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Blackwolf Copper and Gold Ltd
Symbol BWCG
Shares Issued 123,000,000
Close 2024-01-19 C$ 0.135
Market Cap C$ 16,605,000
Recent Sedar Documents

ORIGINAL: Blackwolf Reports Final Results for Drilling and Surface Sampling on the Harry Property and The Inaugural Drilling on the Cantoo Property

2024-01-19 11:46 ET - News Release

VANCOUVER, BC / ACCESSWIRE / January 19, 2024 / Blackwolf Copper and Gold Ltd. ("Blackwolf" or the "Company") (TSXV:BWCG)(OTC PINK:BWCGF) is pleased to announce the final assay results from the 7 hole surface drill program and surface sampling at the Harry Property, and the 3 hole, first-ever, drill program at the Cantoo Property completed in 2023. The two properties are strategically located in the prolific Golden Triangle. The Cantoo Property is positioned 15 kilometers north of Hyder, Alaska, neighboring the town of Stewart, British Columbia. It is also 3 kilometers west of the past-producing Premier Gold Mine, currently in development, and 10 kilometers south of the Scottie Gold Mine. The Harry Property, located 30 kilometers north of Stewart, BC, is accessible along the all-season Granduc Road. Situated within a 50 kilometer-long axis featuring high-grade gold occurrences and deposits, including the Valley of the Kings, Brucejack mine.

Key Technical Insights:

Harry Property:

  • Multiple Mineralization-Styles: Drilling and surface sampling have identified multiple mineralization styles, in all regions of the Property, particularly at the Swann Zone. Two major mineralization styles have been identified, including:
    1. The high-grade gold-silver veins contained in an extensive quartz-sericite-pyrite alteration package, as noted in surface sample 4.16 g/t Au and 9.71 g/t Ag, and subsequent in drilling 1.30 g/t Au and 2.90 g/t Ag over 2.0 meters and previously released results312 g/t Au and 101 g/t Ag, over 1.0 meter (refer to Blackwolf's News release of October 30th, 2023).
    2. Multi-ounce silver base-metal veins with gold credits, as noted in surface sample 1,049 g/t Ag, 4.447 g/t Au, 1.521% Cu, 8.0% Pb, 1.55% Zn, and subsequent in drilling 374 g/t Ag, 5.34% Pb, 1.41% Zn over 0.47 meters.
  • Multi-Zone Mineralization: The exploration effort has identified silver and base-metal occurrences, over a 3- kilometer trend, and two areas of intense quartz-sericite-pyrite alteration, each up to 1 kilometer in extent and associated with the previously released new high-grade visible gold vein discovery at the Swann Zone.

Cantoo Property:

  • The surface exploration highlighted the high-grade mineralization with multiple scree samples from the mineralization above, as noted in samples 29.2 g/t Au, 2,378 g/t Ag, 4.345% Cu, 7.24% Zn, and 19.9 g/t Au and 7.92 g/t Ag.
  • The initial drill program intersected porphyry-style alteration; strong zones of quartz-sericite alteration with sulphide mineralization. The strong mineralized alteration halos are analogue to the confirmed wide surface Cantoo vein mineralization outcropping in cliffs. The mineralization is closely associated with Jurassic-aged Texas Creek Intrusion suite as noted in mineralized interval in hole CT23-003 1.53 g/t Au and 1.01 g/t Au both over 1.5 metre. Further drilling to the southwest is needed to vector into high-grade shoots.

Rob McLeod, Blackwolf's Executive Chairman states, "Encountering Brucejack-style remobilized coarse electrum veins at Harry was the highlight of the 2023 program. Extensive multiphase sulphide-rich veining within a wide halo of strongly anomalous gold and silver is highly encouraging. Drilling in 2024 will target additional high-grade surface values and structural/geochemical traps located up dip from the high-grade veins. At Cantoo, geochemical vectoring and surface sampling are suggesting a northeast strike and steep dip to the wide veins; subsequent drilling will test this concept."

