Hawkstone Updates On Drilling Programme In Big Sandy Lithium-Clay Project

Hawkstone Updates On Drilling Programme In Big Sandy Lithium-Clay Project

Hawkstone Mining Limited (ASX: HWK), Australia’s lithium player has wholly-owned Big Sandy and Lordsburg Projects, located within the United States Battery Corridor, which includes Tesla Motors Gigafactory, a lithium-ion battery and electric vehicle subassembly factory near Reno, Nevada.

Big Sandy Lithium Clay Project is Hawkstone’s flagship lithium project with identification of significant mineralisation and drilling underway. The Lordsburg Lithium Brine project is a highly prospective lake playa system with consistent anomalous values in playa sediments.

Further, the company today, on 14th May 2019, updated about the drilling programme at Big Sandy Lithium-Clay Project, where it reported new results received from 37-hole Phase 2 diamond drill program. The results include a new peak value of 4,380 ppm Li (DHQ21), with continuous drilling to intersect thick, high-grade lithium mineralisation up to 600 meters north.

Hawkstone has completed 19 of the planned 37-hole program with diamond drilling continuing over the Northern Mineralised Zone, targeting the previously reported 11km-long lithium horizon.

The Big Sandy’s 11km-long lithium horizon has simple geology with high-grade lithium mineralization from surface to a  depth of 90 meters. It has thick flat-lying (clay) sediments deposited in basin, with extensive areas of lithium-bearing clays visible at the surface. The current drill program has confirmed thick, high-grade mineralisation.

The 37-hole diamond drilling program’s initial assays continued to demonstrate the continuity of clay-hosted lithium mineralisation and thickness. The significant mineralisation was between 10 to 60m thick. Hawkstone is building exploration momentum towards estimation of a JORC compliant resource.

 

Hawkstone is focusing on lithium-clay, with industry-leading lithium-clay peer advantages, including open-pittable, low-cost mining with low stripping ratio and little requirement for crushing or grinding and a scale to support long mine life.

The company follows a proven lithium extraction method. Initial metallurgical test work indicated a recovery of 93% lithium within 2 hours. Moreover, technology partners have completed similar test work on peer project. The company has tied up with highly skilled technology partners and the future lithium processing plant is blessed with first class infrastructure.

On the scope of the lithium industry, US Govt. has designated lithium as a ‘Critical Mineral’. Moreover, the USA is favouring domestic sources of lithium across the supply chain. Lithium serves an essential function in the manufacturing of lithium-ion batteries. Companies like Tesla, LG, SKI, Imperium3 are manufacturing lithium-ion batteries in the USA. The battery production at Gigafactory has reached an annualized rate of roughly 35 GWh, making it the highest-volume battery plant in the world.

On the price-performance front, at market close on 14th May 2019, the stock of Hawkstone Mining Limited was trading at $0.021, with a market capitalisation of $11.98 million. The stock has generated a YTD return of 10.53 percent with significant returns of 23.53 percent and 61.54 percent over the past three months and one-month period, respectively. Its 52-week high price stands at $0.040 and 52-week low price at $0.011.


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