In addition, Black Hawk says it will retain Canadian Exploration Incentive Program (CEIP) grants of $214,286, which will be used for additional expenditures.
The funds will be used to accelerate exploration work currently under way on Black Hawk’s Minago nickel deposit, 140 miles south of Thompson, Man.
DCC Equities, a merchant banking subsidiary of Dynamic Capital Corp., already owns about 62% of Black Hawk’s issued shares.
The Minago property hosts a small nickel deposit which is currently the site of a diamond drilling program by Black Hawk. With drill- indicated reserves estimated at around 2.2 million tons grading 1.64% nickel, the company says a $70-million mine with ramp access is contemplated. The current drill program is designed to confirm continuity and grade of the known deposit and probe for extensions. The deposit remains open at depth and additional results from the present drilling are awaited.
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