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PRAIRIE LITHIUM LIMITED — Capital/Financing Update 2021
Jan 31, 2021
65572_rns_2021-01-31_fbd28ca8-6c0b-4c7d-bfb2-dc41049ef91f.pdf
Capital/Financing Update
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191.5 g/t GOLD, 524 g/t SILVER & 10.25% COPPER SPECTACULAR GRADES FROM DEVIL'S CANYON GOLD PROJECT
HIGHLIGHTS
- Peak rock sample results; Gold to 191.5 g/t, Silver to 524 g/t and Copper to 10.25% from Devil's Canyon Gold Project, demonstrating the project's exceptional potential.
- Devil's Canyon is located in the Carlin Trend in Nevada USA that has produced in excess of 195 million ounces of gold1.
- The project is 20km East of the Bald Mountain Mine owned by Kinross Gold Corp. Bald Mountain has a resource of 5.9 million ounces2.
- Anomalous rock sampling results outline several mineralised trends associated with previously announced Targets, granite intrusives and carbonate units.
- Airborne magnetic survey identifies additional geophysical features interpreted as:
- o Magnetite skarn alteration at lithological contacts and along structures.
- o Zones of magnetite destruction possibly related to later mineralising events.
- Initial structural mapping completed with interpretation of UAV magnetic survey underway.
- Drill targeting work is continuing with the maiden drilling program at Devil's Canyon planned for the 2021 USA northern field season.
USA focused diversified explorer, Hawkstone Mining Limited (ASX:HWK) ("Hawkstone", the "Company") is pleased to announce spectacular high grade results of 191.5 g/t gold, 524 g/t silver & 10.25% copper, from Devil's Canyon Gold Project, demonstrating the project's exceptional potential.
The results follow the completion of further rock sampling, structural mapping and airborne UAV (drone) magnetics at the Devil's Canyon Gold Project ("Project"), located in the highly prolific Carlin trend in Nevada, USA, that has produced in excess of 195 million ounces of gold. In addition to progressing this gold project and others within the Company's portfolio, Hawkstone retains the Big Sandy Sedimentary Lithium Project located in Arizona as its first priority.
Hawkstone Managing Director, Paul Lloyd, commented*: "These highly encouraging rock sample assay results from our Devil's Canyon Project further confirm and extend mineralised areas identified from previous work, which when combined with the recently completed aeromagnetic survey data, show several areas for high priority follow-up.*
These high-grade results reinforce our business model of exploring for world class gold deposits in the Western United States adjacent to large gold resources or producing gold mines. This is in addition to our Big Sandy Sedimentary Lithium Project in Arizona that remains the Company's primary focus. This diversification ensures that the Company is flexible and provides shareholders with the maximum potential return."
1 HWK ASX Announcement 7 October 2020, Acquisition of Carlin Trend Gold Project
2 HWK ASX Announcement 2 December 2020, High Grade Gold and Copper Results at Devil's Canyon Gold Project, Nevada

ROCK SAMPLING
A total of 37 rocks samples (DC015-52) were collected as both outcrop and float, focused on extending areas of known mineralisation together with reconnaissance prospecting along prospective trends and targets identified from previous sampling and geological interpretations (Figure 1, Table 1).

Figure 1 – Devil's Canyon Rock Sample Results


Image 1 - Looking North at Devil's Canyon Project
Anomalous rock samples were recorded from several areas with peak results of 191.5 g/t Gold (Au), 524 g/t Silver (Ag) and 10.25% Copper (Cu).
Elemental associations define four distinct mineralised zones based on the relative abundance of each element (Figure 2, Images 2-4, Tables 1 & 2):
Zone Au1: Includes 10 samples, DC042 to DC051 that returned highly elevated values: Gold (Au) ranging from 1.12 g/t to 191.5 g/t, Silver (Ag) from 22.1 g/t to 524 g/t, Copper (Cu) from 0.54% to 10.25%, Bismuth (Bi) from 64.3 ppm to 1,805 ppm, Molybdenum (Mo) from 1 to 255 ppm, Lead (Pb) from 21 ppm to 323 ppm, Tin (Sn) from 44 ppm to 320 ppm and Tellurium (Te) from 34 ppm to 220 ppm. This Zone correlates with structural Target T1 located on a NE trending structure on the contact of the Ely Limestone to the north and the intrusive granites to the south. One sample from the zone contains 1.17% Zinc (Zn).
