Sample that assayed 9.4% Copper, 2.14% Zinc and 36 grammes/tonne Silver
Mike Peplinski sampling old trench
Neil Novak, standing beside kitchen/office from old mine workings (CIRCA 1957-60)
Cunningham Township, Porcupine Mining Division, Ontario: 135 km SW of Timmins, 195 km NW of Sudbury and 65 km east of Chapleau (see map 1).
Property Size and Ownership.
Twenty (20) patented mining claims (314.423 ha or 776.96 acres) comprise the property.
Black Widow in process of acquiring from Hage Corporate Services Inc. (Hage) a 59.8% interest to the property. Initial payments were made by issuing $50,000 of Black Widow shares valued at $0.10 / share, followed by 2 payments of $150,000.00 each. Black Widow made the initial $50,000 payment and the first of three $150,000 payments, by issuing a total of 2 million shares valued at $0.10 per share to Hage. The second payment of $150,000 was due on October 4, 2013 being within 6 months of a going public event. This payment was satisfied by the issuance of shares of Black Widow based upon the 20 day volume waited average price of shares for Black Widow, whereby 1.25 million shares were issued to Hage. The final payment is due within one year of the going public event on the same basis, however the aggregate number of shares for the second and third payment cannot exceed 2 million, leaving up to 750,000 shares to be issued to Hage.
Hage retains a 1.5% NSR of which half may be purchased by Black Widow.
Of the remaining 40.2% interest to the property. Ralley Energy Ltd. owns 35.3% and Chelsea Resources Inc. (now dissolved) owns 4.9%. The property was subject to a joint venture agreement with Ralley, whereby Ralley can opt to participate or dilute its interest.
The property is situated in the Swayze greenstone belt that is interpreted to be the southwest extension of the Abitibi greenstone belt which hosts the famous gold and / or base metal camps of Timmins, Detour Lake and Kirkland Lake in Ontario, as well as Noranda, Malartic, Mattagami, Val d’Or and Chibougamau in Quebec. Probe Mines Ltd. is actively exploring their Borden Lake land holdings near Chapleau to the west of the property, Iamgold Corp. is exploring their Cote Lake land holdings east of the property near Gogama.
Rock units on the property comprise mafic volcanic flows plus chemical and clastic sediments that trend in a general northerly direction and dip shallowly westward at 30o to 40o, and which were subsequently intruded by mafic bodies of diorite to gabbro composition (see map 2).
The property is prospective for VMS style Copper-Zinc-Lead deposits.
Volcanogenic Massive Sulphide (VMS) deposits are important economic sources of copper, zinc and other metals including lead, silver and gold.
In Canada major deposits of this type that were or are being mined profitably are found in the Noranda Quebec, Mattagami Quebec, Timmins Ontario and Flin Flon Manitoba, as well as other regions.
Such deposits respond well to electromagnetic geophysical surveys
There are 2 main zones of mineralization on the property (see map 3). These have been explored by 200+ core holes drilled by various companies from 1927 to 1993.
Mineralization to date is comprised of a large, structurally-controlled stringer system centered on cherty chemical sedimentary units and their brecciated equivalents. Copper-zinc – (locally lead) minerals occur as disseminations, fracture fillings and are locally massive.
Highlights from the latest drill program conducted in 1992 – 1993 as undertaken by Phelps Dodge (overseen by MPH Consulting Ltd.) include values to 4.7% Cu, 5.65% Zn, 1.23% Pb, 45 g/t Ag and 0.5 g/t Au.
Multi-staged exploration program has been recommended and is justified, initial phase to cost in order of $500,000
Phase 1 (a) Re-establish an exploration camp site on the property, 3D modeling of existing drill hole information, clearing out existing roads and trails (overgrown since last program), relocate old base line and survey points. Estimated to cost $50,000
Phase 1 (b) Build exploration camp, re-establish base-line and survey grid lines, Prospecting, mapping and assaying. Estimated to cost $130,000
Phase 1 (c) Re-establish detail grids over main showings, cut new lines oriented at 030 degrees, complete IP surveying and perhaps Gravity surveying. Estimated to cost $245,000
Phase 2 (a) drilling, bore hole geophysics and assaying. Estimated to cost $1.2 million