Pitchblack Signs Definitive Agreement for the Acquisition of Australian Base Metal and Precious Metal Assets
29 Mai 2013 - 11:01PM
Marketwired Canada
Pitchblack Resources Ltd. ("Pitchblack" or "Company") (TSX VENTURE:PIT) has
signed definitive documentation (the "Agreement") with Crocodile Gold Corp.
("Crocodile Gold") for the option to acquire a 90% interest in mineral tenements
located in the Northern Territory of Australia (the "Properties")(see Figure
below). The Project was chosen for the potential to host base metal deposits
with several possibilities of hosting significant gold mineralization.
Commenting on the Agreement, John Taggart, President and CEO of Pitchblack,
said, "Today's signing of definitive documentation in respect of the acquisition
of these prospective base metal and precious metal assets is the first major
milestone in achieving our goal of building a diversified, long-term, low-cost
metals producer. We plan to work diligently over the coming months to further
advance the Iron Blow and Mount Bonnie deposits, where historical resources are
defined and limited past production has occurred. I am particularly excited
about the base metal potential opportunities we have at Maud Creek, but our
initial focus is the Iron Blow and Mount Bonnie base metal deposits where we
believe we can build towards commercial production in the future."
Iron Blow
Management believes that the Iron Blow deposit is a well defined precious metal
enriched base metal system within a volcanogenic massive sulphide ("VMS")
geological setting that is similar in character to Hecla's Greens Creek deposit
located in Alaska.
Recent drill intercepts have defined 13.0% Pb+Zn, 0.28% Cu, 448 g/t Ag and 3.66
g/t Au over 46.2(i) meters in drill hole IBDH006 and 17.4% Pb+Zn, 0.6% Cu, 492
g/t Ag and 6.03g/t Au over 19.8 meters in drill hole IBDH007(i). Historically,
the Iron Blow Mine previously produced 35,000 tonnes grading 7.57 g/t Au and
328.6 g/t Ag.
A National Instrument ("NI") 43-101 compliant Technical Report on the Mineral
Resources and Mineral Reserves of the Northern Territory Gold and Base Metals
Properties of Crocodile Gold Corp., dated April 4, 2011 included the following
Inferred Mineral Resource for the Iron Blow deposit:
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Commodity Tonnes Grade Contained Metal
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Zinc 3,175,000 3.28% 229,750,000 lb
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Lead 3,175,000 0.76% 53,163,000 lb
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Silver 3,175,000 101 g/t 10.3 million oz
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Gold 3,175,000 2.1 g/t 214,000 oz
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Copper 3,175,000 0.19% 13,299,000 lb
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The Inferred Mineral Resource estimate was reviewed and optimized for
Crocodile Gold by Mark Edwards who is a "qualified person" as such term is
defined in National Instrument 43-101. The mineral resource estimate was
generated using the following parameters:
- Models used was generated by Odessa (Iron Blow)
- Model technique is Ordinary Kriging and Inverse Distance
- Mineralization wireframes conducted on 0.5g/t material with a minimum
width of 2m at Iron Blow
- High grade top cut used of 10g/t Au for Iron Blow,
- Approximately 280 samples used at Iron Blowl
- Iron Blow Samples were submitted to NAL and analyzed using 50g fire assay
with AAS finish for gold and ICP-AAS for base metals
Croc gold 43-101 report dated April 26, 2011- for Iron Blow resource
calculation Muller,F., Edwards, M.,Gerritson,H.(2011) Report on the Mineral
Resources & Mineral Reserves of the Northern Territory, Gold and Base Metal
Properties, NI 43-101 compliant technical report for Crocodile Gold Corp.,
464 pgs
Mr. Taggart commented, "It is interpreted that the Iron Blow deposit is made up
of stacked massive sulphide zones with a well developed, long-life alteration
pipe. Our initial focus will be to identify and prove up parallel zones, which
if successful, has the potential to add significant resources to the deposit."
Mount Bonnie
Drilling results from a campaign in 2008 show intercepts of 16.32% Pb+Zn, 0.56%
Cu, 296.9 g/t Ag and 2.49 g/t Au over 9.3 meters(ii) and from a historical
standpoint, the Mount Bonnie deposit is a past oxide/supergene mine which
previously produced 110,000 tonnes grading 7 g/t Au and 230 g/t Ag. An historic
inferred mineral resource (see note 1) for the Mount Bonnie deposit indicates
the following (see note 2):
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Commodity Tonnes Grade Contained Metal
----------------------------------------------------------------------------
Zinc 650,000 9.00% 128,970,000 lb
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Lead 650,000 2.00% 28,660,000 lb
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Silver 650,000 279 g/t 5.83 million oz
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Gold 650,000 1.7 g/t 35,500 oz
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Copper 650,000 0.50% 7,165,000 lb
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Note 1: 2005 report prepared for Northern Gold NL regarding historical
production at Iron Blow and Mount Bonnie was authored by Shaw, J.
