TSX: NHK
TORONTO, Jan. 17, 2018 /PRNewswire/ - Nighthawk Gold Corp.
("Nighthawk" or the "Company") (TSX: NHK; OTCQX:
MIMZF) is pleased to report drill results from the final six
holes of its 2017 program. Nighthawk drilled its first two
holes at the Grizzly Bear deposit ("Grizzly Bear"), part of
its 100% owned Colomac Gold Project ("Colomac"), and four
holes on the North Inca gold deposit ("North Inca"), (one of
four high-priority prospects lying within the Leta Arm Gold Project
southwest of Colomac) following up on high-grade gold intersections
reported from the Company's 2011 drill campaign, (Figure 1).
All holes intersected gold mineralization (Table 1), highlighted
by Grizzly Bear hole GB17-01B that
returned 12.60 metres of 4.96 grams per tonne gold ("gpt"
"Au"), including 8.00 metres of 7.32 gpt Au, and 4.00
metres of 13.40 gpt Au; and North Inca hole NI17-01 which assayed
9.55 metres of 4.03 gpt Au, including 3.00 metres of 8.14 gpt
Au.
HIGHLIGHTS OF DRILLING:
Grizzly Bear
Deposit
Initial drilling confirms the presence of higher-grade
mineralization over significant widths:
- Hole GB17-01B intersected 12.60
metres (6.60 metre true width) of 4.96 gpt Au, including 8.00
metres of 7.32 gpt Au, and 4.00 metres of 13.40 gpt Au;
- Hole GB17-01 intersected 11.30 metres (8.00 metre true width)
of 1.91 gpt Au, including 3.80 metres of 3.87 gpt Au;
- Near-surface mineralization remains open in all
directions;
- Significant resource expansion potential.
North Inca Deposit
Part of the Leta Arm Gold Project – located within a well
mineralized deformation zone up to 10 kilometres long and 500
metres wide that hosts two historical gold mines and several gold
deposits and showings:
- Hole NI17-02 intersected 9.55 metres (7.80 metre true width) of
4.03 gpt Au, including 3.00 metres of 8.14 gpt Au;
- Hole NI17-01 intersected 13.20 metres (11.00 metre true width)
of 2.24 gpt Au, including 8.50 metres (7.20 metre true width) of
3.24 gpt Au;
- Drilling to-date confirms the presence of an underexplored yet
fertile and extensive land package hosting multiple gold deposits
and showings.
Note: All assays are uncut (see Table 1)
Dr. Michael Byron, President and
CEO commented, "We are pleased to have been able to drill our first
holes at Grizzly Bear before the end of the 2017 program.
While Grizzly Bear is not a silicified competent sill like the
Colomac Main and Goldcrest sills, being brittle, it has the
capacity to host higher grade mineralization. The results from the
first two holes have confirmed this, and suggest that a high-grade
gold system may be present. We look forward to resuming our
drilling at Grizzly Bear in 2018 to begin developing this
potential.
"Nighthawk last drilled Leta Arm in 2011, where several
high-grade gold intersections over considerable widths were
reported. However, once Colomac was acquired, it became the focus
for Nighthawk being the more mature asset. With our successful
financing in 2017, we were able to increase our exploration efforts
and return to the Leta Arm given its potential to deliver a near
surface resource. The four holes drilled at North Inca kickoff
renewed activity in the area that will span into 2018, focused on
extending and potentially connecting the deposits along strike,
enabling us to begin to define one or multiple ore bodies."