Blackwolf's CEO, Morgan Lekstrom comments, "Having successfully executed a program that stayed within budget, we have significantly expanded on previous results at the Harry Property, made a gold discovery, and gained a comprehensive understanding of the Cantoo Geology. This has led to a tremendous year for our initial drilling endeavors on both properties, and we are eager to build upon the discoveries at Harry and our newfound insights into the Cantoo Property. Mineralized occurrences at Harry have extended from the Swann Zone to several other mineralized occurrences across a 3-kilometer trend, adjacent to one of North America's historically high-grade producers. Our company is fully funded to proceed with an extensive drill program on the Harry Property in 2024, and we have identified multiple areas where we anticipate further high-grade discoveries. With our enhanced understanding of Cantoo, we can now drill more efficiently and cost-effectively in pursuit of what we believe to be a significant new discovery. It's important to remember that mines in the area are often discovered with over 100 drill holes, and with just 3 drill holes, we have obtained the information that uniquely positions us to expand our drilling at Cantoo and awaken this sleeping giant."

Harry Property

Harry Surface Sampling

In the Company's first season of exploration on the Harry Property, a total of 99 surface grab samples were collected, marking a significant step in our understanding of the property. The primary aim was to assess the ten previously defined mineralized zones and establish any relationships between them. The outcomes, as determined by the Company's geological team, provide valuable insights into the mineralization characteristics of the property.

The property exhibits two distinct mineralization styles. The first is characterized by east-trending, steeply dipping high-grade gold-silver precious metal veins within an extensive lower-grade gold, quartz-sericite-pyrite alteration package, comparable to larger Jurassic systems. Additionally, there are younger north-northwest trending, moderately dipping multi-ounce silver-base metal veins with gold credits, analogous to Eocene systems.

Key findings from surface sampling and mapping include the identification of two areas with intense quartz-sericite-pyrite (QSP) alteration, each extending up to one kilometer. These broad alteration areas host lower grade precious metals with notable samples such as B976737 4.16 g/t Au and 9.71 g/t Ag and B0017305 1.756 g/t Au and 21.68 g/t Ag. These areas are also associated with high-grade visible gold vein mineralization in the drill core, as noted in the previously released results (H23-017: 312 g/t Au and 101 g/t Ag, over 1.0 meter from 139 meter to 140 meter, and 277 g/t Au and 118 g/t Ag, over 1.0 meter from 199 to 200 meter - refer to October 30th 2023 news release)

Figure 1: Harry property map showing the prospective QSP alteration extent in light orange and the silver and base metal trend in blue. All zones are color coded in relation the mineralization-style; yellow associated to high-grade gold-silver and blue to silver-base metal veins.

Additionally, the 2023 surface work delineated a 3 kilometer trend with four mineralized zones, revealing multi-ounce silver-base metal veins with gold credits in samples like B976744 1,049 g/t Ag, 4.447 g/t Au, 1.521% Cu, 8.0% Pb, 1.55% Zn, B976724 714 g/t Ag, 14.19% Pb, 16.83% Zn, and B0012762 475 g/t Ag, 9.79% Pb, 10.34% Zn.

Figure 2: Comparative photos multi ounce silver-base-metal mineralization observed at the northern end compared to the southernmost extent of the Harry Property.

The multiple mineralization styles uncovered during this exploration season suggest a long-lived multiphase metallogenic system. These findings contribute to our ongoing understanding of the property's geological characteristics.

