TUSK
ORIGINAL: Black Tusk Mobilizing Diamond Drill to the Lorrain Property, Quebec
2021-03-09 08:01 ET - News Release
VANCOUVER, BC / ACCESSWIRE / March 9, 2021 / Black Tusk Resources Inc. ("Black Tusk" or the "Company) (CNSX:TUSK)(OTC PINK:BTKRF)(FSE:0NB) is pleased to announce that the company is currently mobilizing the Forage Val d'Or diamond drill to its Lorrain Property located near Lorrainville in the western Abitibi region of Quebec. The Lorrain claims cover 2,208.4 hectares in 38 contiguous claims. The claims were staked to encompass a magnetic high feature that is related to an ultramafic rock unit historically documented to host platinum group elements (PGE) mineralization, as well as copper, nickel, silver and cobalt.
The Lorrain property was originally staked to cover the Guimond-Church mineral showing. This mineral showing is reported to consist of disseminated pyrite, magnetite and chromite (Cr) with nickel (Ni) in altered ultramafic rocks. Drill core sampling returned up to 0.48% Cr and 0.27% Ni (GM 02994). The Black Tusk geological team interpreted the potential for platinum group elements (PGE) associated with this showing and targeted the area for staking.
Research of the available database indicated that a number of historic drill holes were completed on the property. Review of drill logs and assay results revealed that hole LA-01-06 returned significant values of platinum and palladium, along with copper, silver, and nickel (from report GM60923).
Drill hole LA-01-06 was reported to be located at 626357 East and 5244310 North (UTM Nad 83 Zone 17N), and was drilled at an azimuth of 340 and dip of -65.
Drill core sample results from drill hole LA-01-06 as shown in report GM60923
(Previously reported October 19, 2020)
| | From m | To m | Length* | Pt_ppb | Pd _ppb | Ag_ppm | Cu_pct | Ni_pct |
| | 64.8 | 66 | 1.2 | 337 | 170 | 1.6 | 0.19 | 0.15 |
| | 66 | 67.5 | 1.5 | 129 | 58 | 1.4 | 0.15 | 0.09 |
| | 67.5 | 69 | 1.5 | 141 | 76 | 1.3 | 0.16 | 0.11 |
| | 69 | 70.5 | 1.5 | 44 | 24 | 0.6 | 0.06 | 0.03 |
| | 70.5 | 72 | 1.5 | 125 | 77 | 1.2 | 0.14 | 0.11 |
| | 72 | 72.8 | 0.8 | 128 | 80 | 1.2 | 0.10 | 0.13 |
| | 76.9 | 78 | 1.1 | 113 | 102 | 1.6 | 0.20 | 0.20 |
| | 78.5 | 80 | 1.5 | 210 | 110 | 1.6 | 0.19 | 0.48 |
| | 80 | 81.5 | 1.5 | 240 | 244 | 3.1 | 0.80 | 0.58 |
| | 81.5 | 83 | 1.5 | 204 | 214 | 2.9 | 0.71 | 0.65 |
| | 84.5 | 97.7 | 13.2 | 457 | 433 | 3 | 0.59 | 0.60 |
| Including | 92 | 96.5 | 4.5 | 732 | 595 | 2.1 | 0.66 | 0.78 |
| Including | 93.5 | 95 | 1.5 | 1020 | 790 | 3 | 0.67 | 1.08 |
*Reported length of intercepts may not reflect the true intercept widths, which requires further drilling and interpretation to calculate.
Drill hole LA-01-06 was drilled into a regionally mapped elongate north-south trending peridotite-gabbro body. The intercept tabled above contains pyrite, pyrrhotite, and chalcopyrite ranging from 3 to 25 percent of the core, as logged in 2001. The reader is warned that historic drill results are yet to be verified by Black Tusk.
The initial drilling by Black Tusk is designed to verify the 2001 drill hole LA-01-06 and to sample mineralization for the full suite of PGE elements (platinum (Pt), palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh) and ruthenium (Ru )) , as well as the other metals of interest. Drill holes are also planned to test the extent of the mineralization, for a total of approximately 500 metres over three to four holes in this early stage campaign.
Black Tusk is looking forward to diamond drill testing the historically reported significant interval of multi-element mineralization. If initial drilling is successful, the company anticipates continuing with step out drill holes to further test and expand upon the mineralized zone. The magnetic high feature offers kilometres of potential targeting.
Snapshot of metal prices as reported by Metals Daily and Kitco (March 8, 2021)
| Metal | PRICE* |
| IRIDIUM USD/OZ | 5,500.00 |
| RHODIUM USD/OZ | 29,200.00 |
| RUTHENIUM USD/OZ | 365.00 |
| PLATINUM USD/OZ | 1,150.00 |
| PALLADIUM USD/OZ | 2,324.00 |
**Copper 4.09/lb
**Nickel 7.75/lb
*price quotes from https://www.metalsdaily.com/live-prices/pgms/
**https://www.kitcometals.com/
Perry Grunenberg, PGeo, a qualified person as that term is defined under National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Mr. Grunenberg is also a director of the company.
Cautionary Statement
This press release contains forward-looking statements based on assumptions as of that date. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to exploration and development; the ability of the Company to obtain additional financing; the Company's limited operating history; the need to comply with environmental and governmental regulations; fluctuations in the prices of commodities; operating hazards and risks; competition and other risks and uncertainties, including those described in the Company's Prospectus dated September 8, 2017 available on www.sedar.com. Accordingly, actual and future events, conditions, and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
On behalf of the Board of Directors:
Richard Penn
CEO
(778) 384-8923
Lorrain claims overlying regional geology, with drill hole locations and mineral showing indicated.
Lorrain claims overlying elongate regional magnetic high, with drill hole locations and mineral showing indicated.
SOURCE: Black Tusk Resources Inc