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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataHawkmoon 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.