Black Smoker Ventures Inc.

Black Smoker Ventures Inc.

July 12, 2012 10:00 ET

Black Smoker Provides Drilling Update at Fox Lake Mine Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 12, 2012) - Black Smoker Ventures Inc. (CNSX:BSM) -

Announcement Highlights:

  • Black Smoker drilling ahead at 900 metres at Fox Lake Mine Project

Black Smoker Ventures Inc. ("Black Smoker" or the "Company") reports the Company is continuing the first-phase diamond drilling campaign at its wholly owned Fox Lake Mine project, located in Manitoba, Canada.

Black Smoker's drill program is designed to test the deep conductor identified in the last summer's deep-penetrating SQUID TDEM survey. The Fox Lake Mine project has never been tested at depth, and this geophysical signature has emerged as the primary drill target for the first-phase drilling campaign.

Black Smoker is currently drilling ahead at an approximate depth of 900 metres, approaching a target depth below the 1200-metre level.

This drill program is designed to test deeply buried conductive targets directly beneath the historical Fox Mine ore bodies; these targets were identified by the company after completing the first-ever deep-penetrating geophysical survey of this land package in 2011.

Fox Lake project overview:

  • One of Manitoba's largest historical VMS (volcanogenic massive sulphide) deposits and copper producers.

  • Historical production of approximately 12 million tonnes at 1.82 per cent copper and 1.78 per cent zinc (in excess of 400 million pounds of copper) between 1970 and 1985.

  • Never explored below a 1,200-metre depth until the company completed a SQUID electromagnetic geophysical survey on the property.

The Company's geophysical ground program resulted in the identification of a major target down dip of known mineralization, which could represent the extension or the presence of a new lens at depth.

Carson Seabolt, President and Chief Executive Officer, states: "We are pleased with the progress being made at Fox Lake and look forward to the completion of this potentially high impact drill hole which has been designed to explore beyond the deepest historical intersections made by Sherritt Gordon during mine production in 1985."

Completion of the hole is expected at the end of July with assays to follow.

Black Smoker also reports that it has relinquished its Kelsey Gold claims in Manitoba and continues to maintain its core portfolio which include the Vena and Wyatt gold projects.

Michael Moore, PGeo, is an independent qualified person, as defined by National Instrument 43-101, and has reviewed the technical aspects of this news release on behalf of the company.

We seek Safe Harbor.

About Black Smoker

Black Smoker is presently focused on the exploration of the Fox Lake Property in Manitoba, Canada. The Company will continue its core business while developing and assessing plans for the Fox Lake Property. A total of approximately 12 million tonnes grading 1.82 % copper and 1.78% zinc was produced from the Fox Mine in the years 1970 to 1985. Black Smoker is utilizing modern deep penetrating geophysical techniques to target new discoveries at depth and in proximity to the historic mine site.

On behalf of the board of directors of:


Carson Seabolt, Chief Executive Officer

FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise unless required by applicable securities law.


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