Zone Au2: Defined by 5 samples DC034 to DC038, Zone Au2 lies 200m north and apparently parallel to structural target T3. This zone contains significant values: Gold (Au) ranging from 0.9 g/t to 7.15 g/t, Silver (Ag) from 32.6 g/t to 174 g/t and Copper (Cu) from 1.32% to 6.14% with elevated Tin (Sn) and Bismuth (Bi) to 198 ppm and 296 ppm respectively.
Zone Cu1: Contains 5 samples with elevated values: Copper (Cu) ranging from 0.22% to 4.41%, Silver (Ag) from 0.6 g/t to 63.6 g/t, and Tin (Sn) from 5 ppm to 500ppm. Both Gold (Au) and Zinc (Zn) are also anomalous with 1 of the samples returning 1.08 g/t Au and 2 of the 5 samples returning 1.29% and 4.74% Zn. Zone Cu1 lies to the west of Zone Au1 on the southern edge of an ovate magnetic high.
Zone Cu2: Corresponds to structural targets T5 and T6 and is defined by 4 samples containing Copper (Cu) from 0.40% to 7.74% and Silver (Ag) from 0.60 g/t to 30.1 g/t.


Figure 2 – Total Field Magnetic Image, Geology, Structural Targets and Mineralised Zones
These four anomalous zones suggests that mineral zonation, produced by multiple intrusive and mineralising phases may exist. This is broadly similar to the McCoy-Cove Gold property located in the Battle Mountain-Eureka Trend, one of the highest-grade gold deposits in Nevada with an historical production of approximately 2.6 million ounces of gold and 100 million ounces of silver (Figure 3).
At McCoy-Cove three types of mineralisation are present:
- Carlin-type at Cove,
- polymetallic sheeted veins in the deep 2201 zone and
- skarn mineralisation in the historic McCoy pit3
The mineralised zones at McCoy-Cover are reported to have differing mineral associations associated with two identified intrusive events resulting in a prograde and retrograde mineralisation. The mineralisation follows intrusive contacts and persists to a depth of 200m and up to 50m from the contact4 . This is considered as a similar geological setting to all of the interpreted structural targets at Devil's Canyon, in particular coincident structural Target T1 / mineralisation Zone A1.
Three intrusive phases have been interpreted at Devil's Canyon and two mineral associations are observed from the rock sampling.
Further geochemical sampling and detailed geological mapping is required to fully evaluate the targets areas identified to date, together with initial prospecting work over defined geophysical areas of interest.
Images 2 – 4, Rock Samples DC048, DC038, DC042 and DC051
3 www.premiergoldmines.com/mccoy-cove 4 www.portergeo.com.au/database/mineinfo.asp?mineid=mn1188


DC048 - 191.5 g/t Au, 265 g/t Ag, 5.17% Cu DC038 - 174 g/t Au, 5.68 g/t Au, 1.30% Cu



DC042 - 331 g/t Ag, 1.12 g/t Au, 1.94%% Cu DC051 - 215 g/t Ag, 9.93 g/t Au, 10.25% % Cu
AIRBORNE GEOPHYSICS

An airborne drone (UAV) magnetic survey was completed over the project area by independent US based contractors (MHW Geo-Surveys International Ltd) (Figure 3, Table 3).
The magnetic survey shows the presence of magnetic highs related to possible magnetite rich intrusives, alteration zones or skarns. Significant magnetic lows are also present possibly representing areas of magnetic destruction. The original photogeological/structural interpretation fits closely with the magnetics demonstrating the continuation of structures not recognised on the satellite imagery.
Initial processing of the magnetic survey data was completed by Resource Potentials Ltd. The data is presently being interpreted and modelled in conjunction with the previous photogeological structural interpretation and available geochemistry.
