May 26, 2021
 in 
Precious Metals

Acquisition Moves: Hawkmoon Acquires The Lava Gold Property in the Belleterre Gold Camp, Quebec

Hawkmoon Resources (CSE: HM) has signed an option agreement to acquire a 100% interest in the Lava gold property from two arms-length vendors. The Property is comprised of 41 mineral claims totaling approximately 2061 hectares. The Property is situated in the Latulipe-et-Gaboury Township of Western Québec, 15 kilometres east of the village of Belleterre and 105 kilometres northeast of the city of Val d’Or.

Gold Showings and Mineralization

The Property covers the Lavallée number 38, 39, 40 and 41 gold showings. The showings are a series of gold-bearing quartz-carbonate veins (the “Veins”) which often contain sulphide minerals. Gold can be associated with Sulphides in the Belleterre area. The Veins occur within a ten kilometre long, northeast-trending corridor marked by numerous shear zones. This corridor is commonly referred to as the Lavallée Shear Zone (“LSZ”). The LSZ is displays a strong chargeability anomaly as outlined in Figure 1. Shallow drilling in 2007 identified intercepts of 2.16 grams per tonne (“GPT”) gold over 1.5 metres and 2.78 GPT over 1 metre. These sampling values are “historical estimates” as defined under NI 43-101. The reader is cautioned that a qualified person has not done sufficient work to classify these historical estimates as current resources and Hawkmoon is not treating these historical estimates as a current mineral resource. While these estimates were prepared in accordance with NI 43-101 and the “Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves Definition Guidelines” in effect at the time, there is no guarantee that they would be consistent with current standards and they should not be regarded as consistent with current standards.

Figure 1 : Summary of previous work at Lavallée Gold Showings

The Showings consist of deformed quartz veins, breccias and stockworks within the LSZ. Veins range from half a metre to three metres in width. The LSZ can have a rusty surface alteration due to oxidation of Sulphides as shown in Figure 2. Sulphides can also occur within alteration halos surrounding deformed Veins as displayed in Figure 3.

Figure 2 : Lavallée Shear Zone
Figure 3: Sulphide mineralization on margin of quartz veins

The Vendors recently collected six float samples at the number 38 and 39 showings of the LSZ. These samples have gold grades ranging from 0.12 to 3.42 GPT gold as shown in figure 4. These sampling values are “historical estimates” as defined under NI 43-101. The reader is cautioned that a qualified person has not done sufficient work to classify these historical estimates as current resources and Hawkmoon is not treating these historical estimates as a current mineral resource. While these estimates were prepared in accordance with NI 43-101 and the “Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves Definition Guidelines” in effect at the time, there is no guarantee that they would be consistent with current standards and they should not be regarded as consistent with current standards.

Belleterre Gold Camp

There is a recent revival of the Belleterre Gold Camp (the “Camp”) due to Vior Inc. (TSX.V:VIO) consolidating much of the Camp including the past-producing Belleterre Mine. The Belleterre Mine produced 750,000 ounces of gold and 95,000 ounces of silver between 1936 and 1959 3 . In addition to Vior, Osisko Mining (TSX:OSK) has acquired a significant land position in the Camp. Furthermore, Osisko has made a significant equity investment in Vior 4,5 .

Proposed Work Program

Hawkmoon proposes to re-interpret previous work on the Property. This includes 2D inversion studies on the 2007 induced polarization (“IP”) and resistivity data 2 and 3D modelling of historical diamond drilling on Lava. Hawkmoon intends to conduct a trenching and rock sampling program to develop drill targets along the LSZ. This work is expected to commence this summer.

Property Purchase Terms

Under the terms of the agreement with the Vendors, Hawkmoon has the exclusive option to earn a 100% interest in Lava by paying $115,500 cash, issuing 1,320,000 Hawkmoon common shares to the Vendors and completing $500,000 of work expenditures over three years. Upon exercise of the option, the Vendors will retain a 3% net smelter return (“NSR”) royalty. One percent of the NSR may be purchased by Hawkmoon for $1 million.

Disclaimer: Hawkmoon Resources is a paid marketing client*
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