Source: Taylor Combaluzier
November 2, 2023 (Investorideas.com Newswire) Returned grades were as high as 29,098 grams per ton silver equivalent, noted a Red Cloud Securities report.
Initial drill results from Blackwolf Copper & Gold Ltd.'s (BWCG:TSX.V) Harry property in British Columbia's Golden Triangle highlight a gold discovery in the Swann zone, reported Red Cloud Securities analyst Taylor Combaluzier in an October 31 research note.
"We believe that a follow-up drill program is already warranted to better define and expand the high-grade mineralization at Swann," Combaluzier wrote.
139% Return on Investment
Based on the news, Red Cloud maintained its target price on Blackwolf of CA$0.55 per share, noted Combaluzier. In comparison, the Canadian explorer's current share price is about CA$0.23.
Based on these figures, the implied return to target for investors is significant, at 139%.
Blackwolf remains Buy-rated.
"We continue to believe that Blackwolf is poised for growth as melting glacial ice exposes new, untested areas," Combaluzier wrote.
Focus on Sixth Hole
The maiden results are from one hole of the completed seven-hole, 1,740-meter (1,740m) program in Harry's Swann zone, reported Combaluzier. This sixth hole, H23-017, is the one previously reported to show coarse visible gold.
H23-017 was a stepout, about 250m from a hole drilled by Optimum Ventures, that demonstrated 1,437 grams per ton silver equivalent (1,437 g/t Ag eq) over 15.64m.
High Grades Encountered
Combaluzier highlighted that H23-017 returned two zones of bonanza-grade gold.
One zone showed 312 g/t gold (Au) and 101 g/t silver (Ag), starting 139m downhole and spanning 1m. These grades of precious translate to 29,098 g/t in silver equivalent.
The other zone demonstrated 277 g/t Au and 118 g/t Ag, over 1m starting from 199m downhole. In silver equivalent, these grades equal 25,862 g/t.
"The intercepts occur in a wide zone of multiple, overlapping phases of sulfide mineralization and quartz veins," Combaluzier wrote. "Mineralization remains open along strike."
These results are only some of the available data for hole H23-017; more are to come soon.
Next year, Blackwolf intends to circle back to Harry, conducting follow-up drilling in the Swann zone and drilling untested areas.
Mineralization Seen Before
Combaluzier pointed out that the mineralization seen at Harry is similar to that at nearby high-grade mines, including Brucejack and Premier. Specifically, the gold is high grades and occurs within coarse gold veins.
"The Harry property lies along a geological corridor prospective for gold-silver mineralization that is at least 15 kilometers (15 km) long by 3 km wide," the analyst explained.
Stretching from the Scottie mine down to south of the Premier mine, this corridor also hosts the Big Missouri, Silver Coin, and Martha Ellen deposits.
Blackwolf has three potential stock-moving events slated to happen before year-end.
1) One is the release of the remaining 2023 drill results from Harry, anticipated in November.
2) Another is drill results from the 1,356m drilled this year at its Cantoo project.
3) The third is the results of phase two processing studies relating to a potential mill at Kitsault.
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/