TORONTO, ONTARIO–(Marketwired – June 8, 2017) – Nighthawk Gold Corp. (“Nighthawk” or the “Company“) (TSX:NHK) is pleased to report initial drill results from eight holes (2,658 metres) on its Colomac Gold Project located within its Indin Lake Gold Property, Northwest Territories, Canada. Drilling focused on two zones along the Colomac sill, Zone 1.5, and Zone 2.0 (see Table 1; Figures 1, 2 and 3). All holes have returned broad intercepts of mineralization highlighted by Zone 1.5 intersections where C17-04B cut 50.30 metres of 2.58 grams per tonne (“gpt”) gold (“Au”), including 23.70 metres of 4.78 gpt Au, and including 10.20 metres of 10.14 gpt Au. Drilling continues to support the zone’s consistency and continuity of mineralization, and true widths up to 50 metres, that characterize its high-grade nature. Zone 1.5 maintains a steep to sub vertical plunge to the north and has now been traced to a vertical depth of 300 metres and remains open.
The 2017 drill program is targeting 25,000 metres of drilling with three drills now active, focused on further expanding the high-grade gold mineralization at Zone 1.5 down plunge and to the north, which was delineated late last year (see press release dated October 12, 2016). Additional drilling will continue to explore for other high-grade opportunities throughout the Colomac sill and the Goldcrest sill, which lies parallel to and west of the Colomac sill.
Highlights of Drilling – Zone 1.5:
Drilling reinforced the consistency and continuity of mineralization within the zone, and the zone has been traced to a depth of 300 metres, and remains open.
- Hole C17-04B intersected 50.30 metres of 2.58 gpt Au (45.30 metres true width), including 23.70 metres of 4.78 gpt Au, including 17.00 metres of 6.20 gpt Au, and including 10.20 metres of 10.14 gpt Au
- Hole C17-03 intersected 24.90 metres (17.76 metres true width) of 2.18 gpt Au, including 7.50 metres of 5.23 gpt Au gold
- Hole C17-02B intersected 33.45 metres (30.60 metres true width) of 2.40 gpt Au gold, including 7.15 metres of 4.57 gpt Au; and 3.05 metres of 25.18 gpt Au
Note: All assays are uncut (see Table 1)
Dr. Michael Byron, President and Chief Executive Officer said, “Current drill results continue to show strong continuity of mineralization to depth at Zone 1.5, as well as consistent true widths. Although still very early in our 2017 program, we will continue to track this zone down plunge to the north, while simultaneously escalating our exploration efforts throughout the three mineralized sills, testing for new high-grade targets, expanding known mineralized zones, and advancing several of our regional gold prospects and deposits to drill stage status.
“This year will be our most active to-date and in addition to drilling, we have recently completed several ground geophysical surveys, commissioned an aerial LiDAR survey, and are about to initiate extensive geological mapping and prospecting programs on select high priority properties within our regional land package. We are convinced that we are only at the beginning of the discovery process in this highly prospective yet underexplored Archean gold camp, and that new finds will result given the scope and aggressive nature of our 2017 program.”
Table 1. Colomac Drill Results (uncut)
|Zone 1.5 Drillholes|
|Zone 2.0 Drillholes|
|* Lengths are reported as core lengths. True widths vary depending on drill hole dip; most holes are laid out to intersect the sill close to perpendicular therefore true widths are approximately 80% of core lengths|
Colomac Zone 1.5 and 2.0
Results for eight Colomac holes are presented in Table 1, and collectively show the sill’s capacity to host broad zones of pervasive gold mineralization from near surface and open to depth. Target locations required that holes were to be drilled from ice setups on Baton Lake east of the sill, thus making it necessary to prioritize their completion before the spring thaw.
