Canadian mining company Black Tusk Resources Inc. (TUSK) (BTKRF) is involved primarily involved in gold mining projects in a different part of Canada, but in a new development, the company made a significant new announcement. This Monday the company announced that the company all set to start drilling for diamonds at its Golden Valley Project.
Black Tusk went on to add that the permits needed for the start of drilling activities, the construction of drill pads and access, are now all in place. The project will consist of 3000 meters of drilling that will stretch across two stages. The first stage will comprise of 1500 meters worth of drilling activities and will be spread over as many as 10 drill sites.
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The 2nd stage of drilling is contingent on the results of the 1st stage and will commence only when the samples have been analyzed by experts. The task of drilling has been contracted out to Forage Roby Drilling. It is a significant new breakthrough for the company and the stock rose by as much as 20% once the news broke. The Chief Executive Officer of the exploration company stated, ‘’We are extremely pleased with the progress on the Golden Valley Project and look forward to commencing diamond drilling this summer on our primary targets.”
The groundwork for the project had been in the works for quite some time. On Tuesday last week, Black Tusk had tied up the contract for the drilling work at the site with Forage Roby Drilling. However, it should be pointed out the resources team at Black Tusk had conducted a meeting with a team representing Forage Roby Drilling back in May. On the other hand, the company received permits for the same project back on 10 June. All this goes to show that Black Tusk had been highly proactive with intricacies of the project from the outset and now the company would hope that the 1st stage of drilling brings good results.
Shares of the company were up 16% to $0.145 on the Canadian Exchange on Tuesday’s trading session.