Hawkmoon Resources Corp. [HM-CSE] said Tuesday it has commenced diamond drilling on its Wilson gold project in Quebec.
Wilson is one of two key projects in the Hawkmoon portfolio. The other is the Romeo project. Both are located in a region where Bonterra Resources Inc. [BTR-TSXV, BONXF-OTC, 9BR1-FSE] and Osisko Mining Inc. [OSK-TSX] are developing very significant gold discoveries.
Bonterra has so far outlined an indicated resource of 202,000 ounces and an inferred resource of 897,000 ounces at Gladiator deposit, a feat that Hawkmoon hopes to emulate at its flagship Wilson property
Wilson is the more advanced of Hawkmoon’s two projects. It is situated on the Abitibi Greenstone Belt, about 15 kilometres east of Lebel-sur-Quevillon and consists of 42 unpatented mining claims covering 1,600 hectares. Several mining companies have conducted work programs on the property, which Hawkmoon holds under an option agreement with Cartier Resources Inc. [ECR-TSXV].
Under the agreement, Hawkmoon can earn a 100% interest by delivering cash payments of $1.0 million cash, issuing 5.0 million shares and spending $6 million on exploration, including 24,000 metres of drilling. The payments and work commitments are to be completed over a period of five years.
On Tuesday, Hawkmoon said it plans to drill approximately 5,000 metres on Wilson in 29 holes this summer.
The program will target three key areas on and around the Toussaint, MIdrim, and Moneta-Porcupine North showings. The company hopes to validate several historical drill holes that were completed well before National Instrument 43-101 standards of disclosure were introduced.
This will aim to bring the extensive database into compliance with NI 43-101, the company said.
Hawkmoon also intends to verify mineralization under trenches, test some induced polarity anomalies as well as drill testing possible extensions of existing showings. It is anticipated that the program will take about five weeks to complete.
Hawkmoon recently completed an initial public offering of 7.5 million units priced at 10 cents, raising $750,000. On Tuesday, the shares rose 6.25% or $0.005 to $0.085 on volume of 144,000. The shares are currently trading in a 52-week range of 20 cents and $0.075.
“Drilling Wilson has been a goal of Hawkmoon since acquiring the project from Cartier Resources back in April,’’ said Hawkmoon President Branden Hayes.
The Wilson and Romeo projects are both accessed by government-maintained roads and are in close proximity to each other.
Hawkmoon’s Romeo property is surrounded on three sides by Osisko’s Windfall Lake property which is host to a world class gold deposit containing an indicated mineral resource of 1.2 million ounces of gold, and a further 3.9 million ounces in the inferred category.
Such close proximity to Windfall Lake means Romeo could be of interest to Osisko, if only for the purpose of developing mining infrastructure.