Hawkstone inks deal to buy historic King Solomon mine next door to Lone Pine
Special Report: Hawkstone has signed a deal to acquire an historic project bordering its high-grade Lone Pine gold mine. Data suggests they “may be part of a larger system”.
A maiden drill program recently kicked off at Hawkstone’s (ASX:HWK) flagship high-grade Lone Pine gold project in the US state of Idaho.
The advanced Lone Pine project, acquired by Hawkstone in February, comes with 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 this historic non-JORC compliant +70,000oz resource estimate and bring it up to JORC standards; a must-have for ASX-listed explorers.
But Hawkstone believes there’s much more to find here.
Hawkstone has now inked a deal with Jervois Mining (ASX:JRV) over the King Solomon Mine (KSM), about 900m from the Lone Pine vein zone.
The proposed acquisition includes significant historical data including the results of previous drilling, mapping and sampling.
This data demonstrates the area’s “significant potential” and its importance in the overall prospectivity of the Lone Pine project, the company says.
“The ongoing compilation of available data has demonstrated the significance of the acquisition for the Lone Pine project and suggests that both the Lone Pine and King Solomon mineralised zones may be part of a larger system, which we aim to explore further in the near term,” managing director Paul Lloyd says.
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.
But a subsequent report indicates that this drilling was completed on the weakest of several geophysical and soil geochemical anomalies due to easy access.
The report recommended testing of the stronger geophysical and geochemical anomalies lying northwest — toward the Lone Pine vein zone.
Prospects and trenching in this area are stated to have returned gold grades up to 249g/t.
An independent interpretation on the Lone Pine gold project using detailed composite satellite images had already produced nine target areas for geological follow-up and sampling.
Two of the drill targets lay within the KSM claims, one of which corresponds to the area of drilling, “enhancing the prospectivity of the remaining drill targets” the company says.
Right now, drilling at Lone Pine is ongoing with assay results expected in Q3 2020.
Due diligence on KSM has also commenced, which will include mapping and sampling to follow up on the previous high-grade surface samples reported.