Black Tusk Resources Inc. Doubles Proposed Phase 1 Drill Meterage for McKenzie East Gold Project, Val-d’Or, Quebec

Rhea-AI Summary

Black Tusk Resources Inc. has announced an expansion of its planned phase 1 diamond drilling program at the McKenzie East gold project in Quebec, increasing the original meterage from 1000 to 2000 metres. This decision follows a successful oversubscribed private placement raising $2,368,606, enhancing the company’s financial capacity for exploration. The additional drilling aims to thoroughly assess target zones identified through various surveying methods. The company shows readiness to continue exploration based on preliminary results, reflecting strong potential for further drilling projects.

Positive

• Expansion of drilling program from 1000 to 2000 metres enhances exploration potential.
• Successful oversubscribed financing raised $2,368,606, securing funds for project advancements.
• Increased drilling facilitates comprehensive testing of identified target zones.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / October 13, 2020 / Black Tusk Resources Inc. ("Black Tusk" or the "Company) (CSE:TUSK)(FSE:0NB)(OTC PINK:BTKRF) is pleased to announce that the company is expanding its proposed phase 1 diamond drilling program for the McKenzie East gold project located north of Val d'Or, Quebec. The originally proposed 1000 metres has now been doubled to 2000 metres of drilling.

Black Tusk has successfully raised significant financing including the recently closed oversubscribed non-brokered private placement for gross proceeds of $2,368,606 (see News Release dated Sept 23, 2020). These successful financings allow for increased exploration opportunity on the McKenzie East Gold Project, as well as continued planning and exploration on the other four Quebec-based projects owned by Black Tusk.

The increased drilling meterage will allow for a more thorough testing of the McKenzie East target zones as determined from MMI soil sampling, detailed drone-supported magnetometer surveying, 3D IP surveying and historic drilling (see News Release dated Sept 25, 2020). The company is financially prepared to expand the exploration drilling beyond the initial 2,000 metres upon receiving successful results at the McKenzie East, and will contemplate drill testing one or more of their other projects, such as the Lorrain PGE property (see news release dated Sept 30, 2020).

The company is excited to be able to expand testing the great potential of the McKenzie East targets, and is looking forward to the start of diamond drilling.

Cautionary Statement

This press release contains forward-looking statements based on assumptions as of that date. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to exploration and development; the ability of the Company to obtain additional financing; the Company's limited operating history; the need to comply with environmental and governmental regulations; fluctuations in the prices of commodities; operating hazards and risks; competition and other risks and uncertainties, including those described in the Company's Prospectus dated September 8, 2017 available on www.sedar.com. Accordingly, actual and future events, conditions, and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

On behalf of the Board of Directors

Richard Penn
CEO
(778) 384-8923

SOURCE: Black Tusk Resources Inc

View source version on accesswire.com:
https://www.accesswire.com/610184/Black-Tusk-Resources-Inc-Doubles-Proposed-Phase-1-Drill-Meterage-for-McKenzie-East-Gold-Project-Val-dOr-Quebec

FAQ

What is the focus of Black Tusk Resources' recent drilling program?

The focus is on the McKenzie East gold project in Quebec, aiming to explore gold potential through diamond drilling.

How much has Black Tusk Resources raised for its projects?

Black Tusk has raised $2,368,606 through an oversubscribed private placement.

What are the next steps for Black Tusk Resources following the drilling expansion?

Next steps include starting diamond drilling at McKenzie East and evaluating further exploration based on initial results.

What is the significance of increasing the drill meterage?

Increasing the drill meterage allows for more thorough testing of target zones, increasing the chances of discovering viable mineral resources.

What methods were used to identify target zones at McKenzie East?

Target zones were identified through MMI soil sampling, drone-supported magnetometer surveying, and 3D IP surveying.