Aug 19 2015
Black Widow Resources Inc. ("Black Widow" or the "Company") is pleased to announce that it has recently acquired 100% interest in 49 map designated cells ("claims") in Fiedmont township within the Abitibi region of Quebec, located approximately 45 kilometers north of the town of Val-D'Or near the town of Barraute that is located 3 kilometers from the northern limits of the property.
The 2,083 hectare property, referred to as Vendôme Sud, covers favourable geology for the occurrence of Volcanogenic and Magmatic massive sulphides (VMS and MMS) as well as quartz-carbonate vein hosted gold deposits.
Black Widow is pleased and excited about the base and precious metal prospects we have recently acquired in the Abitibi region of Quebec, a well-known exploration and mining friendly jurisdiction and region to explore. The Vendôme Sud property is reported to contain several VMS and MMS geophysical targets, one of which is a historical Ni-Cu deposit first discovered in the early 1960's, other targets have been drill tested by previous operators to contain zinc, silver and gold. The Vendors of the property completed a high-resolution helicopter TDEM / Magnetic geophysical survey in early 2014, that has yet to be followed up; where 11 strong, plus 4 very strong anomalies were recommended for follow-up exploration.
- Mr. Neil Novak, President and CEO of Black Widow Resources Inc.
Black Widow will be reviewing the project information and making plans for the first phase of exploration over the next few months.
Black Widow and the Vendors of the properties have agreed to the issuance of 6 million shares, to be issued to four separate arms length parties in exchange for 100% interest in the property save and except a 2 % nsr to the favour of one of the Vendors, of which 50% is purchasable for $1 million within 20 years of signing the agreement.
Prior to this transaction Black Widow had 25,709,961 shares issued, after which, the Company will have 31,709,961 shares issued. The Board approved acquisition agreement has been submitted on an expedited basis to the TSX.V for review and approval.
Mr. Neil Novak, P.Geo., President and Chief Executive Officer of Black Widow Resources Inc., being a Qualified Person ("QP") as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and Form 43-101F1 Technical Report and Related Consequential Amendments, has reviewed and approved the technical content of this press release.
Source: http://www.blackwidowresources.com/