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TORONTO, ONTARIO–(Marketwired – July 13, 2017) – Nighthawk Gold Corp. (“Nighthawk” or the “Company“) (TSX:NHK) today announced additional drill results from its wholly owned Colomac Gold Project located within its Indin Lake Gold Property, the Northwest Territories, Canada. Drilling focused on the continued expansion of high-grade Zone 1.5 (see Table 1; Figures 1 to 5), testing its extension to depth and along strike to the north and south of previously reported intersections. All holes returned significant gold intercepts, highlighted by hole C17-08 intersection of 55.35 metres grading 3.00 grams per tonne (“gpt”) gold (“Au”), including 19.50 metres of 5.58 gpt Au, effectively extending Zone 1.5 an additional 25 metres north and 90 metres to depth.
C17-06, 06B, and 06C are the first holes drilled into the resource gap between Zones 2.0 and 1.5 (Figure 1), testing for a possible link between the two, that if present, may result in a single higher-grade domain extending for upwards of 300 metres in strike. All three holes intersected broad zones of mineralization, an early indication that continuity exists between the zones.
Zone 1.5 Drilling Highlights:
- High-grade Zone 1.5 extended along strike from 125 metres to 150 metres and vertically from 260 metres to 350 metres and the zone remains open at depth
- Hole C17-08 intersected 55.35 metres of 3.00 gpt Au (51.00 metres true width), including 19.50 metres of 5.58 gpt Au, and including 6.80 metres of 10.45 gpt Au
- Hole C17-02C intersected 51.40 metres (44 metres true width) of 2.46 gpt Au, including 24.25 metres of 4.19 gpt Au, and including 6.45 metres of 9.19 gpt Au
- Hole C17-07C intersected 20.85 metres (20 metres true width) of 2.65 gpt Au, including 11.85 metres of 3.58 gpt Au, and including and 5.75 metres of 4.30 gpt Au
- Hole C17-06B intersected 112.10 metres (89 metres true width) of 1.09 gpt Au, including 33.10 metres of 1.84 gpt Au, and including 5.00 metres of 5.77 gpt Au
Note: All assays are uncut (see Table 1)
Dr. Michael Byron, President and CEO said, “We are almost halfway through our 2017 drilling program and are very encouraged to see that 100% of the holes reported to date have intersected gold mineralization. We are also excited to have significantly expanded high-grade Zone 1.5 along strike and to depth. The zone’s well-established continuity and rapid expansion offers considerable insight into Colomac’s incredible untapped potential; one that we remain committed to fulfilling. Drilling the resource gap between high-grade Zones 1.5 and 2.0, thereby testing for a possible link between the two, has always been a priority for the Company. Although still early, today’s results suggest that the zones may merge and possibly develop into a single higher-grade domain extending upwards of 300 metres in strike. This would represent a key turning point for Nighthawk as both zones have only seen relatively shallow drilling, and remain open for expansion to depth.”
Three drills are currently active. One rig will remain focused on further testing Zone 1.5 laterally and down plunge, while the others have been deployed to explore for similar high-grade opportunities throughout the Colomac sill and Goldcrest sill, which lies parallel to and west of the Colomac sill.
Table 1. Colomac Drill Results (uncut)
|Core Length (metres)*||Au
* 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
Drilling continues to confirm broad zones of high-grade gold mineralization within the core of Zone 1.5 and has expanded its dimensions down-plunge and laterally. While the zone maintains a true width of up to 50 metres its strike has now been lengthened an additional 25 metres to the north. Its steep to sub vertical northern plunge has also been extended to an average vertical depth of 350 metres and open. Nine holes (3,731.50 metres) have tested the mid-level expansion of high-grade Zone 1.5 and its possible convergence with Zone 2.0 to the south.
