Black Pearl Minerals Consolidated Inc.
TSX VENTURE : BLK

Black Pearl Minerals Consolidated Inc.

September 10, 2007 17:31 ET

Black Pearl Drills 18 Meters of 0.81% Copper, 0.139% Molybdenum at 4 Metals Property; Acquires Additional Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2007) - Black Pearl Minerals Consolidated Inc. (BLK) (TSX VENTURE:BLK) announces the results of its final four drill holes of its Phase 1 program at the Four Metals polymetallic project near Nogales, Arizona.

Drill Hole 07-02 tested the southwestern portion of the Cu-Mo-Ag-Au mineralization in the 4 Metals breccia pipe and reported 114 meters grading 0.46% copper and 0.042% molybdenum (0.88% copper equivalent(1)) including 18 meters grading 0.81% Cu and 0.139% Mo (2.20% copper equivalent).

Drill Hole 07-01 tested the down dip plunge of the mineralization in 07-02 and returned a 70 meter intercept grading 0.22% copper and 0.047% molybdenum (0.69% copper equivalent) including a higher grade zone of 32 meters with 0.33% Cu and 0.07% Mo (1.03% copper equivalent) with the hole ending in strong Mo values.

Drill holes 07-04 and 07-07 did not reach target depths due to difficult drilling conditions. However both tested the "Chalcocite Blanket" mineralization and returned intervals of 32 meters grading 0.7% copper equivalent and 32 meters grading 0.8% copper equivalent respectively. A summary of significant intervals from Phase 1 drilling is presented below.

Phase 1 at 4 Metals totaled 996 meters of NQ drilling in seven holes. As stated in a previous News Release the program targeted both the flat lying enrichment zone over the primary pipe mineralization (Chalcocite Blanket Zone) and a sub-vertical higher grade chalcopyrite zone enveloping the pipe on its southern margin (Perimeter Zone). Holes from Phase 1 generally were drilled in a southeasterly direction and intersected a low grade leach cap, the Chalcocite Blanket and, ground conditions permitting, primary mineralization and the Perimeter Zone.

The six holes which intersected the Chalcocite Blanket outlined a zone some 100 meters wide, 200 meters long and averaging 32 meters in thickness. Grades varied from 0.5% to greater than 1.0% copper equivalent. From previous underground drilling, the pipe is known to be some 200 by 300 meters in dimension so the current drilling covers only about one-third of the potential area for Chalcocite Blanket development. Additional drill sites for Phase 2 are being permitted to provide access to test the additional prospective area.

Only four of seven holes were drilled deep enough to encounter the Perimeter Zone and three of these were stopped or lost in high grade mineralization. Intercepts varied between 14 to 76 meters and 0.64% to 2.2% in copper equivalent. Both the Chalcocite Blanket and the Perimeter Zone are located above the existing 5090 Level adit and would be amenable to low cost bulk mining methods. Phase 1 was successful in confirming results from historical drilling and expanding the area of known higher grade zones. A Phase 2 drill program is necessary to understand the final dimensions and geometry of the targeted zones. Scoping Study level data necessary for a resource compilation is underway.

During the summer a 21 unpatented claim group encompassing the "Italian Pipe" located 5.2 km from Four Metals was staked. Limited drilling here during the early 1960's encountered significant molybdenum and copper values. Permit applications for drill access has been made for these claims.



Four Metals Project: Summary of Phase 1 Significant Drill Intercepts

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Number East North Elev Az Dip
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FM0709(i) 524925 3474100 1732 70 -60
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FM0706(i) 524925 3474100 1732 135 -70
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FM0707 524925 3474100 1732 315 -70
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FM0704 524925 3474100 1732 150 -45
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FM0703(i) 524859 3474103 1733 150 -45
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FM0702 524828 3474104 1725 150 -45
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FM0701 524782 3474085 1725 150 -60
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Total
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Cu
Depth From To Interval Cu Mo Eq(ii)
Number meters meters meters meters % % %
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FM0709(i) 234(iii) 29 243 214 0.45 0.019 0.635
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incl 29 51 23 0.85 0.011 0.963 B
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incl 158 234 76 0.64 0.016 0.800 HG
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FM0706(i) 113 30 57 27 0.62 0.021 0.830 B
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FM0707 104 30 62 32 0.52 0.028 0.799 B
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FM0704 106 45 77 32 0.43 0.027 0.702 B
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FM0703(i) 190(iii) 69 190 121 0.26 0.020 0.455
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incl 69 122 53 0.33 0.014 0.470 B
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incl 162 176 14 0.01 0.056 0.570 HG
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incl 176 190 14 0.49 0.037 0.860 HG
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FM0702 250 117 231 114 0.46 0.042 0.880
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incl 117 141 24 0.37 0.049 0.860 B
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incl 170 189 20 0.83 0.009 0.922 HG
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incl 213 231 18 0.81 0.139 2.199 HG
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FM0701 246(iii) 177 247 70 0.22 0.047 0.686
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incl 194 225 32 0.33 0.070 1.025 HG
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Total 996
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Notes;
(i)Previously reported drill hole
(ii)Copper equivalent based on 10:1 molybdenum to copper values which
approximates current price ratios. This equivalency does not incorporate
elative metal recovery factors which could influence the stated
equivalencies. Gold and silver values are erratic and could have a minor
economic impact but are excluded here.
(iii)Hole ended in significant mineralization
B equals Chalcocite "Blanket" representing enrichment zone overlying
primary breccia pipe mineralization
HG equals Higher grade chalcopyrite and molybdenite mineralization near
southern perimeter of pipe Drill holes 07-04, 07-06 and 07-07 were stopped
in primary mineralization prior to reaching target depths due to difficult
drilling conditions


Additional information regarding the Company can be found at www.blackpearlminerals.com.

Mitch Lavery (P.Geo), is the Company's qualified person on the Four Metals project as required under NI 43-101 and has reviewed the technical information contained in this press release. Black Pearl has in place a rigorous QA/QC program consistent with National Instrument 43-101 and using best industry practice. Skyline Labs of Tucson, Arizona is responsible for all the assaying.

Further the company wishes to announce that it has completed a non-brokered $1,500,000 principal amount convertible debenture financing. The convertible debentures bear interest at prime plus 1%, calculated annually in arrears and payable on September 5, 2009. The principal of the debenture is convertible into either: (a) common shares at a price of $0.22 per share until September 5, 2009; or (b) at any time after the September 5, 2008, the holders pro rata share of 3,000 ounces of gold, payable in cash based on the price of gold on the day prior to conversion. The securities are subject to a four month hold.

Proceeds from the financings will be used to purchase a mill and other ore processing equipment for the extraction of the bulk sample for the Gold Dust advanced exploration project in Manitoba.

On behalf of the Board of Directors,

Robert Sibthorpe, President

Shares Outstanding: 41,965,301

(1) Copper equivalency here is based on a 10;1 value ratio of molybdenum to copper values approximating the current price ratios of the two metals. Metallurgical recovery factors are unknown and could impact the equivalency. Gold and silver values are present in minor quantities but have been excluded.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Black Pearl Minerals Consolidated Inc.
    Andrew Cook
    COO
    (604) 602-4935
    or
    Black Pearl Minerals Consolidated Inc.
    Jim MacDonald
    Corp. Communications
    (604) 602-4935
    Website: www.blackpearlminerals.com