Interview with Scott Caithness, Managing Director of Hawk Resources Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/alderan-resources-asxal8-drilling-imminent-at-frisco-copper-project-in-utah-5347

Recording date: 17th March 2025

Hawk Resources is making significant progress at its Cactus copper project in Utah, where the company is taking a fresh approach to exploration by targeting medium-tonnage, high-grade copper deposits instead of traditional large-scale, low-grade porphyry systems.

Under the direction of Managing Director Scott Caithness, Hawk Resources is leveraging historical data from the Cactus mine, which previously produced 1.3 million tons of ore at 2% copper with gold and silver credits. The company believes substantial mineralization remains untapped, as evidenced by post-mining drilling that included a 42-meter intercept at 1.9% copper.

Recent drilling at the nearby New Years prospect has yielded promising results, with intercepts of 26 meters at 1.3% copper and 30 meters at 0.8% copper in oxide mineralization near the surface. These results validate the company's exploration model and suggest potential for heap leach processing, which could provide a cost-effective path to production.

Hawk Resources has identified 12 magnetic anomalies with signatures similar to the Cactus deposit. The company is employing multiple exploration techniques, including magnetic surveys, induced polarization, structural analysis, soil geochemistry, and an ongoing electromagnetic survey to prioritize drilling targets effectively.

"What we believe is that there's opportunity for medium tonnage, higher grade copper deposits," Caithness explained. "We're looking at something that's got a much higher grade, and that's where we believe that the economics will come in because obviously grade is particularly fundamental."

The company has established a clear timeline for advancing the project, planning to complete electromagnetic surveys and soil sampling by March 2025, finalize target selection by mid-May, and commence drilling in mid-2025. Caithness indicated a preference for diamond drilling and angled holes to properly test the suspected breccia pipe deposits, which are likely subvertical in orientation.

If successful, Hawk Resources believes these discrete targets could be delineated within 6-12 months, significantly faster than traditional porphyry exploration. The company estimates individual deposits could contain between 5-10 million tons at grades of 1.5-2% copper, far exceeding the 0.3-0.4% grades typically targeted by major mining companies.

With copper demand projected to increase substantially due to electrification and renewable energy expansion, Hawk Resources aims to position itself advantageously by developing high-grade, medium-tonnage deposits that can be brought into production efficiently and with relatively modest capital requirements.

View Hawk Resources' company profile: https://www.cruxinvestor.com/companies/alderan-resources

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