Black Widow Resources Inc. Makes Final Payment on Shunsby Property, Gears Up for Drilling Program
10 4월 2014 - 10:54PM
Marketwired
Black Widow Resources Inc. Makes Final Payment on Shunsby Property,
Gears Up for Drilling Program
TORONTO, ONTARIO--(Marketwired - Apr 10, 2014) - Black Widow
Resources Inc. ("Black Widow" or the "Company") (TSX-VENTURE:BWR)
today announces that it has made the third and final payment on the
Shunsby Property (the "Property"). The Property consists of 20
contiguous crown patent claims ("patents") comprising 314.43
hectares, originally optioned from Hage Corporate Services Inc.
("Hage"). Black Widow is pleased to announce that it now owns a
59.8% direct interest in the Property by making payments totaling
$500,000 as per the original option agreement.
- Mr. Neil Novak, President and CEO of Black Widow
Resources, Inc.
"Black Widow is excited about the zinc / copper exploration
potential of the Shunsby property. The final payment for this
property provides us with unrestricted year round access via a
network of industrial and forestry roads thus allowing exploratory
drilling to proceed in a very cost effective way. Arrangements have
been made with a local diamond drilling company to commence
drilling later in April."
Hage is a non-arms length private corporation owned by two
directors of Black Widow; Messrs. Duguay and Ringler as disclosed
by Black Widow in its continuous disclosure documentation. As a
result of the Shunsby Property acquisition, Hage now owns 4 million
shares of Black Widow representing approximately 16.5% of the
issued shares, which when combined with shares held personally by
Messrs. Duguay and Ringler along with other members of management
and directors of Black Widow, represents approximately 45% interest
held directly and indirectly by members of management and
directors. The patents are subject to a 1.5% net smelter royalty
("nsr") to the favor of Hage, who in turn holds 0.5% of the royalty
in trust for Rally Energy Ltd. ("Rally").
As per a press release dated October 15, 2013, the Company
received a National Instrument 43-101 report on this property last
September, that describes the Property as being located
approximately 145 kilometers southwest of Timmins, Ontario in
Cunningham Township. The report entitled "Technical Report on the
Shunsby Base Metal Property, Cunningham Township, Ontario, for
Black Widow Resources Inc." by Paul Sobie, P.Geo. of MPH Consulting
Ltd., of Toronto Ontario dated September 30, 2013, hereinafter
referred to as the "Shunsby Report", was filed on
http://www.sedar.ca and is also available on the Company's website
www.blackwidowresources.com.
Details of the Shunsby Property, are outlined in detail in the
technical report mentioned above. In summary, the Property has seen
much exploration work covering the period 1904 to as recent as
1994, over 90 years of exploration records have been accessed and
reviewed. These records include 214 diamond drill holes totaling in
excess of 23 kilometers of drilling all of which was recently
digitized and entered into a property wide database. In the Shunsby
Report, the historical drilling was summarized in tables,
representing periods of exploration by various operators. It is the
intent of Black Widow to twin some of these holes to determine
their relevance in incorporating results into an eventual resource
evaluation. To this effect, a short diamond drilling program is
proposed to commence immediately, consisting of 4 or 5 holes
totaling 750 meters. The initial diamond drilling contract has been
awarded to Chenier Drilling of Sudbury, Ontario. A drill and all
necessary support equipment has been mobilized to the Property
prior to the spring "half load" restrictions being applied to the
industrial road by the local forestry company that also provides
access to the forest resources and communities in the region.
Qualified Person
Mr. Neil Novak, P.Geo., President of Black Widow Resources Inc.,
being a Qualified Person ("QP") as defined by National Instrument
43-101 Standards of Disclosure for Mineral Projects ("NI 43-101")
and Form 43-101F1 Technical Report and Related Consequential
Amendments, has reviewed and approved the technical content of this
press release.
About Black Widow Resources
Black Widow is a public company, quoted for trading on the TSX.V
under the symbol "BWR", with exploration projects in Northern
Ontario, Canada, focused on exploring for base and precious metals.
Management of Black Widow includes an accomplished group of
exploration/mining, administrative and legal specialists with many
decades of operational experience in the junior resource sector.
There are currently 24,272,769 shares issued in Black Widow.
Neither the Toronto 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.
Black Widow Resources Inc.Neil Novak, P.Geo.President, CEO &
Director416-203-8636info@blackwidowresources.comwww.blackwidowresources.com
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