Hawk Resources’ $2M Raise Fuels Exploration Amidst Uncharted Copper-Gold Targets
Hawk Resources has identified eight promising copper-gold targets at its Cactus project in Utah, supported by geophysical data and soil assays, while advancing its exploration funding and drilling plans.
- Eight new copper-gold targets identified at Cactus via IP, EM geophysics and pXRF soil assays
- Soil copper anomalies up to 0.9% copper, with historical mining grades reaching 2.07% copper
- Gold mineralisation confirmed in historical drill holes and rock samples, with lab assays pending
- Successful $2 million placement completed to fund ongoing exploration activities
- Advancement of tenement holdings including acquisition progress in Brazil
Exploration Breakthrough at Cactus
Hawk Resources Limited (ASX: HWK) has reported a significant step forward in its copper-gold exploration efforts at the Cactus project in Utah. The company has identified eight new targets following detailed geophysical data modelling and portable XRF (pXRF) soil assays. These targets are bolstered by coincident geophysical anomalies, including magnetic lows, chargeability highs, and resistivity lows, which align with structural intersections known to host mineralisation.
The soil assays revealed copper grades reaching up to 0.9%, with historical mining at Cactus having produced copper grades as high as 2.07%. Gold mineralisation is also evident, with historical drill holes showing intercepts such as 16.8m at 1.15g/t gold and rock sampling traverses returning grades over 2g/t gold. Laboratory assays for gold are underway, expected in May 2025, which will provide further clarity on the extent and grade of the mineralisation.
Geophysical Insights and Target Prioritisation
The integration of induced polarisation (IP) and electromagnetic (EM) surveys has been pivotal in delineating these targets. Notably, the Northern Intrusive target northwest of New Years prospect exhibits a strong chargeability anomaly, suggesting disseminated sulphide mineralisation. Other soil anomalies such as N-1, N-2, N-3, NYW, CZ-1, and CZ-6 show copper concentrations multiple times above background levels, often coinciding with magnetic and chargeability anomalies.
These geophysical signatures, combined with the soil geochemistry, provide a robust framework for prioritising drill targets. Hawk’s Managing Director, Scott Caithness, highlighted the encouraging nature of these findings, emphasizing the potential for additional sulphide mineralisation extending beyond historical mining zones.
Funding and Forward Plans
To support this exploration momentum, Hawk Resources successfully completed a $2 million placement in late 2024, issuing 80 million new shares with attaching options. The funds are earmarked for advancing existing projects and assessing new opportunities. During the March quarter, the company spent approximately $0.42 million on exploration activities, primarily focused on the Cactus district’s geophysical and soil sampling programs.
Looking ahead, Hawk plans to review the pending laboratory gold assay results and design a drilling program to test the high-priority geophysical and geochemical targets identified. This next phase will be critical in validating the exploration model and potentially expanding the known mineralisation footprint.
Expanding Footprint in Brazil
Beyond Utah, Hawk is progressing its portfolio in Brazil following the acquisition of Parabolic Lithium Pty Ltd. The company now holds rights to multiple tenements in Minas Gerais and Bahia, managed through Mars Mines Brasil Ltda. The transfer of these projects is underway, positioning Hawk to diversify its critical and precious metals exposure with lithium assets in a globally strategic jurisdiction.
Overall, Hawk Resources is advancing a multi-commodity exploration strategy with a strong focus on copper and gold at Cactus, supported by rigorous geophysical and geochemical data, and bolstered by fresh capital to accelerate discovery efforts.
Bottom Line?
With assays pending and drilling plans imminent, Hawk Resources is poised to unlock further value at Cactus and beyond.
Questions in the middle?
- Will the upcoming lab gold assays confirm the high-grade gold potential indicated by historical data?
- How will the planned drilling program prioritize the eight newly identified targets?
- What impact will the Brazilian tenement acquisitions have on Hawk’s strategic growth and capital allocation?
