Hawkstone Mining (ASX:HWK) - Managing Director, Paul Lloyd - The Market Herald
Managing Director, Paul Lloyd
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  • Hawkstone Mining (HWK) has acquired the Western Desert Gold-Copper Project in Utah
  • This follows the buyout of the Lone Pine Gold Project early last month
  • The company is pursuing its strategy to add gold assets to its portfolio as the gold price has risen in recent times
  • The Western Desert Project is located in a top-tier mining region not too far from Newmont's and Rio Tinto's world-class mines
  • The company is currently planning a two phase exploration program to highlight drilling targets
  • Shares in Hawkstone are unchanged and trading for 0.4 cents each

Hawkstone Mining (HWK) has acquired 100 per cent of the Western Desert Gold-Copper Project in Utah, U.S.

This acquisition aligns with the company's strategy to diversify its portfolio by adding gold assets as the gold price has risen in recent times.

Supporting this strategy was the acquisition of the Lone Pine Gold Project that was completed in early February 2020.

The Western Desert Gold-Copper Project is located in a world-class mining jurisdiction that's ranked 7th for Investment Attractiveness by the Fraser Institute.

"The Western Desert Gold-Copper project completes our acquisition of USA exploration projects, providing the company with exposure to Lithium, Gold and Copper," Managing Director Paul Lloyd said.

"The acquisition allows us to leverage off the years of experience working in the USA and the professional exploration team built up over that period," Paul added.

The project lies within the Basin and Range Province and comprises a series of northerly striking, fault bounded ranges.

Notably, Western Desert is 65 kilometres away from Newmont's 4.5 million ounce Long Canyon gold mine and 150 kilometres from Rio Tinto's 23 million tonne Bingham Canyon mine.

While no historical exploration data is available, mineralisation was identified during a sampling program. The mineralisation consists of skarn style gold-copper-silver mineralisation within altered carbonate - sandy carbonate rocks proximal to intrusive contact.

As part of due diligence on the project, a total of 21 samples were collected in November 2019.

High-grade results include: gold to 25 g/t, copper to 4.6 per cent and silver to 95 g/t from sulphide mineralisation. Surface grab samples returned gold to 6.7 g/t and copper to 6.3 per cent.

Chip channel sampling along the highly altered limestone-sediment package located in a historical trench returned one metre grading 4.42 g/t gold, 1.03 per cent copper and 11.8 g/t silver and a further metre at 2.83 g/t gold, 0.9 per cent copper and 14.35 g/t silver.

Hawkstone is currently planning a two phase exploration program. Phase one will include photogeological and structural mapping to locate targets, and ground prospecting.

Phase two will include a geological survey and diamond drilling of selected priority targets.

Shares in Hawkstone are unchanged and trading for 0.4 cents each at market close.

HWK by the numbers
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