HAWKEYE GOLD INTERNATIONAL INC.
990 Beach Avenue, Suite 702
Vancouver, B.C., Canada
V6Z 2N9
October 21, 1999
Web Site: www.hawkeyegold.com
Email: haw@hawkeyegold.com
Vancouver Stock Exchange - HGO
Issued & Outstanding - 2,491,217
Recent price range: - $0.25
N E W S R E L E A S E
RE: Staking complete - Tectonic and diamond potential report on YANKEE Property
Management is pleased to announce that Major General Resources Ltd. (Major General) has confirmed that staking of HAWKEYEs (the Company) and Major Generals joint venture YANKEE property (the Property) has been completed. A total of approximately 90,000 acres were staked. HAWKEYE owns a right to purchase up to a 50% interest in the Property which is located on Victoria Island, Nunuvat, Canada. The Property is strategically situated within kilometres of diamondiferous kimberlite pipe discoveries within the - Homerun Project - Victoria Island Diamond Area Play.
The Company recently commissioned Mr. George Read, a consulting geologist, to assess the tectonic setting and diamond potential of the YANKEE Property. Mr. Read has extensive experience and knowledge in geochemistry and has worked for companies such as Anglo American Corporation / De Beers Group of Companies and Monopros Ltd. Mr. Read stated in his report that the YANKEE Property is situated on stable cratonic crust as defined by the Bouguer Gravity Map of Canada and Archean age dates of basement rocks. Ni-thermometry of garnets collected on adjacent properties as discussed in the report shows this area has a cool cratonic geotherm, which is favorable for diamondiferous kimberlites. Mr. Read concluded diamond potential for the YANKEE property is considered favorable.
The YANKEE Property covers an area considered to be highly prospective for diamonds as it is situated near two diamond bearing kimberlite clusters. The first cluster owned by Major General - Ascot - Monopros (DeBeers) is located within 15 kilometres to the east of the Company?s property boundary while the northern boundary is located within 25 kilometres of the Monopros diamondiferous kimberlite discovery to the north. To date, 15 kimberlites have been discovered on Victoria Island, with 12 known to be diamondiferous. The five diamondiferous kimberlites announced in late 1998, situated within 15 kilometres to the east of the YANKEE Property, contained micro-diamond results ranging from 1 micro/100kg to 102 micros/100kg. The Company?s claims are in the same geological setting as these discoveries. Archean rocks underlying Victoria Island are considered to belong to the Slave Craton, which is also host to the rich Lac de Gras Diamond discoveries.
The property hosts two primary targets and several other favorable targets interpreted from remote sensing and airborne geophysical surveys. The remote sensing studies indicate a close relationship between kimberlites and the dense intersections of linear features. A very large, strong intersection of such structures occurs in the southwest portion of the YANKEE Property. This area is one of the primary targets for the Company. Furthermore, the remote sensing studies have outlined the presence of numerous large and small sub-circular nested structures on and near the YANKEE Property. Similar sub-circular structures are evident in the Lac de Gras diamond discovery area. In the northeastern portion of the property, the geophysical survey has identified a possible bullseye kimberlitic target defined by a circular magnetic low anomaly measuring 400 metres wide with an interpreted depth of 75 metres. This area is also a primary target. Several north-south and northwesterly trending diabase dykes transect the property. Diamondiferous kimberlite pipes that have been discovered on Victoria Island are in close proximity to these diabase dykes.
The Homerun Project is also the area in which Dia Met Minerals Ltd. (Dia Met) announced on August 28, 1999 that it had reached a substantial agreement with partners Major General and Ascot Resources Ltd. (Ascot). Dia Mets optioned land covers 644,300 acres within the - Homerun Project-Victoria Island Diamond Play Area. Dia Met must expend a total of $7 Million over five years to earn a 51% interest in the properties. Recently Dia Met completed a substantial field exploration program whereby 987 till samples were collected and are en-route to CF Minerals Laboratory in Kelowna, B.C., Canada. Processing will begin shortly for diamond indicator minerals. CF Minerals Laboratory is operated by Chuck Fipke, a principal of Dia Met and co-discoverer and part owner of the Ekati Mine, which is the first diamond mine discovered in Canada, situated in the Lac de Gras area of the Northwest Territories, Canada.
Further news will be forthcoming regarding work programs on the YANKEE Property strategically situated within the Homerun Project - Victoria Island Diamond Play Area.
HAWKEYE GOLD INTERNATIONAL INC.
Per:
Greg Neeld
President & CEO
Toll Free: 1-800-665-3624
Vancouver: (604) 878-1339
Email: haw@hawkeyegold.com
Web Site: www.hawkeyegold.com
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. |
