Blackrock Silver – In Preparation For Maiden Resource Estimate, Eric Sprott Increased Position Through C$5 Million Private Placement To Become The Largest Stakeholder
Andrew Pollard, CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins us to highlight the successful capital raise, announced March 3rd, of C$5 Million Private Placement with Eric Sprott. This was just a penny away from market prices at the time of the closing of the deal, and it was significant for the Company to raise funds without warrants and excessive dilution, and a strong signal that Eric Sprott wanted into a larger position before the Maiden Resource Estimate is released to the market in a few weeks.
This upcoming resource estimate will incorporate much of the exploration results from the 110,000 drill campaign at the Tonopah West Property, in Nevada. The majority of the drilling has been focused on infill and step-out drilling around the DPB Target, in a grid of 800 meters x 800 meters over 6 different veins. However, recently the company has been drilling 250 – 300 meter step out holes at the Merten and Denver veins, along with some “hail Mary” step out holes over 1km away from known mineralization which are still at the lab and awaiting results to come back.
We wrap up with getting the rationale on why the management team wants to backstop the value of Blackrock Silver with a resource estimate, after only working on the project for a little under 2 years, to put main area drilled into perspective, and give context to the step out holes being drilled for any investors or potential suitors looking at how the resource is growing through further drilling.