Hawkmoon launches Abitibi gold drilling, shares rise
Hawkmoon Resources Corp. [HM-CSE] said Tuesday it begun drilling on its Lava Gold property, which is located in the Abitibi-Temiscamingue region of Quebec.
The property covers the Lavallee 38,39, 40 and 41 showings, which expose multiple quartz veins, breccias and stockworks within the northeast trending Lavallee Shear Zone (LSZ). The property is located to the west of the Belleterre gold mining camp and its greenstone belt and is underlain by tonalite that might host potential orogenic gold-type mineralization, Hawkmoon said in a press release.
The 10-hole, 1,000-metre drill program will target the LSZ over a 400-metre horizontal distance down to a maximum vertical depth of 100 metres. Only one of three holes drilled in this area in 2007 intersected the LSZ with an interval of 0.6 g/t gold over 11.4 metres from 8.64 metres.
The other two holes missed the zone completely. Hawkmoon said it engaged a geophysical consultant to complete a 2-D modelling of the 2007 induced polarization and resistivity data. The company said this interpretation work has very precisely defined a chargeability zone that appears to correspond to the downward extent of the LSZ on surface. “The drilling will test this chargeability zone for gold mineralization at regular intervals along the trend of the LSZ,” the company said.
Hawkmoon shares advanced on the news, rising 5.3% or $0.005 to 10 cents. The shares trade in a 52-week range of 20 cents and $0.075.
Hawkmoon recently completed an initial public offering of 7.5 million units priced at 10 cents, raising $750,000. The company is entirely focused on its Quebec gold projects.
Its other projects are the Wilson and Romeo. 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 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.
Hawkmoon previously said it planned to complete a summer drill program of approximately 5,000 metres.
The program was designed to 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.