Hawkeye Gold & Diamond Inc. has entered into a sale and purchase agreement (SAPA) with the vendor of the Boomerang project to acquire a 100-per-cent interest in the 6,552-hectare property situated in the Golden Triangle approximately 30 kilometres south of Telegraph Creek, British Columbia, Canada. The property is located northeast of Yehiniko Lake and contains numerous drainages, including Boomerang Creek, with highly anomalous gold values reported in regional stream geochemistry programs.
The Boomerang project
Hawkeye’s Boomerang project is situated directly south of Telegraph Creek, British Columbia, and northeast of Yehiniko Lake which drains north on Yehiniko Creek to the Stikine River. The claims are transected by Boomerang Creek in the south and another unnamed creek in the north, both of which contain numerous peripheral drainages from a major west-northwest-oriented topographic high following the Hazelton Group geology.
The property is situated in the northwestern section of the Golden Triangle, positioned approximately 25 kilometres northwest of Teck and Copper Fox’s Schaft Creek deposit and 50 kilometres north of the Galore Creek deposit held by Teck and Novagold. For reference, more recent gold and copper discoveries are located 40 to 70 kilometres east of the property, and include the Saddle discovery of GT Gold, Rok and North Rok of Colorado Resources, and Skeena Resources’ Spectrum and GJ projects.
To date, there are no claims contiguous with the Boomerang project and it is an area that has seen very limited exploration. Groupings of claims located several kilometres to the west and southwest of Yehiniko Lake have been the principal areas of focus for gold and copper exploration reported since the 1970s.
The 1988 regional stream geochemistry indicates numerous priority drainage targets on the Boomerang project based upon the identification of multiple anomalies with over 98th percentile gold values, and corresponding base and heavy metal pathfinder elements.
Similar to Hawkeye’s McBride and Todagin properties and those held by GT Gold and Colorado Resources in the northeastern section of the Golden Triangle, the principal geological units underlying the claims comprise the Hazelton and Stuhini Groups with precious and base metal mineralization commonly associated with structural controls or porphyry systems within and adjacent to intrusions. The Jurassic-age Hazelton basalt, andesite, dacite and rhyolite flows, and pyroclastics unconformably overlie Upper Triassic Stuhini volcanics and volcanoclastic deposits. Both Stuhini and Hazelton lithologies are underlain by Mid- to Late Triassic quartz diorite intrusions and the volcanic deposits occur as outliers bounded in large part by these intrusions. Hazelton and Stuhini rocks are intruded by early to mid-Jurassic plutons comprising the Cone Mountain granodiorite and the Three Sisters tonalite. Coarse clastic sediments of Cretaceous to Paleocene age overlie the Hazelton and Stuhini to the south and west on the property.
Previous fieldwork in the general area included regional mapping and stream silt geochemical surveys by government geologists. Reconnaissance soil, silt, moss and rock sampling, and ground geophysical programs by a public exploration company focused on district-scale copper-gold porphyry targets associated with the above-noted plutonic suites. Exploration reported background to anomalous values for copper (up to 7,270 parts per million, 0.73 per cent Cu), zinc (up to 755 ppm), lead (up to 2,143 ppm) and gold (up to 260 parts per billion), the highest base metal values from heavily altered Hazelton volcanics. Gold reported at 1380 ppb (1.38 grams per tonne Au) with copper (1,614 ppm) occurred in one sample of granitic float. The geochemistry maps showed localized anomalies, including coincident copper-zinc, which showed west-northwest alignment with magnetic features, and were consistent with the general geological, topographical and structural fabric.
Gossan zones exhibit pervasive hydrothermal alteration including bleaching and secondary oxides after sulphides. Epidote and disseminated to vein-style sulphides, identified as pyrite, chalcopyrite and secondary copper oxide-carbonate, malachite, were reported in the volcanic lithologies adjacent to weakly altered dike swarms and other intrusions of quartz monzonite to quartz diorite.
The property acquisition is subject to a $10,000.00 cash payment and the issuance of 100,000 shares and a further 250,000-share issuance should the project proceed to a prefeasibility study. The acquisition is not subject to a net smelter royalty. The sale and purchase agreement between Hawkeye and the vendor is subject to TSX Venture Exchange approval.
Greg Davison, MSc, PGeo, senior technical adviser to Hawkeye, is the company’s designated qualified person within the meaning of National Instrument 43-101 — Standards of Disclosure for Mineral Projects. Mr. Davison has prepared, reviewed and validated that the technical information contained within this release is accurate.
About Hawkeye Gold & Diamond Inc.
Hawkeye Gold & Diamond is a junior mineral exploration and development company based in Vancouver, B.C., Canada, and is publicly traded on the TSX Venture Exchange under the trading symbol HAWK and the Frankfurt Exchange under the ticker HGT. Hawkeye’s corporate mandate is to build strong asset growth and shareholder value through the acquisition of low-cost, high-potential cash flow and production opportunities with blue-sky discovery potential, and to manage its business in an environmentally responsible manner while contributing to the local community and economy.