Newhawk cuts more high grade at Sulphurets

Spectacular assay results over impressive widths are being reported by Newhawk Gold Mines (TSE) from a new precious metals discovery on its 60% owned Sulphurets property north of Stewart, B.C. The remaining interest in the property is held by Granduc Mines (TSE). The results, some of the best ever encountered on the property, include 23 ft. grading 2.63 oz. gold and 51.12 oz. silver per ton; 24.5 ft. of 1.17 oz. gold and 24.01 oz. silver; 10.4 ft. of 1.09 oz. gold and 98.87 oz. silver; and 12.4 ft. of 1.21 oz. gold and 37.36 oz. silver.

The new discovery was made during underground drilling to the south and beneath the R-8 system defined in the 1989 program. Like the upper 650 vertical feet of the West zone, the new discovery area typically carries high-grade values in both gold and silver.

“The discovery could in fact turn out to be part of the R-8 structure,” said Fred Hewett, Newhawk’s exploration manager, although he noted that more work would be required to determine this.

“We consider these results to be significant because they represent the first mineralized intercepts we’ve found in this area, and because of the reappearance of the high-grade silver values,” he added.

The bulk of reserves outlined on the property to date — 715,400 tons (proven and probable) of 0.431 oz. gold and 19.7 oz. silver — are found in the West Zone.

Newhawk’s recently completed drill program was designed to test the deeper portions of the West zone (below the level of established reserves), as well as to further test the R-8 system. The R-8 is believed to be one of a series of significant deposits lying at depth and sub- adjacent to the West zone.

Drilling to test the West zone at depth also returned some impressive results, including 18 ft. of 1.41 oz. gold and 2.74 silver; 8.6 ft. of 2.82 oz. gold and 2.30 oz. silver; and 21.2 ft. of 1.0 oz. gold and 10.62 oz. silver.

The 19,026-ft. underground drill program is now completed, and results from it will form an addendum to the feasibility study to be completed later this summer.

Corona (TSE) has about a 42% equity position in Newhawk Gold Mines.