SAN FRANCISCO, June 28, 2019 (GLOBE NEWSWIRE) -- In the few years that Black Tusk Resources Inc. (TUSK:CSE; BTKRF:OTC) has been around—it was formed in 2016 and went public in November 2017—it has managed to procure two projects in highly prolific areas of Canada. The company's flagship project, Golden Valley, sits in the Abitibi Greenstone Belt in Quebec. The Abitibi has produced more than 100 mines and 170 million ounces of gold since the early 1900s. Quebec is considered a mining-friendly jurisdiction, ranking fourth on the Fraser Institute's Mining Index.
Company mentioned: Black Tusk Resources Inc.
Golden Valley is located 26 kilometers south of the Casa Berardi Mine, which is 100%-owned by Hecla Mining. That underground mine has produced more than 1.9 million recovered gold ounces since 1988, and is expected to produce about 150,000 ounces of gold at a cash cost of roughly $850/ounce this year.
"Over 4,000 meters of historical drilling has been conducted at Golden Valley, so we know that gold mineralization is there," Black Tusk CEO Richard Penn told Streetwise Reports. "The Laberge Deformation Zone, which is similar to the gold-bearing Casa Berardi Fault structure, passes through the property." Gold mineralization intersected in historical diamond drilling on the Golden Valley project has never been followed up, even though the site is accessible.
On June 10, Black Tusk reported that it received a drill permit to construct 15 drill pads on the Golden Valley property and on June 24 announced that it expects to begin diamond drilling on July 18.
Continue reading this article: Technical Analyst: Charts for Exploration Company 'Show Outstanding Strength'
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