New CEO to lead the Blackwolf pack

As it enters into an accelerated period of growth, Blackwolf Copper and Gold Ltd. has made an offer to buy out Northern British Columbia-focused gold and silver exploration company Optimum Ventures Ltd. and is shifting around some management positions to better facilitate the surplus of properties it has accumulated in recent years.

Initially exploring its flagship historic Niblack copper-gold-silver-zinc project located on the southern end of Prince of Wales Island in Southeast Alaska, Blackwolf expanded its holdings by staking and optioning several new properties near Hyder, Alaska, just across the border from Stewart, British Columbia.

According to the most recent calculation, the two top priority targets at Niblack – Lookout and Trio – host 5.85 million metric tons of indicated resource averaging 0.94% (120.7 million lb) copper, 1.83 grams per metric ton (345,800 ounces) gold, 29 g/t (5.5 million oz) silver, and 1.73% (222.6 million lb) zinc; plus 214,000 metric tons of inferred resource averaging 0.93% (4.4 million lb) copper, 1.52 g/t (10,400 oz) gold, 18 g/t (125,000 oz) silver, and 1.38% (6.5 million lb) zinc.

Over the past two years, Blackwolf has expanded its portfolio with five projects near Hyder, Alaska, on the Alaska-Canada border – Casey, Cantoo, Texas Creek, Mineral Hill, and Rooster – that host several highly prospective gold-silver targets with very limited modern exploration and virtually none in the last 25 years.

With an abundance of land holdings to explore within the Alaskan side of the Golden Triangle, Blackwolf has decided to add yet another Golden Triangle property – Optimum Ventures' Harry.

Optimum acquisition

Located within a 50-kilometer- (31 miles) long, north-northwest trending axis featuring a number of high-grade gold occurrences and deposits (East Gold, Scottie Gold, Gold Wedge, Silver Coin, Big Missouri, Martha Ellen, and Dilworth), a currently producing mine (the Valley of the Kings), and a famous former gold mine (Premier), Harry covers numerous, red-weathering zones of alteration lying east of the Salmon Glacier or just 30 kilometers (19 miles) northwest of Stewart, British Columbia.

The Harry property is comprised of three contiguous claims covering an area of approximately 1,333 hectares (3,294 acres) along the Granduc Access Road from Stewart and is enclosed by Ascot Resources Ltd.'s Premier gold-silver mine project to the east and Scottie Resources Corp.'s Scottie Gold Mine project to the west.

The property lies along the northwestern portion of a geological corridor prospective for gold-silver mineralization that is up to 3,000 meters wide and at least 15 kilometers (9 miles) long.

Putting in a binding letter of intent to acquire all issued and outstanding shares of Optimum Ventures, Blackwolf sees the potential in yet another underexplored region of the Golden Triangle.

With permissions in place after listing on the TSX Venture Exchange to acquire up to 80% of the Harry property from Teuton Resources Corp., Optimum has already spent the last few years exploring this hotbed of mineralization.

According to Optimum Ventures, the latest assay results from the 2,128 meters of drilling at Harry in 2022 at Sheeted Vein include:

• One meter averaging 0.23% copper, 2.26% lead, 8.65% zinc, 0.1 grams per metric ton gold, and 208 g/t silver in hole 22-SVS-3.

• One meter averaging 0.37% copper, 39.74% lead, 22.95% zinc, 0.5 g/t gold, and 970 g/t silver in 22-SVS-4.

• One meter averaging 0.37% copper, 4.33% lead, 4.41% zinc, 0.09 g/t gold, and 308 g/t silver in 22-SVS-6.

• One meter averaging 1.7% copper, 5.78% lead, 2.72% zinc, 0.4 g/t gold, and 1,511 g/t silver in 22-SVS-9.

• One meter averaging 0.64% copper, 7.29% lead, 3.09% zinc, 0.2 g/t gold, and 522 g/t silver in 22-SVS-10.

• One meter averaging 0.62% copper, 8.34% lead, 11.36% zinc, 0.23 g/t gold, and 442 g/t silver in 22-SVS-11.

Writer's Note: A 'shaw' backpack drill was used in this sampling program, which is capable of providing core to one-meter depth and is typically used where conventional surface sampling proves difficult.

Despite the shallow depth, if these numbers are truly indicative of mineralization at surface level, with further drilling, there is a possibility of this becoming a significant project for Blackwolf to explore.

