TSX: NHK
TORONTO, March 21, 2018 /PRNewswire/ - Nighthawk
Gold Corp. ("Nighthawk" or the "Company") (TSX: NHK; OTCQX:
MIMZF) is pleased to announce the initiation of its 2018 drill
campaign consisting of a 25,000-metre diamond drill program on its
100% owned Indin Lake Gold Property in the Northwest Territories, Canada.
Three drill rigs will be in operation from early March until
late September focussed on the continued exploration for high-grade
gold zones within the Colomac Gold Project ("Colomac"), the
ongoing delineation of known high-grade gold zones such as Zone
1.5, and drilling of select priority gold targets within its vast
regional land package (Figure 1). Extensive geological
mapping, prospecting, and ground geophysical programs will begin by
mid-June, directed at better defining known targets and generating
new opportunities, with the goal of advancing Nighthawk's many
regional showings and deposits to a drill ready status.
HIGHLIGHTS:
- Drilling will continue to expand Colomac Zones 1.0, 1.5, 2.5,
3.5, Goldcrest, and Grizzly Bear (Figure 1) along strike and to
depth, and to explore for other potential zones of higher-grade
mineralization within the sills.
- One drill will be active throughout the regional Indin Lake
Gold Property for the entire 2018 program testing gold targets
within the Leta Arm Gold Project ("Leta Arm", which includes
the North Inca and Diversified Mines, the #3 and Lexindin
showings), the Damoti Lake gold deposit, Treasure Island showing, and other top
prospects.
- Drilling has commenced at Leta Arm to test North Inca and
Diversified from lake setups to follow up on the Company's 2011
drill results as well as test the down plunge and strike extensions
of the vein systems.
- Drilling is planned for the Company's high-grade Damoti Lake
gold deposit ("Damoti"). A 2005 resource estimate* pursuant
to National Instrument 43-101, reports a measured and indicated
resource, at a cut-off grade of 8.00 grams per tonne gold
("gpt", "Au"), of 40,600 tonnes grading 26.17 gpt Au,
and an inferred mineral resources of 17,800 tonnes grading 16.38
gpt Au (see press release dated, November
17, 2005, for Anaconda Gold Corp.). The Company believes
there is opportunity to grow this resource beyond it's current
high-grade core.
- Damoti is central to the logic for consolidating the Indin Lake
Gold Camp, as it represents a very high-grade satellite deposit
that could augment any future Colomac gold production. It also
shows the prospective grade and contained gold ounces that regional
assets may contain, and their potential to strengthen Nighthawk's
100% controlled district play centered on Colomac, a
mutli-million-ounce deposit with significant growth
possibilities.
- 2018 will see the continuation of focused mapping and
prospecting programs directed at advancing Nighthawk's many
regional showings and deposits in preparation for drilling, and to
generate new opportunities through escalated exploration
activities.
- The main objectives of the 2018 program are to better define
and expand on the dimensions of higher-grade mineralization
intersected to-date, to explore for other new zones of near surface
higher-grade material, to become more aggressive with regional
exploration and drilling activities, and to advance the Company's
many priority deposits and showings that are key to the evolution
of this early gold camp and potential mining activities at
Colomac.
*Note: The reader is cautioned that a qualified person
has not done sufficient work to classify the historical estimates
presented in this news release as current resources. The Company
has not verified these historical resources and is not treating
these historical estimates as current mineral resources. While
these estimates were prepared in accordance with National
Instrument 43-101, there is no assurance that they are in
accordance with current standards and these resource estimates
should not be regarded as consistent with current standards or
unduly relied upon as such. Nighthawk includes these historical
estimates for information purposes as they represent material
historical data which have previously been publicly disclosed. (In
2005, a report titled "Technical Report and Resource Estimate on
the Damoti Lake Property, Northwest
Territories, Canada" was prepared for Anaconda Gold Corp. by
P & E Mining Consultants Inc. and authors Eugene Puritch P.Eng, and Wayne D. Ewert P.Geo (see Anaconda's profile at
www.sedar.com for a copy of this historic report)). To Nighthawk's
knowledge, the 2005 Technical Report is the most recent resource
estimate available regarding the Damoti Lake deposit.
Dr. Michael Byron, President
& CEO commented, "Our 2018 exploration season will be more
aggressive than our 2017 season, which was our most active and
extensive to-date. With a cash balance of $26 million, our planned budget of approximately
$11 million will allow us to expand
our exploration activities outside of Colomac to advance some of
our most prospective Indin Lake area deposits and prospects as we
continue to develop our core theme of an evolving gold camp centred
on Colomac's exceptional multi-million-ounce growth
potential. Our Damoti Lake deposit is key to this thesis,
being an example of the incredible high-grade gold mineralization
over sizable widths that we feel is indicative of the untapped
opportunities this gold camp has to offer. We are confident that
our evolving understanding of the camp will fuel many additional
new discoveries, that like Damoti, will play a significant role in
the economical viability of a future Colomac mining operation".
