Black Hawk drilling deep holes at Minago

The Minago deposit is 140 miles south of Thompson, Man., and is the site of an ongoing exploration program by Black Hawk.

Previous drilling has tested the deposit above the 1,600-ft horizon where drill-indicated reserves were estimated at four million tons averaging 1.28% nickel in the main zone.

Completion of the deep holes is expected by the end of January, says President Garry Hughes.

Assays from two other recently completed holes in the main zone include 35 ft grading 1.1% nickel at depths 1,658-1,693 ft in hole 10. Another intersection yielded 121 ft grading 1.4% nickel in hole 11 at depths 1,517-1,638 ft. Included in this interval was a 45-ft-wide section grading 1.6% nickel.

In addition to the main zone, several subsidiary nickel zones are also known on the property, but drilling density on these zones is insufficient to allow tonnage estimates at present, Hughes says.

In other news, Black Hawk has entered into an agreement, subject to regulatory approval, with CMP 1989 II Resource Partnership for $250,000 worth of flow-through funding. The price at which the shares will be issued for the financing has yet to be determined.

The company’s share price has fallen to around 93 cents recently after trading as high as $3 in September of this year. Toronto-based DCC Equities owns about 57% of Black Hawk’s 10 million outstanding shares.

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