Hawkstone Mining has completed the acquisition of the Lone Pine Gold Project located in Idaho, USA, from Inception Mining Inc. for US$510,000. The acquisition represents a diversification of the company’s assets from a solely lithium explorer to include gold.
Lone Pine is an advanced gold exploration project that was last mined in 1907 and has not been
subjected to modern exploration techniques. It comes with a 1935 non-JORC compliant mineral resource estimate of 71,128 ounces of gold (122,600 tons at 18.06 g/t). As the vein-hosted mineralisation occurs on two patented claims (16.77 hectares), Hawkstone expects to advance the project to a JORC-compliant resource through a drill program.
The company has also staked 75 surrounding Bureau of Land Management lode claims covering 607 hectares. Lone Pine is located about 10 km west of Salmon, Idaho.
Hawkstone Mining Managing Director Paul Lloyd commented: “We are very pleased to announce finalization of the acquisition of the Lone Pine Gold Project, an advanced gold project located in Idaho, USA. The acquisition allows us to leverage off the many years of experience working in the USA and the professional exploration team built up over that period. The project will enable the company to rapidly define a potentially high-grade JORC complaint resource in a mining friendly state.”
Mr Llyod continued, “Furthermore, the company remains 100 per cent committed to the Big Sandy Lithium Project and will continue to advance the environmental study on the Big Sandy Lithium Project to facilitate the issuance of a Plan of Exploration. This will enable the completion of further drilling in the Northern Mineralised Zone. Discussions with parties to construct a pilot plant are ongoing.
“Quarter 2, 2020 will be a very exciting period for our company and I look forward to creating shareholder value from the exploration of the Lone Pine Gold Project,” he concluded.