Blackrock Gold Corporation (CVE:BRC) is wasting no time in advancing its Silver Cloud project in Nevada, USA, following the closing Monday of a C$600,000 financing.
The firm has kicked off a property-wide exploration program at the flagship 4,500-hectare property on the convergence of the Carlin Trend and Northern Nevada Rift, with the aim to start drilling this Fall.
Geological mapping is underway, while 833 soil samples have been sent to the lab. Planning for diamond drilling has started to test the strike potential of an east-west zone of 1,500m between the former Silver Cloud mine extending to Northwest Canyon, with permitting to begin shortly.
READ: Blackrock Gold closes C$600,000 financing for Silver Cloud exploration
"With the proceeds from our fully-subscribed private placement now in our treasury we are wasting no time in moving exploration forward at Silver Cloud," CEO Andrew Pollard told investors.
"Geologic cross sections show gold intercepts in the Placer Dome and Teck drill holes (1.5m of 12.5g/t gold and 1.5m grading 157.7 g/t gold respectively) align at the same elevation along an east-west zone with 1500 meters of strike potential, and drill hole planning is now underway to test this theory," he said.
The company boss noted that a phase-one drill program this Fall would be the first systematic drill program to Silver Cloud in nearly 15 years
Generative exploration
"Our generative exploration program is also focused on the north-east section of our property, which represents the westernmost extension from Hecla's Hollister mine. This area is host to another past-producing mercury mine, and a soil geochemical survey carried out in May of 2018 showed elevated silver readings, making this never before drill-tested section of the property a priority for us."
On Monday, the junior explorer said it had closed a non-brokered private placement of a maximum of 6 million units at $0.10 for gross proceeds of $600,000.
Each unit consists of one share and one half of a warrant, which is exercisable at $0.16 for three years from the date of issue.
Shares in Toronto shot up 15% to stand at C$0.12.
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