HAWKEYE Gold & Diamond Inc.
TSX VENTURE : HAWK
FRANKFURT : HGT

HAWKEYE Gold & Diamond Inc.

August 24, 2017 08:00 ET

HAWKEYE Adds Gold, Zinc-Copper-Lead Targets with Seller Creek, Its Fourth Property Acquisition in Barkerville Terrane, BC, Canada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2017) - HAWKEYE Gold & Diamond Inc. (the "Company" or "HAWKEYE") (TSX VENTURE:HAWK)(FRANKFURT:HGT) (ISIN: CA42016R3027) (WKN: A12A61): is pleased to announce it has entered into a Sale and Purchase Agreement (SAPA) with the vendor of the Seller Creek Project (the "Property) to acquire a 100% interest in the 5,367-hectare Property situated approximately 42 kilometres south-southeast of the Town of Barkerville, BC, Canada. The Property includes claims located south of Cariboo Lake and contiguous to the western boundary of HAWKEYE's Cariboo Valley and 2 Aces properties. The Property lies within the southeasterly-striking Snowshoe Group of the Barkerville Terrane. This is the geological formation that hosts BGM's current gold mine development and exploration projects and also underlies a number of historic to recent placer gold claims and base metal occurrences within and adjacent to the Property.

About the Barkerville-Cariboo District

Placer gold was discovered and mined in the Cariboo Lake area along a number of drainages including Keithley, Snowshoe, Simlock and Harveys Creeks starting in 1860. The town of Barkerville became established as the centre of the historic Cariboo gold rush following the 1861-1862 discoveries to the north on Lightning Creek, Williams Creek and the surrounding area. The recorded production estimate from 1861-1987 reported more than 5,000,000 ounces of gold which included 3,800,000 ounces from placer operations and 1,230,000 ounces from lode mining. Recently, BGM, the current principal property holder in the district, announced resource definition on lode gold projects and large exploration programs focused along the NW to SE-directed high strain zones in the Barkerville Terrane. In addition to gold, numerous polymetallic occurrences (Zn-Pb-Cu±Ag±Au) are reported in vein, stringer stockwork and stratiform styles of deposition. Government publications and exploration assessment reports indicated favourable geology, coincident multi-mode geochemical anomalies and strong geophysical targets for Kuroko, Besshi and Mississippi Valley types of mineralization.

Message from the President

Mr. Greg Neeld, President & CEO states, "HAWKEYE continues to build a portfolio of precious metal and base metal properties in the Barkerville-Cariboo gold district. The acquisitions place HAWKEYE in a historical mining centre continuously productive for more than 150 years and with recent exploration successes and ongoing mine development activity. Our land position now has increased to 21,471 hectares and we aim to acquire additional claims in the Barkerville Terrane. The Company has purchased the Property based on its favourable location and regional geological features. The Seller Creek Property and our adjacent properties are on geological strike with known lode gold and Zn-Pb-Cu projects, developing lode gold mines and past-producing placer gold mines. BGM is drilling 250,000 metres within two years and its success identifying greenfield drill targets points to increased potential and opportunity within the Barkerville-Cariboo gold district. HAWKEYE looks forward to executing its exploration programs on our properties."

The Seller Creek Project

HAWKEYE's Seller Creek Project is situated twenty (20) kilometres south of the historical Cariboo Hudson gold mine and the Yanks Peak gold prospect within the Late Proterozoic to Paleozoic Snowshoe Group of the Barkerville Terrane. The principal successions of the Snowshoe Group, the Keithley, Downey and Harvey's Ridge members, are comprised of siltstone, quartzite, conglomerate and sandstone with lesser volcanics, black slate and limestone, which have undergone multi-stage deformation with penetrative fabrics and regional metamorphism ranging from lower greenschist (chlorite) to locally amphibolite (garnet-staurolite-kyanite) grade. The Frank Creek volcanics, part of the Harvey's Ridge succession, comprise andesites in pillowed flows and tuffaceous deposits, with derived clastic sediments and felsic tuffs, the latter hosting stratiform and stringer base metal occurrences. The Quesnel Lake Gneiss, which intruded the Snowshoe Group along the western boundary of the Barkerville Terrane, is a leucocratic, biotite granitic gneiss with megacrysts of potassium feldspar.

The lithologies are characterized by shallow to steeply dipping, southeasterly striking, locally overturned folds with northwesterly shear zones and plunging lineations, regional east-southeasterly striking thrust faults and later faulting along a general north-northeast direction.

The principal style of gold mineralization is associated with high strain zones in favorable lithologies and parallels magnetic features from regional and detailed airborne geophysics. Gold mineralization typically is associated with quartz veins, iron carbonate (ankerite), and pyrite cutting amenable metasedimentary units of greenschist grade. Regional base metal targets are focused mainly around Kuroko or Besshi style volcanogenic (VMS) mineralization as identified at the Frank Creek and several other showings and prospects. The Sellers Creek occurrence comprises disseminated Cu-Pb-Zn sulphide and oxide-carbonate mineralization within a quartz sandstone and marble sequence.

Previous work on the Property identified favourable geological units overprinted by extensive deformation and covered by glacial deposits, and included regional geological mapping, airborne geophysics, line cutting and reconnaissance to focused soil and stream geochemistry surveys. The Property exhibits widely spaced geochemical anomalies for gold, silver, copper, zinc and lead, and select pathfinder elements such as bismuth, thallium, arsenic, antimony, selenium and mercury.

Agreement Details

The Seller Creek Property acquisition is subject to a $15,000.00 cash payment and the issuance of 50,000 shares and a further 250,000 share issuance should the project proceed to a pre-feasibility study. The acquisition is not subject to an NSR. The Sale and Purchase Agreement between HAWKEYE and the Vendor is subject to TSX approval.

HAWKEYE has a right of first refusal on certain other properties controlled by the Vendor within the historical Barkerville-Cariboo district.

Qualified Person

Greg Davison, M.Sc., P.Geo., Senior Technical Advisor to HAWKEYE is the Company's designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Davison has prepared, reviewed and validated that the technical information contained within this release is accurate.

About HAWKEYE

HAWKEYE Gold & Diamond Inc. is a junior mineral exploration and development company based in Vancouver, British Columbia, Canada and is publicly traded on the TSX Venture Exchange under the trading symbol HAWK and the Frankfurt Exchange under the ticker HGT; ISIN# CA42016R3027 and WKN# A12A61. HAWKEYE's corporate mandate is to build strong asset growth and shareholder value through the acquisition of low-cost, high-potential cash flow and production opportunities with blue sky discovery potential, and to manage our business in an environmentally responsible manner while contributing to the local community and economy.

HAWKEYE GOLD & DIAMOND INC.

Per:

Greg Neeld, President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Notes Regarding Forward Looking Statements

This News Release contains forward-looking statements. Forward-looking statements are statements that relate to future events. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Issued: 18,256,442 shares

Contact Information