Media Centre
| |   Tue Dec 19, 2006
Glen Hawk acquires Spray Creek Molybdenum-Gold Prospect.
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| | Glen Hawk Minerals Ltd. (the "Company") is pleased to announce the acquisition of a 267 hectare claim covering the Spray Creek molybdenum-gold prospect. The property was acquired from an arms' length vendor for $5,000 cash (paid) and is subject to a 2% Net Smelter Royalty buyable for $750,000.
The Spray Creek property is located in mountainous terrain 15 km south-southeast of Lillooet and 6 km southwest of the Fraser River.
The Spray Creek prospect is underlain by a thick sequence of schistose argillites of the Jurassic-Cretaceous Relay Mountain Group. These have been intruded by a 200 meter plus thick sill-like body of porphyritic quartz diorite. The porphyritic quartz diorite and the enclosing sediments are cut by quartz stockworks and later quartz veins. Molybdenum mineralization is associated with the earlier quartz stockworks. Gold values have been found in quartz veins crosscutting porphyry molybdenum mineralization.
The Spray Creek prospect was discovered during a regional program for porphyry molybdenum mineralization in the late 1970's. It was subsequently investigated for its molybdenum and gold potential. Drilling was carried out by Duval Corporation in 1981, Southern Gold Resources in 1986 and Kerr Addison Mining in 1988. Most of the drilling was focused on the gold potential of the property, following the discovery of a broad gold intercept (21 m at 3.67 g/t Au) in Duval's hole 81-4. The latest drilling by Kerr Addison (5 holes totaling 746 metres) was exclusively directed to investigate the gold potential of this prospect. The drilling failed to locate new gold mineralization. However, it encountered molybdenum mineralization in all five holes as tabulated below (source : Assessment Report 18,160)
Hole 88-10: 158 metres of 0.05% Mo including 20 metres of 0.12% Mo
Hole 88-11: 38 metres of 0.05 % Mo
Hole 88-12: 17 meters of 0.05% Mo
Hole 88-13: 31 metres of 0.04% Mo
Hole 88-14: 92 metres of 0.03 % Mo
Note: The drill core assays reported above are historical results and are supplied for general interest only. They are not compliant with National Instrument 43-101, and should not be relied upon.
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Based on the favourable geology, past drill results, and in view of the current high molybdenum prices, the Company plans to fully investigate the molybdenum potential of the Spray Creek prospect.
Dr. Luca Riccio, P.Geo has reviewed the content of this news release.
1.5 MILLION UNIT PRIVATE PLACEMENT
The Company also wishes to announce a non-brokered private placement to issue up to 1.5 million Units at $0.10. Each unit will consist of one common share and one share purchase warrant, exercisable at $0.15 for a one year term. The proceeds of $150,000 will be utilized for working capital purposes and $80,000 will be designated for flow through exploration expenditures. Finder's fees may be paid in certain instances.
The foregoing will be subject to regulatory approval.
On behalf of the Board of
GLEN HAWK MINERALS LTD.
"signed"
Laara Shaffer
Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Website: www.glenhawkminerals.com
E-mail: info@glenhawkminerals.com |
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