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VAL-D’OR, Quebec, July 20, 2021 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V: ECR) (“Cartier” or the “Company”) is pleased to report that Hawkmoon will commence drilling of the Wilson property. Hawkmoon plans to drill 29 holes for approximately 5,000 metres this summer on Wilson. The property is located 15 km east of the Municipality of Lebel-sur-Quévillon and is currently under an option agreement with Hawkmoon Resources Corp. (“Hawkmoon”) whereby Hawkmoon may acquire 100% of its interests of the Wilson property.
On July 20th, 2021 Hawkmoon reported via press release that the program targets three key areas on and around the Toussaint, Midrim and Moneta-Porcupine North showings. The Hawkmoon drilling plans to validate several historical drill holes which were drilled well before National Instrument 43-101 (“NI 43-101”) was implemented. The program will also verify mineralization under trenches and test some induced polarity (“IP”) anomalies as well as the possible extensions of existing showings. It is anticipated the Program should take about five weeks to complete. The Program is being supervised by Thomas Clarke, the VP Exploration of Hawkmoon Resources. Qualified Person. The technical information in the Hawkmoon news release has been reviewed and approved by Thomas Clarke P.Geo., Pr.Sci.Nat. Mr. Clarke is a “Qualified Person” under NI 43-101 and a Director and the Vice President Exploration of Hawkmoon.
Terms of the Option Agreement:
During the five-year option period, Hawkmoon shall have the sole and exclusive right and option to earn a 100% interest (the “Option”) by paying Cartier an amount aggregating $1,000,000 in cash, issuing in favour of Cartier of an aggregate of 5,000,000 common shares of Hawkmoon, incurring not less than $6,000,000 in expenditures and performing a minimum of 24,000 metres of diamond drilling on the Wilson property. Upon execution of the Agreement, Cartier has received an amount of $200,000 in cash and 700,000 common shares of Hawkmoon.
Upon the exercise of the Option, Cartier will be granted a 2% NSR production royalty on the Wilson property, half of which (1% NSR) shall be redeemable for $4,000,000.
Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws including statements about the Company’s plans. Such statements are necessarily based upon a number of beliefs, assumptions, and opinions of management on the date the statements are made and are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors should change, except as required by law.
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.