Hawkmoon Resources (CSE:HM) Corp has announced that it has entered into a purchase option agreement to acquire a 100% interest in the Wilson East Property.
The company said Wilson East expands its existing land interest to the east of its Wilson property. Wilson East comprises of six claims totaling approximately 338 hectares, situated 15 kilometers (km) east of the town of Lebel-sur-Quévillon, Québec and 170 km northeast of the city of Val-d’Or.
The new claims are prospective for gold mineralization and have been drilled, Hawkmoon added. The primary areas of interest range from the Verneuil-Serem Ouest showing eastwards along a sheared contact between the volcanics and gabbro.
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“We are very pleased to enter into a purchase option agreement related to these new claims, as they are contiguous to our Wilson property,” Hawkmoon president Branden Haynes said in a statement.
“This opportunity reinforces our focus on the Quévillon area. The claims appear prospective for gold exploration,” he added.
Under the terms of the agreement, Hawkmoon said it may acquire a 100% interest in the property by issuing an aggregate of 400,000 shares and making aggregate cash payments of $86,000 over a period of three years, with $12,000 payable on signing, $17,000 on the first anniversary, $22,000 on the second anniversary, and the remaining $35,000 on the third anniversary of the signing.
On completion of the earn-in, the optionors will retain a 1.5% net smelter return, a third of which may be purchased by Hawkmoon for $600,000, the company said.
Hawkmoon is focused entirely on its three Quebec gold projects. Two of these projects are in one of the world’s largest gold deposits, the Abitibi Greenstone Belt.
Both gold projects are accessed by government-maintained roads and are close to each other east of the town of Lebel sur Quévillon.
The third project is situated in the Belleterre Gold Camp southwest of Val-d’Or.
Contact the author at stephen.gunnion@proactiveinvestors.com