Black Tusk Resources Inc. (TUSK) (BTKRF)‘s stock has been consolidating since early March despite positive developments. The stock closed at $0.13 CAD on Friday.
Canada based drilling company Black Tusk Resources made a major announcement last week, when it confirmed that it had signed a contract with Forage Roby Drilling. According to the terms of the deal Black Tusk will commence drilling activities in Quebec based Forage’s Golden Valley Project. Black Tusk will be involved in diamond drilling that will be of a minimum depth of 1500 meters in the Golden Valley Project and it remains one of the biggest priorities for Forage Roby Drilling.
It is a significant development for Black Tusk Resources as a drilling company and more importantly, the work on the project will begin in July since all the permits have already been awarded. In a statement, Black Tusk said, ’We are looking forward to working with Roby Drilling on a diamond drill program this summer, they have the right experience in the region to partner with us for this campaign.’’ The Golden Valley Project is not far from the Hecla Mining Corp – Casa Berardi Gold Mine and the region is populated with a number of excellent mines. It could prove to be a major boost for Black Tusk.
Black Tusk has announced the news of getting the diamond drilling permission on 10 June and the true scope of the permit is a significant positive for the company. The permit allows Black Tusk Resources to construct as many as 15 drill pads, that could also have support of road access and it is quite clear that the company can manage to make this a far larger project if the need actually ever arises. On top of that, the company will also test out two gold bearing structures owing to information on the history of drilling activities in the area. The presence of gold value in the area is definitely a significant development.