Closing up 15% with almost 3x the average volume, Blackwolf Copper and Gold (BWCG.v BWCGF) has gained momentum following the closure of its oversubscribed upsized private placement for gross proceeds of $3,263,532.
Notably, this private placement had a lead order from billionaire Frank Guistra, who now owns 13.02% of all outstanding and common shares, up from 11.78% prior to this private placement.
BWCG CEO Morgan Lekstrom commented:
"We are elated to see such strong support from our Strategic Shareholder, Mr. Frank Giustra and strong demand from new and existing shareholders. In a very short time, Blackwolf was able execute a drill program at Cantoo, acquire Optimum Ventures, drill the newly acquired Harry Project and find visible gold in our first program. I believe this is a strong indication as to how we want to strategically grow this Company. We are now planning near term work at Niblack and next phases of work at Harry and Cantoo. We look forward to the receipt of assay results from Cantoo and Harry."
The net proceeds of the offering will be used to fund exploration activities at BWCG's three projects, including Niblack, Cantoo and the Harry Project. Going forward, advancing Niblack is the near-term goal for BWCG as it plans further campaigns for Harry and Cantoo to begin in Spring 2024.
This news follows the successful completion of BWCG's initial drilling program targeting the Swann Zone at its Harry Property in BC's Golden Triangle which revealed abundant visible gold.
Encompassing 1,740m of drilling, seven drill holes were completed and encountered significant mineralization with the sixth hole intersecting coarse visible gold, including a ~10cm long streak at ~140m depth.
Notably, these vein phases have the potential to host significant gold, silver and base metal-rich mineralization based on previous surface sampling and drilling encountered 15.64m of 1437 g/t Silver Equivalent beginning at 8.75m depth approximately 250m from the sixth hole.
Plus, located on the Alaskan side of the Golden Triangle is BWCG's Cantoo Project, one of the most compelling untested drill targets in the Triangle, where previous visual assessment of the drill core indicated significant alteration and mineralization consistent with a porphyry system.
With assays pending and initial results expected in the coming weeks, BWCG is emerging as an early-stage gold and precious metals play with significant backing from billionaire Frank Guistra.
Posted on behalf of Blackwolf Copper and Gold Ltd.