Project Geology

The stratigraphy at Texas Creek is dominated by the Lower Jurassic Lower Hazelton Group andesitic to dacitic volcanics, volcaniclastics, and associated fine-grained sedimentary rocks, trending broadly east-west across the property. The Hazelton package is cut by a series of granodiorite to quartz diorite to quartz monzonite intrusions of the Texas Creek intrusive suite, and show strong spatial correlation with mineralization and alteration across the property. The Lower Hazelton package and coeval intrusive bodies are a regionally prospective stratigraphic horizon that play host to the majority of the large high-grade gold and silver deposits in the Golden Triangle.

Figure 1: Texas Creek property geology map (adapted from Hyder Ketchikan Department of Mines Open File 011, Maas et al 1995) with 2021 rock and soil sample locations and notable historic assay results.

Of 31 historic samples collected by United States Federal Government geologists across the property, gold and silver values range from trace to 37.5 g/t Au and trace to 1,168 g/t Ag.  16 samples returned over 1.0 g/t Au, with individual samples including: 8.1 g/t Au and 742.6 g/t Ag, 6.8 g/t Au and 1,045 g/t Ag, 37.5 g/t Au and 56.9 g/t Ag, 15.4 g/t Au and 339.1 g/t Ag, 32.4 g/t Au and 62.7 g/t Ag; 24.7 g/t Au and 118.6 g/t Ag.

2021 Field Program

Blackwolf Copper and Gold field crews completed a three-week reconnaissance mapping and sampling program on the property in August 2021. Sampling was centered on evaluation of historic mines and prospects, including Solo, Silver King, Double Anchor, Blasher, Doghole, and Iron Cap. Of 182 samples collected, 10 returned over 1.0 g/t Au. Prospect descriptions and prospect-specific assays are detailed below:

Solo:

Located along the western flank of the ridge found directly south of the Texas Creek Glacial Valley, the Solo Prospect/Mine consists of historic, sub-glacial workings in argillites and lesser tuffaceous siltstones to reworked lapilli tuffs of the Lower Jurassic Lower Hazelton Group, with at least two phases of local interfingering sills of the Early Jurassic Texas Creek granodiorite. Historic miners tunneled 1800 meters under glacial ice to locate the source of high-grade galena-electrum stringers identified in boulders which assayed up to 20,000 g/t Au. In 1937, a narrow, electrum-bearing vein was discovered and mined, reportedly producing 0.5 million tons of high-grade silver-gold ore (see Figure 2).

Significant melting of alpine glaciers in the region has occurred since this time, leading to an abundance of new exposure in the area, however the lack of 2021 snowmelt obstructed field crews from properly evaluating these new exposures. 2021 prospecting did uncover sheared polymetallic quartz veins proximal to the projection of the historic ‘electrum ore shoot’ with individual assay results up to 10.05 g/t 7910 g/t Ag, 1.4% Cu, 12.55% Pb and 3.96% Zn.

Notable 2021 individual grab sample assays from Solo include:

B0007939: 10.05 g/t Au, 7910 g/t Ag, 1.4% Cu, 12.55% Pb, 3.96% Zn

B0007953: 1.38 g/t Au, 1250 g/t Ag, 0.02% Cu, >20% Pb, 0.04% Zn

B0007951: 6.18 g/t Au, 357 g/t Ag, 0.13% Cu, 1.53% Pb, 2.05% Zn

B0007906: 7.07 g/t Au, 32.1 g/t Ag, 0.09% Cu, 2.75% Pb, 0.87% Zn

Figure 3: B0007939, massive galena-pyrite-quartz vein with localized shearing and correlative 2021 assay results.

Silver King:

The Silver King prospect is located on the west end and north slope of the ridge found immediately north of the West Fork of Texas Creek, sitting along the steep west-facing mountainside overlooking the Chickamin Glacier. Two dominant mineralization styles are evident at Silver King.

