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Market: TSX-V
Sector: Gold Mining
Epic: .HGC
News: Latest news
Web Site: Hawthorne Gold
Other Articles: 30-11-200918-11-200915-10-2009

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Hawthorne Gold

Hawthorne Gold

Hawthorne Gold Corp. is a Canadian-based gold exploration and development company with key properties located in British Columbia, Canada. Hawthorne Gold is led by respected mining leaders Richard Barclay and Michael Beley. Hawthorne's goal is to become a junior gold producer by working towards production at Table Mountain in late 2009 and continued resource development at the Frasergold and Taurus deposits. Utilizing the management expertise in mine-finding, construction and operation, Hawthorne Gold anticipates pursuing additional exploration and late stage development projects.

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Wednesday, November 18, 2009

Hawthorne Gold completes NI 43-101 technical report for Frasergold project in British Columbia

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Hawthorne Gold Corp. (TSX-V: HGC) and Eureka Resources Inc (TSX-V: EUK) said in a joint statement they have completed and filed the NI 43-101 technical report and resource estimate on the Frasergold project located in British Columbia, Canada.
 
The Frasergold project, optioned from Eureka, is a large-tonnage, low-grade gold deposit, located in the Cariboo gold district of BC. Hawthorne is now reviewing the next steps to advance this project.

Assuming a 0.30 grams per ton gold cut-off, the project has a measured and indicated resource estimate for the Main Zone of 34.04 million tons grading 0.599 g/t gold for 614,000 ounces, and an inferred resource For the Main, the NW and SE Zones of 75.31 million tons grading 0.507 g/t gold for 1.225 million oz.

The technical report states: "The previous geochemical sampling and drilling programs on the property have demonstrated mineralization continues to depth thus increasing the previous defined width of the Main Zone. Drilling has also demonstrated mineralization continues down dip in particular areas along the strike of the Main zone and that potential continues to exist along strike which is further demonstrated by soil grid results emanating from a soil sampling program conducted over 1 km from the Main Zone along strike towards the Northwest."

The 2009 Frasergold resource estimate is based on a total of 160 diamond drill holes and 242 reverse circulation holes, sampling a combined 49,691 metres. The drilling was completed by Eureka, and optionees, from 1983 to 1993 and Hawthorne in 2007 and 2008.

Hawthorne can earn a 51 percent interest in Frasergold by completing contractually defined exploration expenditures totaling C$3.5 million, making payments totaling C$175,000 before October 31 2009, and completing a feasibility study by April 30 2010.

Hawthorne can earn a further 9 percent for a total of 60 percent by arranging financing for 70 percent of the estimated capital costs for production.

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