Standard & Poor’s announced today that it has commenced Factual Stock Report coverage on Redhawk Resources, Inc.
Redhawk Resources, Inc. (TXV: RDK) (OTCQX: RHWKF) in the exploration stage as of March 31, 2011, is a Canadian-based resource exploration and development company with a primary focus on the accelerated development of its advanced stage Copper Creek copper-molybdenum project in San Manuel, Arizona. The 100%-owned Copper Creek property consists of approximately seven square miles of contiguous patented and unpatented mining claims and state prospecting permits, located about 70 miles northeast of Tucson, Arizona and about 15 miles east of San Manuel.
The property is in the prolific southwest United States porphyry copper belt at the projected intersection of a major northwest belt of porphyry copper deposits or mines (Ray, Miami/Globe, Superior/Resolution, Johnson Camp) and a major east-northeast belt of porphyry deposits (San Manuel/Kalamazoo, Silver Bell, Lakeshore, Safford, Morenci). The property is located within 30 miles of an existing operating copper mill and smelter.
Copper Creek hosts multiple breccia and porphyry copper deposits. Both deposit types include historical copper resources. Molybdenum is present in varying amounts in both the breccia and porphyry copper deposits and is expected to provide substantial credits to both deposit types. Gold and silver are also present in both deposit types and are expected to provide credits during mining.On July 7, 2011, Redhawk provided an update and the operational plan for the balance of 2011. The company stated that the primary focus over the next six months is the increase in efforts to move Copper Creek toward the completion of a pre-feasibility study (PFS). Redhawk has initiated a comprehensive drilling program to upgrade a significant portion of the porphyry resource currently in the inferred category to the measured and indicated category in order to advance from a comprehensive scoping study to a PFS. The company noted that the drilling required for resource upgrading has increased the previously announced 60,000-foot (18,288-meter) drill program to an estimated 104,000 feet (31,700 meters).