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Blackrock Gold ups private placement for Tomopah West drill program to $4.5M

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

Nevada road
Blackrock 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 Gold Corp (CVE:BRC) increased the size of its previously announced non-brokered private placement by C$1.75 million to C$4.5 million due to strong demand from potential investors, the company announced Tuesday.

The proceeds are expected to fund the company’s 7,000-metre drill program at its Tonopah West property in Nevada. Tonopah West is a significant landholding within a historic silver district, comprising 97 patented and 17 unpatented lode mining claims. A portion of the funds will also be used to advance exploration at its Silver Cloud property, also in Nevada.

The move raises the number of units, each of which contains one common share and one-half a share purchase warrant, by 8.75 million units to 22.5 million units, which the company is offering at a price of C$0.20 each.

READ: Blackrock Gold identifies gold and silver mineralization in historic mine dumps on Tonopah West project in Nevada

Whole purchase warrants entitle the holder to acquire an additional common share at a price of $0.30 per share for a period of three years after the units are issued.

Blackrock said it anticipates the offering closing by May 27.

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.

The Vancouver-based 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.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Blackrock Gold Corp

Price: 0.33 CAD

TSX-V:BRC
Market: TSX-V
Market Cap: $22.9 m
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Full interview: Blackrock Gold prepares to explore mine dumps and tailings...

Blackrock Gold (CVE: BRC) CEO Andrew Pollard joined Steve Darling from Proactive Vancouver with news the company is planning to get started with work on their 100% controlled Tonopah West project located in the Walker Lane trend of Western Nevada. Pollard telling Proactive they plan to do a...

3 weeks, 5 days ago

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