US-focussed lithium explorer Hawkstone Mining (ASX: HWK) impressed investors this morning after reporting it had intersected more lithium at its Big Sandy project in Arizona, with a maiden resource for the project scheduled to be released in September.
Best results from the latest assay batch were 21m at 2,176 (0.22%) lithium from 9m, 10m at 0.18% lithium from 46m, 11m at 0.177% lithium from 15m, and 9m at 0.19% lithium from 3.66m.
“Hawkstone’s Big Sandy project has continually delivered exceptional results as the company has successfully progressed through the 37-hole diamond drill program,” Hawkstone managing director Paul Lloyd said.
The company has completed 34 of the 37-hole phase two diamond drilling program, with the final three holes underway at the northern mineralised zone.
A maiden JORC resource is scheduled to be released in late September.
Big Sandy lithium project
Hawkstone wholly-owns the Big Sandy project which encompasses 25.2 square kilometres and is located in the US battery corridor, which includes a Tesla lithium-ion battery and electric vehicle factory near Reno in Nevada.
Big Sandy is about 2.5 hours from Arizona’s capital Phoenix and according to Hawkstone, the project has access to infrastructure including rail, road and grid power.
Lithium minerals have been identified along a 11km of strike at the project and delineated from surface to 90m depths.
Hawkstone has generated an exploration target for the project between 242.1-417.6Mt at 0.10-0.20% lithium.
Today’s news at Big Sandy follows assays received in late June.
Better results from the June batch were 52m at 0.19% lithium from 11m, 27.25m at 0.16% lithium from 9.75m, 20m at 0.21% lithium from 47m and 14m at 0.22% lithium from 31m.
According to Hawkstone, Arizona is a top 10 global mining investment destination and the project lies within an economic opportunity zone.
Hawkstone also noted that Big Sandy is a lithium-clay deposit and that the cost of developing and operating these types of deposits can be lower than hard rock and some brine deposits.
Hawkstone’s share price was up 17.65% to $0.02 by midday.