Blackwolf Copper and Gold (TSXV:BWCG)(OTC PINK:BWCGF) announced that it has completed a 3-hole 1,356 meter maiden drill program at the Cantoo Property located in southeast Alaska.
“Initial visual observation of the drill core suggests significant alteration and mineralization consistent with a porphyry system,” stated BWCG.
“Assay results are pending for these initial drill holes as well as the summer surface sampling program and will be released when available,” explained Blackwolf CEO Morgan Lekstrom. “In order to make good use of the summer exploration window, the drill has been moved to the Harry Property while we await these results.”
Retail investors, who do not typically have expertise in geology, engineering or exploration logistics, were not all convinced this was good news.
“Was hoping for a bit of the high-grade stuff vs a porphyry,” fretted one shareholder on an investor bullboard. “If it’s so good and they’re in the right rocks, why didn’t they stay and keep drilling?”
Lekstrom addressed investor-concerns on Elon Musk’s re-branded “X”.
“We hit multiple stacked veins in the system,” explained Lekstrom. “As well as Porphyry style mineralization alteration. That is the cherry on top. We hit what we were looking for. And there’s porphyry style mineralization alteration there”.
“We moved the drill to Harry – the project that we just purchased from Optimum Ventures for $9 million. The valley that Harry sits in tends to fog in quicker closer to winter, so it makes logical sense for us to go out there, while we’re waiting for assay results”.
Note: In an industry where changing the font on your deck from Helvetica to Calibri counts as a marketing innovation, Lekstrom’s shortform video updates on “X” are refreshing and noteworthy. Using the same platform, he recently highlighted the geological savvy and family history of Blackwolf Executive Chairman Rob McLeod.
Originally from the mining town of Stewart, BC, Rob McLeod is a 3rd-generation miner with expertise and a track record in BC’s Golden Triangle. He founded Underworld Resources which sold to Kinross Gold for C$140 million, and developed IDM Mining which sold to Ascot Resources in 2019.
“My grandfather and my father were underground miners,” McLeod confirmed to Guy Bennett, CEO of Global Stocks News. “They became businessmen. My uncle developed the Scottie Gold Mine, he was also Mine Manager at the Premier Mine, which Ascot is currently restarting – about 600 meters from Cantoo.”
“The BruceJack Mine purchased by Newcrest is named after my grandfather, Jack McLeod, and my cousin Bruce,” McLeod continued. “Geological knowledge, community and business relationships don’t guarantee success. But they do improve the odds. My primary focus now is the development of Blackwolf.”
The Cantoo Property was explored a century ago with archival equipment. Surface work during 2023 targeted multiple stacked shallow-dipping vein structures and breccias, including a 30 m (100ft) wide structure. Blackwolf’s Cantoo surface samples returned grades up to 30.4 grams per tonne gold, 2,860 grams per tonne silver and 5.8% copper.
September 5, 2023 Pre-Assay Cantoo Inaugural Drilling Highlights:
- Three core holes up to 676 meters long
- Significant alteration and mineralization, consistent with a porphyry-style system similar to copper-gold +/- molybdenum deposits in the Golden Triangle;
- Strong silicification zones including veining with sulphides were intersected, that corresponds with surface expressions identified from surface sampling; and
- As GWCG awaits assay results from Cantoo, the drill has been moved to test gold-silver targets at the Harry Project
According to the current BWCG Investor Presentation, legendary mining Financier and philanthropist Frank Guistra owns 13.4% of Blackwolf. After the September 5, 2023 Cantoo news of a “telescoping porphyry feeder complex” Guistra’s stake increased, as he purchased 567,000 BWCG shares on the open market, following an acquisition of 200,000 shares in August, 2023 (Lekstrom and McLeod are also buying).
“We intend to drill a couple of thousand meters on the newly acquired Harry project,” Lekstrom confirmed to GSN. “Then head back to Cantoo, so we can make informed, financially intelligent decisions on where to drill next, based on the assay results.”