BLACK TUSK COMPLETES HISTORIC DATA COMPILATION FOR PG
Mr. Richard Penn reports
BLACK TUSK COMPLETES DATA COMPILATION FOR THE PG HIGHWAY PROPERTY, VAL-DA OR, QUEBEC
Black Tusk Resources Inc. has provided the results of the continuing data review and compilation for the PG Highway property located north of Val d'Or, Que.
Historic reports from various mining exploration companies, and the Quebec government, have been reviewed for the project area. Historic work has included geologic mapping, economic potential assessments, airborne and ground geophysics, geochemical sampling, and drilling.
Of particular interest to the PG Highway is work documented by Hudbay Mining Ltd. in 1978 (report GM58971) and Exploration Louphior Inc. in 1988 (GM46998). Hudbay completed geologic mapping, ground geophysics, trenching and overburden sampling. One site was tested by diamond drilling. Louphior completed lithogeochemical sampling and ground geophysics (magnetics, electromagnetics and induced polarization) and five diamond drill holes. Drill hole locations are summarized in the table included.
The PG Highway was originally staked to cover documented historic drill-hole 8712-2. Drill logs for this hole indicate that it intercepted 9.6 metres of near-massive to massive pyrite and pyrrhotite within basaltic rocks. Further review of the historic drill logs indicate that significant sulphide intercepts were also reported in holes 8712-1, 8712-3, 8712-4 and F-G-1-78. All of these holes were drilled within a 600-metre diameter area in close proximity to Highway 397 north of Val d'Or. The sulphide intercepts are summarized in the table included. The reader is cautioned that intercepts reported in historic drilling have not been verified by Black Tusk.
Actual intercept widths (accounting for drilling angle and geologic structure orientation) were not provided in the historic records and are considered unknown at this time.
The historic reports indicate that work, including diamond drilling, had been concentrated only on gold and silver potential. Drill core was only analyzed for gold (maximum value of 50 parts per billion), or gold and silver. Black Tusk intends to continue to investigate the property for gold as well as other commodities including platinum group elements (PGE). Regionally, the PG Highway property adjoins claims that cover the Lynx and La Tour PGE mineral showings (see news release dated April 14, 2020).
Exploration is expected to be undertaken on the PG Highway in 2021. Black Tusk holds title to five mineral properties in the Quebec Abitibi greenstone belt. Three of these properties are located to the immediate north of Val d'Or. This includes the McKenzie East gold project, PG Highway and MoGold properties. The other properties are the Golden Valley located north of La Sarre, and the Lorrain located immediately south of Lorrainville, Que. The McKenzie East gold property is scheduled to begin diamond drilling on Jan. 15, 2021. The Lorrain property is also scheduled for drilling in early 2021.
Perry Grunenberg, PGeo, and a qualified person as that term is defined under NI 43-101, has reviewed and approved the technical information contained in this news release. Mr. Grunenberg is also a director of the company.
The company also announces that it has entered into agreements to settle outstanding indebtedness of $198,450 at a price of five cents per share. The shares will be subject to four-month and one-day hold period from the date of issuance.
Additionally, the company announces that it and has granted a total of one million options to directors of the company exercisable at a price of 6.5 cents per share for a three-year term.
We seek Safe Harbor