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Hawkeye inks deal to acquire Bonanza property in British Columbia

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Hawkeye inks deal to acquire Bonanza property in British Columbia

Hawkeye Gold & Diamond Inc. on Jan. 18 said it signed a deal to purchase the Bonanza property on British Columbia's Vancouver Island.

The 123.8-hectare Bonanza property encompasses the historical Bonanza Pit, a copper, gold, silver, zinc and magnetite skarn prospect.

Under the terms, Hawkeye can acquire the property by paying the vendor C$5,000 and issuing 250,000 shares.

The company will also be required to pay a C$2-per-tonne royalty on the production of magnetite from the property. All other minerals produced from the property will be subject to a 2% net smelter return royalty payable at production, 1.5% of which can be repurchased for C$1.5 million.

Additionally, Hawkeye will have, for five years after TSX acceptance of the deal, first rights of refusal to purchase the remaining 0.5% NSR.

The company said it is acquiring the property for its potential for copper, gold, silver and zinc skarn and porphyry mineralization, as well as for the production of magnetite as a means of generating cash flow.

President and CEO Greg Neeld said Hawkeye looks forward to an aggressive exploration season and the potential development of the magnetite prospect in the near term.