NEXT STEPS
- The acquisition of the magnetic data has proven to be a major step forward in the exploration program and interpretation, and in conjunction with the existing information will highlight specific areas and produce further targets for ground follow-up.
- Portable XRF geochemistry across the project area is planned to further define and extend the known trends as well as identify new trends.
- Geological mapping and sampling of targets identified by the geophysical interpretation leading to increase precision for the location of targets and drill holes.
- Maiden drilling program at Devil's Canyon.
Table 1 – Devil's Canyon Rock Chip Sample Results

| Zone | SAMPLE | Easting | Northing | Au g/t | Ag g/t | Cu % | Pb ppm | Bi ppm | Mo ppm | Sn ppm | Te ppm | Zn % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cu1 | DC016 | 598,957 | 4,430,129 | 0.00 | 0.6 | 0.86 | 5 | 0.3 | 3 | 500 | 0 | 0.22 |
| Cu1 | DC017 | 598,957 | 4,430,129 | 1.08 | 2.6 | 0.22 | 19 | 3.0 | 3 | 46 | 5 | 0.01 |
| Cu1 | DC018 | 599,028 | 4,430,156 | 0.00 | 0.6 | 0.35 | 2 | 0.0 | 6 | 10 | 0 | 0.10 |
| Cu1 | DC019 | 599,086 | 4,430,076 | 0.20 | 63.6 | 4.41 | 7 | 4.5 | 4 | 14 | 2 | 4.74 |
| Cu1 | DC020 | 599,085 | 4,430,075 | 0.02 | 0.8 | 0.71 | 3 | 0.4 | 6 | 5 | 0 | 1.29 |
| DC021 | 598,723 | 4,429,565 | 0.02 | 0.9 | 0.08 | 157 | 0.1 | 10 | 1 | 0 | 0.10 | |
| DC022 | 598,804 | 4,429,999 | 0.04 | 0.3 | 0.02 | 7 | 0.4 | 0 | 10 | 0 | 0.02 | |
| DC023 | 598,804 | 4,429,999 | 0.02 | 0.8 | 0.02 | 10 | 0.2 | 17 | 16 | 0 | 0.01 | |
| DC024 | 598,836 | 4,430,098 | 0.05 | 1.4 | 0.02 | 13 | 3.5 | 12 | 17 | 0 | 0.02 | |
| DC025 | 598,957 | 4,429,721 | 0.11 | 1.1 | 0.08 | 5 | 0.1 | 1 | 6 | 0 | 0.01 | |
| Cu2 | DC026 | 598,821 | 4,429,626 | 0.00 | 0.6 | 1.02 | 3 | 0.1 | 8 | 11 | 0 | 1.77 |
| Cu2 | DC027 | 598,923 | 4,429,551 | 0.05 | 3.4 | 7.74 | 6 | 0.4 | 3 | 8 | 0 | 0.05 |
| Cu2 | DC028 | 598,918 | 4,429,553 | 0.00 | 30.1 | 0.40 | 3 | 0.6 | 13 | 10 | 0 | 0.04 |
| Cu2 | DC029 | 599,322 | 4,429,537 | 0.05 | 6.5 | 2.48 | 4 | 1.8 | 10 | 25 | 1 | 0.05 |
| DC030 | 599,324 | 4,429,535 | 0.07 | 0.9 | 0.06 | 3 | 3.3 | 3 | 29 | 1 | 0.01 | |
| DC031 | 599,327 | 4,429,531 | 0.26 | 0.2 | 0.02 | 5 | 14.6 | 14 | 129 | 3 | 0.01 | |
| DC032 | 599,326 | 4,429,539 | 0.02 | 0.2 | 0.08 | 4 | 0.8 | 4 | 14 | 0 | 0.01 | |
| DC033 | 599,353 | 4,429,560 | 0.45 | 2.3 | 0.39 | 2 | 15.5 | 7 | 1 | 2 | 0.01 | |
| Au2 | DC034 | 599,353 | 4,429,560 | 0.90 | 38.3 | 2.98 | 7 | 42.0 | 23 | 63 | 12 | 0.06 |
| Au2 | DC035 | 599,624 | 4,429,741 | 1.03 | 32.6 | 4.77 | 12 | 9.1 | 14 | 35 | 8 | 0.02 |
