geochemical and drilling reports and is underlain by metavolcanics and metasediments, granitic intrusive, quartz veining, carbonate, pryrite and fuchsite alteration features are present in a number of locations. Past work included limited drilling of iron formations with anomalous but sub-economic gold mineralization. PBM believes that further evaluation of the Property's gold potential is warranted.
