Greenhawk Options Its Greenland Properties and Cancels Outstanding Stock Options

TORONTO, May 21, 2025 (GLOBE NEWSWIRE) -- Greenhawk Resources Inc. (“Greenhawk” or the "Company") (CSE: GRHK) announces that it has executed an arms-length Option and Joint Venture Agreement (the “Option Agreement”) with 1531323 BC Ltd. (“1531323 BC”) to advance the exploration and development of Greenhawk’s Greenland properties, which include the Storø and Qingaaq mineral exploration licenses (the “Properties”).

Under the Option Agreement, 1531323 BC is granted an option to acquire an 80% interest in the Properties in exchange for: (a) an upfront payment of $100,000, which shall be paid within 90 days, and (b) incurring $1,400,000 in spending at the Properties within 24 months according to the following schedule.

Payment Period	Minimum Expenditures
Within 6 months of the Closing Date	Minimum of $450,000
Within 12 months of the Closing Date	Minimum of $350,000
Within 18 months of the Closing Date	Minimum of $300,000
Within 24 months of the Closing Date	Minimum of $300,000
Total:	Minimum of $1,400,000

1531323 BC will be responsible for the operations of the Properties while the Option Agreement is in effect. If 1531323 BC satisfies the expenditure requirement at the Properties, the Company and 1531323 BC will establish a joint venture for the exploration and development of the Properties.

The Storø project (“Storø”) is a 12 km² license which hosts an inferred mineral resource estimated in 2021 by SRK Consulting (Sweden) AB at 885,000 tonnes, grading 3.4 g/t Au and totaling 95,000 oz of gold Mineral Resources. The Mineral Resource has a cut-off grade of 0.8 g/t Au for material located within the conceptual open-pit shell and 2.5 g/t Au for underground Mineral Resources located below the pit shell. Since 1995, a total of 102 drillholes totaling 17,371 m have been drilled into the known mineralized zones at Storø. Storø is surrounded by the Qingaaq license (“Qingaaq”), which covers some 540 km².