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Hawkeye Signs US$4.5 Million LOI to Advance La Cobriza Project
Hawkeye Gold & Diamond Inc. (the "Company" or "HAWKEYE") (TSX VENTURE:HGO) (FRANKFURT:HGT) (ISIN: CA42016R3027) (WKN: A12A61) announces it has entered into a Le
About this update from Hawkeye Gold & Diamond Inc.
[{"type":"text","content":"Hawkeye Gold & Diamond Inc. (the \"Company\" or \"HAWKEYE\") (TSX VENTURE:HGO) (FRANKFURT:HGT) (ISIN: CA42016R3027) (WKN: A12A61) announces it has entered into a Letter of Intent (LOI) with a third party independent vendor (the \"Vendor\") to purchase a fifty per cent (50% ) interest in the La Cobriza Project (the \"Project\") for US$4,500,000. The Property is a Gold and Silver project located 125 kilometers Northeast of Mazatlan and 150 km West Northwest of Durango City, Durango Mexico, and is next to the Tayoltita mine of Primero Mining Corp. The Temehuaya claim which forms part of the La Cobriza group is located approximately 25 kilometers East of Cobriza. La Cobriza Project Highlights • The project lies in the center of the famous San Dimas mining district where high-grade Gold-Silver veins were discovered around the year of 1757 (Dahlgren, 1882). The district has produced an estimation of 9.5 million ounces of Gold and 750 million ounces of Silver, according to the Qualifying Report written by Dr. Megaw (January 2004) to NI43-101 standards, however, the report was not a NI43-101 compliant document. • There are 5 concessions totaling approximately 854 hectares, and to date there are 4 known structures in the \"Cobriza Group\" and 5 known structures in \"Temehuaya\" • There is a 40 tonne per day floatation mill that can be operational, located 1000 meters from the mine. With a moderate amount of upgrades to the ball mill and water supply, the plant can achieve an estimated capacity of 120 tonnes in a relatively short period of time. • The flotation plant is located on privately owned land totaling one hectare. In 2018 an option may be exercised to purchase a total of 280 hectares including the aforementioned one hectare. The plant site was chosen due to the fact that beneficiation activities have always existed on site since early last century. Therefore, this plant was \"pre-existing\" to the change in the mining law that occurred in 1985 and it is classified as an \"old plant\" (Grandfathered). It's regulations are different and therefore the final permit is easily achieved. Production can restart before the final permitting process has concluded. • Historically, in Cobriza, the high grade pockets have sampled between 4,000-6,000 gr/tonne of Ag and 5-11 gr/tonne of Au at the heart / center of the vein. High grade pocket...