Thursday, 12 July 2012

Black Smoker Ventuers provides drilling update at Fox Lake

Black Smoker Ventures (CNSX:BSM) said Thursday it reached a depth of 900 metres as it continues its first-phase diamond drill campaign at its Fox Lake Mine in Manitoba.

The exploration company currently is drilling ahead at a depth of 900 metres, approaching a target of 1,200 metres.

This drill program is aimed at testing deeply buried conductive targets beneath historical Fox Mine ore bodies, the company said.
The Fox Lake mine has never been tested at depth, and this geophysical signature has emerged as the primary drill target for the first-phase drilling campaign.

“We are pleased with the progress being made at Fox Lake and look forward to the completion of this potentially high impact drill hole,” Black Smoker Ventures' chief executive Carson Seabolt said in a release.

The hole is slated to be completed by month’s end. Assays will soon follow.

The Vancouver-based exploration company also announced on Thursday it bowed out of its Kelsey gold claims in Manitoba, but continues to maintain its core portfolio which include the Vena and Wyatt gold projects.

Black Smoker, in late April, acquired five adjacent mineral claims covering some 2,464-hectares in the Omineca mining division in British Columbia.

The purchase agreement was struck with Jevin Werbes. Black Smoker will pay Werbes $10,000 for the claims and dish out 500,000 shares of the company.

The Fox Lake project, historically, is one of Manitoba’s largest volcanogenic massive sulphide deposits and copper producers.
The company’s Fox Lake volcanogenic massive sulphide project consists of eight mineral claims that covers 1,856-hectares in the northwest corner of Manitoba.

Black Smoker, through modern geophysical surveys on the property, has identified multiple targets.

When the Fox Lake project was in production between 1970 to 1985 whien it produced 12 million tonnes at 1.82 per cent copper and 1.78 per cent zinc, or more than 400 million pounds of copper.

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