Pioneer acquires stake in Big Bar Gold

Owned by Placer Dome, the Windy property contains a porphyry copper-gold system similar to Continental Gold’s Mt. Milligan project.

As operator, Placer Dome is reported to have started its third work season on the property which is located 15 miles southeast of Mt. Milligan.

According to Robert Willis, president of Pioneer Metals, this season’s work program will include a drill program.

Pioneer’s agreement in principle with Big Bar Gold allows it to fund Big Bar’s exploration expenditures on the property through a private placement of 1.65 million flow-through shares at 25 cents per share for total proceeds of $412,500. Pioneer will also acquire 187,500 escrowed shares at 2 cents per share.

The private placement and transfer of escrowed shares will result in Pioneer acquiring greater than 51% of the issued and outstanding shares of Big Bar Gold. As a result, nominees of Pioneer will comprise most of Big Bar Gold’s board of directors.

On its own, Pioneer Metals will be operator of programs on two other porphyry copper-gold projects where the exploration focus is to outline a higher grade gold zone (with copper credits) that would be open pittable.

The Fish Lake claims were staked adjacent to Cominco Ltd.’s Fish Lake copper-gold porphyry deposit in central British Columbia.

Pioneer’s Galore Creek claim group in northwestern British Columbia adjoins and is on strike with the gold-enriched central zone of the Stikine porphyry copper deposit which is controlled by several major mining companies.

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