Mining Explorers 2009: Hawthorne Gold Corp.
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Last updated 11/1/2009 at Noon
HGC: TSX-V
President and CEO: Richard J. Barclay
Chairman: Michael Beley
Vice President, Mining: Michael Petrina
Formed in 2006, Hawthorne Gold Corp. is a gold exploration and development company with three late-state exploration and development properties in British Columbia.
Hawthorne's goal is to become a junior gold producer by working toward production at Cassiar Gold Mine in the fourth quarter of 2009 or the first quarter of 2010 and to continue resource development of the nearby Taurus deposit, as well as the Frasergold deposit in the Cariboo region of southcentral British Columbia.
Hawthorne also continues to review potential acquisitions, focusing on high-quality, advanced gold development opportunities.
Hawthorne's Table Mountain and Taurus projects are located in the Cassiar gold mining district where extensive mining and exploration activity has occurred since the 1960s.
The junior planned aggressive exploration in 2009, including up to a 10,000-meter diamond drill program to define gold zones at surface (grading 3+ grams per ton gold) in the Taurus deposit; to define additional high-grade underground gold zones similar to East Bain zone at Table Mountain; and to test higher impact regional and deeper areas of interest defined by geological model derived from geophysical, geochemical and geological work.
The Taurus deposit currently contains an NI 43-101-compliant inferred resource of 1.06 million ounces of gold (33.06 million metric tons grading 1.00 g/t gold).
The East Bain zone hosts an NI 43-101 indicated resource of 13,708 ounces of gold comprising 20,101 metric tons averaging 21.21 g/t gold and an inferred resource of 2,552 ounces of gold in 1,158 metric tons averaging 68.57 g/t gold.
Hawthorne also planned 150 meters of ramp advance followed by 150 meters of undercutting underground development and rehabilitation to access the East Bain zone in preparation for planned underground production; propertywide exploration including trenching, soil sampling and "ground truthing" relating to geophysical signatures identified in 2008 in which numerous areas were identified from interpretation of geological model and historic exploration; and a 10,000-metric-ton bulk sample and metallurgical testing of the Taurus zone for potential supplemental mill feed from small high-grade open pits for Cassiar Gold Mine, once underground production begins.
Cash and short-term deposits: C$379,513 and C$4.99 million, respectively (at May 31, 2009)
Working capital: C$4.5 million (at May 31, 2009)
Market capitalization: US$30.7 million
Suite 1580, One Bentall Centre, 505 Burrard St., Box 72
Vancouver, BC V7X 1M5
Tel: 604-629-1505 or Toll Free: 888-629-1505
Fax: 604-629-0923
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