Big Sandy, Extensive Lithium Mineralised Sediments. Image credit: Hawkstone Mining Ltd.
Hawkstone Mining Ltd (Hawkstone) is now trading on the US-based OTCQB market under the code of OTCQB: HWKMF. This important step in the growth aspirations for the company follows on from the significant interest shown by North American investors and is part of Hawkstone’s strategy to raise awareness of the 100 per cent owned Big Sandy Lithium project in Arizona, USA.
Hawkstone’s Managing Director, Paul Lloyd, said: “We are very pleased to commence trading on the OTCQB as part of raising the company’s profile in the USA. With a large developing lithium resource in Arizona, USA, and the recent confirmation of the production of battery-grade lithium of 99.8 per cent from the Big Sandy sedimentary material, the time is right to increase activity in the USA. The company will look to bolster the in-country management team and seek out USA based directors with the appropriate skill set to take the company to the next development level in the shortest possible time.”
OTCQB promotes both high financial standards and ‘best practice’ corporate governance and statutory compliance. Home exchange reporting, being Hawkstone’s ASX obligations, satisfies the OTCQB requirements and disseminates throughout the US without additional compliance requirements. Hence it is a cost-effective mechanism of providing trading opportunities within the US relative to traditional exchanges.
The company is also in the process of seeking DTC eligibility from The Depository Trust and Clearing Corporation (DTC). The process of seeking DTC eligibility is independent of listing on the OTCQB. Hawkstone is enabling this process through Dynamic Stock Transfer.
DTC manages electronic clearing and settlement of publicly-traded companies across the United States and in over 130 other countries, thereby giving investors around the world the opportunity to trade in the securities of member companies electronically from their online accounts.
It provides for cost-effective clearing and guaranteed settlement, simplifying and accelerating the settlement process of daily trades. Such eligibility will ensure a more liquid and transparent market for the company’s common shares within the United States as is the case with daily on-market trading on the ASX.
Hawkstone anticipates this process will be completed during June 2021 and will advise the market accordingly. In the interim, OTCQB trading will be conducted through OTC market Maker, B.Riley Securities Inc.
About the Big Sandy Lithium Project
The project, covering 25.17 square kilometres, is located 2.5 hours’ drive northwest of Phoenix, Arizona with access to world-class infrastructure including rail, road, and grid power. It is connected through the Interstate Highway System (I40) and (I10) from State Route I93 that passes through the southern project area.
Big Sandy is characterised largely by flat-lying basin sediments comprising predominantly of analcime and potassic alteration zones. The green lacustrine lithium-bearing horizon is traceable for over 11 kilometres from north to south and extends at least 2 kilometres to the east as a flat sheet at or near-surface.
In February 2019, the company commenced a fully funded 37-hole diamond drilling program at the project, which has produced exceptional results and high-grade intercepts with a peak lithium value of 4,380ppm to date.