Gold Hawk Samples 150 Feet of 2.17% Copper in a Historic Un-Mined Sublevel at Oracle Ridge
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/25/11 -- Gold Hawk Resources Inc. ('Gold Hawk' or the 'Company') (TSX VENTURE: GHK) is pleased to announce that underground sampling of a sublevel driven on the lower Abrigo skarn bed on the 6,400 foot level, in Block 1 at the Company's Oracle Ridge Copper Mine, has returned a continuous 150 feet of mineralization averaging 2.17% copper, 12.59% iron and 0.45 oz/ton silver. Gold averaged 0.006 oz/ton.
'The underground sampling at Block 1 was completed as part of our ongoing historic data verification program,' said Mr. Kevin Drover, Gold Hawk's Chairman and CEO. 'We are pleased that these copper grades compare favourably with the historic grades contained in the 2,000-tons-per-day mine plan the former operators completed in 1996.'
The Block 1 sublevel development was completed prior to the Mine's closure in 1996 in preparation for long-hole stoping but no actual mining of this block occurred. The 150-foot sample interval is along the strike of the skarn bed and estimated true thickness of the skarn bed in this area is approximately 25 to 30 feet.The Oracle Ridge Copper Mine is located 24 km northeast of Tucson, Arizona.
Continuous channel samplings at five-foot intervals were taken on the hanging wall rib of the lower Block 1 Abrigo copper skarn zone. Sampling has been completed on the eastern half of the sublevel and the Company plans to complete sampling of the western half of the sublevel and a sublevel driven on the adjacent upper Abrigo skarn zone in the near future.
The silver and iron content returned by the sampling continues to indicate that both metals may be present in sufficient quantities to represent potentially economic by-products to future copper production. Metallurgical test work in Gold Hawk's ongoing engineering studies is being directed at determining the viability of recovering these metals.
The technical information in this media release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Glenn R. Clark, P.Eng. of Glenn R. Clark & Associates Limited, a consultant for Gold Hawk and a Qualified Person under NI 43-101, who is responsible for the technical information reported herein.
The company also wishes to congratulate Mr. Clark on his recent induction as a Fellow of the Canadian Institute of Mining, Metallurgy and Petroleum.
Drill Program update
The confirmation drill program at the Oracle Ridge Copper Mine is advancing on schedule with 12 holes completed at this time. A total of 11,800 feet of drilling has been completed to date of the initial 15,000 feet of surface Phase One drilling designed to validate the existing drill hole data. Assays have been received for seven of the holes with more assays expected in the near future. To date, the results compare favourably with the historic assays and are within expectations.
For additional information regarding Gold Hawk's initial drill assay results, please see the Company's May 12, 2011 media release 'Gold Hawk intercepts 25 feet of 4.63% copper, 1.25 opt silver at Oracle Ridge'.
For an overview of the historic copper skarn mineralization zones, see the Company's website:
Oracle Ridge Copper Mine - Historic Copper Mineralization Zones (http://www.goldhawkresources.com/en/uploads/highlight-files/oracle_ridge_copper_mine_-_historic_cu_mineralization_zones.pdf).
The Phase One drill core assay results will be compared against and used to verify the historic data and to complete a new, NI 43-101 compliant technical report on reserves and resources. Gold Hawk is in possession of the historic data base consisting of 534 drill holes totalling more than 163,000 feet of drilling. The available historic drill core samples are in good condition and stored on site and are in the process of being catalogued, logged and assayed as part of the study to bring the project to NI 43-101 standards.
For additional information on the Oracle Ridge Copper Mine, please see the August 20, 2010 Technical Report, Review of the Oracle Ridge Mine Project, available on SEDAR and on the Company's website (http://www.goldhawkresources.com/en/properties/oracle-ridge.php).
Annual and Special Meeting of Shareholders
Gold Hawk will hold its Annual and Special General Meeting on Tuesday, June 7, 2011 at 10:00 a.m. (Pacific Time) at the Seymour Room of the Coast Coal Harbour Hotel, 1180 West Hastings Street, Vancouver, B.C. Shareholders of record as at the close of business on May 2, 2011 are entitled to vote at the meeting. Voting instructions will be sent to shareholders with the Notice of Meeting, Management Information Circular and Proxy and have been filed on SEDAR.
About Gold Hawk Resources Inc.
Gold Hawk (TSX VENTURE: GHK) is a Vancouver, Canada-based company with a focus on uncovering overlooked deep-value projects to achieve superior shareholder returns. The Company is the sole owner and operator of Oracle Ridge Mining LLC and copper mine located 24 km northeast of Tucson, Arizona. Gold Hawk has cash on hand of approximately $19 million, minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience.
Forward-looking Statement Disclaimer
This document may contain 'forward-looking statements' within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Gold Hawk Resources Inc. (hereinafter referred to as the 'Company') does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved' or the negative of these terms or comparable terminology.
By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Gold Hawk Resources Inc.
Mr. Jason Mercier
Investor Relations
(604) 689-9261
info@goldhawkresources.com
www.goldhawkresources.com