Five of the eight reported holes were drilled at Zone 1.5 as part of a systematic exploration of the zone to depth below previous mineralized intersections, and down plunge to the north. C17-04 and C17-04B were drilled to test a gap in the zone between previously drilled holes C15-06, C16-03, C16-03B (Figure 1, and see press releases dated October 26, 2015, and October 12, 2016), and the Zone 1.5 discovery hole C14-06 (see press release dated December 3, 2014). Hole C17-04B intersected 23.70 metres of 4.78 gpt Au, including 17.00 metres of 6.20 gpt Au, and including 10.20 metres of 10.14 gpt Au, all within 50.30 metres of 2.58 gpt Au, thereby confirming the zone’s consistency in grade and width to depth (Figure 2). Hole C17-04, the shallowest hole on the section, returned somewhat lower grades over a broad but shorter overall width, intersecting 25.30 metres of 2.58 gpt Au, including 13.00 metres of 3.94 gpt Au, and including 10.90 metres of 4.34 gpt Au; perhaps an indication that the hole may be tracking close to the upper boundary of the zone on this section, and that grade improves with depth towards the center of the zone. Assay results are pending for C17-04C, the deepest hole drilled on the section.
Hole C17-03 was drilled 25 metres north of hole C17-04 into an opening between holes C16-03 and C14-05, to test the mineralization at depth and down plunge to the north. This hole intersected 24.90 metres of 2.18 gpt Au, including 7.50 metres of 5.23 gpt Au, infilling the drill gap and tracking the zone deeper on this section.
Holes C17-02 and C17-02B drilled a section north and down plunge of hole C17-03 just south of hole C14-05 (see press release dated December 3, 2014), a single hole that defines the zone’s northern, near-surface, boundary. Hole C17-02B, the steepest hole on the section, intersected an isolated high-grade area returning 25.18 gpt Au over 3.05 metres within the top of the sill, and 33.45 metres of 2.40 gpt Au, including 7.15 metres of 4.57 gpt Au lower in the hole. Hole C17-02, the shallowest hole on the section, returned 16.20 metres of 1.89 gpt Au, including 6.95 metres of 2.98 g/t, perhaps similar to the shallow hole on the previous section (hole C17-04), where weaker grades over broad widths may indicate an intersection close to the zone’s upper boundary. Assay results are pending for hole C17-02C.
Previous drilling established the near surface dimensions of Zone 1.5 to be upwards of 125 metres long, 30 to 50 metres in true width, and extending from surface to 260 metres depth. The five holes reported have confirmed, infilled, and extended the zone’s high-grade mineralization from near surface to 300 metres vertical, with mineralization still open to depth.
Zone 2.0 was the site of Colomac’s historical open pit and accounted for most of the mine’s previous gold production. Located approximately midpoint along the 9-kilometre-long intrusion, the sill reaches its maximum width in excess of 180 metres. Zone 2.0 also accounts for a significant portion of Colomac’s current NI 43-101 Inferred Mineral Resource estimate of 39.815 million tonnes with an average grade of 1.64 gpt Au for 2.101 million ounces of gold using a cut-off grade of 0.6 gpt Au (see press release dated June 17, 2013, and the accompanying technical report dated the same).
Given the lack of suitable collar locations to the west, three holes were drilled from two lake setups east of the sill to reach their intended Zone 2.0 targets at depth. Holes C17-01 and C17-01B were collared near the northern end of the zone to explore a void between previously drilled holes C12-01 and C12-01B, the first holes Nighthawk drilled at Colomac (see press release dated June 20, 2012). Hole C12-01B intersected 128 metres at 1.36 gpt Au, including 86.50 metres of 1.80 gpt Au, 71.85 metres of 2.04 gpt Au, 46.15 metres of 2.81 gpt Au and 8.65 metres of 6.83 gpt Au, an early indication of the intrusion’s capacity to host significant grades over large widths. Although holes C17-01 and C17-01B did not intersect the same intensity of mineralization as holes C12-01 and C12-01B, C17-01B, the deeper hole, did show improvement as it intersected similar mineralized widths, perhaps an indication that the variance may be a function of the sill’s nuggety nature of gold mineralization.
Hole C17-05 was established 500 metres south of hole C17-01 (Figure 1) in an area of limited historical drilling. It was intended to test a gap in drilling within the southern portion of Zone 2.0. The hole intersected a broad zone of lower grade mineralization.
Previous drilling confirmed the presence of a higher grade shoots plunging beneath the Zone 2.0 open pit that remains open at depth. Drilling throughout the duration of this program will continue to explore this zone to depth and along strike, and will probe the resource gap between high-grade Zones 1.5 and 2.0, to test for a possible link between the two zones, that if present, may result in a single higher grade domain that extends for upwards of 300 metres in strike.
