The secret of Black Tusk is simple: the company positioned itself when the gold market was weak. Now, finally, in a better gold market and after a successful financing of $2,368,606, Black Tusk has the resources to explore its projects properly. The neighborhood is teeming with illustrious names and gold projects, such as Agnico Eagle's (TSX: AEM) Goldex Mine and the Malartic Mine, now operated by Agnico and Yamana, which provides Osisko Royalties (TSX:OR) with regular good returns.
Planned drilling program to be doubled
The first project that Black Tusk is now targeting is the McKenzie East Project, which is located adjacent to Monarch Gold's (TSX: MQR) McKenzie Break Project. Black Tusk is looking to capitalize on the findings that this large neighbor has made during its exploration. Black Tusk Resources has just announced that it has doubled its planned diamond drill program at the McKenzie East Gold Project.
The additional metres of drilling will allow for an even more thorough testing of the target zones at McKenzie East, which has already been established through soil sampling, detailed drone assisted magnetometer surveys, 3D IP surveys and historical drilling. The Company may also be able to expand exploration drilling beyond the initial 2,000 metres once successful results are received at McKenzie East.
Figure 1: Black Tusk's projects are located in Val d'Or, Quebec. The "golden valley" has received its name from a number of successful gold mines, some of which have been operating there for more than 100 years.
Black Tusk's Mckenzie East Project is located just six kilometers from Monarch's Mckenzie Break. Monarch Gold, a prospective mid-size producer with advanced assets in the Abitibi greenstone belt, has already categorized its Mckenzie Break project as "advanced exploration".
Figure 2: Extract from the current presentation of Monarch Gold. It is interesting to note that the mineralization becomes thicker and higher grade towards the east.
For Black Tusk, the exploration results of its close neighbor, just 1 kilometre west, are of great value. What is of interest is that geologist Dr. Mathieu Piche has recently joined Black Tusk's Board of Directors. Dr. Piche has previously worked for Monarch Gold and knows the local geology like no other. Piche has more than 35 years of experience in the Abitibi greenstone belt. Piche was awarded the Quebec Geologist's Merite Geoscientifique Award for his contributions to the geosciences. It is safe to assume that Black Tusk knows what it is doing when it drills.
Black Tusk has a market capitalization close to 10 million CDN and is currently trading at a share price of 0.07 cents. If drilling is successful on the McKenzie East Gold Property, the project is likely to be of interest to their neighbor Monarch Gold. We believe that this speculation alone could boost the stock price of Black Tusk.
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