Toronto-based Black Hawk Mining (TSE) says it has agreed to purchase the remaining 1.5% net smelter return royalty on its Minago nickel property for $160,000. The property, 140 miles south of Thompson, Man., is reported to host preliminary reserves of 13.1 million tons grading 1.24% nickel, and a deep drilling program is under way to confirm the continuity of several mineralized zones on the claims.
Recent infill results from the Main zone include 48.4 ft. grading 1.55% nickel, 37 ft. grading 1.49% nickel and 75.3 ft. grading 1.04% nickel. A deep hole in the South zone, about 200 ft. away from the Main zone, yielded 118 ft. grading 1.24% nickel. Other intersections from the South zone include 45.4 ft. grading 1.45% nickel and 18.6 ft. grading 1.51% nickel.
A final prospectus for the company’s proposed $3-million rights offering will be filed with regulatory authorities by Nov. 23, says Black Hawk. The funds are to be used for a feasibility study on the company’s other nickel property in Maine.
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