Nighthawk Reports 73.15 Metres of 1.72 g/t Gold and 19.50 Metres of 4.57 g/t Gold from Historical Drilling at Colomac
January 31 2013 - 6:00AM
Marketwired Canada
Nighthawk Gold Corp. ("Nighthawk") (TSX VENTURE:NHK) reports assay results from
the final 7 of 20 holes (Figure 1) drilled by Royal Oak in 1997 on Nighthawk's
100%-owned Colomac Gold Property ("Colomac Gold Project") in the Northwest
Territories ("NWT"). The 20 historic holes (7,470 metres) are now eligible to be
included in an updated resource estimate. These results have collectively
confirmed the higher grade character of Zone 3.5, verified its continuity to
depth, and suggested the existence of similar mineralization in Zone 3.0 located
along strike to the north. (See December 11, 2012 and January 16, 2013 news
releases for the released assays on the previous 13 holes.)
Highlights:
-- Z3.5-97-03 intersected 73.15 metres of 1.72 grams per tonne ("g/t")
gold, including 3.05 metres of 18.02 g/t gold;
-- Z3.5-97-21 intersected 19.50 metres of 4.57 g/t gold, including 2.44
metres of 27.76 g/t gold;
-- Z3.0-97-17 intersected 3.66 metres of 4.55 g/t gold, including 1.22
metres of 12.86 g/t gold; and
-- Z3.0-97-15 intersected 6.10 metres of 2.49 g/t gold, including 1.22
metres of 7.34 g/t gold.
In two previous news releases (December 11, 2012 and January 16, 2013), assay
results for the other 13 historic holes were reported from the central
high-grade shoot of Zone 3.5 and its southern extension. The results reported in
this news release, representing 2,110 metres, tested the northern extension of
Zone 3.5 and beneath Zone 3.0 - located 300 metres north of Zone 3.5 along the
Colomac sill.
Historical holes drilled in Zone 3.5 and Nighthawk's sub-vertical hole, C12-15 -
drilled from the sill's top to base intersecting 203.40 metres of 2.49 g/t gold,
including 25.75 metres of 7.78 g/t gold, have collectively confirmed the
existence of a well-constrained, steeply plunging high-grade gold shoot to a
minimum vertical depth of 950 metres.
Contoured gold assays from Zone 3.5 shown in the section through the high-grade
gold shoot (Figure 2) clearly outline the geometry and continuity of a 50-metre
wide body of gold mineralization. Moreover, at least five additional shoots have
been identified over a 3.0 kilometre strike length between Zones 3.5 and 2.0,
the true widths of which range from 50 metres (Zone 3.5) to 110 metres (Zone
2.0). Shoot identification is based on previous shallow drilling; however,
additional drilling to depth is required for further delineation.
David Wiley, Nighthawk's President and CEO, commented, "The potential to expand
the gold resource at these and other prospective areas of the Colomac Gold
Project remains high. We will continue advancing the project in 2013 and are
looking forward to our next stage of drilling."
Z3.0-97-17, the northern-most drill hole of the three reported from Zone 3.0,
intersected 3.66 metres of 4.55 g/t gold, including 1.22 metres of 12.86 g/t
gold. Although drilled off section, this intersection seems to coincide with
high-grade intervals previously reported in drill hole C12-12B - 1.95 metres of
54.64 g/t gold (September 19, 2012 news release) and C12-14C - 1.10 metres of
80.13 g/t gold (October 10, 2012 news release). These intersections indicate
continuous high-grade mineralization at depth below Zone 3.0; however, Nighthawk
plans to conduct further drilling in the zone to better define its extents.
----------------------------------------------------------------------------
Zone 3.5 and 3.0 - Previously Unreleased 1997 Drill Results
From To Length Grade
Hole I.D. (m) (m) (m) g/t Au
----------------------------------------------------------------------------
Zone 3.5
----------------------------------------------------------------------------
Z3.5-97-02 failed to intersect Colomac sill
----------------------------------------------------------------------------
Z3.5-97-03 271.58 344.73 73.15 1.72
Including 314.25 326.44 12.19 2.14
Including 341.68 344.73 3.05 18.02
----------------------------------------------------------------------------
Z3.5-97-20 188.52 255.42 66.90 0.95
Including 193.24 223.42 30.18 1.26
Including 193.24 196.90 3.66 2.84
Including 215.80 216.41 0.61 8.40
Including 233.48 255.42 21.94 1.03
Including 233.48 237.13 3.65 2.36
----------------------------------------------------------------------------
Z3.5-97-21 289.26 322.17 32.91 1.11
Including 306.93 312.42 5.49 3.01
349.00 368.50 19.50 4.57
Including 366.06 368.50 2.44 27.76
----------------------------------------------------------------------------
Zone 3.0
----------------------------------------------------------------------------
Z3.5-97-15 223.42 255.42 32.00 1.00
Including 222.20 228.30 6.10 2.49
Including 223.42 224.64 1.22 7.34
----------------------------------------------------------------------------
Z3.5-97-17 250.85 254.51 3.66 4.55
Including 250.85 252.07 1.22 12.86
----------------------------------------------------------------------------
Z3.5-97-18 283.16 293.83 10.67 1.03
Including 288.04 289.26 1.22 4.29
299.31 302.97 3.66 1.38
----------------------------------------------------------------------------
(i) Lengths are reported as core lengths. True widths are unknown at this
time.
To view "Figure 1. Drill Hole Location Map for Historic 1997 Drilling" please
visit the following link: http://media3.marketwire.com/docs/NHK01312013F1.pdf
To view "Figure 2. Colomac Zone 3.5 Contoured Gold Assays" please visit the
following link: http://media3.marketwire.com/docs/NHK01312013F2.pdf
Technical Information
Nighthawk has implemented a quality-control program to comply with best
practices in the sampling and analysis of drill core. Historic 1997 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 quality assurance and quality control 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.
The technical aspects of this press release have been reviewed by Michael Byron,
Ph.D., P.Geol., Chief Geologist and Director for Nighthawk, who is the
"Qualified Person" as defined by NI 43-101 for this project.
Nighthawk Gold Corp.
Nighthawk (TSX VENTURE:NHK) is a Canadian-based exploration company focused on
acquiring and developing gold mineral properties in the NWT, Canada. Its land
position covers 222,203 acres or 900 square kilometres in the Indin Lake Gold
Camp, located approximately 220 kilometres north of Yellowknife, NWT.
For more information about the Company, please visit www.nighthawkgold.com.
Forward-Looking Information
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 future exploration
targets and better defining the current mineral resources at the Colomac Gold
Project. 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 management discussion and analysis for the year ended July 31, 2012,
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Nighthawk Gold Corp.
David Wiley
President & CEO
(647) 260-1247
(416) 363-4567 (FAX)
dwiley@nighthawkgold.com
www.nighthawkgold.com
First Canadian Capital Corp.
Daniel Boase
Investor Relations
(416) 742-5600 ext 232
dboase@firstcanadiancapital.com
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