January 23, 2023 (Investorideas.com Newswire) Based on these data, the mining company hones in on three targets to explore further at its Alaska properties, noted a Red Cloud Securities report.
Surface sampling at Blackwolf Copper & Gold Ltd.’s (BWCG:TSX.V) Hyder properties in Alaska returned high-grade gold and silver mineralization in multiple areas, reported Red Cloud Securities mining analyst Taylor Combaluzier in a Jan. 18 research note. Hyder encompasses the Cantoo, Mineral Hill, Texas Creek and Casey properties.
“We view these results positively as very limited modern exploration has been conducted on the Hyder properties, with virtually none conducted in the last 25 years, highlighting the upside potential present at the project,” Combaluzier wrote.
Sampling Results Explained
The analyst presented the key takeaways from results of the 330 rock grab and chip samples obtained from Blackwolf’s Hyder properties and assayed last year.
The results highlighted three prospective targets for additional exploration work: the Cantoo property and the Solo and Doghole areas on the Texas Creek property.
Cantoo Emerges as Frontrunner
At Cantoo, chips samples returned high grade gold, Combaluzier highlighted. Specifically, outcropping veins, up to 30 meters (30m) wide, demonstrated grades up to 37.5 grams per ton (37.5 g/t). Samples taken below these veins returned gold grades of 2.66 g/t, 0.74 g/t, 0.38 g/t and 2.6 g/t, among others.
The vein system at Cantoo potentially extends into the Mineral Hill property 2.5 kilometers to the north, based on grab sample results from the latter, purported Combaluzier.
They returned gold, silver, copper, lead and zinc mineralization in “strongly silicified and quartz veined boulders . . . eroding from a newly discovered, iron oxide-stained cliff over a 200m long trend.” This trend could be the extension of Cantoo mineralization.
Given all of this new information, Cantoo is a priority target for exploration this year, Combaluzier wrote. Blackwolf already has a permit to drill there.
Solo, Doghole Show Prospectivity
Regarding the Solo and Doghole areas at Texas Creek, samples from both assayed high grades of gold and even higher grades of silver, Combaluzier reported.
Highlight silver grades at Solo were 3,836 g/t and 386 g/t from grab samples, B0010866, and C0042635, respectively. Corresponding gold grades were 6.04 g/t and 20.6 g/t. These samples, the analyst explained, were “from a zone of structurally controlled quartz veining sulfide mineralization and alteration over 535m of strike length.”
The new data from Solo, Combaluzier pointed out, are geologically similar to Newcrest’s Brucejack deposit in British Columbia.
As for Doghole, grades included 16.6 g/t gold and 583 g/t silver on samples obtained from a set of northeast-trending quartz sulfide veins spanning 220m along strike.
“Based on these results, further exploration work is warranted on these prospects prior to testing with the drill bit,” wrote Combaluzier.
What to Watch For
What’s next for the Hyder properties, Combaluzier noted, is the announcement of Blackwolf’s 2023 exploration plans, to include a drill program at Cantoo.
Another upcoming catalyst, expected in 2023, pertains to the Canadian company’s flagship asset, Niblack, also in Alaska. It is an updated resource estimate for the copper-gold-zinc-silver project.
“Positive exploration results from its flagship Niblack polymetallic project or secondary Hyder properties could potentially lead to a rerating of the stock,” purported Combaluzier.
Blackwolf’s current share price is about CA$0.25. (Red Cloud does not have a rating or price target on the mining company.)
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Disclosures For Red Cloud Securities, Blackwolf Copper and Gold Ltd., January 18, 2023
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