Table 1. Selected Surface Results from the 2023 Harry program

Sample No.EastingNorthingAreaAu_ppmAg_ppmCu_%Pb_%Zn_%
B0017307

434380

6224629

Harry

1.001

57.72

0.010

1.650

0.116

B976710

434366

6226621

Harry

1.346

4.45

0.003

0.049

0.025

B976736

434150

6223754

Harry

1.07

11.38

0.003

0.325

0.069

B976737

434141

6223695

Harry

4.16

9.71

0.003

0.083

0.021

B976744

434122

6223527

S-1

4.477

1049

1.521

8.000

1.550

B976745

434118

6223566

S-1

3.239

995

1.436

4.330

3.100

B0012768

434023

6223880

Saw Cut

0.158

203

0.253

6.250

18.960

B0012755

434054

6223721

Sheeted Vein

5.676

160

0.041

2.820

8.940

B0012762

434045

6223642

Sheeted Vein

0.195

475

0.562

9.790

10.340

B0012766

434032

6223680

Sheeted Vein

0.04

98.3

0.090

2.570

5.640

B976717

434363

6226626

Sheeted Vein

0.077

3.72

0.103

0.017

1.290

B976721

434165

6226380

Sheeted Vein

0.04

213

0.080

19.68

0.073

B976724

434153

6226370

Sheeted Vein

0.311

714

0.663

14.190

16.830

B0017303

434519

6224862

Ursula

0.86

92.03

0.049

3.610

4.910

B0017305

434498

6224869

Ursula

1.756

21.68

0.016

0.524

0.234

B0017306

434497

6224872

Ursula

1.083

11.02

0.006

0.082

0.016

Harry Surface Drilling

The 2023 drilling program at the Harry property targeted mineralization previously identified in historical drilling at the Swann zone (Optimum Ventures Press Release, April 22, 2022). The primary focus was on targeting silver-base metal veins with gold credits and exploring the extent of precious metal mineralization within the broad quartz-sericite-pyrite alteration halo west of the Swann zone, extending towards the Milestone prospect.

A total of 1,741 meters of drilling across seven holes was completed in September 2023. The outcomes of the program exceeded expectations, as evidenced by the successful intersection of high-grade silver-base metal mineralization at the Swann zone. Results defined a 150-meter mineralized trend of sheeted mineralized veins, ranging from 0.3 to 3.0 meters in width at the Swann zone, as exemplified by H23-012: 0.47 g/t Au, 374 g/t Ag, 5.34% Pb, 1.41% Zn over 0.47 meters.

Moreover, the program showcased the Company's capability to unveil the potential for extensive high-grade gold mineralization within the expansive quartz-sericite-pyrite (QSP) halo. With only three diamond drill holes testing it to date, previously released results from H23-017 (312 g/t Au and 101 g/t Ag, over 1.0 meter from 139 meter to 140 meter, and 277 g/t Au and118 g/t Ag, over 1.0 meter from 199 to 200 meter) and hole H23-018 intersected 1.30 g/t Au and 2.90 g/t Ag over 2.0 meters within a longer low-grade intervals of gold mineralization encountered in the quartz-sericite-pyrite halo 0.42 g/t Au, 5.97 g/t Ag over 17.0 meters.

Table 2. Swann Zone Drill hole Composites

Hole-ID

Zone

From (meters)

To (meters)

*Length (meters)

Au (gpt)

Ag (gpt)

Pb (%)

Zn (%)

H23-012

Swann

67.32

67.79

0.47

0.42

374.00

5.340

1.410

118.10

118.89

0.79

1.62

2.79

0.014

0.001

160.00

161.00

1.00

0.46

14.77

0.265

2.470

H23-013

Swann

55.00

55.50

0.50

0.15

12.08

1.30

0.2091

93.00

96.10

3.10

0.33

13.05

0.057

0.127

H23-014

Swann

66.00

67.00

1.00

0.07

1.09

0.019

0.267

140.00

141.50

1.50

1.31

2.00

0.016

0.040

178.00

179.00

1.00

0.60

1.18

0.002

0.008

H23-015

Swann

74.05

77.19

3.14

0.07

8.35

0.107

0.241

191.42

192.45

1.03

0.68

1.27

0.009

0.012

H23-016

Swann

223.00

224.00

1.00

2.01

4.00

0.010

0.002

H23-018

Swann

176.00

183.00

7.00

0.73

3.07

0.012

0.004

176.00

193.00

17.00

0.41

5.97

0.004

0.08

Inc.

176.00

177.00

1.00

2.03

3.39

0.014

0.005

Inc.

181.00

183.00

2.00

1.30

2.895

0.014

0.005

* True widths are not known as there is not yet enough geological information.

Figure 3: Swann Zone 2023 Drilling Inset with two mineralization styles highlights; in red high-grade Gold-Silver mineralization and blue Silver-Base Metal veins

Cantoo Property

The property has a rich mining history with three adits driven in the early 1920's to follow high-grade gold-silver mineralization with base metal credit breccias, stockworks, and vein structures, reaching up to 30 meters in thickness on surface. The 2023 surface exploration highlighted the high-grade mineralization with multiple scree samples from the mineralization above due to terrain steepness, as noted in sample B0011179 29.2 g/t Au, 2,378 g/t Ag, 4.35% Cu, 7.24% Zn, and B0011169 19.9 g/t Au and 7.92 g/t Ag. The 2023 drilling at the Cantoo was the first ever drill program completed to date on the property with 1,356 meters completed in three holes. The modest exploratory drilling completed highlighted area of intense quartz-sericite-pyrite (QSP) in close to distal telescoping relation with the Premier porphyry, Jurassic-age Texas Creek Intrusive Suite known in the area for association with neighboring, currently in development, Premier deposit. While significant precious metals values were not obtained, the alteration zone intersected closely resemblance with the high-grade surface samples closely related to the Premier porphyry intrusion. Mineralized intersection with the second hole highlighted two gold intervals within the Jurassic-aged Premier Porphyry associated with the prospective alteration as noted in hole CT23-003 with 1.53 g/t Au and 1.01 g/t Au, both over 1.5 meter. This initial drilling effort has significantly advanced our understanding of the complex structural geology in the area, refining our targeting strategy for the upcoming drill season.

