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Black Widow Resources Inc. Signs Letter of Intent with Puma Exploration Inc. on Little Stull Lake Gold Project, Manitoba
TORONTO, ONTARIO--(Marketwired - July 12, 2016) - Black Widow Resources Inc. (TSX VENTURE:BWR) ("BWR" or the "Company") is pleased to announce that it has signe
About this update from Bwr Exploration Inc.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - July 12, 2016) - Black Widow Resources Inc. (TSX VENTURE:BWR) (\"BWR\" or the \"Company\") is pleased to announce that it has signed a non-binding Letter of Intent (\"LOI\") whereby BWR can acquire 100% interest in the Little Stull Lake Gold project in Northern Manitoba from Puma Exploration Inc. (TSX VENTURE:PUM) (\"Puma\"). BWR has made a $50,000 deposit to Puma that provides BWR with a 30 day exclusive due diligence period during which BWR will continue to evaluate the project and negotiate a definitive acquisition agreement, subject to regulatory approval. The Little Stull Lake Gold Project The Little Stull Lake Gold project consists of 20 mining claims covering 28.4 square kilometers. The staked claims are surrounded by the Kistigan Mineral Exploration License (MEL. 1026A) application. The western extension of the project is covered by the Edmund Mineral Exploration License (MEL. 425A) application. Historical results on Project Historical drilling carried out by Westmin Resources in the period 1984 to 1989 on the Little Stull Lake property consisted of 202 drill-holes totalling 30,537 meters, resulted in the delineation of five zones of gold mineralization along a 5 kilometre long geological structure, including a high-grade zone, as reported by Westmin in their 1989 annual report. The highly drilled West Zone was reported by Westmin to contain an inferred resource estimate of 750,000 tons averaging 10.5 g/t Au, as recorded in Open File report 90-2 by Manitoba Department of Energy and Mines (p 58). This resource is historical in nature and was done prior to NI 43-101 guidelines for reporting and as such is non-compliant. The Westmin resource estimate is considered relevant, it has been used as reference to the gold potential of the region in many technical reports about the area. A Qualified Person has not done sufficient work to classify this historical estimate and the Company is not treating this historical estimate as a current mineral resource estimate. Puma completed 10 drill holes on the project, totalling 1,500 metres in the Little Stull Lake gold property's 11W Zone in 2007. The 11W Zone is part of the West Zone of mineralization identified by Westmin. The gold mineralization as reported, is mainly confined to quartz veins in a 25 to 50 metres wide brecciated basalt unit. This unit ...