Hawk Resources Unveils High-Grade Copper at New Years Prospect, Eyes 12 New Targets

Confirming High-Grade Copper Mineralisation

Hawk Resources Limited (ASX: HWK) has delivered promising results from its December 2024 quarter activities at the Cactus copper-gold project in Utah, USA. The company’s recent diamond drilling at the New Years prospect confirmed shallow, high-grade copper oxide mineralisation, with assays revealing 26 metres at 1.3% copper from surface, including an 8-metre interval grading 2.8% copper. Another hole intersected 30 metres at 0.78% copper from 10 metres depth, featuring zones of 8 metres at 1.3% and 4 metres at 1.7% copper.

These results validate historical drilling from 1964 and 2002, confirming the host rock as tourmaline breccia, the same lithology that hosted the historically mined Cactus deposit, which yielded ore grading 2% copper. This continuity in geology and grade underscores the prospectivity of the New Years area within the broader Cactus project.

Expanding the Exploration Footprint

Beyond drilling, Hawk has undertaken extensive geophysical re-modelling and soil sampling, revealing twelve new targets with exploration signatures akin to the Cactus and Comet deposits. These targets are characterised by coincident magnetic lows, resistivity lows, chargeability highs, and anomalous copper in soils, hallmarks of structurally controlled copper mineralisation.

Noteworthy among these are the CZ-1 target in the Copperopolis Zone, located at a structural intersection with intense magnetic and resistivity anomalies, and the N-1 target in the Northern Zone, which boasts a substantial copper soil anomaly measuring 800 by 400 metres, coupled with strong chargeability highs. The CZ-5/SZ-1 target in the Sigmoid Zone also presents compelling chargeability highs beneath copper soil anomalies.

Strategic Next Steps and Funding

Hawk plans to extend soil sampling to close off existing anomalies and conduct an electromagnetic geophysical survey in the first quarter of 2025. This survey aims to detect conductors that may indicate massive sulphide mineralisation, a potential game-changer for the project’s economics. Following these surveys, targeted drilling is scheduled for the second quarter to test priority targets, including follow-up at New Years.

Supporting these activities, Hawk successfully completed a non-renounceable pro-rata entitlement offer and a $2 million placement to professional and sophisticated investors. These capital raises provide the necessary funding runway to advance exploration in both the USA and Brazil, where Hawk holds lithium projects, alongside its copper-gold assets.

Broader Implications for Hawk Resources

The confirmation of high-grade copper mineralisation at New Years, combined with the identification of multiple new targets, significantly enhances Hawk’s exploration upside. The structural and geophysical framework emerging from the Cactus district points to a fertile mineralising system with potential for expansion beyond known deposits.

Managing Director Scott Caithness emphasised the strategic value of these findings, noting that the company’s integrated approach, combining drilling, geophysics, and geochemistry, is unlocking new opportunities in an under-explored region with historical mining pedigree.