Black Tusk Resources Inc. (TUSK:CSE; BTKRF:OTCMKTS; 0NB:FSE) has identified no less than six drill-ready anomalies following an electromagnetic geophysical survey on its flagship MoGold property in Quebec’s renowned Val-d’Or mining camp.
The anomalies are generally grouped around what’s known as the Boily-Berube mineral occurrence at MoGold. The anomalies will be tested by diamond drill rigs once maps are complete.
The survey, completed by local firm TMC Geophysique, focused on a 4-square-kilometer zone at MoGold where rock samples taken in 2021 returned copper values as high as 959 parts per million (ppm) and zinc values as high as 1,135 ppm—two high-demand “battery metals” that are essential elements in the production of electric vehicle batteries.
“The (electric vehicle) sector is a pretty in-demand space and a lot of people are looking for those metals. If we have a copper-zinc VMS deposit there, then that’s a big deal,” Chairman and CEO Richard Penn told Streetwise Reports.
The zone also displays magnetic signatures found during geophysical work done by Black Tusk in 2021.
TMC Geophysique continues to sift through the electromagnetic data to provide Black Tusk management with maps and other information about what was revealed in the survey.
Black Tusk says historical drilling has taken place near several of the anomalies outlined in the survey. Management intends to further review historical drill results and correlate that information with survey data to determine the best targets for drilling.
Penn says Black Tusk geologists interpret outcrops at surface at MoGold as possible volcanogenic massive sulphide (VMS) style targets. These deposits often form small pods of mineralization loosely linked along a bedrock horizon.
“There's some big outcrops on our MoGold property just sticking out of the ground. We want to drill into those outcrops,” Penn told Streetwise Reports.
In a post on 321gold.com in April, resource sector expert Bob Moriarty called Black Tusk a “lottery ticket” and said he has participated in at least two private placements with the junior explorer.
“Black Tusk is one of those Vancouver-based lottery tickets in the resource sector. The company started with a bang in 2016 with the shares as high as $0.285 before they lost traction,” Moriarty wrote.
MoGold (named by Penn for the molybdenum and gold previously found at the property) isn’t Black Tusk’s only property to see geophysical work this season.
The company conducted an earlier pulse-EM survey over Black Tusk's PG Highway claims, also in the Val-d’Or camp, where pyrite and pyrrhotite (sulphide minerals that sometimes host gold) have been mapped at surface.
The sulphide mineralization was discovered during Black Tusk’s exploration work in 2021. The sulphide minerals together with the well-known geology of the Abibiti greenstone belt that runs through Val-d’Or suggest the property has the potential to host VMS deposits, which often host base metals.
Permitting for diamond drilling is likely to begin in August.
Private Placement
Black Tusk recently raised almost $288,000 in a private placement. The company issued 9,590,335 units for $0.03 per unit. Each unit consisted of one flow-through common share and one share purchase warrant. Each warrant entitles the holder to purchase one common share at $0.06 for three years.
As part of the offering, the company paid $25,771 in commissions, issued 596,183 warrants, and issued 262,850 common shares. It also issued 3,832,960 common shares at $0.05 apiece to pay off an outstanding debt of $129,173. The securities issued to pay the placement commission and debt must be held for at least four months, plus one day.
In addition to MoGold and PG Highway, the company also owns the McKenzie East and Lorrain properties in Val-d’Or, as well as the Golden Valley Project (or Val-d’Or in English).
In western Canada, Black Tusk owns the South Rim property, about 145 kilometers south of Smithers, B.C.
The company has about 192 million shares outstanding, and trades in a 52-week range of $0.04 and $0.01. The float is about 30 million shares. Shares in Black Tusk closed at $0.02 on July 27.
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