Table 1. Grizzly Bear and North Inca Drill Results (uncut)
Zone
|
Hole
ID
|
Collar
Orientations
(degrees)
|
Intersection
(Metres)
|
Core
Length
|
True
Width
|
Gold
Grade
|
Azimuth
|
Dip
|
From
|
To
|
Metres*
|
Metres
|
gpt
|
Grizzly
Bear
|
GB17-01
|
315
|
-50
|
86.30
|
112.00
|
25.70
|
17.00
|
1.29
|
including
|
87.00
|
92.00
|
5.00
|
|
1.71
|
including
|
87.00
|
90.60
|
3.60
|
|
1.98
|
including
|
98.00
|
109.30
|
11.30
|
8.00
|
1.91
|
including
|
98.00
|
100.50
|
2.50
|
|
2.40
|
including
|
105.50
|
109.30
|
3.80
|
|
3.87
|
Grizzly
Bear
|
GB17-01B
|
315
|
-60
|
92.90
|
97.40
|
4.50
|
|
1.36
|
|
111.00
|
123.60
|
12.60
|
6.60
|
4.96
|
including
|
111.00
|
119.00
|
8.00
|
|
7.32
|
including
|
111.60
|
115.60
|
4.00
|
|
13.40
|
North Inca
East Zone
|
NI17-01
|
110
|
-45
|
148.50
|
161.70
|
13.20
|
11.00
|
2.24
|
including
|
148.50
|
157.00
|
8.50
|
7.20
|
3.24
|
including
|
148.50
|
151.70
|
3.20
|
|
6.76
|
North Inca
East Zone
|
NI17-01B
|
110
|
-55
|
178.00
|
179.50
|
1.50
|
|
1.47
|
|
253.70
|
257.30
|
3.60
|
|
1.13
|
including
|
255.90
|
257.30
|
1.40
|
|
1.87
|
North Inca
West Zone
|
NI17-02
|
275
|
-45
|
55.10
|
58.10
|
3.00
|
|
9.40
|
including
|
56.10
|
57.60
|
1.50
|
|
18.50
|
|
65.75
|
75.30
|
9.55
|
7.80
|
4.03
|
including
|
66.25
|
69.25
|
3.00
|
|
8.14
|
including
|
72.25
|
73.80
|
1.55
|
|
8.36
|
|
90.30
|
95.00
|
4.70
|
|
1.59
|
including
|
93.00
|
94.50
|
1.50
|
|
4.41
|
|
124.70
|
133.20
|
8.50
|
|
1.40
|
including
|
127.20
|
130.70
|
3.50
|
|
2.30
|
Zone
|
Hole
ID
|
Collar
Orientations
(degrees)
|
Intersection
(Metres)
|
Core
Length
|
True
Width
|
Gold
Grade
|
Azimuth
|
Dip
|
From
|
To
|
Metres*
|
Metres
|
gpt
|
North Inca
West Zone
|
NI17-02B
|
275
|
-65
|
80.25
|
82.25
|
2.00
|
|
26.23
|
including
|
80.25
|
81.25
|
1.00
|
|
52.35
|
*
Lengths are reported as core lengths. True widths vary depending
on drill hole dip; most holes are laid out to intersect the
mineralized zone close to perpendicular therefore true widths are
approximately 60% to 80% of core lengths.
|
Grizzly Bear Deposit
The Grizzly Bear gold deposit lies 4 kilometres
south-southwest of Colomac high-grade Zone 1.5, and is one of 5
distinct deposits that make up the Colomac Gold Project.
Prior to 2017, Nighthawk had not drilled Grizzly Bear, however
historical drill results were compiled and reported in the
Company's 2013 mineral resource estimate accounting for 807,000
tonnes at 1.04 gpt Au and 27,000 ounces (see June 17, 2013 news release). Given its
proximity to the Colomac Main sill (which hosts the majority of the
ounces in the current resource estimate), its vastly under explored
condition and historical high-grade intercepts, Nighthawk was
committed to drilling Grizzly Bear in late 2017.
Grizzly Bear is underlain by mafic metavolcanic and
metasedimentary rocks that enclose a felsic lapilli tuffaceous
horizon. The mineralized zone is subparallel to the units, trending
northeast consisting of quartz-veins and veinlets with disseminated
sulphides and native gold over widths up to 15 metres. Historical
drilling extended the mineralization both in the mafic volcanic and
the felsic horizon over a strike of 1,000 metres, a vertical depth
of 100 metres, and widths ranging from 24 to 61 metres. Visible
gold was commonly noted, with the best historical assays reporting
9.0 gpt Au over 6.06 metres, 6.96 gpt Au over 4.87 metres, and 2.60
gpt Au over 16.76 metres.