| Au2 | DC036 | 599,503 | 4,429,628 | 1.31 | 66.4 | 4.59 | 8 | 28.2 | 25 | 198 | 6 | 0.05 |
| Au2 | DC037 | 599,503 | 4,429,628 | 7.15 | 163.0 | 6.14 | 12 | 296.0 | 14 | 156 | 91 | 0.08 |
| Au2 | DC038 | 599,505 | 4,429,628 | 5.68 | 174.0 | 1.32 | 15 | 258.0 | 68 | 161 | 62 | 0.04 |
| DC039 | 599,493 | 4,429,632 | 0.06 | 6.9 | 0.37 | 6 | 3.6 | 77 | 6 | 1 | 0.04 | |
| DC040 | 599,505 | 4,429,628 | 0.03 | 1.2 | 0.04 | 10 | 1.7 | 90 | 2 | 0 | 0.04 | |
| DC041 | 599,332 | 4,430,315 | 0.02 | 0.5 | 0.01 | 3 | 2.0 | 3 | 47 | 1 | 0.01 | |
| Au1 | DC042 | 599,318 | 4,430,341 | 1.12 | 331.0 | 1.94 | 26 | 277.0 | 177 | 64 | 65 | 0.12 |
| Au1 | DC043 | 599,325 | 4,430,328 | 6.24 | 524.0 | 9.39 | 77 | 475.0 | 114 | 66 | 119 | 0.24 |
| Au1 | DC044 | 599,330 | 4,430,325 | 3.79 | 181.0 | 1.67 | 30 | 620.0 | 255 | 148 | 220 | 0.07 |
| Au1 | DC045 | 599,325 | 4,430,328 | 8.71 | 173.0 | 4.65 | 22 | 264.0 | 45 | 80 | 68 | 0.07 |
| Au1 | DC046 | 599,330 | 4,430,325 | 2.07 | 85.7 | 2.00 | 78 | 65.4 | 1 | 188 | 40 | 0.09 |
| Au1 | DC047 | 599,214 | 4,430,228 | 9.57 | 22.1 | 2.60 | 21 | 294.0 | 9 | 52 | 34 | 0.03 |
| Au1 | DC048 | 599,214 | 4,430,228 | 191.50 | 265.0 | 5.17 | 69 | 1805.0 | 46 | 44 | 161 | 0.09 |
| Au1 | DC049 | 599,214 | 4,430,228 | 68.10 | 92.3 | 0.54 | 52 | 1585.0 | 41 | 53 | 166 | 0.05 |
| Au1 | DC050 | 599,214 | 4,430,228 | 13.15 | 83.9 | 9.89 | 78 | 180.5 | 8 | 64 | 34 | 1.17 |
| Au1 | DC051 | 599,157 | 4,430,124 | 9.93 | 215.0 | 10.25 | 323 | 64.3 | 2 | 320 | 116 | 0.02 |
| DC052 | 599,086 | 4,430,076 | 0.07 | 1.6 | 0.31 | 4 | 2.5 | 0 | 4 | 1 | 1.78 |
Coordinates NAD83 Zone11
Table 2 – Rock Chip Sample Ranges
| Element | Range |
|---|---|
| Au | <0.01 to 191.5 ppm |
| Ag | 0.21 to 524 ppm |
| Cu | 0.01 to 10.25% |
| Zn | 0.01 to 1.78% |
Table 3 – UAV Magnetics Survey Parameters

| Parameter | |
|---|---|
| Line kilometres | 72.5 |
| Avg. Flight Height (+/- 4m) | 40 |
| Line Spacing (m) | 100 |
| Line Direction | East-West |
| Coordinate System | WGS84 (Zone 11) |
| The UAV system used a Geometrics "MagArrow" CesiumMagnetometer flown under a D-RTK DJI Matrice 600 Prohexacopter. The sensor takes 100 readings per second andis flown at a maximum of 10m/second. The sensor issuspended on a 2.5m lanyard to remove it from the noise ofthe UAV. Data is downloaded after collection to 10 Hz. The"MagArrow" readings are diurnally corrected via aGeometrics G858 base magnetometers, cycling 10 readingsper second. |
DEVIL'S CANYON GOLD PROJECT
The Devil's Canyon Gold Project is located approximately 50km north of Eureka and 100km south of Elko, Nevada, USA, and consists of 96 claims covering 728 ha (Figure 4).

