An agreement with
The 2,288-ha property was previously explored by Outokumpu, which carried out mapping and various geophysical and geochemical programs. These were followed by a 29-hole drill program that resulted in the discovery of three nickel-copper zones.
Two of the zones, Thalweg and Rahn Lake, are associated with “Kambalda-style” massive and heavily disseminated sulphides that occur in footwall embayments at the base of komatiitic flows. The third zone, Bannockburn, is described as having similarities to “Mt. Keith-style” disseminated sulphides and occurs within a thick olivine adcumulate body defined over 1,000 metres in strike length. (The Kambalda and Mt. Keith nickel deposits are in Australia.)
Black Pearl notes that the property offers good potential for additional nickel-copper targets.
Black Pearl can earn its initial 60% interest by spending $2 million on exploration over three years. At this stage, Outokumpu can elect to retain a 40% interest, or allow Black Pearl to earn 100% by completing a feasibility study. The major retains the right to back into a 51% interest by spending twice the amount spent by the junior on property development.
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