TORONTO, ONTARIO--(Marketwired - April 10, 2014) - Black Widow Resources Inc. ("Black Widow" or the "Company") (TSX VENTURE:BWR) today announces that it has made the third and final payment on the Shunsby Property (the "Property"). The Property consists of 20 contiguous crown patent claims ("patents") comprising 314.43 hectares, originally optioned from Hage Corporate Services Inc. ("Hage"). Black Widow is pleased to announce that it now owns a 59.8% direct interest in the Property by making payments totaling $500,000 as per the original option agreement.
- Mr. Neil Novak, President and CEO of Black Widow Resources, Inc.
"Black Widow is excited about the zinc / copper exploration potential of the Shunsby property. The final payment for this property provides us with unrestricted year round access via a network of industrial and forestry roads thus allowing exploratory drilling to proceed in a very cost effective way. Arrangements have been made with a local diamond drilling company to commence drilling later in April."
Hage is a non-arms length private corporation owned by two directors of Black Widow; Messrs. Duguay and Ringler as disclosed by Black Widow in its continuous disclosure documentation. As a result of the Shunsby Property acquisition, Hage now owns 4 million shares of Black Widow representing approximately 16.5% of the issued shares, which when combined with shares held personally by Messrs. Duguay and Ringler along with other members of management and directors of Black Widow, represents approximately 45% interest held directly and indirectly by members of management and directors. The patents are subject to a 1.5% net smelter royalty ("nsr") to the favor of Hage, who in turn holds 0.5% of the royalty in trust for Rally Energy Ltd. ("Rally").
As per a press release dated October 15, 2013, the Company received a National Instrument 43-101 report on this property last September, that describes the Property as being located approximately 145 kilometers southwest of Timmins, Ontario in Cunningham Township. The report entitled "Technical Report on the Shunsby Base Metal Property, Cunningham Township, Ontario, for Black Widow Resources Inc." by Paul Sobie, P.Geo. of MPH Consulting Ltd., of Toronto Ontario dated September 30, 2013, hereinafter referred to as the "Shunsby Report", was filed on http://www.sedar.ca and is also available on the Company's website www.blackwidowresources.com.
Details of the Shunsby Property, are outlined in detail in the technical report mentioned above. In summary, the Property has seen much exploration work covering the period 1904 to as recent as 1994, over 90 years of exploration records have been accessed and reviewed. These records include 214 diamond drill holes totaling in excess of 23 kilometers of drilling all of which was recently digitized and entered into a property wide database. In the Shunsby Report, the historical drilling was summarized in tables, representing periods of exploration by various operators. It is the intent of Black Widow to twin some of these holes to determine their relevance in incorporating results into an eventual resource evaluation. To this effect, a short diamond drilling program is proposed to commence immediately, consisting of 4 or 5 holes totaling 750 meters. The initial diamond drilling contract has been awarded to Chenier Drilling of Sudbury, Ontario. A drill and all necessary support equipment has been mobilized to the Property prior to the spring "half load" restrictions being applied to the industrial road by the local forestry company that also provides access to the forest resources and communities in the region.
Qualified Person
Mr. Neil Novak, P.Geo., President of Black Widow Resources Inc., being a Qualified Person ("QP") as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and Form 43-101F1 Technical Report and Related Consequential Amendments, has reviewed and approved the technical content of this press release.
About Black Widow Resources
Black Widow is a public company, quoted for trading on the TSX.V under the symbol "BWR", with exploration projects in Northern Ontario, Canada, focused on exploring for base and precious metals. Management of Black Widow includes an accomplished group of exploration/mining, administrative and legal specialists with many decades of operational experience in the junior resource sector. There are currently 24,272,769 shares issued in Black Widow.
Neither the Toronto Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.