Previous ASX Announcements
Figure 4 – Devils Canyon Gold project

October 7, 2020, Acquisition of Carlin Trend Gold Project October 23, 2020, Target A1 Identified Over 92.2 g/t Au Rock Chip Sample December 12, 2020, High-Grade Gold and Copper Results at Devil's Canyon
Competent Person's Statement
The information in this announcement that relates to the Devil's Canyon Gold Project (including the information provided pursuant to ASX Listing Rules 5.12.2 to 5.12.7 (inclusive)) is based on, and fairly represents information compiled by Gregory L Smith who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Smith is a Director of the Company and holds shares in the Company. Mr. Smith consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.
FOR FURTHER INFORMATION PLEASE CONTACT:
MR. PAUL LLOYD Managing Director Hawkstone Mining Limited Tel. +61 419 945 395 [email protected]

JORC Code, 2012 Edition – Table 1 – Devil's Canyon Project – Rock Sampling
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Samplingtechniques | •Nature and quality of sampling (egcut channels, random chips, orspecific specialised industry standard measurement tools appropriateto the minerals under investigation, such as down hole gammasondes, or handheld XRF instruments, etc). These examples shouldnot be taken as limiting the broad meaning of sampling.•Include reference to measures taken to ensure sample representivityand the appropriate calibration of any measurement tools or systemsused.•Aspects of the determination of mineralisation that are Material to thePublic Report.•In cases where 'industry standard' work has been done this would berelatively simple (eg 'reverse circulation drilling was used to obtain 1m samples from which 3 kg was pulverised to produce a 30 g chargefor fire assay'). In other cases more explanation may be required,such as where there is coarse gold that has inherent samplingproblems. Unusual commodities or mineralisation types (egsubmarine nodules) may warrant disclosure of detailed information. | •A total of 37 rock reconnaissance geochemical samples werecollected as grab samples from historically existing mining andexploration workings. This includes from sites such as mine dumps,prospect pits & trenches, and adjacent mineralised outcrop orsubcrop/float. Equipment used was predominatelyhand held hammerfor the collection of rock fragments.•All field exploration work was completed by Harrison Land ServicesLLC, a Utah based company. |
| Drillingtechniques | •Drill type (eg core, reverse circulation, open-hole hammer, rotary airblast, auger, Bangka, sonic, etc) and details (eg core diameter, tripleor standard tube, depth of diamond tails, face-sampling bit or othertype, whether core is oriented and if so, by what method, etc). | •No drilling conducted. |
| Drill samplerecovery | •Method of recordingand assessing core and chip sample recoveriesand results assessed.•Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.•Whether a relationship exists between sample recovery and gradeand whether sample bias may have occurred due to preferentialloss/gain of fine/coarse material. | •No drilling conducted. |
| Logging | •Whether core and chip samples have been geologically andgeotechnically logged to a level of detail to support appropriate | •No drilling conducted. |
| Mineral Resource estimation, mining studies and metallurgicalstudies.•Whether logging is qualitative or quantitative in nature. Core(orcostean, channel, etc) photography.•The total length and percentage of the relevant intersections logged. | ||
|---|---|---|
| Subsamplingtechniquesand samplepreparation | •If core, whether cut or sawn and whether quarter, half or all coretaken.•If non-core, whether riffled, tube sampled, rotary split, etc andwhether sampled wet or dry.•For all sample types, the nature, quality and appropriateness of thesample preparation technique.•Quality control procedures adopted for all sub-sampling stages tomaximise representivity of samples.•Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for fieldduplicate/second-half sampling.•Whether sample sizes are appropriate to the grain size of the materialbeing sampled. | •Grab samples were placed directly into calico bags at the site locationfrom which they were collected. No repeat or check samples have yetbeen submitted for analysis. Each sample was weighed at thepreparation laboratory and the weights recorded along with theanalytical results. No specific quality control procedure has beenadopted for the collection of samples. Samples were shipped to ALSGlobal laboratories in Reno, Nevada for drying, pulverizing, andsplitting to prepare a pulp of approximately 200g which was thenshipped to ALS Global laboratories in Vancouver, Canada foranalytical determinations. |
