HAWKEYE'S TOP SHOWS GOLD DEPOSIT
Hawkeye's Top report shows possible gold deposit
2012-02-10 06:26 ET - News Release
Mr. Greg Neeld reports
NI 43-101-COMPLIANT TECHNICAL REPORT CONCLUDES TOP PROPERTY HAS POTETIAL TO HOST ECONOMIC GOLD DEPOSIT - YUKON
Hawkeye Gold & Diamond Inc. has released its first National Instrument 43-101-compliant report for the company's Top property which Hawkeye owns an option to purchase a 100-per-cent interest in and is located approximately 59 kilometres west-northwest of Carmacks and 207 kilometres northwest of Whitehorse, Yukon. The property is situated in the Carmacks caldera which is inferred to be a volcanic-related subsidence structure (collapsed volcano) that hosts significant northwest-trending geological structures and has important gold geochemical signatures and is thought to be the originating source of many of the Yukon's mineralizing events in the Dawson gold belt. The Carmacks caldera is an underexplored area and is considered to be a new and developing discovery area play in the Yukon. Rockhaven's Klaza property adjoins the Top property to the south where mineralization in excess of one gram gold equivalent per tonne over significant widths (3.04 to 36.50 metres) was intersected by Rockhaven in 36 of 40 diamond drill holes completed in 2010 and 2011 with one hole intersecting 12.51 metres averaging 5.03 grams per tonne (g/t) gold and 14 g/t silver. Northern Freegold's Nucleus deposit, which has an NI 43-101-compliant indicated mineral resource estimated at 48.5 million tonnes grading 0.70 g/t gold, 0.90 g/t silver and 0.06 per cent copper, with a cut-off grade of 0.4 g/t, is located approximately 12 kilometres north-northeast from the Top property. The Top property is also situated 20 kilometres northwest of the past-producing Mt. Nansen high-grade gold-silver mine (556,500 tonnes grading 11.93 g/t gold and 211 g/t silver).
The NI 43-101-compliant technical report concludes that the Top property's principal targets are an epithermal gold-silver or a porphyry copper-gold deposit and has the potential to host an economic gold deposit for the following reasons:
- Carbonatization and silicification of volcanic rocks in the Top North area show that rocks have been altered by hydrothermal fluids and that the resulting fracturing and chemically enhanced porosity could provide a suitable location for gold precipitation. The movement of gold-bearing hydrothermal fluid through a plumbing system, with the subsequent deposition of the gold from solution, would be necessary for the creation of a gold deposit.
- Interpreted structural trends coincide with soil anomalies suggesting the presence of structurally controlled mineralization.
- Significant gold-in-soil anomalies occur on the property as do hydrothermal trace element anomalies such as arsenic, antimony and barium.
- The Top property has lithological and geophysical similarities to nearby gold deposits.
In June and July, 2011, Hawkeye carried out an exploration program that consisted of 1,034 geochemical soil samples, 25 geochemical rock samples and approximately 12 kilometres of prospecting and reconnaissance geological traverses. Work was concentrated in two areas designated Top North and Top South, covering approximately 20 per cent of the property.
Top North area
In the Top North area, soil results show that anomalous gold values occur across the sampled area, but are concentrated in an arc located to the east, south and west of the central plutonic granitic knoll. Gold and barium distribution appears to be closely associated. Copper values are low and widely scattered, but distribution is similar to gold and barium. Historically, gold values from soil sampling are considered significant when greater than 0.020 part per million (ppm). Gold values from soil sampling on the property range from less than 0.005 up to 0.112 ppm, silver values ranged from less than 0.1 ppm to 0.5 ppm, copper values from four ppm to 80 ppm, molybdenum less than one to 18 ppm, antimony from less than two ppm to 16 ppm, barium from 21 ppm to 1,035 ppm and arsenic from five ppm to 202 ppm.
TOP NORTH ROCK ANALYSESPpm Gold Silver Arsenic Barium Copper Moly Lead Antimony(high/low) (Au) (Ag) (As) (Ba) (Cu) (Mo) (Pb) (Sb)Low less than less than less than less than less than less than 0.005 0.1 5 82 3 1 2 2High 0.005 0.7 132 678 23 29 34 4
Top South area
In the Top South area, zinc, manganese and lead values are scattered across the sampled area, but show clusters in the eastern and western portions of the sampled area. These three elements show a close positive association where high values of one element are closely associated with high values of the other elements. Soil sample analysis returned values of lead ranging from less than two ppm to 166 ppm, zinc from less than two ppm to 246 ppm, and manganese from less than five ppm to 7,817 ppm.
TOP SOUTH ROCK ANALYSES Ppm Gold Silver Arsenic Barium Copper Moly Lead Antimony(high/low) (Au) (Ag) (As) (Ba) (Cu) (Mo) (Pb) (Sb)Low less than less than less than less than less than 0.005 0.1 5 18 2 1 7 2High 0.02 1.2 693 458 45 181 310 190
The technical information in this news release has been reviewed and approved by Ed Harrington (PGeo) who is hereby identified as Hawkeye's qualified person, as defined by NI 43-101, for the Top property.
The NI 43-101-compliant report for Hawkeye's Top property can be viewed at SEDAR or on the company's website.
The company is very encouraged by the results of its 2011 work program over the Top property and looks forward to advancing the property to the drilling stage.
Further news will be forthcoming concerning the company's 2012 work program on its Top property.
We seek Safe Harbor.