A 20,000-30,000-ft. diamond drilling program is being planned by Black Hawk Mining (TSE) for the company’s Minago nickel property, 140 miles south of Thompson, Man. Black Hawk says the drill contract has already been tendered and work is scheduled to start next month, based on the recommendations of Toronto-based consulting firm Roscoe Postle Associates (RPA).
According to the consultant, preliminary reserves in the property’s Main, South and Northeast zones total 12 million tons averaging 1.25% nickel, with an additional one million tons of 1.17% nickel in other miscellaneous zones. All zones are open at depth and the Northeast zone is open along strike.
Roscoe Postle says the property still offers potential for increasing the tonnage at current grades, as well as defining significant zones of higher-grade material. The drill program is designed with these objectives in mind.
Meanwhile, Black Hawk has also retained RPA to commence the final feasibility study on its recently acquired Union nickel-copper- cobalt property in the state of Maine.
Based on previous work by American Mine Services, minable open pit reserves for the Union project are estimated at 1.2 million tons of 1.6% nickel, 0.8% copper and 0.13% cobalt. Underground reserves stand at 1.5 million tons grading 1.5% nickel, 0.7% copper and 0.13% cobalt to a depth of 450 ft. below surface.
Shares of Black Hawk, of which there are about 13.5 million issued and outstanding, have traded recently at 75 cents which is near the low end of their 12-month range of 70 cents-$3.10.
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