The historic Silver King target consists of polymetallic, mineralized quartz veining, exposed in two locations within tuffaceous sandstone and argillite of the Lower Hazelton Group, dominated by galena with lesser pyrite, chalcopyrite, sphalerite, and tetrahedrite. Historic grab samples returned up to 14.6 g/t Au and 867.8 g/t Ag. Individual 2021 grab samples of this vein material assayed up to 19.85 g/t Au, 1280 g/t Ag, 1.39% Cu, >20% Pb and 22.4% Zn.

During the 2021 field season, a new stratigraphically-controlled target at Silver King was identified by field crews. Mineralization at this target is stratabound within an up to 20m wide intermediate lapilli tuff bed with hydrothermal replacement-style copper-silver-gold mineralization, continuous for at least 30m along strike. Individual 2021 grab samples of this stratigraphic horizon assayed up to 0.45 g/t Au, 350 g/t Ag, 2.56% Cu, 6.85% Pb and 0.17% Zn.

Individual Silver King 2021 grab sample assays include:

B0008146: 19.85 g/t Au, 1280 g/t Ag, 1.39% Cu, >20% Pb, 22.4% Zn

B0007911: 0.45 g/t Au, 350 g/t Ag, 2.56% Cu, 6.85% Pb, 0.17% Zn

B0007909: 0.31 g/t Au, 235 g/t Ag, 1.81% Cu, 3.89% Pb, 0.09% Zn

Figure 4: (A) B0007911, stratabound hydrothermal chalcopyrite-pyrite-malachite-galena mineralization, (B) B0008146, massive galena-chalcopyrite-malachite-sphalerite vein.

Doghole:

Located in the west-central portion of the Texas Creek property, Doghole is consistent of two along-strike prospects separated by about 450 meters along the east-northeast trend of stratigraphy. ‘Doghole East’ is dominated by polymetallic quartz-pyrite-galena veining, 5-50cm wide and persistent along strike for at least 100 meters. Veining is set in strong sericite-silica altered bedded tuffs with lesser interfingers of Texas Creek granodiorite. Individual 2021 grab samples returned assays up to 11.3 g/t Au, 530 g/t Ag, 0.44% Cu, 10.05% Pb and 4.63% Zn.

The ’West Doghole’ prospect is consistent of shear-hosted gold-silver mineralization, persistent for at least 150 meters along an east-northeast strike and along the same mineralized trend as the Double Anchor and East Doghole showings, along a 1500 meter structural corridor. Samples from this shear zone returned individual assays up to 3.91 g/t Au and 16.4 g/t Ag. The historic 2-meter Doghole adit is driven into intrusion-related semi-massive gold-silver mineralization immediately underlying the Doghole shear structure. Set in a 5-20m wide sill of the Texas Creek granodiorite trending subparallel to the shear structure, the showing is consistent of massive pyrite-galena mineralization correlated with very strong silica-sericite alteration and is at least 5 meters in true thickness, persistent for at least 30 meters along strike. Individual 2021 grab samples from the Doghole intrusion-related mineralized zone assayed up to 6.2 g/t Au and 37.6 g/t Ag.

Individual Doghole 2021 grab sample assays include:

B0008061: 11.3 g/t Au, 530 g/t Ag, 0.44% Cu, 10.05% Pb, 4.63% Zn.

B0008025: 9.41 g/t Au, 139 g/t Ag, 0.11% Cu, 2.97% Pb, 4.58% Zn

B0007932: 6.2 g/t Au, 37.6 g/t Ag, 0.03% Cu, 3.03% Pb, 0.57% Zn

B0007931: 3.91 g/t Au, 16.4 g/t Ag, 0.01% Cu, 2.5% Pb, 0.26% Zn

Figure 5: (A) B0007932, intrusion-related massive pyrite galena associated with strong silica alteration at the historic Doghole adit, (B) B0008061, massive pyrite-galena-quartz vein, with correlative 2021 assay results.