2018 Regional Drill Targets
Damoti Lake Gold Deposit
The Damoti Lake gold deposit lies 28 kilometres ("km")
south of Colomac. Mineralization is hosted in folded iron-formation
associated with fold related fracturing and hydrothermal alteration
where gold is preferentially located within fold noses and
parasitic structures. A small historical, but high-grade,
near-surface deposit was previously defined showing excellent
expansion potential (see press release dated, November 17, 2005, for Anaconda Gold Corp.). An
independent, National Instrument 43-101 compliant resource estimate
was completed in September 2005 for
Anaconda Gold Corp. (Refer to report "Technical Report and
Resource Estimate on the Damoti Lake Property, Northwest Territories, Canada", dated
December 22, 2005, available
under Anaconda's profile at www.sedar.com), who at the time were
considering a mining operation that targeted the highest-grade
portion of the deposit. Using a cut-off grade of 8.00 gpt Au,
the measured and indicated mineral resource estimate for the
deposit totaled 40,600 tonnes grading 26.17 gpt Au, with a further
inferred mineral resource estimate of 17,800 tonnes grading 16.38
gpt Au. Resources completed prior to the implementation of NI
43-101 are referenced in the technical report and suggest the
potential for a larger lower grade deposit. Damoti was also the
subject of a 1996 underground exploration program via a shallow
ramp into the heart of the high-grade resource.
In 2009 and 2010 Nighthawk drilled a total of 13,647 metres to
explore for new zones throughout the property (Table 1).
Damoti is important to the consolidation of the Indin Lake Gold
Camp, as it represents a very high-grade satellite deposit that
could augment any future Colomac gold production. It also
reveals an opportunity that regional assets may represent in terms
of grade and contained gold ounces to strengthen Nighthawk's 100%
controlled regional play centered on Colomac, a mutli-million-ounce
deposit with significant growth possibilities.
Numerous drill ready targets exist on the property that the
Company will be testing later in the 2018 program.
Table 1. 2009 - 2010 Damoti Project Drill Highlights
Hole ID
|
Core
Length
(metres)
|
Gold
Grade (g/t)
|
Mineralized
Zone
|
News
Release
|
D09-377
|
23.50
|
13.91
|
Horseshoe
|
August 25,
2009
|
including
|
9.60
|
20.95
|
Horseshoe
|
August 25,
2009
|
D09-380
|
22.30
|
9.31
|
Horseshoe
|
August 25,
2009
|
including
|
4.60
|
22.06
|
Horseshoe
|
August 25,
2009
|
D09-382
|
5.00
|
21.35
|
Horseshoe
|
September 16,
2009
|
including
|
2.65
|
39.60
|
Horseshoe
|
September 16,
2009
|
D09-387
|
6.90
|
4.31
|
Horseshoe
|
October 27,
2009
|
D09-389
|
6.00
|
4.53
|
Horseshoe
|
October 27,
2009
|
D09-389B
|
4.25
|
7.81
|
Horseshoe
|
October 27,
2009
|
including
|
1.80
|
17.68
|
Horseshoe
|
October 27,
2009
|
D10-416B
|
8.00
|
16.12
|
Red
Mountain
|
July 6,
2010
|
including
|
1.50
|
60.25
|
Red
Mountain
|
July 6,
2010
|
D10-418
|
3.00
|
7.93
|
Red
Mountain
|
July 6,
2010
|
including
|
1.80
|
12.40
|
Red
Mountain
|
July 6,
2010
|
|
16.25
|
2.60
|
Red
Mountain
|
July 6,
2010
|
including
|
4.25
|
6.84
|
Red
Mountain
|
July 6,
2010
|
D10-20B
|
20.00
|
5.60
|
Red
Mountain
|
August 4,
2010
|
including
|
8.50
|
9.81
|
Red
Mountain
|
August 4,
2010
|
D10-394C
|
38.50
|
3.24
|
BIF Island
|
May 18,
2010
|
including
|
6.50
|
8.62
|
BIF Island
|
May 18,
2010
|
D10-396B
|
22.50
|
5.81
|
BIF Island
|
May 18,
2010
|
including
|
10.25
|
10.53
|
BIF Island
|
May 18,
2010
|
D10-397
|
28.15
|
4.76
|
BIF Island
|
May 18,
2010
|
including
|
7.00
|
15.85
|
BIF Island
|
May 18,
2010
|
Leta Arm Gold Project
Leta Arm lies 15 km southwest of Colomac, along the Leta Arm
Fault Zone ("LAFZ"), a broad feature parallel to the northern
extension of the West Bay - Indin
Lake Fault Zone; a major regional structure hosting the former
producing Giant and Con gold mines to the south (13 million ounces
of historic gold production).
