Blackrock Gold Corp. [BRC-TSXV; BKRRF-OTC; AHZ-FSE] rallied Tuesday September 1 after the company released an update on its maiden drill program at its 100%-owned Tonopah West Project in the Walker Lane trend of western Nevada.
Drilling highlights include hole TW20-006 at the Paymaster vein, which returned 1,577 g/t silver equivalent over 4.6 metres, including 3.0 metres grading 2,215 g/t silver equivalent. TW20-006 intersected a second vein yielding 1.5 metres of 1,650 g/t silver equivalent.
Drilling in the Denver vein assayed 1.5 metres, grading 345 g/t silver equivalent in drill hole TW20-005, while hole TW20-004 yielded 1.5 metres, grading 245 g/t silver equivalent.
Blackrock shares advanced on the news, rising 9.52% or 12 cents to $1.38 on volume of 129,538.
Blackrock is a junior gold-focused exploration company with a portfolio of properties in Nevada consisting of low-sulphidation epithermal gold and silver projects located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.
Blackrock recently acquired an option to purchase the Tonopah West Project, which consists of 98 patented and 17 unpatented lode mining claims. On February 25, 2020, Blackrock said it had secured a lease option to purchase the historic West End and Tonopah Extension properties via a four-year purchase option from Ely Gold Royalties Inc. [ELY-TSXV, ELYGF-OTCQB] for payments of US$3 million. It said the transaction consolidates these properties into the Tonopah West Project.
Blackrock now has the largest claim package making up the famed Tonopah silver district since Howard Hughes held them in the late 1960s, said Blackrock CEO Andrew Pollard.
The company has said it planned to target four areas on the property, including the northern portion of the property at the Victor shaft, where the underground workings encountered a high-grade vein on the 1880 level that had widths of up to 24 metres.
In a July 20, 2020 press release, the company said initial drilling at the Victor target had intersected a new vein yielding 3.0 metres of grading 2,198 g/t silver equivalent using a 400 g/t silver equivalent cut-off.