Newhawk to Acquire Elora Mine Property, Dryden, Ontario.
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--April 16, 1998-- Newhawk Gold Mines L(TSE See Tokyo Stock Exchange.
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NHG Neighbourhood Help Group .) Mr. Fred G. Hewett, President of Newhawk Gold Mines Ltd. (TSE:NHG) today announces that the Company has signed an Option Agreement to acquire an 80 percent interest in the Elora Mine Property, located south of Dryden in northwestern Ontario Northwestern Ontario is the region within the Canadian province of Ontario which lies north and west of Lake Superior, and west of Hudson Bay and James Bay. It includes most of subarctic Ontario. . The property consists of mineral rights to 14 patented mining claims and one license of occupation owned by Elora Gold Mines Ltd. (the "Vendor").
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 Mineralization
The process by which the body uses minerals to build bone structure.
Mentioned in: Rickets
n the bioprecipitation of an inorganic substance. 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 (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $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 Induced polarization (IP) is a geophysical imaging technique used to identify subsurface materials, such as ore. The method is similar to electrical resistivity tomography, in that an electric current is induced into the subsurface through two electrodes, and voltage is ) 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-
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CONTACT: Newhawk Gold Mines Ltd.
James D. Romano, 604/ 687-7545
http://www.northair.com/newhawk/ (New Address)