Special Report: Early indications from maiden drilling at Hawkstone’s Lone Pine gold project has confirmed the company’s belief in the potential of the project enough to bring in a larger drill rig.
US-focused gold explorer Hawkstone Mining (ASX:HWK) is currently mobilising a larger diamond drill rig to the Idaho-based project capable of larger diameter core samples, which will better enable it to define a JORC resource.
The move comes after the company confirmed the geological continuity of the Lone Pine vein zone and keen investors exercised a bunch of options early giving Hawkstone an extra $1.8m to fund exploration.
Managing director Paul Lloyd said Hawkstone was very pleased with the geological continuity from the first five holes on the Lone Pine gold project.
“Although drilling and recovery problems have been encountered, the level of continuity has provided sufficient encouragement to mobilise a larger drill rig that will alleviate the problems and allow a drill out of a potential JORC compliant resource,” he said.
“The initial program has provided Hawkstone with an understanding of the Lone Pine’s geology, which has enabled the decision to proceed with a drill out and mobilise a larger, more capable drill rig.”
The advanced Lone Pine project, acquired by Hawkstone in February, has a non-compliant JORC resource estimate of 71,178oz grading over 18 grams per tonne (g/t) based on historical work done in 1935.
The aim of Hawkstone’s maiden drilling is to test the historic resource estimate and bring it up to JORC standards — a must-have for ASX-listed explorers.
Five rock chip samples returned grades of up to 16.25 grams per tonne of gold in an old prospecting pit, 120m away from the known Lone Pine vein zone.
Hawkstone says the Lone Pine project hosts precious metals occurrences related to the Trans-Challis Fault System that has produced more gold than any other area in Idaho.
Phase one drilling has been completed and results are expected in the next two to three weeks.
Building a pipeline of quality projects
Meanwhile, Hawkstone is continuing due diligence on the historic King Solomon mine right next door to its Lone Pine project.
The company inked a deal with Jervois Mining (ASX:JRV) in early July that gave it an option to acquire the King Solomon mine, which comes with significant historical data including the results of previous drilling, mapping and sampling.
King Solomon was explored during the early 1900s via three adits, or tunnels.
In the 1990s a number of exploration programs — trenching, underground and surface mapping and sampling, geophysics, and drilling — were initiated by previous owners.
This data is invaluable to Hawkstone.
It shows the existence of a broad northeast trending, southeast dipping mineralised zone, parallel to the Lone Pine vein zone.
The drilling also returned some pretty good intercepts, including 1.5m at 14.9g/t and 18m at 3.75g/t gold.
This article was developed in collaboration with Hawkstone Mining, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.