Cashed-up Hawkstone Mining to accelerate maiden drilling at high-grade Lone Pine gold project
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Special Report: The early exercise of options by investors raised an extra $1.77m to fund exploration of Hawkstone Mining’s (ASX:HWK) exciting high-grade gold project.
Due to expire in April 2023, 147,500,000 unlisted options have already been exercised at $0.012 each to raise $1.77m – demonstrating strong support from institutional and sophisticated investors.
This extra cash means Hawkstone can accelerate exploration activities at the high-grade Lone Pine gold project in Idaho, US.
The advanced Lone Pine project, acquired by Hawkstone in February, comes with a non-JORC compliant resource estimate of 71,178oz grading +18 grams per tonne (g/t) based on historical work done in 1935.
This current exploration strategy will be reviewed and increased based on the new available funding, the company says.
“It is gratifying to confirm that the management team’s excitement for the maiden exploration drilling program at the high grade Lone Pine gold project is also shared by the option holders that have exercised early, many of which are long-term shareholders in Hawkstone,” managing director Paul Lloyd says.
“We now look forward to increasing the gold exploration effort with the aim of rapidly defining a potentially high-grade JORC complaint resource at the Lone Pine gold project, in the mining friendly state of Idaho, USA.”
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