Figure 4. Comparative photo from drill core alteration to comparative surface sample alteration with grade

Table 3. Selected Surface Assay Results from the 2023 Cantoo program

Sample Number

Easting

Northing

Type

Au _ppm

Ag_ppm

Cu_%

Pb_%

Zn_%

B0011166

433890

6214868

Float

4.070

2.1

0.001

0.001

0.002

B0011167

433880

6214859

Float

14.600

10.0

0.001

0.004

0.003

B0011168

433801

6214830

Float

4.238

1.8

0.001

0.001

0.001

B0011169

433801

6214830

Float

19.900

7.9

0.001

0.003

0.001

B0011170

433773

6214845

Float

4.548

3.4

0.015

0.017

0.627

B0011172

433807

6214839

Float

2.515

2.3

0.002

0.006

0.018

B0011174

433889

6214870

Float

6.192

115.0

0.484

7.670

0.353

B0011175

433001

6214866

Float

2.982

4.6

0.003

0.006

0.001

B0011176

433912

6215138

Float

0.348

222.0

0.136

35.850

0.630

B0011177

433919

6215145

Float

0.835

146.0

0.008

20.050

0.145

B0011178

433919

6215168

Float

1.980

607.0

1.112

4.370

0.199

B0011179

433919

6215168

Float

29.200

2378.00

4.350

0.527

7.240

B0011301

433803

6214832

Float

4.482

2.1

0.000

0.001

0.000

B0011302

433788

6214830

Float

9.903

6.4

0.001

0.003

0.004

B0011303

433781

6214836

Float

5.582

1.8

0.000

0.001

0.001

B0011304

433769

6214842

Float

5.720

2.4

0.001

0.001

0.000

B0011305

433762

6214842

Float

7.005

3.4

0.002

0.002

0.001

Table 4. Cantoo drill hole Composites

Hole-ID

From (meters)

To (meters)

*Length (meters)

Au (gpt)

Ag (gpt)

Cu (%)

Pb (%)

Zn (%)

CT23-001

No Significant Results

CT23-002

No Significant Results

CT23-003

433.00

434.50

1.50

1.53

5.58

NC

NC

NC

439.50

441.00

1.50

1.01

1.22

NC

NC

NC

* True widths are not known as there is not yet enough geological information.

Next Steps

There are numerous untested targets on the Harry Property; future work will include exploring the west side of the QSP alteration at the Golden Summit prospect. Additionally, the second alteration halo at the Harry and Ursula prospects further south, mirroring the high-grade precious metal veins intercepted this season, represents an exciting opportunity for future exploration. Furthermore, three additional zones hosting silver-base metal veins are yet to be explored, particularly the Sheeted Vein and Saw Cut prospects further south. This underscores the significant potential that occurs on the Harry Property, and Blackwolf is eager to unlock further discoveries as the Company continues to methodically explore and test these promising targets.

Table 5. Swann Zone Drill hole collar locations and orientations

Hole-ID

Coordinate System

Easting

Northing

Elevation (m a.s.l)

Azimuth (Degrees)

Dip (Degrees)

Length (m a.s.l)

H23-012UTM_Zone9/NAD83

434390

6226542

890

215

-50

249

H23-013UTM_Zone9/NAD83

434390

6226542

890

240

-50

250

H23-014UTM_Zone9/NAD83

434390

6226542

890

230

-60

250

H23-015UTM_Zone9/NAD83

434390

6226542

890

215

-60

251

H23-016UTM_Zone9/NAD83

434312

6226610

862

215

-50

242

H23-017UTM_Zone9/NAD83

434312

6226610

862

230

-50

246

H23-018UTM_Zone9/NAD83

434312

6226610

862

250

-50

251

Table 6. Cantoo drill hole collar locations and orientations

Hole-ID

Coordinate System

Easting

Northing

Elevation (m a.s.l)

