Property receives first drilling in additional than a decade.
Black Tusk Assets Inc.’s (TUSK:CSE; BTKRF:OTC) 100%-owned Golden Valley property is situated within the extremely prolific Abitibi Greenstone Belt in northwest Quebec. The belt has produced greater than 100 mines and 170 million ounces of gold for the reason that early 1900s. Golden Valley is in a world-class mining space, situated about 26 kilometers from the Casa Berardi Mine, operated by Hecla Mining Firm, that has produced greater than 1.9 million ounces of gold since 1988.
Black Tusk is drilling to confirm and increase upon the greater than four,000 meters of drilling carried out traditionally on the property.
One spotlight gap drilled by Noranda Inc., LAB87-B2, returned:
zero.91 gram per tonne (g/t) gold over 13.three meters (51.three meters to 64.6 meters), together with 1.82 g/t gold over four.5 meters from 57 meters to 61.5 meters, together with:
1.four g/t gold from 57 meters to 58.5 meters;
2.15 g/t gold from 58.5 meters to 60 meters;
1.90 g/t gold from 60 meters to 61.5 meters.
One other gap, LAB109-03-01, drilled by Noranda in 2004, returned:
1.40 g/t gold from 51.three meters to 52 meters;
zero.51 g/t gold from 107.three meters to 108.2 meters in iron formation inside basalt;
1.25 g/t gold from 109.5 meters to 112.1 meters, together with:
zero.99 g/t gold from 109.5 meters to 110.2 meters in iron formation inside basalt;
2.49 g/t gold from 110.2 meters to 111.1 meters in iron formation inside basalt;
zero.32 g/t gold from 111.1 meters to 112.1 meters in iron formation inside basalt.
Black Tusk not too long ago concluded the primary section of its diamond drill program at Golden Valley. The 11 holes totaled almost 1,500 meters, and had been unfold roughly over four kilometers.
”We’re extraordinarily happy with the progress to this point on the Golden Valley Undertaking. Part One of many drill program has gone as deliberate and we anticipate to have first spherical of drill outcomes again from the lab within the close to time period,” acknowledged Black Tusk Assets CEO Richard Penn.
“Dr. Mathieu Piche, a consulting geologist, and geologist and Black Tusk director Perry Grunenberg each informed me that they appreciated the look of the drill core, so we’re eagerly awaiting the assay outcomes,” Penn informed Streetwise Experiences.
As soon as the outcomes are in, Dr. Piche will work with the Black Tusk geological crew to plan the subsequent section of the drill program, which is anticipated to start in October.
“It’s truly simpler to drill within the winter in some components of Quebec,” Penn defined. “It is a lot simpler to entry and drill on swampy land as soon as it freezes over.”
Golden Valley is accessible by all-year freeway.
The corporate additionally not too long ago added extra land to the Golden Valley property, staking six further claims totaling 178.29 hectares to the south of the primary property. This brings the property to a complete to 1,779.71 hectares.
Black Tusk has the funds in hand to finish the subsequent section of drilling; it not too long ago closed an oversubscribed flow-through placement, issuing a complete of greater than three.three million items at CA$zero.17 for gross proceeds of CA$568,608. One unit consists of 1 flow-through widespread share and one-half of 1 warrant; every warrant can purchase one widespread share at CA$zero.25.
Black Tusk has 29 million shares excellent and has a good share construction. About 25% of the shares are held by administration, administrators and insiders.
“Gold is at a six-year excessive and the market is heating up. We really feel Black Tusk is in the proper place on the proper time,” Penn concluded.[NLINSERT]
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