Blackrock Gold Corp (CVE:BRC) is eager to search for bonanza gold grades at its Silver Cloud project in Nevada, USA, it said Friday, as the company announced a non-brokered placing to raise up to C$1.5 million.
On Monday this week, the group posted its latest drill results, which confirmed an epithermal vein system heading in an east-west direction.
READ: Blackrock Gold identifies epithermal vein system heading east-west direction at Silver Cloud, Nevada, USA
"... we are eager to hit the ground running in 2020 by following up on these exciting gold results and searching for bonanza gold grades that may lurk at depth," Andrew Pollard, the president and CEO of Blackrock, told investors.
"With a better understanding of the structural orientation of the system and the significant presence of sulphides encountered in our initial drill program, we want to enhance our targeting of the deep-seated structures at the Silver Cloud mine area and at our NE Veins target using gravity and IP geophysics."
The north-east veins sit adjacent to Hecla's Hollister mine and encompass eight known outcropping veins atop a 1300 m by 800 m geochemical and gravity geophysical anomaly, which is earmarked for drilling by this summer, noted Pollard.
"We are in one of the most productive gold mining districts in Nevada with the surrounding deposits revered for their high grades, and we have an abundance of high-potential targets," he added.
Other exploration aims for 2020 include the completion of mapping, sampling and drill hole targeting at the Northeast Veins and Quiver targets, and an induced polarization (IP) survey over NE Veins target to aid targeting the maiden drill program.
Induced polarization survey
Blackrock also wants to carry out an induced polarization survey between the Northwest Canyon through the Silver Cloud mercury mine to the eastern property boundary to capitalize on gold-bearing supplied filled structures and felsic intrusive along the 5km trend.
In the private placing, the firm will issue up to 7.5 million units at C$0.20 each for gross proceeds of up to C$1.5 million
Each unit consists of one share and one-half of a share purchase warrant. Each whole warrant entitles the holder to acquire one further company share at C$0.30 each for two years from issue.
Net proceeds will be used to fund the initial 2020 drilling program and exploration work at Silver Cloud and for general working capital, the company said.
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