Black Smoker Ventures (CNSX:BSM) saw its shares surge 27 percent Tuesday, as it announced plans to start drilling at its wholly-owned Fox Lake project in Manitoba, Canada.
The company’s shares rose to seven cents as it
announced that it had received permits to commence drilling at the Fox
The Fox Mine has never been explored below a 1,200
metre depth and Black Smoker said it has now completed the first modern
deep penetrating geophysical survey on the property resulting in the
identification of multiple targets to be tested in the first quarter of
The company has engaged Cyr Drilling International Ltd. to conduct this initial drill program.
Cyr Drilling specializes in conducting diamond drill programs for
mineral exploration and development projects in some of the most
diverse, environmentally sensitive and difficult to access locations.
completed geophysical work and interpretation at Fox Lake suggests
Black Smoker has an excellent opportunity to target a new copper and
zinc mineralization at depth," Black Smoker's president and CEO Carson
"The upcoming drill program will be the first
significant exploration campaign at Fox Lake since the mine closed in
1985, following 15 years of production. We are well positioned to
execute on this program targeting discovery."
The company said the initial 1,600-metre program will commence in April and is expected to be completed over a 45-day period.
Smoker said its geophysical ground program resulted in the
identification of a major target downdip of known mineralization, which
could represent the existence of a new lens at depth.
company said this signature extends to an approximate depth of 1,800
metres, which lays approximately 600 metres beyond the deepest
historical drill intersection.
The Fox Lake project was one of
Manitoba's largest historical Volcanogenic Massive Sulphide (VMS)
deposits and copper producers between 1970 and 1985, yielding
approximately 12 million tonnes grading 1.82 percent copper and 1.78