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Alderan Resources Ltd. ( (AU:HWK) ) has issued an announcement.
Hawk Resources has granted Infield Minerals Corp an option to acquire a 100% interest in its Detroit sediment-hosted gold project in Utah, U.S.A., after several years of exploration work that defined a large, open sediment-hosted gold system at the Mizpah prospect. The deal allows Hawk to monetise its past exploration through staged cash and share payments, as well as additional milestone payments tied to defined gold resources and early production, while positioning the asset with a gold-focused operator that may benefit from synergies with its nearby Kings Canyon project.
Under the option terms, Infield will make escalating annual payments over five years, with the flexibility to settle up to half of each payment in shares, and Hawk will receive a resource-linked payment per ounce of gold defined plus a further payment upon achieving initial production thresholds. The transaction enables Hawk to shift capital and management focus away from direct development at Detroit while retaining exposure to future upside for shareholders if Infield advances the project to resource definition and production.
More about Alderan Resources Ltd.
Hawk Resources Limited is an ASX- and OTC-listed mineral exploration company focused on gold and copper projects. The company has been active in exploring the Detroit sediment-hosted gold property in Utah, where it has conducted extensive geophysical, geochemical, and drilling programs targeting both porphyry copper-gold and sediment-hosted gold systems.
Average Trading Volume: 2,042,483
Technical Sentiment Signal: Sell
Current Market Cap: A$15.21M
For an in-depth examination of HWK stock, go to TipRanks’ Overview page.