Hawkstone completes early purchase of historic King Solomon gold mine
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Special Report: Hawkstone isn’t wasting any time wrapping up the purchase of this historic project, which borders its high-grade Lone Pine gold mine in Idaho, US.
Hawkstone Mining’s (ASX:HWK) due diligence on the King Solomon mine has provided it with enough confidence to close the deal early.
“We’re very pleased with the acquisition of the King Solomon claims as they significantly enhance the overall potential of the Lone Pine project,” managing director Paul Lloyd said.
“The acquisition has also provided us with excellent geological information on both the claims and the surrounding Lone Pine area, allowing the company to rapidly execute a highly targeted exploration program.”
The King Solomon mine sits only about 900m from the Lone Pine vein zone.
King Solomon and Lone Pine areas are believed to be part of the same mineralised/alteration system, which Hawkstone says provides it with a significant opportunity.
It also consolidates the company’s landholding in the highly prospective Lone Pine region in Idaho.
The acquisition includes significant historical data including the results of previous drilling, mapping and sampling.
Previous exploration in the 1990s defined broad mineralised stock work zones at King
There is evidence of extensive historical workings (three adits – entrance passageways to an underground mine) present on the claims, and historical soil sampling identified other, largely untested mineralised zones.
Limited drilling has delivered prospective downhole hits of 1.5m at 14.9 grams per tonne (g/t) gold, 1.5m at 14.8g/t, 18m at 3.75g/t, 18m at 2.3g/t and 1.5m at 3.9g/t.
Hawkstone is in the process of analysing the historical data, which the company says will greatly enhance the overall understanding of mineralisation controls and enable rapid targeting of prospective areas.
Earlier this month, Hawkstone brought in a larger drill rig following positive early indications from maiden drilling at its Lone Pine project.
“The decision to mobilise a larger drill rig has also proven positive, leading to greatly improved core recovery, that will enable a drill out of a JORC compliant resource,” Lloyd said.
Samples have been dispatched for analysis and results are pending.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.