The discovery and delineation of Zones 1.5, 2.0 and 3.5, confirms that the Colomac sill is capable of hosting discrete high-grade domains, thus making it a distinct possibility that similar zones exist elsewhere within the vast underexplored regions of the Colomac, Goldcrest, and Nice Lake sills, and that given their potential size and continuity, they would be expected to have a meaningful impact on future resource estimates. Other newly identified possibilities will be drilled this summer.
Indin Lake 2017 Regional Exploration Program
Field exploration activities began shortly after the initiation of the winter drill program with the commissioning of ground Induced Polarization (“IP”) surveys over select areas of the Colomac, Goldcrest and Nice Lake sills that are viewed as potential high-grade gold zone candidates. Survey results are currently being processed and will help define targets to be drilled later in the program. Ground magnetic surveys have recently been completed over areas of the sills that are either lacking in coverage or where more detailed information is required as complexities or breaks in the sill’s strongly magnetic trend are considered prospective areas for high-grade zone development.
A ground magnetic survey was also completed over the North Inca and Diversified gold deposits, two former mine properties that lie within the central portion of the Leta Arm Fault Zone 15 kilometres southwest of Colomac, and host to the next best mineralized area outside of Colomac. In 2011, Nighthawk drilling intersected 6.86 gpt Au over 26.00 metres, including 44.34 gpt Au over 3.45 metres at North Inca, and 7.23 gpt Au over 11.75 metres, including 11.38 gpt Au over 7.40 metres at Diversified (see press release dated June 15, 2011), highlighting the region’s untapped potential. An aerial LiDAR survey is scheduled for the upcoming weeks that will cover the Company’s entire Indin Lake Project area. All surveys will be completed prior to the onset of summer field programs, and will provide invaluable information to assist with the geological mapping, structural studies, and prospecting programs to be directed at select high priority Indin Lake prospects.
Nighthawk is the first company to have consolidated the Indin Lake Belt. Accordingly, the region has never seen this comprehensive scale of activity, which puts this Archean gold camp at an early stage of exploration and development where new discoveries, and in particular near-surface discoveries, are to be expected.
To view Figures 1-3, click on the following link: http://media3.marketwire.com/docs/1096781m.pdf
Nighthawk has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. Drill core samples were transported in security-sealed bags for analyses at ALS Chemex Assay Laboratory in Vancouver, BC (“ALS Chemex”). ALS Chemex is an ISO 9001:2000 certified laboratory. Pulp and metallics assaying for gold was conducted on the entire pulverized sample.
As part of its QA/QC program, Nighthawk inserts external gold standards (low to high grade) and blanks every 20 samples in addition to the standards, blanks, and pulp duplicates inserted by ALS Chemex.
Nighthawk is a Canadian-based gold exploration company with 100% ownership of a district scale land position within the Indin Lake Greenstone Belt, located approximately 200 kilometres north of Yellowknife, Northwest Territories, Canada. Nighthawk is focused on advancing the Colomac Gold Project with a current inferred resource of 2.1 million ounces of gold (39.8 million tonnes at an average grade of 1.64 grams per tonne), as well as advancing its other regional gold deposits and showings within this Archean gold camp.
The Company has an experienced and dedicated team and is well funded to complete its goals and objectives over the next 18-24 months.
Dr. Michael J. Byron, Ph.D., P.Geo., President & Chief Executive Officer of Nighthawk, who is the “Qualified Person” as defined by NI 43-101 for this project, has reviewed and approved of the technical disclosure contained in this news release. Please refer to NI 43-101 technical report “Technical Report and mineral resource estimate update on the Colomac Property of the Indin Lake Project”, dated June 17, 2013, as filed under the company’s profile on www.sedar.com.
Neither the Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to the Company’s drilling program, exploration plans, and the timing and results thereof. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Nighthawk to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Nighthawk’s annual information form for the year ended December 31, 2016, available on www.sedar.com. Although Nighthawk has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Nighthawk does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
]]>NIGHTHAWK GOLD CORP.
Dr. Michael Byron
President & CEO
Suzette N Ramcharan
VP, Corporate Development