12g3-2(b):82-24354
October 9th Vancouver Stock Exchange Listed - HAW
NASDAQ Bulletin Board Listed - HWKIF
Standard & Poor's Listed
CUSIP NO:419901 10 3
News Release No: 35
RE: HAWKEYE Discovers two new Significant Gold Targets on its CEO Claims which include Visible Gold (VG) findings and assay results up to 91.46 grams gold per tonne
Hawkeye Gold Corp. is pleased to announce that it has completed stage one on its CEO, CEO 1 & CEO 2 gold bearing claims (the "CEO properties") , which HAWKEYE owns a 100% interest and straddle the Snare River, near Camp Lake, approximately 140 kilometers north west of Yellowknife, Northwest Territories, Canada. The claims are close to existing infrastructure including a fixed wing air strip capable of landing a DC-3 and, an all weather road crossing the CEO 1 and CEO 2 claims extending between 4 hydro-electric dams constructed along the Snare River system that links to Yellowknife and Edmonton.
The CEO claims are situated approximately ten kilometers south east of the Company's TRI-REBA group of claims, which are adjacent to the eastern border of Fortune Minerals NICO claims where Fortune Minerals recently announced a 69.9 million tonne global drill indicated resource of gold, copper, cobalt, bismuth and tungsten oxide and are continuing drilling to trace the east strike extension of the
Bowl Zone where significant intersections of gold have been discovered.
The CEO claims were formerly staked in part as the Deloro Group and then as the CJ-IO leases, the latter explored by Anglo United Development Corporation Limited. Trenching and several episodes of
diamond drilling delineated at least 4 mineralized zones within the Camp Lake Shear Zone. A report by Trigg (1982) concluded that drilling in the four mineralized zones discovered several gold-bearing quartz
veins and silicified shear zones and defined a potential recoverable reserve totaling about 61,200 tonnes averaging 13.71 grams of gold per ton. This equates to about 24,950 ounces of potentially recoverable
gold; which at a gold price of about $350.00 US and an exchange rate of $1.00 equals $1.35 CDN, has an in-ground value of about 115,000,000 CDN, excluding any capital or operating costs for development. In addition, about 17,090 tonnes at 13.03 grams of gold per ton, or about 5,810 ounces gold exists in a necessary crown pillar that must be left during any mining of the No. 1 and No. 2 zones of the CEO mineral claim. As well, prior exploration found numerous other quartz veins and shear zones within the property, most of which the available records indicate either have not been tested or have been inadequately tested. Therefore, further exploration is definitely warranted within the CEO claim group, both (1) to expand the known gold reserves and to search for other gold bearing zones, and (2) to assess whether the currently defined gold resource may be economically exploitable.
Stage one which commenced August 13 and completed on September 9, 1997 totaled 87 man-days of detailed geological mapping and prospecting. The survey was completed at a 1:5000 scale by systematic east-west traverses spaced at 100 meter intervals over the entirety of the CEO, CEO 1 and CEO 2 mineral claims.
The Company is pleased to report that results from this exploration and prospecting program are significant due to the discovery of two new gold bearing occurrences, one situated in the south eastern
portion of the CEO 1 mineral claim and the other in the north eastern area of the CEO 2 mineral claim. Rock grab samples from the CEO 2 area contained visible gold and assayed up to 91.46 grams of gold per tonne and rock chip samples from the CEO 1 gold discovery assayed up to 45.31 grams of gold per tonne. Excluding the aforementioned. of the samples that were collected, 16 rock grab samples and 3 rock chip samples contained greater than 0.15 grams of gold per tonne. All rock samples were analyzed at Bondar-Clegg & Company Ltd., North Vancouver for gold by fire assay and for 34 other selected elements by Induction Coupled Plasma Spectroscopy.
Preliminary conclusions made by the Company's consulting geologists state there is potential to discover an important lode gold deposit within the CEO mineral claims because: (1) there exist in some places
visible gold and sulphide minerals, both within quartz veins and in the sheared and/or silicified zones hosted in meta-sedimentary rocks; (2) there is evidence for ductile deformation throughout certain parts
of the CEO mineral claims. (3) there are anomalous rock samples that include visible gold (VG) with assay results up to 91.46 grams of gold per tonne, and; (4) there is a known gold resource at the No. 1,
2, 3 and South zones within the CEO mineral claim.
Due to the above mentioned positive results the Company Geologists have recommended that HAWKEYE arrange for an airborne geophysical survey over the entirety of its CEO mineral claims, which will be flown by Geoterrex-Dighem of Mississauga, Ontario commencing on October 20, 1997 and expected to be completed on or before October 24, 1997, weather permitting. The intention of this airborne geophysical survey is to identify structure and additional fault zones within the CEO claim group. Results from this years prospecting and exploration program, airborne geophysical survey and all other work performed on the CEO claims to date will be compiled into a detailed report that will be available to the Company by the end of November, 1997.
At this time HAWKEYE will be in a position to plan its diamond drilling program for 1998 which should consist of (a) drilling at the Number 1 to 3 zones and the south zone of the CEO claim in order to
confirm and expand the drill indicated resource which has been identified by prior drilling, (b) diamond drilling in the newly discovered gold zones of the CEO 1 and CEO 2 mineral claims as above
mentioned, and (c) prospect drilling to test selected poorly exposed veins in shear zones that exist on the CEO, CEO 1 and CEO 2 mineral claims.
Further news will be forthcoming with regards to results of the airborne geophysical survey, interpretations and conclusions from the detailed compilation report for the CEO properties and expected drilling dates.
TEL: 1-800-665-3624 Greg Neeld, President and CEO FAX: (604) 688-3402 TEL: (604) 878-1339
Email: haw@hawkeyegold.com Internet: www.hawkeyegold.com |
