Black Pearl Minerals Consolidated Inc.
TSX VENTURE : BLK

Black Pearl Minerals Consolidated Inc.

April 03, 2006 09:30 ET

Black Pearl Minerals Consolidated Inc.: High Grade Copper/Moly/Gold/Silver Property Acquired, Near Nogales, Arizona

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 3, 2006) - Black Pearl Minerals Consolidated Inc. (BLK) (TSX VENTURE:BLK) announces that it has signed an Agreement to acquire a 100% interest in the Four Metals property (4M) which hosts a historical resource containing significant values of copper, molybdenum, gold and silver. The property is located in the Southern Patagonia Mountains, 14 miles east of Nogales, Arizona and 5 miles north of the Mexican border.

The land position comprises of 42 claims covering the 4M deposit and surrounding area. Other notable deposits in the area are the Ventura and Three R deposits located 4 miles southeast and significant Cu-Mo mineralization on the adjacent Forsythe-Minnesota Zone. A 100% Option can be earned over 5 years by paying $250,000 U.S, expending $1.25 Million U.S. in work on the property and issuing 1 million shares. The option is subject to a 3% NSR of which 1.5% may be purchased for $3 Million U.S.

RATIONALE FOR ACQUISITION

- the property hosts a polymetallic deposit with potentially economically viable metals. Mine Reserves Associates (MRA) an independent geological engineering firm in Colorado (1996) estimated, on the basis of extensive drilling and underground development that there are 21.41 million tons grading 0.58% Cu (0.29% Cu cut-off) available in an open pit configuration at a waste to ore ratio of 0.93. A GEMCON designed open pit was included and estimate was based on extensive drilling and underground work. Within this resource there is a supergene enrichment zone with an estimated 7.84 million tons grading 1.20% copper, 0.066% molybdenum, 0.009 oz/ton gold and 0.08 oz/ton silver. These are historical estimates and complies with NI 43-101 policy under the category "Indicated Mineral Resource". These resources have not been verified by a qualified person and therefore should not be relied upon. The Company will undertake a resource calculation compliant with NI 43-101 upon finalization of the option agreement and completion of confirmation drilling.

- additional high grade intercepts have been recorded from drilling performed after the MRA resource estimate and the deposit has important molybdenum and gold and silver credits which were not included in the overall 1996 resource estimate.

- BLK management believes there is a high probability to confirm the existing resource and increase the potentially economic tonnage at 4M through drilling on known zones and on nearby exploration targets.

- The 4m property is located in south central Arizona near past production areas and currently operating mining infrastructure.

- The 4M acquisition diversifies the Company's property base geographically, seasonally and by commodity.

HISTORY

The mineralized system is hosted in the Red Hill breccia pipe which forms a prominent reddish cone which has attracted the attention of prospectors since the 1860s. 4500 feet of underground workings with minor production from 3 levels occurred through 1925 including 4 surface drill holes by Anaconda in 1921. ASARCO (1952) and Duval (1953) did underground sampling and drilling respectively. Noranda's US subsidiary West Range drilled 43 holes, 40 of which were drilled from underground stations. (1963-65). Noranda (1970-77) performed regional geophysical and geochemical surveys, drilled several targets and optioned the Property to U.V. Industries (1978-81) who deepened several holes. Metallic Ventures (Cobre Mining Co. 1990-1996) drilled 6 holes.

GEOLOGY

The 4M deposit is hosted in Patagonia granodiorite, a Laramide age batholith which forms the Patagonia Mountains. The intrusive hosting 4M is typically a grey, medium grained equigranular to locally porphyritic biotite-hornblende granodiorite. The 4M breccia is considered to be a mineralized tectonic breccia localized by the intersection of two fault planes which generated the pipe-shaped structure which plunges northwesterly. The 4M and other pipes in the area are thought to represent ingress of a high pressure gas-fluid phase along avenues of least resistance including fault and/or fracture intersections. These pipes are geologically similar to those hosting the world-class Cananea ore deposits to the south in Sonora, Mexico.

MINERALIZATION/ALTERATION

Dissemination and veinlets dominate the mode of sulfide mineralization. Several vein types are apparent; sulfide-rich hairline veins and fracture fillings; sulfide veins with quartz-sericite selveges; and quartz-sericite-pyrite veins. The main sulfides are chalcocite, chalcopyrite and molybdenite in a tectonic breccia with quartz-biotite-K feldspar gangue. High grade mineralization is localized in an elongate 'footwall zone' within the broader oval shaped breccia system. The general picture is one of a funnel-shaped elliptical mineralized body (long axis NE-SW) dipping northwest with a horizontal "capping" classical supergene enrichment zone which continues downward along permissive fracture zones.

