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"… only Osisko's land package is significantly larger than Seahawk's"

Junior Seahawk Ventures (CSE: SHV) says it has agreed to acquire the Osisko-neighbouring 6,624ha Blitz property from one of its directors.
"… only Osisko's land package is significantly larger than Seahawk's" "… only Osisko's land package is significantly larger than Seahawk's" "… only Osisko's land package is significantly larger than Seahawk's" "… only Osisko's land package is significantly larger than Seahawk's" "… only Osisko's land package is significantly larger than Seahawk's"

Junior increases Urban-Barry holdings

Staff reporter

The acquisition will take Seahawk's expanded holdings in the exploration hotspot of Quebec's Urban-Barry greenstone belt to 25,225ha.

The company had released the last of its remaining claims in Canada's Northwest Territories in March to turn its full attention to recently acquired Quebec claims, then totalling 3,730ha, with the view the shift would benefit the company and its shareholders going forward.

Yesterday, Seahawk announced the Blitz property purchase agreement with director Mitchell E. Lavery, for C$8,000 (US$6,100) cash, 1.65 million shares and a 2.5% NSR royalty.

Lavery was appointed the company's vice president of exploration and corporate development in April and Seahawk said he had abstained from voting on the approval of the Blitz agreement.

The company described Urban-Barry as a first-class mining district and the busiest gold exploration camp in Canada, back in April.

Osisko Mining, which has a massive drilling programme underway at its Windfall/Lynx project, is also expanding its holdings in Urban-Barry, last week announcing plans to acquire the remaining stake in neighbour Beaufield Resources.  

"In the Urban-Barry area, only Osisko's land package is significantly larger than Seahawk's," the junior said.

Seahawk said Blitz's eastern block of claims was adjacent to Osisko's property and its western block neighboured the Grevet (Langlois) mine owned by Nyrstar.

The company had a working capital deficiency of C$254,370 (US$195,000) at the end of May.

Its shares have ranged between C28-62c over the past year and closed unchanged yesterday at 38c.