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Blackrock Gold to raise C$2.75M for 7,000-metre drill program at Tonopah West

Blackrock says a portion of the funds will also be used to advance exploration at its Silver Cloud property in Nevada

Blackrock Gold Corp -
The firm may increase the offering by issuing up to 17.5 million for total gross proceeds of C$3.5 million

Blackrock Gold Corp (CVE:BRC) (OTCMKTS:BKRRF) announced Friday it is raising up to C$2.75 million to fund its 7,000-metre drill program at the company’s Tonopah West property in Nevada.

Tonopah West is a significant landholding within the historic district, comprising 97 patented and 17 unpatented lode mining claims.

The previously worked Tonopah silver district produced 174 million ounces of silver and 1.8 million ounces of gold, while Blackrock's ground yielded 2.1 million tons of total Tonopah gold and silver production.

READ: Blackrock Gold outlines initial drill plans for Tonopah West project in the heart of the 'silver state'

The explorer is planning a 7,000-metre reverse circulation drill program and plans to evaluate historic mineralized mine dumps and tailings surface material at Tonopah West.

Blackrock said a portion of the funds will also be used to advance exploration at its Silver Cloud property, also in Nevada.

The Vancouver-based firm is offering up to 13.75 million units priced at C$0.20 per unit, with each unit comprised of one share and one-half of one warrant exercisable at C$0.30 per share for a three-year period.

The firm may increase the offering by issuing up to 17.5 million units priced at C$0.20 for total gross proceeds of C$3.5 million.

A finder’s fee is payable up to 7% of the offering in cash as well as warrants equal to 7% of units placed by the finder. Each finder’s warrant is exercisable at C$0.30 for a three-year term.

The offering is expected to close by May 22.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

 

Quick facts: Blackrock Gold Corp

Price: 0.77 CAD

TSX-V:BRC
Market: TSX-V
Market Cap: $80.17 m
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Blackrock Gold maiden drill program at Tonopah West returns more impressive...

Blackrock Gold (CVE: BRC-OTC: BKRRF) CEO Andrew Pollard joined Steve Darling from Proactive with results from their maiden drill program at their 100% owned Tonopah West project in Nevada. Pollard telling Proactive the results included two big holes on the Paymaster vein that included 1,577 g/t...

on 2/9/20

2 min read