In June of 2022 Hawkeye closed upon the sale of its Railway property (“Property) which included the sale of its McBride, Boomerang and Todagin properties to Newcrest Red Chris Mining Ltd. (“Newcrest”), a wholly-owned subsidiary of Newcrest Mining Limited (Australian Stock Exchange: NCM, Toronto Stock Exchange: NCM, Papua New Guinea Exchange: NCM), for total consideration of CAD$1,400,000 for all four properties. Under terms of the Asset Purchase Agreement Hawkeye will retain a 2% Net Smelter Royalty (NSR) on the Railway property which is subject to buy-down provisions. For details on these provisions please click on the ROYALTIES link above.
The Railway Project
HAWKEYE quietly acquired the Railway property during late 2019 due to its southeastern border being contiguous to the promising northern IP chargeability target located on the northwest border of the McBride property which was not drilled in 2019 due to the onset of severe weather conditions. The Railway acquisition extends the target area through the undrilled northern chargeability anomaly over the McBride from 1 kilometre to 3 kilometres on a northwest direction to Thatue Mountain located on the Railway property. Along this belt there are known mineralized porphyry and breccia mineral occurrences where Cu values of 9.35%, Ag up to 57 g/t, Au 0.32 g/t and 0.154 g/t Pt have been reported.
The Railway property occurs within the Stikinia Terrane and primarily lies within the Jurassic-age Hazelton Group calc-alkaline volcanics. The Jurassic-age Hazelton
basalt, andesite, dacite and rhyolite flows and pyroclastics unconformably overlie the Triassic Stuhini volcanics and volcanoclastic deposits. Both Stuhini and Hazelton lithologies are overlain to the south by Upper Jurassic Bowser subaerial to deep marine sediments. Monzonite, diorite to gabbro intrusions of Triassic to Late Jurassic age intrude the above packages. Carbonate, limonite, sericite, clay and silica alteration affect the volcanic lithologies.
Previous fieldwork in the area included regional mapping and drainage geochemical surveys by government, and reconnaissance soil, stream silt and rock sampling programs by exploration companies focused on district scale Cu-Au porphyry targets. The results identified anomalous base and precious metals associated with argillic, phyllic and propylitic alteration envelopes.
“Assay values referred to on this page have been referenced from historical programs. Values in these old reports have been verified by the Qualified Person, but there has not been any onsite data collection to confirm them. As such these values should be regarded as a guide only. “