Hawkmoon Resources has agreed to acquire a 100% stake in the Lava gold property in Belleterre Gold Camp, Québec, Canada, from two arms-length vendors.
The property, which includes 41 mineral claims, is situated in the Latulipe-et-Gaboury Township of western Québec, 15km east of the village of Belleterre.
Hawkmoon has the option to pick a 100% interest in Lava by making a $115,500 cash payment, issuing 1,320,000 Hawkmoon common shares to the vendors and completing $500,000 worth of work over three years.
Once the option is exercised, the vendors will have a 3% net smelter return (NSR) royalty. Hawkmoon will have an option to purchase 1% of the NSR for $1m.
In a press statement, Hawkmoon said: “The property covers the Lavallée number 38, 39, 40 and 41 gold showings. The showings are a series of gold-bearing quartz-carbonate veins, which often contain sulphide minerals.
“Gold can be associated with sulphides in the Belleterre area. The veins occur within a 10km-long, northeast-trending corridor marked by numerous shear zones.
Hawkmoon said that the veins occur within the northeast-trending corridor, referred to as the Lavallée Shear Zone (LSZ), marked by numerous shear zones.
The firm is planning to re-interpret previous work on the Lava gold property, as well as conduct a trenching and rock sampling programme to develop drill targets along the LSZ.
Last month, Hawkmoon signed an option agreement to acquire 100% of the Wilson Gold Project from Cartier Resources.
Comprising 42 mineral claims, the property is located in Verneuil Township 15km east of Lebel-sur-Quévillon.