Hawk Resources Expands Copper Anomalies at Cactus Project in Utah
HWK (HWK) Share Update December 2024 Wednesday 11th
Hawk Resources Extends Copper Anomalies at Cactus Project
Hawk Resources Limited (ASX: HWK) has announced a significant extension of copper anomalies at its Cactus Project in Utah, USA, based on recent portable XRF soil assays.
Instant Summary:
- Portable XRF soil assays show up to 0.1% copper, over 10 times background levels.
- Anomalies cover areas up to 1km x 700m in Copperopolis and Sigmoid zones.
- Notable anomaly N-1 extends 400m north-south and 800m east-west.
- Historical mine at Cactus produced ore with 2.07% copper and 0.33g/t gold.
- Further soil sampling to resume in Q1 2025 after snow melt.
Exploration Update at Cactus Project
Hawk Resources has reported that recent portable XRF analyses of 420 soil samples have significantly extended copper anomalies at the Cactus Project in Utah. The assays, which show copper levels up to 0.1%, are more than ten times the background grades, suggesting a promising expansion of mineralization potential.
The soil anomalies are associated with structures and magnetic low anomalies, similar to the settings of the historical Cactus mine, which produced high-grade copper and gold ores in the early 20th century. The anomalies in the Copperopolis and Sigmoid zones cover an area of approximately 1km by 700m, indicating a substantial exploration target.
Details of Anomalies
Anomaly N-1, located in the northern part of the project, extends for 400 meters north-south and 800 meters east-west. This anomaly lies along the same structure as the New Years prospect, both of which are associated with adjacent magnetic anomalies and are situated on the southern margin of an interpreted intrusive stock.
Drill hole intersections at the New Years prospect have revealed significant copper mineralization, including 8 meters at 1.3% copper and 4 meters at 1.7% copper within a broader 30-meter intersection averaging 0.78% copper. These results further underscore the potential for discovering additional copper resources in the area.
Next Steps in Exploration
Hawk Resources plans to resume soil sampling in the first quarter of 2025, following the winter snow melt, to further delineate the copper anomalies and cover remaining magnetic anomalies. This will aid in designing future drill holes to test the extent of the mineralization.
The extension of copper anomalies at the Cactus Project is a positive development for Hawk Resources, potentially increasing the project's value and attractiveness to investors. The historical success of the Cactus mine adds credibility to the exploration efforts, and the discovery of new anomalies could significantly enhance the company's resource base.
Investor Reaction:
Analysts are likely to view this announcement as a positive step forward for Hawk Resources, given the historical context and the potential for significant copper discoveries. However, the cautionary note regarding the preliminary nature of pXRF results may temper some enthusiasm until laboratory assays confirm these findings.
Conclusion:
Investors should keep a close watch on Hawk Resources as it continues its exploration activities at the Cactus Project. The company's ability to confirm and expand these anomalies through further sampling and drilling will be critical in determining the project's ultimate value.