DGAP-News

Blackrock Gold Signs Earn-in Agreement on Portero Gold-Silver Project, Durango State, Mexico - Seite 2

low sulphidation epithermal veins and mineralized fault structures cutting
shallowly dipping Tertiary andesitic flows and flow breccias, which are in
turn overlain by a series of rhyolite flows. Two sets of steeply dipping
mineralized structures have been recognised and trend NW and NNE. The NW
trending set of structures are dominant and include the Dos de Mayo, El
Capulin I, II, El Pochote, Maria Fernanda, La Cruz and El Puerto
structures. Of these, the Dos de Mayo structure appears best developed and
is 10m in width and extends over a strike length of at least 1.5km.

The NNE group of structures includes La Estrella I and II, El Aguajito, San
Jose and El Alto. The mineralized structures range from 0.5 to 10m in width
and comprise finely banded epithermal veins and silica cemented breccias
associated with fault zones.

Three vertically plunging ore shoots have been identified thus far along
the Dos de Mayo structure and include La Dura, Dos de Mayo and Pinos
Cuates. A historic non-43-101 compliant resource estimate of these three
shoots completed in 1989 reported 26,959 tonnes at an average grade of
7.43g/t Au and 248.7g/t Ag. The lateral extent of each of these shoots
ranges from 60-120m.

The terms of the earn-in agreement involve Blackrock paying the owner of
the Portrero project, Grupo Jomargo ('Jomargo'), a total of US$875,000 and
investing a minimum of US$2M over 2 years to earn an initial 55% interest.
The payment schedule is as follows; US$25,000 (paid) upon signing of the
Letter of Intent, US$100,000 upon completion of the due diligence and
signing of a definitive agreement, $US100,000 after 12 months, and
US$650,000 after 24 months; 50% of the future payments may paid in shares
of Blackrock, at the option of the Company.

Blackrock has an additional option to increase its interest in the project
from 55% to 80% by sole funding an additional US$3M in expenditures, and
paying Jomargo an additional US$1.5M, 50% of which may paid in shares of
Blackrock, at the option of the Company.

David Robinson, Blackrock's President and CEO commented, 'Whilst the
Portero project is relatively early stage, it has been in production in the
past, and we are attracted by the width and strike extent of the known
mineralized structures, and its proximity to a known high grade Au-Ag
deposit, as well as the presence of an existing mill. This raises the
possibility of near-term gold and silver production for Blackrock. Our
partner in Mexico, Grupo Jomargo, also operates the nearby San Geronimo