Hawkmoon Resources Corp. has entered into a purchase option agreement (the "Agreement") to acquire a 100% interest in the Wilson East Property (the "Property" or "Wilson East"). Wilson East expands Hawkmoon's existing land interest to the east of the Wilson property.
Wilson East is composed of six (6) claims totaling approximately 338 hectares and situated 15 kilometres east of the town of Lebel-sur-Quévillon, Québec and 170 kilometres northeast of the city of Val-d'Or. The new claims are prospective for gold mineralization and have been drilled. The primary areas of interest range from the Verneuil-Serem Ouest showing eastwards along a sheared contact between the volcanics and gabbro. Figure 1 highlights the new claims (outlined in blue) in relation to the Wilson property (outlined in red).
Terms of the Acquisition
Pursuant to the Agreement, the Company may acquire a 100% interest in the Property by issuing an aggregate of 400,000 shares and making aggregate cash payments of $86,000 over a period of three years, as outlined in Table 1 below.
Table 1. Share Issuance and Cash Payment Schedule. Source: Hawkmoon Resources Corp.
|1 Year Anniversary
|2 Year Anniversary
|3 Year Anniversary
On completion of the earn-in, the optionors will retain a net smelter return ("NSR") of 1.5%, 0.5% of which may be purchased by Hawkmoon for $600,000.
Branden Haynes, President of Hawkmoon, states "We are very pleased to enter into a purchase option agreement related to these new claims, as they are contiguous to our Wilson property. This opportunity reinforces our focus on the Quévillon area. The claims appear prospective for gold exploration."