Azimuth (Degrees)

Dip (Degrees)

Length (m a.s.l)

*CT23-001UTM_Zone9/NAD83

433247

6214825

858

95

-55

130.2

CT23-002UTM_Zone9/NAD83

433244

6214839

860

95

-55

676

CT23-003UTM_Zone9/NAD83

433244

6214839

860

85

-65

550

*Hole abandoned

QA/QC and Qualified Person

Analytical work for the Harry Property drill core samples was completed by two analytical laboratories: MSA Labs of Langley, BC, and Bureau Veritas of Vancouver, BC, both of whom are certified analytical service providers. Analytical work for the Cantoo property was completed by MSA Labs.

At MSA Labs, samples are prepared using procedure PRP-910 (dry,crush to 70% passing 2mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns) and analyzed by method FAS-111 (30g fire assay with AAS finish) for gold and IMS-230 (1.0g, 4-acid digestion and ICP-MS analysis, 48 elements). Any samples containing >10g/t Au are reanalyzed using method FAS-415(30g Fire Assay with gravimetric finish). Samples containing >100 ppm Ag and/or >1% Cu, Pb, & Zn are reanalyzed using method ICF-6 (0.2g, 4-acid digest and ore grade ICP-AES analysis). Samples containing >1000g/t Ag are reanalyzed using method FAS-418 (30g fire assay with AAS finish) and samples containing >20% Pb are reanalyzed using method STI-8Pb (volumetric titration).

At Bureau Veritas, samples are prepared using PRP70-250 (dry, crush to 70% passing 2mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns) and analyzed by method FA-430 (30g fire assay with AAS finish) for gold and MA-200 (0.25, multi-acid digestion and ICP-ES/MS analysis, 45 elements). Any samples containing >10g/t Au are reanalyzed using method FA530 (30g Fire Assay with gravimetric finish). Samples containing >100 ppm Ag and/or >1% Cu, Pb, & Zn are reanalyzed using method MA-370 (1.0g, 4-acid digestion and ore grade ICP-AES analysis). Samples containing >1000 g/t Ag are reanalyzed using method FA-530(30g fire assay with AAS finish) and samples containing >20% Pb are reanalyzed using method GC817. Samples with visible gold are subject to method FS-632, a screen metallics analysis with duplicate minus fractions analyzed, and 30g fire assay for gold.

The 2023 Drilling Program at the Harry Property was completed using industry standard procedures, including a quality assurance/quality control ("QA/QC") program consisting of the insertion of certified standard, blanks,and duplicates into the sample stream. The Qualified Person has reviewed the data and detected no significant QA/QC issues.

Andrew Hamilton, P.Geo., Consultant to the Company,a Qualified Person under NI 43-101,has reviewed and approved the scientific and technical content of this release.

About Blackwolf Copper and Gold Ltd.

Blackwolf's founding vision is to be an industry leader in transparency, inclusion, and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Blackwolf builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. The Company holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska. In addition, the Company holds a 100% interest in five Hyder Area gold-silver and base metal properties in southeast Alaska and an option to acquire an 80% interest in the Harry gold-silver property located in northwest British Columbia in the Golden Triangle. For more information on Blackwolf, please visit the Company's website at www.blackwolfcopperandgold.com.

On behalf of the Board of Directors of Blackwolf Copper and Gold Ltd.

"Morgan Lekstrom"
CEO and Director

For more information, contact:

Morgan Lekstrom
250-574-7350 (Mobile)
604-343-2997 (Office)
MLL@bwcg.c

Freddie Leigh
604-609-6132 (Office)
info@bwcg.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements relating to the properties located in the Golden Triangle area and the Company's future objectives and plans.Forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market volatility; the state of the financial markets for the Company's securities; fluctuations in commodity prices and changes in the Company's business plans. In making the forward-looking statements in this news release, the Company has applied several material assumptions that the Company believes are reasonable, including without limitation, that the Company will continue with its stated business objectives and its ability to raise additional capital to proceed. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein,except in accordance with applicable securities laws. The Company seeks safe harbor.

For more information on the Company,investors should review the Company's continuous disclosure filings that are available at www.sedarplus.ca.

SOURCE: Blackwolf Copper and Gold Ltd



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