Blasher:

Located 300 meters north-northwest of Texas Lake, the Blasher Prospect consists of a 3 meter wide, northwest trending, moderately dipping cataclastic oxidized fault zone containing a 1.5 meter wide, 45 meter long polymetallic quartz vein and adjacent mineralized stringers. The showing is hosted in strongly silicified Lower Hazelton Group intermediate volcanclastics and interfingering Texas Creek granodiorite. Documented workings consist of two 4-meter and 35-meter long adits, surface cuts, trenches, and pits, along with seven exploratory drill holes. A weighted average of samples taken along the exposed length of the vein yielded concentrations of 1.8 g/t gold, 254 g/t silver, 4.02% copper and 2.74% lead. Historic gold values grade up to 5.0 g/t and silver values grade up to 500 g/t. Individual 2021 grab samples from this zone returned assays up to 1.09 g/t Au and 29.5 g/t Ag, with anomalous gold values in soil samples proximal to the historic showing.

Double Anchor:

The Double Anchor prospect is located at an altitude of 1220 meters, near the head of a steep gulch just due north of Texas Lake. The prospect consists of a shear zone and concordant breccia vein hosted in tuffaceous Lower Hazelton Group rocks. The vein has been traced for a total length of 265 meters along strike and exhibits moderate gold, silver, zinc, and lead values. An 82 meter long vein segment was assayed historically with an average of 0.5 g/t gold, 41 g/t silver, 1.5% lead, and 0.4% zinc over 37 centimeters. Historic assay values have yielded up to 36.8 g/t gold and 207 g/t silver. 2021 mapping suggests that the Double Anchor prospect is an along-strike continuation of the Doghole shear zone, which is located 700 meters to the west-northwest.

Iron Cap:

The Iron Cap Prospect is located on a south-facing mountainside overlooking the West Fork of Texas Creek, roughly 3 kilometers east-northeast of the outlet of Texas Lake. The historic prospect consists of 3.5 meter wide zone of polymetallic sulfide-bearing quartz-calcite veins and stringers hosted within fine-grained Lower Hazelton Group tuffaceous sediments. The vein zone is exposed in a 3.5 meter wide pit, with an east-northeast trike and a subvertical dip. Historic assays yield up to 1.3 g/t Au and 1297 g/t Ag. Individual 2021 assays yielded up to 25.5 g/t Au, 32 g/t Ag, 0.079% Cu and 12.5% Zn.

In addition, newly exposed northwest trending 10-30cm scale quartz-pyrite-galena-chalcopyrite-sphalerite veins were discovered in 2021, 280m northwest of the historic prospect and proximal to the Texas Creek glacier. These 5-30cm wide veins are continuous for at least 75 meters along a north-northwest strike, disappearing under the glacier to the north. Individual 2021 grab samples of vein material assayed up to 0.62 g/t Au, 494 g/t Ag, 1.22% Cu and 1.76% Zn.

Individual Iron Cap 2021 grab sample assays include:

B0008044: 25.5 g/t Au, 32 g/t Ag, 0.079% Cu, 4.08% Pb, 12.5% Zn

B0008108: 0.62 g/t Au, 494 g/t Ag, 1.22% Cu, 1.31% Pb, 1.76% Zn

B0008112: 0.03 g/t Au, 70.6 g/t Ag, 1.76% Cu, 6.7% Pb, 1.16% Cu

Homestake Mine:

The historic Homestake Mine is located 2 kilometers north of the West Fork Texas Creek, at an altitude of 1080 meters. 8 meters of adit were driven historically to cut the vein, hosted in Texas Creek granodiorite. The vein trends northwest with a moderate northeast dip and has been traced at least 80 meters along strike, averaging a width of 1.5m. Mineralization is concentrated in a 45 meter long blowout to the north. The vein is comprised of banded massive sulphide, dominated by ‘steel’ galena with lesser pyrite and chalcopyrite. Historic assays have returned gold values of up to 14.5 g/t. This prospect has not yet been evaluated through field work by Blackwolf geologists.

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