Hawkmoon Resources (CSE:HM) Corp said it inked an option deal to acquire a 100% interest in the Lava gold property in the Belleterre gold camp in western Québec from two arms-length vendors.
The property consists of 41 mineral claims totaling around 2,061 hectares and Hawkmoon noted that there had been a recent revival of the Belleterre Gold Camp due to Vior Inc consolidating much of the Camp, including the past-producing Belleterre mine, which produced 750,000 ounces of gold and 95,000 ounces of silver between 1936 and 1959.
The property covers the Lavallée number 38, 39, 40, and 41 gold showings, which are a series of gold-bearing quartz-carbonate veins within a ten-kilometre long, northeast-trending corridor known as the Lavallée Shear Zone (LSZ).
Hawkmoon proposes to re-interpret previous work at the property, including 3D modelling of historical diamond drilling. It will also carry out a trenching and rock sampling program to develop drill targets along the LSZ, expected to begin this summer.
Under the terms of the deal, Hawkmoon must pay C$115,500 cash, issue 1.32 million shares to the vendors, and complete C$500,000 of work expenditures over three years.
Upon exercise of the option, the vendors will retain a 3% net smelter return (NSR) royalty, of which 1% may be purchased by Hawkmoon for C$1 million.
Hawkmoon is focused on three Quebec gold projects, two of which are in the Abitibi Greenstone Belt, one of the most prolific gold districts in the world.
Contact the author at giles@proactiveinvestors.com