Although negotiations are underway, and the proposed transaction may not come to fruition, present terms entail shareholders of Optimum to receive 0.65 Blackwolf common shares per Optimum common share. Furthermore, each warrant to purchase common shares of Optimum would be converted into warrants to purchase Blackwolf common shares on the basis of the same exchange ratio with Optimum stock options being canceled.

On completion of the proposed transaction, the composition of the board of directors of the resulting company will consist of six individuals, five of which will be current members of the board of directors of Blackwolf or chosen by Blackwolf, and one will be Andrew Bowering, the nominee of Optimum.

"Rob McLeod and I first started working together in the Golden Triangle in 1995, when he was a junior geologist with Homestake Mining and I managed Investor Relations for Teuton Resources," said Optimum Ventures Chairman Andy Bowering. "I look forward to working with him again, with young, enthusiastic CEO Morgan Lekstrom and mining entrepreneur and major shareholder Frank Giustra in our combined Company."

Shuffling management

Due to the predicted growth of the company, Blackwolf felt it necessary to readjust its management positions to better suit the exploration and development of its swelling portfolio.

"As Blackwolf enters an accelerated growth period with significant investments from Frank Giustra coupled with the addition of mining executive Andrew Bowering to the board and significant shareholder upon closing, we have significantly expanded our expertise in engineering, marketing and corporate development," said Blackwolf Executive Chairman Rob McLeod.

This bolstering of expertise includes bringing on Morgan Lekstrom to replace McLeod as CEO of Blackwolf. With 17 years of mining and industry experience in progressively senior roles of executive management, project management, operations, and engineering management, Lekstrom is well suited to fill the executive position at Blackwolf.

Most recently, Lekstrom served as CEO of Tearlach Resources Ltd., a lithium company he helped grow from grassroots to a multi-asset company that included the building of a world-class team and, within a month having exploration success via the drill bit on its Gabriel project, which he negotiated and structured as a joint venture in Nevada. Prior to Tearlach, Lekstrom was President and CEO of Silver Hammer Mining Corp. and a co-founder of a publicly traded uranium company.

Lekstrom has also served in senior technical roles at Freeport McMoRan's Grasberg site in Indonesia and Rio Tinto's Oyu Tolgoi project in Mongolia; co-led the design, construction, and commissioning of a new steel grinding media plant for Arrium (Moly-corp) in Canada and Peru; and served as engineering manager at Sabina Gold and Silver Corp.'s Marine Laydown and Back River gold mine project in Nunavut.

"I am honored to have the opportunity to work alongside Rob McLeod and upon completion of the proposed transaction, Andy Bowering. Blackwolf is positioned for an accelerated growth period. With major gold-silver discovery potential at Cantoo and drilling starting shortly combined with Niblack's significant resources and expansion potential underpinning our valuation and the proposed acquisition of Optimum and its Harry Project, this will prove to be an exciting year," said Lekstrom, who has already moved into the role as CEO at Blackwolf. "Blackwolf's multi-company MOU that studies potential production modeling from Niblack is also unique and highly compelling as it integrates a strong engineering approach as well as exploration. I believe Cantoo is the most exciting drill target in the Golden Triangle, an area Rob knows very well. I am looking forward to getting boots on the ground with the team on all sites and collaboratively driving the company's vision forward."

As executive chairman, McLeod will be responsible for guiding the board, directing exploration programs, co-developing the strategic direction and working closely with the new CEO on transformational growth opportunities.

The company's board believes that the skill set combination of McLeod and Lekstrom will create synergies leading to near-term significant growth catalysts for Blackwolf and its shareholders.

"I have known Morgan for many years and watched him grow into a mining leader that I believe will be a strong part of fostering significant growth for Blackwolf. We believe Blackwolf is exceptionally well positioned to 'Lead the pack' in the Golden Triangle with the right team and strong investor base. With two great projects in Alaska, and Optimum's property in BC on trend from our Cantoo Project and located next to the high-grade Premier Mine that is currently in development, this is an exciting time as we kick off our inaugural drill program at the Cantoo gold-silver Project in the coming month," said McLeod. "We are also forward planning for Optimum's Harry Project with drilling envisioned to start later in the 2023 season. Finally, Morgan's strategic thinking and industry experience will help enhance and create long term shareholder value through value added acquisitions like this one. Blackwolf is now well positioned to foster significant growth for years to come."