Exploration and mining company Hawkstone Mining Limited (ASX: HWK) is primarily involved in the development of its wholly owned Big Sandy and Lordsburg Projects which are located within the United States Battery Corridor.
In an announcement made on 23 May 2019, the company announced that it has received further results from Hawkstoneâs 37-hole Phase 2 diamond drill program at its Big Sandy Lithium-Clay Project, located 2.5 hoursâ drive northwest of Arizonaâs state capital, Phoenix.
The results received from Drill-holes DHQ33, DHQ34 and DHQ35 are intersecting thick, high-grade lithium. Till now the results from the drilling program have provided confirmation of northern extension to high-grade lithium mineralisation.
Notable results include-
Drill hole - DHQ33
- 0m @ 2,123 ppm Li from 37.0m to 49.0m and
- 0m @ 1,967 ppm Li from 51.0m to 74.0m and
- 0m @ 1,777 ppm Li from 77.0m to 83.0m
Drill hole - DHQ34
- 0m @ 1,798 ppm Li from 10.0m to 42.0m and
- 0m @ 2,091 ppm Li from 43.0m to 68.0m and
- 0m @ 1,624 ppm Li from 72.0m to 79.0m
Drill hole - DHQ35
- 0m @ 1,444 ppm Li from 16.0m to 21.0m and
- 0m @ 2,015 ppm Li from 23.0m to 62.0m and
- 0m @ 1,650 ppm Li from 63.0m to 65.0m and
- 0m @ 1,705 ppm Li from 70.0m to 72.0m
Big Sandy Project, Drill Cross Section 3,842,850N with reported holes DHQ33, DHQ34, and DHQ35 (Source: Company Reports)
Besides this, the Assayâs received from holes DHQ24 and DHQ26, located on the eastern margin of the identified mineralisation, with significant shallow lithium mineralization.
The company is currently progressing with its Phase 2 drilling program, results of which are currently generating a stream of significant news flow as the Company builds momentum towards the expected compilation of its maiden JORC compliant resource.
Recent exploration has highlighted the potential of the Big Sandy Project, which is why the company undertook a placement to raise around A$2.4 million at $0.02 per share in order to make sure that the company is well-funded for further drilling and metallurgical test work.
Net proceeds from the Placement are intended to advance the Companyâs flagship Big Sandy Project with further drilling programs and metallurgical test work planned as the Company builds towards the estimation of a maiden JORC compliant resource targeted for late 2019.
Now, letâs have a glance at the companyâs stock performance and the return it has posted over the past few months. The stock traded at a price of $0.023, down by 4.167% during the dayâs trade with a market capitalisation of ~$13.69 million as on 23 May 2019. The counter opened the day at $0.024 and reached a dayâs low of $0.023 with a daily volume of ~1,118,338. The stock has provided a year till date return of -26.32% & also posted returns of 9.09%, 26.32% & 84.62% over the past 6 months, three & one-month period respectively. It had a 52-week high price of $0.040 and touched 52 weeks low of $0.011, with an average volume of ~928,437.
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