Black Pearl taps high-grade at Wekusko Lake

Vancouver — Drilling by Black Pearl Minerals Consolidated (BLK-V) at the Wekusko Lake project in northern Manitoba has produced high-grade gold values.

Highlights from core drilling on the Gold Dust zone include the following:

r Hole 10 — 6 metres (from a depth of 28.4 metres) grading 34.8 grams gold per tonne;

r Hole 13 — 4.5 metres (from 6 metres) grading 17.4 grams gold, including 2.8 metres (from 30.5 metres) of 156.3 grams gold;

r Hole 14 — 3.4 metres (from 8 metres) grading 20 grams gold, followed by a deeper intersection of 1.6 metres (at 40 metres) grading 6.3 grams gold.

True widths are about 70% of reported widths. In all, 17 of the initial 23 holes intersected significant gold values.

Discovered in 1988, the Gold Dust zone consists of several gold-mineralized quartz veins. The steeply dipping sets of veins occur in interlayered volcanic flows and tuffs, which have been intruded by mafic-to-felsic intrusives. Past drilling identified several high-grade shoots in the vein system extending over 2 km.

Further drilling will test the depth potential of the Gold Dust zone and explore between the south and north shoots.

The company is also drilling the McCafferty zone, 4 km northeast of Gold Dust, where a 500-metre-long gold-bearing quartz vein has been traced on surface.

Black Pearl is earning a 100% interest in Wekusko Lake from Strider Resources, a private Manitoba company, in return for paying $500,000, spending $2 million on exploration, and issuing 1 million shares.

The company is also earning a 100% interest in the Ferro Gold mine, immediately north of the Gold Dust zone. The Ferro mine has been drilled extensively and has a resource of about 79,000 tonnes in the deposit grading 14.6 grams gold, though this calculation predates National Instrument 43-101.

Investors leapt on Black Pearl following the results, driving its stock price up over 80% to the 40 per share level on a volume of more than 1.1 million shares. With 14.7 million shares outstanding, the company’s market capitalization is $5.9 million.

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