Black Hawk Exploration Increases Holdings at Dun Glen Gold
FOX ISLAND, Wash., May 10 /PRNewswire-FirstCall/ -- Black Hawk Exploration, Inc. (OTC Bulletin Board: BHWX) announced it is enlarging its holdings and has increased Golden Black Hawk's commitment to its Dun Glen Gold exploration and development program. As stated in our Press Release of April 16th, 2010, the positive Geophysics Report on Dun Glen Gold by Wright Geophysics and the analysis by Black Hawk's geologist, current estimates of the overall target zones have been increased. The size potential of the surface and underground gold targets is larger than were originally anticipated and incorporates multiple strike lengths of up to 10,000 feet in length. The anticipated high value anomalies were bordering our current holdings and the new major trends identified fall within these 30 additional claims.
In recent years, geologists at Newmont Mining Corporation advanced the property to the drill-ready stage. Their geologists believed in the presence of an economic ore body of 500,000 to 2,000,000 ounces. "With the research we have completed to date, estimates could reach the 2,500,000 ounce range and scale as high as 5,000,000 ounces," stated Kevin M. Murphy, CEO. With a history of production, and recent exploration, and gold prices approaching $1200 an ounce, the Dun Glen Property is a premium exploration target.
Unlike the majority of gold deposits in Nevada, which are epithermal, the Dun Glen is a mesothermal deposit. The gold is not in the form of micro-particles widely disseminated through the host, but rather, it is found in a vein structure. In Nevada, these mesothermal structures tend to go very deep and, even today, nobody has identified the true extent of the down dip of the structure on the Dun Glen Property. They have, however, delineated a strike length of approximately 10,000 feet on the surface.
Black Hawk's Dun Glen acquisition sits along the same trend as the Placer Dome's Cortez joint venture in north-central Nevada. Deposits in that area currently contain an estimated 12.7 million ounces of gold reserves. Historically, 140 million ounces of gold worth $155 billion at today's prices has been discovered in Nevada.
Black Hawk is a diversified metals and energy exploration company with its current focus on the gold exploration at its Dun Glen holdings. A definitive sampling and exploration program for Dun Glen previously announced, is in final permit stage and expected notification will be received within the next 7-10 business days. Mr. Murphy provides an open commentary on the Black Hawk Exploration website (www.BlackHawkExploration.com ) under CEO-BLOG.
"Safe Harbor" Statement:
Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995.
Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by Black Hawk (the "Company"), as well as those contained herein, that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934 and, because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.
SOURCE Black Hawk Exploration, Inc.
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