The Conversation (0)
Black Mammoth Metals (TSXV:BMM) has announced that Black Mammoth Gold, a wholly owned subsidiary of Black Mammoth Metals, has entered into an assignment and assumption agreement with IDA Gold wherein Black Mammoth has assumed all of the rights and obligations of the Lessee u nder a long-term lease of the Blanco Creek mineral property. As …
Black Mammoth Metals (TSXV:BMM) has announced that Black Mammoth Gold, a wholly owned subsidiary of Black Mammoth Metals, has entered into an assignment and assumption agreement with IDA Gold wherein Black Mammoth has assumed all of the rights and obligations of the Lessee u nder a long-term lease of the Blanco Creek mineral property.
As quoted in the press release:
he Lease is subject to an underlying two percent (2%) production royalty in favour of the landlord and a one percent (1%) production royalty in favour of IDA. The Assignment and Assumption Agreement is subject to the approval of the TSX Venture Exchange (“TSX-V”).
The Blanco Creek Property consists of 40 Federal Unpatented Lode Claims totalling approximately 826 acres (334 hectares) and includes three historic underground, vein hosted, gold mines: the Hercules, the Pasadena, and the Alberta. During the early 1940s, the #1 and #2 adits, along with an intermediate level, were established at the Hercules, with timber and equipment for mill construction hauled to the Property. The onset of World War II stopped all construction work.
The Property lies along a 3658 metre (12,000 feet) strike length of the regional Blanco Creek Shear Zone in the Elk City Mining District and is located 266 km (166 miles) southeast of Spokane, Washington. The nearest centre, Elk City, is located approximately 27 km (17 miles) northwest from the Property. There is a dirt road that provides vehicle access to the Property. The topography is suitable for underground mining along the strike of the veins. Ample water supplies are available for exploration and mining purposes.
Target:
The main target of interest at Blanco Creek is the gold and silver bearing sulfide quartz veins, especially the well-developed zone in the Hercules workings. Exploration by two previous operators identified a geological target for the Blanco Creek property in the order of 1.7 to 2.48 million tons, grading 0.20 to 0.33 oz/ton Au (1.54 to 2.24 million tonnes, grading 6.85 to 11.31 g/tonne Au). The geological target is defined by the following exploration programs:
- Grey Eagle Resources Inc. (January 1986) calculated a geological target of 2.48 million tons grading 0.33 oz/ton Au and 2.00 oz/ton Ag (2.24 million tonnes grading 11.31 g/tonne Au and 68.57 g/tonne Ag), based on a width of 5.75 m (18.6 feet), vertical depth of 150 metres (500 feet) and a strike potential of 1/3 of 1650 metres (550 metres or 1800 feet). They conducted a geochemical survey, VLF electromagnetic survey and opened the Hercules #2 adit for sampling in 1983 and 1984.