Nighthawk drilled two holes in the central portion of the
deposit testing near surface mineralization reported in historical
holes (Figure 1). Holes GB17-01 and GB17-01B intersected mineralization an additional 60
metres below the historical holes, extending the zone to almost 100
metres at depth on the section and remains open (Figure 2). The
shallower hole GB17-01 intersected 11.30 metres of 1.91 gpt Au,
including 3.80 metres of 3.87 gpt Au, while the steeper hole
GB17-01B intersected 12.60 metres of
4.96 gpt Au, including 8.00 metres of 7.32 gpt Au, and 4.00 metres
of 13.40 gpt Au. Drilling has confirmed the presence of higher
grade mineralization at Grizzly Bear over significant widths and to
new depths. The Company intends to continue testing the
deposit in 2018 as it is currently poorly defined and remains open
in all dimensions.
Leta Arm Gold Project
The Leta Arm Gold Project consists of the North Inca,
Diversified, Number 3, and Lexindin prospects that lie within a
north-south regional deformation zone upwards of 10 kilometres long
known as the Leta Arm Fault Zone (Figure 3), where all deposits and
showings are hosted by this highly altered, up to 500 metres wide,
shear zone. The historical Diversified Mine lies 1.3 kilometres
north of the historical North Inca Mine with the Number 3 showing
situated between them, and the Lexindin showing located an
additional 1.2 kilometres north of the Diversified shaft. All
deposits are open laterally and vertically suggesting the
possibility that they may be part of a single larger system.
Exploration shafts and limited underground development were
completed on the North Inca and Diversified deposits in the 1940's
to explore multi-stage quartz veins characterized by high-grade
gold mineralization.
In 2011 Nighthawk drilled a total of 39 holes (10,536 metres) on
the four Leta Arm prospects (Table 2), including 22 holes at North
Inca (5,770 metres), 9 at Diversified (2,575 metres), 7 at Number 3
(1,954 metres), and a single hole at Lexindin (237 metres).
Drilling tested a strike length of approximately 2.4 kilometres
along the Leta Arm Fault Zone where new zones were discovered and
historical zones extended along strike and to depth. Results
exceeded expectations, extending high-grade mineralization to new
depths, and confirming the potential for significant zone widths.
Nighthawk is committed to continue testing and expanding this area,
which has yielded tremendous success to date.
Table 2. 2011 Leta Arm Project Drill Highlights
Hole
ID
|
Core
Length
(metres)
|
Gold
Grade
(gpt)
|
Deposit
|
News
Release
|
|
|
NI11-01
|
23.00
|
1.82
|
North Inca
East
|
June 15,
2011
|
|
including
|
6.00
|
2.21
|
North Inca
East
|
June 15,
2011
|
|
NI11-02
|
26.00
|
6.86
|
North Inca
East
|
June 15,
2011
|
|
including
|
3.45
|
44.34
|
North Inca
East
|
June 15,
2011
|
|
DV11-02C
|
11.75
|
7.23
|
Diversified
|
June 15,
2011
|
|
including
|
7.40
|
11.38
|
Diversified
|
June 15,
2011
|
|
NI11-04
|
16.90
|
6.08
|
North Inca
West
|
September 6,
2011
|
|
including
|
3.44
|
22.07
|
North Inca
West
|
September 6,
2011
|
|
NI11-04B
|
37.00
|
2.29
|
North Inca
West
|
September 6,
2011
|
|
including
|
16.50
|
4.20
|
North Inca
West
|
September 6,
2011
|
|
including
|
2.00
|
15.72
|
North Inca
West
|
September 6,
2011
|
|
and
|
3.20
|
14.03
|
North Inca
West
|
September 6,
2011
|
|
NI11-04C
|
4.81
|
16.36
|
North Inca
West
|
September 6,
2011
|
|
DV11-09
|
3.00
|
65.35
|
#3
|
November 21,
2011
|
|
and
|
5.20
|
12.90
|
#3
|
November 21,
2011
|
|
including
|
2.85
|
22.12
|
#3
|
November 21,
2011
|
|
NI11-06
|
5.50
|
8.84
|
North Inca
West
|
November 21,
2011
|
|
including
|
2.44
|
18.20
|
North Inca
West
|
November 21,
2011
|
|
NI11-07B
|
12.00
|
2.00
|
North Inca
West
|
November 21,
2011
|
|
including
|
5.20
|
3.90
|
North Inca
West
|
November 21,
2011
|
|
North Inca Deposit
The historical North Inca Mine lies 16 kilometres southwest of
Colomac (Figure 1) and consists of at least 3 parallel north
striking silicified zones of variable widths (Figure 3). Historical
mine development was limited to vertical depths of less than 100
metres, leaving the deposit open to exploration at depth.
