Hawkstone Mining Share Price Lifts on ‘Spectacular’ Gold Grades
Diversified US-focused explorer Hawkstone Mining Ltd [ASX:HWK] released its lasted results from its Devil’s Canyon Project in Nevada, revealing some seriously high mineral grades.
On a day where the broader market has taken a bit of a beating, the HWK share price has performed nicely.
At time of writing the HWK share price is up 6.25% to trade at 5.1 cents per share, making a strong recovery from its steady decline last year.
HWK shares hit a fresh 52-week high this week upon the announcement of solid lithium recoveries from its Big Sandy Project.
Will this be Hawkstone’s year?
It has been a great start to 2021 for HWK shareholder with the explorer’s shares returning 400% since the beginning of the year.
Today’s announcement suggests that HWK could be yet to reveal its full potential.
Rock sample from the Devil’s Canyon Gold Project, located in the Carlin Trend in Nevada, have returned results of 191.5 grams per tonne (g/t) gold, 524 g/t silver and 10.25% copper.
The results follow the completion of further rock sampling, structural mapping and airborne UAV magnetics at the project.
A project that is situated in an area that has historically produced in excess of 195 million ounces of gold.
REVEALED: What’s Next for Gold Stock Prices? Learn more.
HWK Managing Director Paul Lloyd commented:
‘These highly encouraging rock sample assay results from our Devil’s Canyon Project further confirm and extend mineralised areas identified from previous work, which when combined with the recently completed aeromagnetic survey data, show several areas for high priority follow-up.’
Source: Hawkstone Mining
Although the grades above are certainly impressive, other samples from around the tenement did not return a ‘spectacular’ grade.
Gold sample ranged from 0.9 g/t to 7.15 g/t in one zone and from 1.12 g/t to 191.5 g/t in another zone.
While silver grades also fluctuated from 22.1 g/t to 524 g/t and 32.6 g/t to 174 g/t.
Last week HWK released its quarterly activities and cash flow report for the December quarter.
Along with a big work schedule, HWK also announced it is funded for the next three quarters.
The explorer said they would perform more preliminary work at Devil’s Canyon to further define and extend the known trends as well as identify new trends.
Though they said we can expect a maiden drill program — but just not when we can expect one.
In my view, we could see this announced concurrently with a capital raise.
With a solid work schedule and stability looking like it’s returned to the gold price, HWK could be looking to ramp up activities across its projects.
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For The Daily Reckoning Australia