Junior Black Hawk Mining (TSE) has completed a private placement of 1 million flow-through common shares.
Proceeds will be $600,000, some of which will finance drilling at the Redstone mine, south of Timmins, Ont. The program is aimed at confirming the downward extension of the known nickel mineralization.
The mine was closed in 1992, when it had a known reserve of 40,000 tons averaging 2.6% nickel to a depth of 800 ft. However, deep drilling has since confirmed the presence of ore-grade mineralization at 2,450 ft. One intercept ran 2.76% nickel over 19.6 ft.
Proceeds from the placement will also be applied to Black Hawk’s half-owned Keystone gold project, near Lynn Lake, Man.
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