Moreover, the en-echelon nature of the vein sets suggests the
potential for the deposit to continue along strike.
Historical mineralization outlined at North Inca includes a
183-metre section of vein within the shaft area that averaged 15.08
gpt gold over 1.5 metres between vertical depths of 48.7 metres to
91.4 metres.
Nighthawk's initial 2011 drilling tested the North Inca East
Zone, the eastern most mineralized zone within host metasedimentary
rocks. Five holes were drilled to validate the limited
historical data, expand zones to depth, and to test for new zones
laterally. Results were encouraging as several high-grade
intersections were reported (Table 2), with zone widths much wider
than previously recognized. Drilling also focussed on the
North Inca West Zone, which consists of at least two near surface
areas located 150 metres west of the East Zone within metavolcanic
rocks. The program was successful in the discovery of new zones,
extending known zones laterally and to depth, confirming its
high-grade nature, and expanding zone widths (see June 15, 2011; September
6, 2011; and November 21, 2011
news releases).
North Inca 2017 Program
Four holes were drilled at North Inca near the end of the 2017
campaign. Two holes undercut the East Zone mineralization reported
in 2011, as NI17-01 drilled a gap between holes NI11-02 series
holes and NI-03, intersecting 13.20 metres of 2.24 gpt Au,
including 8.50 metres of 3.24 gpt Au, extending mineralization over
70 additional metres to depth where the zone remains open (Figure
4). Holes NI17-02 and NI17-02B
drilled a West Zone section across three subvertical vein systems
and infilled a gap between the NI11-04 and NI11-05 series
holes. Both holes intersected mineralization with NI17-02
returning 9.55 metres of 4.03 gpt Au, including 3.00 metres of 8.14
gpt Au (Figure 5).
North Inca continues to deliver encouraging results, as drilling
to date has confirmed its high-grade nature, significant
mineralized widths, and the potential to deliver new zones along
strike. Geological modelling of the results is ongoing and will
form the basis of 2018 target generation.
Recent drilling has returned similar character mineralization,
with significant mineralized widths throughout the Leta Arm Project
area that are much more substantial than what the historical data
had reported. Furthermore, the zones tested by Nighthawk to
date have been expanded and remain open in all directions.
Nighthawk's 2018 Leta Arm drill program will focus on extending and
potentially connecting the deposits along strike, which will enable
the Company to begin defining one or multiple potential ore
bodies.
Within its 889-square kilometre land package Nighthawk has many
other highly prospective and untested prospects in the pipeline
that have been steadily advanced towards a drill ready state.
Several of these are expected to be tested in 2018, as the Company
continues to aggressively build on its regional gold camp strategy
of discovering and evolving near surface gold deposits to augment
the ever growing Colomac Gold Project.
Technical Information
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.
Qualified Person
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.
About Nighthawk
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.
The Toronto Stock Exchange has neither reviewed nor accepts
responsibility for the adequacy or accuracy of this news
release.
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 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.
SOURCE Nighthawk Gold Corp.