Hawkstone Mining Ltd [ASX:HWK] say they’ve hit high-grade copper and gold results at their Devil Canyon gold project in Nevada.
Hawkstone Mining is an ASX-listed explorer with projects in the US. Their main focus is their Pine Gold Project in Idaho, which they fully own. They also fully own the gold/copper Western Desert project and Big Sandy, which is a low-cost lithium project.
Hawkston Mining agreed to buy Devil’s Canyon in October this year
The project covers 728 hectares and is 50kms north of Eureka and 100kms south of Elko in the state of Nevada. It’s located on the Carlin Trend, which has produced over 195 million ounces of gold.
Devil’s Canyon is also about 20kms west of Kinross’ Bald Mountain gold mine and 40kms north from Barrick’s Ruby Hill gold mine.
You can check out the exact location here:
Source: Hawkstone Mining
As part of their due diligence but also to get more information for mapping, sampling and to confirm exploration results in the area, Hawker Mining collected 15 rock samples in the 1980s. The samples were taken from near the margin of the intrusive and it ranged from float material (pieces of rock that have broken off and moved around) to in situ mineralisation.
The results reached peak grades of 16.05% Copper, 173 g/t silver and 2.65 g/t gold.
The company was quite happy with the results. Managing Director Paul Lloyd said:
‘These are highly encouraging initial rock sample results from our recently acquired Devils Canyon project. The results confirm previous work, which combined with the structural targeting provides strong impetus for Hawkstone to complete further exploration aimed at defining drill targets.’
What could happen next for the HWK share price?
Hawkstone Mining are waiting on more results and they are still looking to keep exploration going.
They’re also planning an airborne magnetic survey to help them target drilling in 2021.
Shares shot up to $1.1 cents on an early trade but are now back to trading at 1 cent.
Gold prices have been taking a breather. They’ve dropped to around US$1,800 after optimism on a new vaccine swept the market. But with central banks around the world looking to continue stimulus, the case for gold remains very relevant.
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