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Hawkstone Mining (ASX:HWK) - Managing Director, Paul Lloyd - The Market Herald
Managing Director, Paul Lloyd
Source: Stockhead
  • Hawkstone Mining (HWK) has made some exploration progress at its Lone Pine gold project in Idaho, with some promising early results
  • Rock chip samples from old workings 120 metres to the northeast of the known system have extended the prospect's strike to around 600 metres
  • The system remains open along strike to the northeast and southwest, and down dip
  • Two diamond drill cores have also recently been sent for assay
  • The current program is fully funded after investors recently exercised options totalling $1.77 million
  • The funds may also be used to acquire the nearby King Solomon mine once the company has done its due diligence
  • Hawkstone Mining closed Monday's session grey, with shares trading for 1.7 cents each

Hawkstone Mining (HWK) has made some exploration progress at its Lone Pine gold project in Idaho, with some promising early results.

Extended strike

Hawkstone had already identified a gold vein system at Lone Pine.

New rock chip samples from old workings 120 metres to the northeast of the known system have extended the prospect's potential strike length to around 600 metres.

Tracing of adits also indicates the system continues around 150 metres down dip.

The system remains open along strike to the northeast and southwest, and down dip.

Two diamond drill holes have recently been completed and sent for assay, with results expected in coming weeks.

Tally-ho

Exploration is ongoing, with further sampling, trenching and drilling testing the structural interpretation of the vein system.

The current program is fully funded after investors recently exercised options totalling $1.77 million. The fact these options were exercised well in advance of their expiry date of April 2023 is a strong show of faith in the project's potential.

The money may also be used to expand Hawkstone's claims to the nearby King Solomon mine. The company is currently completing its due diligence with the aim of acquiring the historical mine from Jervois Mining.

Lone Pine already has an existing non-JORC compliant resource estimate of over 71,000 ounces of gold.

Hawkstone will be hoping that estimate is the minimum it will find as the drilling and sampling programs continue.

Hawkstone Mining closed Monday's session grey, with shares trading for 1.7 cents each.


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