| Quality ofassay dataandlaboratorytests | •The nature, quality and appropriateness of the assaying andlaboratory procedures used and whether the technique is consideredpartial or total.•For geophysical tools, spectrometers, handheld XRF instruments, etc,the parameters used in determining the analysis including instrumentmake and model, reading times, calibrations factors applied and theirderivation, etc.•Nature of quality control procedures adopted (eg standards, blanks,duplicates, external laboratory checks) and whether acceptable levelsof accuracy (ie lack of bias) and precision have been established. | •Rocks -Assays were prepared and performed by ALS Global –Geochemistry Analytical Labs in Reno, Nevada USA and Vancouver,BC Canada using a four acid digestion method with an ICP-MS finishfor a suite of elements (Method ME_MS41-AR-ICP-MS). Averagerock samples weight was 2.2 kg with range of 0.9-3.6kgGold was assayed using Fire Assay technique on 30gm charge(Method Au-AA25). Samples were pulverized to minus 75 micronsbefore a split was sent to ALS Vancouver lab for analysis. This is anaccepted industry analytical process appropriate for the nature andstyle of mineralization under investigation. No company generatedstandards or blanks were incorporated into the sampling procedure.ALS undertook their own internal checks and blanks.•Multi-element analysis included 51 elements (major and minor,(Method Au-ME-TL43.). Only elements of exploration interest havebeen reported in text. |
| Verificationof samplingandassaying | •The verification of significant intersections by either independent oralternative company personnel.•The use of twinned holes.•Documentation of primary data, data entry procedures, data | •Results were checked and reviewed by the Project Geologist andconsultant. Assay data was supplied electronically by the laboratoryand incorporated into a digital database. ALS report Au in ppm whichwas converted to ppb in the Company database |
| verification, data storage (physical and electronic) protocols.•Discuss any adjustment to assay data. | •Interpretation of multi-element data is on going. | |
|---|---|---|
| Location ofdata points | •Accuracy and quality of surveys used to locate drill holes (collar anddown-hole surveys), trenches, mine workings and other locationsused in Mineral Resource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control. | •Location of samples wererecorded by hand held GPS. The GPSrecorded locations used the NAD83 datum UTM Zone 11. Accuracy islimited to approximately 3 meters. |
| Data spacinganddistribution | •Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution is sufficient to establish thedegree of geological and grade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s) andclassifications applied.•Whether sample compositing has been applied. | •Rock samples were collected randomly at previously known miningand prospect sites. The data is primarily an initial explorationreconnaissance sampling program. Samples locations are variableand based on field observations. |
| Orientationof data inrelation togeologicalstructure | •Whether the orientation of sampling achieves unbiased sampling ofpossible structures and the extent to which this is known, consideringthe deposit type.•If the relationship between the drilling orientation and the orientationof key mineralised structures is considered to have introduced asampling bias, this should be assessed and reported if material. | •The data is primarily an initial exploration reconnaissance samplingprogram and is useful for identifying broad geological trends. |
| Samplesecurity | •The measures taken to ensure sample security. | •Contractor personnel collected the samples and transported them tothe assay laboratory in Reno, Nevada. |
| Audits orreviews | •The results of any audits or reviews of sampling techniques and data. | •No external audit has been completed. |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineraltenement andland tenurestatus | •Type, reference name/number, location and ownership includingagreements or material issues with third parties such as jointventures, partnerships, overriding royalties, native title interests,historical sites, wilderness or national park and environmentalsettings.•The security of the tenure held at the time of reporting along withany known impediments to obtaining a licence to operate in thearea. | Hawkstone Mining Ltd.'s project is located on unpatented Federal miningclaims in Nevada, USA. The Project consists of 90 Mining Rights on USBureau of Land Management (BLM) administered land coveringapproximately 7.8km2 |
