FROM: HAWKEYE GOLD INTERNATIONAL INC.
DATE: May 25, 2001
Canadian Venture Exchange: CDNX - HGO
Current Trading Price: $0.20
NEWS RELEASE 86
EIGHT KIMBERLITE DRILL TARGETS DEFINED
Interpretation of the results of HAWKEYE's September 2000 work program on
the YANKEE property, which the Company owns an option to acquire up to a 50%
interest from its joint venture partner Major General Resources Ltd. (MGJ),
has been completed. The YANKEE property is strategically situated within
the "Homerun Project" - Victoria Island Diamond Area Play, located on
Victoria Island, Nunavut, Canada.
The work has outlined eight kimberlitic drill targets in the northern
portion of the property where detailed magnetic surveys were completed.
Seven of these targets have a very shallow source while the eighth is
interpreted to be about 70 metres deep. There is a high likelihood that the
seven shallow targets are kimberlites as these are the only known sources of
near surface magnetic material. Much of Victoria Island is covered by thick
limestone sequences and only kimberlites are known to cut through these to
surface. The eighth, deeper magnetic source may be a kimberlite or other
mafic body.
On the YANKEE property of Victoria Island, any kimberlite intersected has a
high probability of containing diamonds. To date, 16 kimberlites have been
encountered nearby, 14 of which are diamondiferous. This indicates the
presence of a highly fertile mantle which is known to provide both eclogitic
and peridotitic kimberlite with diamond potential.
Till sampling resulted in the detection of kimberlitic indicator minerals
down-ice from four of the eight magnetic anomalies. In addition, several
other indicator minerals were located in portions of the YANKEE property
which have not been flown by detailed helicopter magnetic surveys.
HAWKEYE's recommended 2001 summer work program on the YANKEE property will
include: a) detailed ground magnetic surveys over the magnetic targets to
accurately locate and better define these kimberlitic targets prior to
drilling; b) a 10-12 hole drilling program totalling 2,000 metres to test
the indicated kimberlitic targets; and c) a helicopter-borne magnetic survey
to locate sources of the new indicator minerals found in the southern
portion of the YANKEE property by last year's program.
Recent microscopic studies on diamonds by Lakefield Research on behalf of
MGJ on the nearby Snowy Owl and other kimberlites shows the diamond quality
to be excellent. A significant number of diamonds are clear, white and are
octahedral in crystal shape. Additionally, resorption of diamonds on
transport to surface appears almost non-existent.
Permitting for drilling and camp are underway.
HAWKEYE GOLD INTERNATIONAL INC.
Per:
"Greg Neeld"
President & CEO
Toll Free: 1-800-665-3624
Vancouver: 1-604-878-1339
Email: haw@hawkeyegold.com
Web Site: www.hawkeyegold.com
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responsibility for the accuracy or adequacy of this release. |