Hole C17-02C is the central hole of a 3-hole section (Figure 2) drilled north and down plunge of hole C17-03 (see press release dated June 8, 2017), and just south of C14-05, a hole that had previously defined the zone’s northern, near-surface, boundary (see press release dated December 3, 2014). Previously drilled holes on this section, C17-02 and C17-02B, intersected 27.20 metres of 1.45 gpt Au, including 6.95 metres of 2.98 gpt; and 33.45 metres of 2.40 gpt Au, including 7.15 metres of 4.57 gpt, respectively (see press release dated June 8, 2017). Hole C17-02C confirms the continuity of grade and thickness of mineralization on this section for over 150 metres vertical depth, intersecting 51.40 metres of 2.46 gpt Au, including 24.25 metres of 4.19 gpt Au, and including 6.45 metres of 9.19 gpt.
Holes C17-04 and C17-04B were drilled to test a gap in the zone between previously reported holes C15-06, C16-03, C16-03B (see press releases dated June 8, 2017, October 26, 2015, and October 12, 2016), and the Zone 1.5 initial discovery hole C14-06 (see press release dated December 3, 2014). C17-04C, reported herein, is the steepest of three holes drilled on this section, and has delivered continuity of mineralization to a vertical depth of more than 200 metres, intersecting 22.60 metres of 1.30 gpt Au, including 11.60 metres of 1.90 gpt gold, and including 7.10 metres of 2.77 gpt Au (Figure 3). Previously reported holes C17-04 and C17-04B (see press release dated June 8, 2017) intersected 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; and 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 respectively.
Holes C17-07, 07B, and 07C tested the depth extension of mineralization previously intersected in holes C15-04, 04B and C15-05, 05B (see news release dated October 26, 2015), approximately 25 metres south and below Zone 1.5’s initial discovery hole C14-06 (Figure 1). All holes returned broad intercepts of gold mineralization highlighted by a 20.85 metre cut in hole C17-07C of 2.65 gpt Au, including 11.85 metres of 3.58 gpt Au, and including and 5.75 metres of 4.30 gpt Au, effectively tracking the zone deeper on this section to more than 500 metres vertical depth.
Hole C17-08 was drilled along the northern margin of Zone 1.5 (Figure 1) to extend the zone to depth below the section drilled by holes C17-02, 02B, and 02C. Its intersection of 55.35 metres of 3.00 gpt Au, including 19.50 metres of 5.58 gpt Au, and including 6.80 metres of 10.45 gpt Au, demonstrates strong continuity of mineralization between sections and to depth (330 metres vertical), as well as the potential to track the zone further down plunge to the north (Figure 4).
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 nine holes reported today have expanded the zone’s high-grade mineralization an additional 90 metres to a vertical depth of 350 metres, and extended the zone 25 metres to the north along strike, while open to depth and along plunge to the north (Figure 5).
Colomac Zone 1.5 and 2.0 Gap
Holes C17-06, 06B, and 06C were collared along the southern margin of Zone 1.5 (Figure 1) to test a significant resource gap between Zones 1.5 and 2.0. These were drilled to test for the possible merger of the two zones into a much larger higher-grade domain being upwards of 300 metres in strike length. All three holes intersected broad zones of mineralization, highlighted by the C17-06B intersection of 112.10 metres of 1.09 gpt Au, including 33.10 metres of 1.84 gpt Au, and including 5.00 metres of 5.77 gpt Au. C17-06, the shallowest hole, returned 76.10 metres grading 1.17 gpt Au, including 23.00 metres of 2.27 gpt Au. Additional holes have been laid out to continue investigating this priority area, as preliminary results now suggest continuity exists between the zones.
Detailed field mapping and bedrock sampling is currently underway over much of the Colomac, Goldcrest, and Nice Lake sill areas in search of additional drill targets. Similar activities are also in progress on select high-priority prospects within Nighthawk’s regional land package.
To view Figures 1-5, please visit the following link: http://media3.marketwire.com/docs/Nighthawk_Figures_1-5.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
Thu, 13 Jul 2017 11:01:00 GMT