| Explorationdone by otherparties | •Acknowledgment and appraisal of exploration by other parties. | •Evidence of some historical mining and exploration activity is evidentwithin the project area. Limited modern day exploration techniquesand methods appear to have been conducted.•ASARCO drilled 13 inclined drill holes in 1980's. Limited data usavailable and includes incomplete assays results and limited drilldata other than collar and direction information.•In 2019, the vendor collected 17 rock samples from various localitieswithin the central portion of the project which contained highlyanomalous Au, Ag, Cu and Mo. |
| Geology | •Deposit type, geological setting and style of mineralisation. | •The project area lies within a structurally controlled Basin & Rangetype mountain range, dominated by Paleaozoic clastic and chemicalsediments. Late granitoid intrusives are known to occur adjacent tothe project. Carlin-style replacement type mineralisation occurs alongstructural corridors in reactive sedimentary host rocks. |
| Drill holeInformation | •A summary of all information material to the understanding of theexploration results including a tabulation of the followinginformation for all Material drill holes:easting and northing of the drill hole collaroelevation or RL (Reduced Level –elevation above sea level inometres) of the drill hole collardip and azimuth of the holeodown hole length and interception depthohole length.o | •No drilling conducted. |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| •If the exclusion of this information is justified on the basis that theinformation is not Material and this exclusion does not detract fromthe understanding of the report, the Competent Person shouldclearly explain why this is the case. | ||
| Dataaggregationmethods | •In reporting Exploration Results, weighting averaging techniques,maximum and/or minimum grade truncations (eg cutting of highgrades) and cut-off grades are usually Material and should bestated.•Where aggregate intercepts incorporate short lengths of high graderesults and longer lengths of low grade results, the procedure usedfor such aggregation should be stated and some typical examplesof such aggregations should be shown in detail.•The assumptions used for any reporting of metal equivalent valuesshould be clearly stated. | •The assay results are based on early stage rock geochemical sampleassays. No data aggregation methods, weighting of results or top cutshave been applied.All elements are in ppm or % as reported. |
| Relationshipbetweenmineralisationwidths andinterceptlengths | •These relationships are particularly important in the reporting ofExploration Results.•If the geometry of the mineralisation with respect to the drill holeangle is known, its nature should be reported.•If it is not known and only the down hole lengths are reported, thereshould be a clear statement to this effect (eg 'down hole length,true width not known'). | •No drilling completed. |
| Diagrams | •Appropriate maps and sections (with scales) and tabulations ofintercepts should be included for any significant discovery beingreported These should include, but not be limited to a plan view ofdrill hole collar locations and appropriate sectional views. | •See text |
| Balancedreporting | •Where comprehensive reporting of all Exploration Results is notpracticable, representative reporting of both low and high gradesand/or widths should be practiced to avoid misleading reporting ofExploration Results. | •Results have been reported for the main elements targeted asdisplayed in Table 1 for rock sampling. Interpretation of otherelements included in the assay method is ongoing. |
| Othersubstantiveexplorationdata | •Other exploration data, if meaningful and material, should bereported including (but not limited to): geological observations;geophysical survey results; geochemical survey results; bulksamples –size and method of treatment; metallurgical test results;bulk density, groundwater, geotechnical and rock characteristics;potential deleterious or contaminating substances. | •See text |
| CriteriaJORC Code explanation | Commentary |
|---|---|
| Further work•The nature and scale of planned further work (egextensions or depth extensions or large-scale step-out drilling).•Diagrams clearly highlighting the areas of possible extensions,including the main geological interpretations and future drillingareas, provided this information is not commercially sensitive. | •tests for lateralSee Text |