Molybdenum

The molybdenum grade at 4M is under sampled with only about 10% of the drill core assayed for both Cu and Mo. Of the 15 drill holes which tested the supergene zone and were assayed for molybdenum the following intervals were recorded.



Drill
Hole From To Interval % Cu % Mo
Feet Feet Feet

UG-1 40 170 130 0.83 0.035
UG-2 0 60 60 0.93 0.048
UG-4 0 181 181 1.84 0.122
UG-5 100 170 70 1.45 0.031
UG-6 80 170 90 1.54 0.027
UG-7 20 150 130 1.77 0.032
UG-8 30 110 80 1.26 0.060
UG-9 0 60 60 1.04 0.036
UG-26 20 150 130 0.09 0.084
UG-28 70 150 80 0.32 0.049
UG-34 560 620 60 1.32 0.186
UG-36 270 350 80 0.95 0.048
UG-37 220 240 20 1.04 0.058
81-01 760 920 160 0.51 0.035

Reported widths approximate true widths


Gold and Silver

There are only 236 gold assays in the database (compared to over 2400 individual and composite copper assays) and most of the gold assaying relates to off pipe drilling. There are only 6 gold assays in the underground pipe drilling (restricted to the high grade areas on the 5260 Level) and these average 0.011 opt. The 236 samples average 0.009 opt gold and the gold does not correlate with any other metal. A 0.009 opt "overprint" of gold has been assigned to the 4M deposit.

Silver is present in a weak correlation with copper.

PROPOSED DRILLING

A review of the database indicates that a new NI 43-101 compliant ore reserve estimate would benefit from a series of holes drilled in a southeasterly direction through the mineralized zones both above the 5260 level and below the 5090 level. Two drill holes on 5 sections, one at 45 degrees and one at 60 (or steeper) degrees with combined depths of 2000 feet would more clearly define shape and grade of the supergene zone and the vertical higher grade "shoots" at depth. These holes could be drilled from access roads used in the 1995 program reducing the permitting time frame and costs. Permitting for this work has been initiated.

EXPLORATION POTENTIAL

Almost all of the modern exploration conducted on the 4M property was done by senior mining companies during the 1970s as part of a larger, regional effort. It included mapping, IP and magnetic surveys and rock and soil sampling. Both geochemical and geophysical surveys are available. Drill holes appear to have been primarily located on the basis of surface expressions of mineralization and projected structural intersections. Several drill holes appear to have been drilled as assessment credit work alone, based on their convenience of location.

13 holes drilled were drilled away from the 4M deposit and significant copper values were returned from;

-76-01; 0.14% Cu over 721' (2280'-3001')

-74-01; 0.20% Cu over 350' (1730'-2080')

These two holes were drilled to the west and southwest of the 4M pipe respectively and both returned deep sub-ore intercepts. Hole 76-01 was drilled to a depth of 3001 feet to test the intercept of the northwest dipping 4M pipe/structure with the southeast dipping Forsythe structure. Almost all of the mineral showings in this district appear to be located along structures.

Obvious surface expressions of copper mineralization (like the 4M pipe) have been examined in detail so indirect methods of exploration will be required to locate additional mineralization. The drill coverage is very sparse and sporadic. A review of the exploration database by Company geologists with experience in this environment is underway and the company is reviewing other project opportunities in the area of the 4M property.

The Company has completed a 2200 meter winter drill program on its Ferro/Wekusko Gold property, near Snow Lake, Manitoba. The program has been designed to test a number of significant Mag./EM conductors as well as geochemical anomalies in a number of areas throughout the property. Assays are pending and will be announced once they are received and interpreted.

Management is currently in discussions with a number of interested parties regarding the 100% owned Nickel Offsets property near Timmins, Ontario. The Company is currently seeking a joint venture partner to further define and expand the resource.

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

This press release has been prepared under the supervision of Robert Sibthorpe, B.Sc. (Geology), M.B.A., a director of the Company and a Qualified Person under NI 43-101.

On behalf of the Board of Directors,

Robert Sibthorpe, President

Shares Outstanding: 20,184,934

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