Newhawk to Acquire Elora Mine Property, Dryden, Ontario.
The property had gold production from two mine sites at the turn of the century, the Laurentian mine and the Jubilee (Elora) mine. Production from the Laurentian mine returned a recovered grade of 14.06 g/t (0.41 oz/t) gold. Mine development was completed to only the 144 metre level, where an average grade of 8.23 g/t was reported over an average width of 3.0 metres on the level. No substantial exploration activities have been completed on the Laurentian site since 1916, or on the Jubilee targets since the 1930's.
Historic underground workings, limited drilling in the 1930's and surface trenching on the property indicate multiple vein structures and deformation zones over a strike length in excess of 3.0 kilometers. The property holds potential for gold mineralization over significant widths with a target grade of approximately 10 to 15 g/t (0.29 to 0.44 oz/t).
Newhawk can earn an 80 percent interest in the property under the terms of an Option Agreement, by making cash payments totaling CDN$200,000 and expending CDN$1,000,000 in exploration over a five year period. A Phase 1 exploration program consisting of line cutting and geophysics (MAG, EM, Induced Polarization) has recently been completed. A minimum 1,000 metre diamond drilling program will commence immediately.
This transaction is subject to regulatory approval.
The Company has terminated its option agreement on the Del Oro property located south of Winnemucca, Nevada.
On Behalf of the Board, NEWHAWK GOLD MINES LTD.
Fred G. Hewett, President -0-
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
CONTACT: Newhawk Gold Mines Ltd.
James D. Romano, 604/ 687-7545
http://www.northair.com/newhawk/ (New Address)
|Printer friendly Cite/link Email Feedback|
|Date:||Apr 16, 1998|
|Previous Article:||IAT Multimedia Inc. Announces Completion of Wonderboard Multimedia Product Line.|
|Next Article:||IAT Multimedia, Inc. Reports Record Revenues for 1997, Private Management Anticipates Profitability in 1998.|