Gold Hawk to test Machacala Aurora

Gold Hawk Resources (CGK-M) has raised $216,000 by privately placing 1 million shares priced at 20 apiece with nine investors. Each share includes a warrant entitling the holder to buy another share for 25 within 18 months.

Most of the proceeds will be directed toward drilling at the wholly owned Machacala gold-silver property in northern Peru. The junior will test three mineralized veins that are 2.5-30 metres wide and more than 1 km long.

Last year, Gold Hawk drilled eight holes at the property, returning highlights such as: 3.7 metres (from 189 metres) grading 11.32 grams gold and 23.6 grams silver per tonne in the Casa Fuerza vein in hole 2; and 3.2 metres (from 156 metres) of 13.55 grams gold and 164 grams silver in the Fragua vein in hole 4.

The Montreal-based junior has received a $66,667 cash infusion from an exercise of warrants by Sodemex II, a subsidiary of the province’s powerful Caisse de depot et de placements. The conversion resulted in the issuance of 333,333 more shares.