(2005) Mt Bonnie and Iron Blow Projects, January 2005.
Note 2: A qualified person has not done sufficient work to classify this
historical estimate as current mineral resources or mineral
reserves. Pitchblack is not treating the historical estimate as
current mineral resources or mineral reserves and the historical
estimate should not be relied upon. Pitchblack believes with
minimal confirmatory drilling this historic resource information
could be included in a Mineral Resource inventory.
Other Tenements
Historical data available for the other tenements being acquired include:
----------------------------------------------------------------------------
Tenement Description
----------------------------------------------------------------------------
Maud Creek Oxide copper breccia zone with grab samples assaying up to
5% Cu; associated with a 10 km long, untested multi-
element geochemical anomaly not yet tested by drilling
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Mount Evelyn Previously produced 83,000 tonnes at an average grade of
11.9% Pb+Zn and 260 g/t Ag in the 1960s; shallow mine with
limited to no recorded drilling to depth
----------------------------------------------------------------------------
Mount Ellison Previously produced 3,300 tonnes at an average grade of
20% Cu and 0.1% bismuth
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Yeuralba The Copper Flower deposit, sediment-hosted with associated
(Eva Valley) boron exhalite zone.
----------------------------------------------------------------------------
Bons Rush East A number of strong VTEM conductors in a similar geological
environment to the Iron Blow and Mt Bonnie deposits.
----------------------------------------------------------------------------
Exploration work in 2013 will focus on extending and validating the high-grade
zones at the Iron Blow and Mount Bonnie deposits. Pitchblack envisions a
two-stage exploration program with additional drilling on the Iron Blow and
Mount Bonnie deposits being a priority. The goal is to produce resource
estimates on both deposits. Before additional drilling is undertaken,
geochemical sampling, detailed mapping and additional geophysical
interpretations will be carried out.
The other properties contain mineralized showings or significant geophysical
anomalies in several instances. Several targets are in what is interpreted to be
a similar geological environment to that which hosts the Iron Blow and Mt Bonnie
deposits. These properties will undergo geochemical, geophysical and geological
programs before being prioritized for subsequent drill testing.
Pursuant to the Agreement, Pitchblack has agreed to acquire a 90% interest in
the Properties, which total 260 square kilometers, in exchange for cash
consideration of $500,000 and the issuance of 3,312,415 common shares of the
Company to Crocodile Gold. The cash consideration is being paid, with half being
paid directly to Crocodile Gold and the remainder placed in escrow pending
closing of the transaction. Closing of the acquisition, including issuance of
common shares, is subject to approval by the TSX Venture Exchange and certain
other conditions. In addition, the Company must also incur $4,000,000 in
exploration expenditures on the Properties within 48 months of the date of the
Agreement.
Qualified Person
Michael Jamieson, independent P.Geol of Taiga Consultants Ltd., is a "qualified
person" as such term is defined in National Instrument 43-101 and has reviewed
and approved the technical information and data included in this press release.
(i) Preliminary interpretation indicates true width intersections are
approximately 65% of the drill hole intersection widths for the Iron
Blow mineralization.
(ii) Preliminary interpretation indicates the drill hole intersection width
approximates true width for MBDH001
FORWARD LOOKING INFORMATION CAUTION
This document may contain or refer to forward looking information within the
meaning of applicable securities laws, based on current expectations, including,
but not limited to the completion of the acquisition, the receipt of regulatory
approval, future exploration expenses and plans. Forward looking information is
subject to significant risks and uncertainties, and other factors that could
cause actual results to differ materially from expected results. Readers should
not place undue reliance on forward-looking information. Forward looking
information is provided as of the date hereof and we assume no responsibility to
update or revise them to reflect new events or circumstances.
A map is available at the following address:
http://media3.marketwire.com/docs/Map_Pitchblack.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
For further information or to register for distribution
for future press releases, please contact:
John Taggart
President & CEO
416-309-2690
www.pitchblackresources.com
(TSXV:PIT)
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