USA Projects

USA Projects

Cactus Latest Announcements:

• 16 April 2026 – Hawk Intersects Near Surface Copper in Cactus Corridor, Utah
• 18 February 2026 – Cactus Copper-Gold Project Drilling Update
• 14 January 2026 – Cactus Copper-Gold Project Drilling Underway
• 16 December 2025 – Cactus Drill Site Preparations Completed for Jan 26 Drilling

Cactus Copper-Gold Project

Cactus has exploration potential for medium-tonnage high-grade copper-gold deposits. The Cactus district lies approximately 300km south-southwest of Salt Lake City and 20km west of Milford in Utah, USA.  It is located within the larger historical San Francisco mining district which operated intermittently from the late 1800s to around 1970. Hawk’s tenements cover 27km².

Mining History and Geology

The Cactus district operated from the late 1800s to around 1920 and has numerous historical copper-gold mines including Cactus, Comet, New Years, Colburn and Purity.  The Cactus copper-gold-silver mine was the largest operation in the district with reported production of 1.27 million tonnes of ore grading 2.07% copper, 0.33g/t gold and 7.6ppm silver. Its operations post 1908 were severely impacted by a mine collapse above the 500ft level and a legal dispute with the adjacent Comet mine which contributed to its closure in 1920.

The mineralisation in the Cactus district is primarily hosted in tourmaline breccias which occur in quartz monzonite and granodiorite of the Cactus Stock.  The breccias occur along interpreted structures and are thought to result from overpressured zones within a deeper intrusive body. The copper mineralisation is oxidised near the surface and where fresh consists of chalcopyrite with trace bornite at deeper levels.  There is potential for extensions to the known breccia hosted copper deposits and new breccia hosted deposits.  Also, the source of the copper mineralisation in the breccias, which is likely to be a copper mineralised intrusive, has not been identified and remains an exploration target.

Exploration

The Cactus district has been explored intermittently since 1959 by a number of companies including Anaconda (1959-60), Rosario (1963-69), Amax (1971-73), Sepa Resources (1996-2001) and Kennecott (1998-99).  The historical exploration focused on surface mapping, rock sampling and drilling the Cactus and Comet deposits. Hawk executed option agreements with Horn Silver Mines covering the Horn Silver-Accrington district and the more northerly Cactus district in 2015 and 2016 respectively.

The Company carried out aeromagnetic and induced polarisation geophysical surveys plus drilling in the Cactus and Accrington districts.  While Hawk’s drilling results at Cactus were encouraging, the area was optioned to Rio Tinto’s Kennecott Exploration Company (KEX) in late-2019 to explore for large scale porphyry copper deposits.  KEX completed a UAV (drone) magnetic survey, rock sampling, geological mapping and seven diamond drill holes into a number of interpreted porphyry related targets.   KEX hole SAWM0001, drilled into the historical Cactus copper-gold-silver mine, intersected 41m @ 1.9% Cu, 0.62g/t Au within a wider mineralised interval of 74m @ 1.1% Cu, 0.35g/t Au from 252m downhole.  This result is consistent with historical and Hawk Resources post mining drill hole intersections into the Cactus deposit which include:

• 4.9m @ 6.72% Cu within 43.6m @ 1.69% Cu from 207.9m downhole (DDH8; no Au assays, Anaconda)
• 12.2m @ 3.31% Cu within 22.9m @ 2.06% Cu from 1.5m downhole (R14; no Au assays, Rosario)
• 8.0m @ 3.11% Cu, 0.96g/t Au within 32m @ 1.24% Cu, 0.31g/t Au from 61m downhole (ALCA010, Hawk)
• 6.5m @ 3.11% Cu, 0.55g/t Au from 94.3m downhole (ALCA001, Hawk)
• 12.2m @ 2.77% Cu within 25.9m @ 1.62% Cu from 42.7m downhole (R13B; no Au assays, Rosario)
• 22.9m @ 1.84% Cu from 39.6m downhole (R12; no Au assays, Rosario)
• 17m @ 1.41% Cu, 0.41g/t Au within 151m @ 0.36% Cu, 0.08g/t Au from 147m downhole (ALCA002, Hawk)
• 38.4m @ 1.40% Cu from 218.2m downhole (DDH8B; no Au assays, Anaconda)

Following the return of Cactus to Hawk in the second half of 2023, exploration focused on confirming the potential for medium-tonnage high-grade copper-gold deposits.  Work has included 3-D Leapfrog modelling of the Cactus and Comet deposits using historical drill hole data, 3-D inversion modelling of the KEX drone magnetic survey data, re-processing and modelling of induced polarisation (IP) geophysical data, grid soil sampling plus drilling three drill holes into the New Years prospect located 500m northwest of the Cactus deposit.

The key findings from this work include:

• The Cactus and Comet deposits are open at depth with potential for new lenses plus incremental mineralisation on their margins
• Cactus and Comet have coincident reduced to pole magnetic low anomalies. A further twelve similar magnetic low anomalies have been identified in three zones, North, Copperopolis and Sigmoid, throughout the Cactus project area
• Soil sampling on the Cactus grid has highlighted high pXRF grades of copper up to 0.3% on the New Years prospect which extend into the Cactus mine area plus new anomalies to the northwest (N-1) and southwest (N-2) of New Years and the large anomalous area straddling the Copperopolis and Sigmoid zones to the south of Cactus and New Years. All of these anomalies are proximal to magnetic low anomalies and resistivity/chargeability IP geophysical anomalies
• Induced polarisation geophysics has highlighted that Cactus, Comet and New Years have associated resistivity low anomalies.  Resistivity and chargeability anomalies are associated with magnetic and copper soil geochemistry anomalies in the three zones
• At the New Years prospect, Hawk’s 2024 drilling, the first since 1964, verified and extended historical intersections with holes NY2024-DDH-2 and NY2024-DDH3 intersecting 8m @ 1.3% Cu and 4m @ 1.7% Cu within 30m @ 0.78% Cu from 10m downhole and 8m @ 2.8% Cu and 6m @ 1.5% Cu within 26m @ 1.3% Cu from surface respectively. The respective historical (1964) high grade copper mineralised intercepts were 7m @ 2.32% Cuwithin 19.8m @ 1.67% Cu (NY-6) from 22.9m downhole and 10.7m @ 1.52% Cu within 27.4m @ 0.85% Cu from surface (NY-2)