Black Tusk Resources Inc.'s (TUSK:CSE; BTKRF:OTC) 100%-owned Golden Valley property is located in the highly prolific Abitibi Greenstone Belt in northwest Quebec. The belt has produced more than 100 mines and 170 million ounces of gold since the early 1900s. Golden Valley is in a world-class mining area, located about 26 kilometers from the Casa Berardi Mine, operated by Hecla Mining Company, that has produced more than 1.9 million ounces of gold since 1988.
Black Tusk is drilling to verify and expand upon the more than 4,000 meters of drilling conducted historically on the property.
One highlight hole drilled by Noranda Inc., LAB87-B2, returned:
- 0.91 gram per tonne (g/t) gold over 13.3 meters (51.3 meters to 64.6 meters), including 1.82 g/t gold over 4.5 meters from 57 meters to 61.5 meters, including:
- 1.4 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.
Another hole, LAB109-03-01, drilled by Noranda in 2004, returned:
- 1.40 g/t gold from 51.3 meters to 52 meters;
- 0.51 g/t gold from 107.3 meters to 108.2 meters in iron formation within basalt;
- 1.25 g/t gold from 109.5 meters to 112.1 meters, including:
- 0.99 g/t gold from 109.5 meters to 110.2 meters in iron formation within basalt;
- 2.49 g/t gold from 110.2 meters to 111.1 meters in iron formation within basalt;
- 0.32 g/t gold from 111.1 meters to 112.1 meters in iron formation within basalt.
Black Tusk recently concluded the first phase of its diamond drill program at Golden Valley. The 11 holes totaled nearly 1,500 meters, and were spread roughly over 4 kilometers.
''We are extremely pleased with the progress so far on the Golden Valley Project. Phase One of the drill program has gone as planned and we expect to have first round of drill results back from the lab in the near term," stated Black Tusk Resources CEO Richard Penn.
"Dr. Mathieu Piche, a consulting geologist, and geologist and Black Tusk director Perry Grunenberg both told me that they liked the look of the drill core, so we are eagerly awaiting the assay results," Penn told Streetwise Reports.
Once the results are in, Dr. Piche will work with the Black Tusk geological team to plan the next phase of the drill program, which is anticipated to begin in October.
"It is actually easier to drill in the winter in some parts of Quebec," Penn explained. "It's much easier to access and drill on swampy land once it freezes over."
Golden Valley is accessible by all-year highway.
The company also recently added more land to the Golden Valley property, staking six additional claims totaling 178.29 hectares to the south of the main property. This brings the property to a total to 1,779.71 hectares.
Black Tusk has the funds in hand to complete the next phase of drilling; it recently closed an oversubscribed flow-through placement, issuing a total of more than 3.3 million units at CA$0.17 for gross proceeds of CA$568,608. One unit consists of one flow-through common share and one-half of one warrant; each warrant can buy one common share at CA$0.25.
Black Tusk has 29 million shares outstanding and has a tight share structure. About 25% of the shares are held by management, directors and insiders.
"Gold is at a six-year high and the market is heating up. We feel Black Tusk is in the right place at the right time," Penn concluded.
[NLINSERT]Disclosure:
1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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