Leta Arm is comprised of two historical gold mines (North Inca
and Diversified) and two high-profile gold showings (#3, and
Lexindin), and populates a 2.5-km section of this 10-km-long,
500-metre wide north-south trending regional deformation zone. The
Diversified Mine lies 1.3 kilometres north of the North Inca Mine,
with the #3 showing located between them, and the Lexindin showing
an additional 1.2 km 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 10,536 metres on the Leta Arm
prospects (see press release dated January
17, 2018), testing a 2.4-km section of the LAFZ that
resulted in the discovery of new zones and the extension of
historical zones along strike and to depth. Results exceeded
expectations confirming the project's exciting near-surface
discovery opportunities and potential for delivering significant
mineralized widths. Drilling in 2018 will focus on extending the
deposits and exploring for a potential connection along strike,
while actively searching for new deposits along the LAFZ. The
Leta Arm remains a key area of interest for the Company. The
abundance of its near-surface deposits and expansive
mineralization, their underexplored status yet impressive
mineralized widths, and proximity to Colomac, make them valuable
assets as potential feed to augment possible future production at
Colomac.
North Inca Mine
North Inca consists of at least 3 parallel north striking
silicified zones of variable widths. Historical development was
limited to vertical depths of less than 100 metres, leaving the
deposit open to exploration at depth. The en-echelon nature of the
quartz vein sets indicates a potential for the deposit to continue
along strike. Initial Nighthawk drilling in 2011 tested the East
Zone, the eastern most mineralized zone within host metasedimentary
units, and near surface mineralization within metavolcanic rocks
located 150 metres west (West Zone) of the East Zone. The program
was successful in confirming its high-grade nature, the discovery
of new zones, extending known zones laterally and to depth, and
defining zone widths much broader than previously recognized.
Four holes were drilled at North Inca near the end of the 2017
campaign. Two of the holes undercut East Zone mineralization
reported in 2011 drilling, in which hole NI17-01 (see press release
dated January 17, 2018) drilled a gap
between NI11-02 series holes and NI11-03, intersecting 13.20 metres
of 2.24 gpt Au, including 8.50 metres of 3.24 gpt Au, and extending
mineralization over 70 additional metres to depth where the zone
remains open. The two other 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.
Diversified Mine
The Diversified deposit is similar to North Inca. The deposit's
intensely silicified "Main Zone" lies within metasedimentary rocks
and has been traced for 220 metres based on historical drilling and
underground development. Nighthawk's 2011 drilling confirmed the
high-grade nature of the deposit's mineralization, defined zone
widths that significantly exceed those previously reported, and
extended the high-grade mineralization to new depths. All
mineralized zones remain open laterally and to depth.
#3 Gold Showing
The #3 gold showing lies along the LAFZ 450 metres south of the
Diversified shaft and 800 metres north of the North Inca East Zone.
Nighthawk believes the three metasediment-hosted gold deposits are
part of the same mineralized structure as they have similar gold
grades, mineralized widths, and general morphology, and when viewed
in longitudinal section, share the same orientation.
Lexindin Gold Showing
Located 1.5 km north of Diversified, the Lexindin showing
consists of tensional en-echelon quartz veins oblique to branches
of the main shear zone. In 2011 Nighthawk prospected a
250-metre-long shear zone along the west shore of the LAFZ across
from the showing. Surface grab samples assaying up to 8.81 gpt Au
were taken from quartz-carbonate veins suggesting that
mineralization in this area may be wider spread than previously
believed (see press release dated September
12, 2011).
Treasure Island Gold Showing
Treasure Island is located 11
km north of Colomac within a 6 km mineralized corridor that hosts
several gold showings. The area between its Main Zone and East Zone
(located 600 metres to the east) remains untested, as does the 4 km
that separates Treasure Island
from the Laurie Lake gold showing to the west, thus more than 75%
of this mineralized corridor is yet to be explored.
In 2011 Nighthawk drilled five holes into the Main Zone
targeting a series of stacked gold zones associated with a 200
metre wide envelope of silicification along the volcanic
rock-sedimentary rock contact (Table 2). The Company realized
its primary objectives of confirming historically reported gold
along this contact region, testing for new zones at depth, and
extending zones in all dimensions. Reported broad zones of
mineralization with internal higher-grade intersects appear to be
continuous for over 150 metres along strike (open) and down dip
(open). New high-grade gold zones were also discovered at
depth within altered metasedimentary rocks, and near surface within
metavolcanic rocks.
Ground geophysical surveys (Induced Polarization and
Magnetometer) will be completed this winter in preparation for
exploration drilling later in the 2018 campaign.
Table 2. 2011 Treasure Island Drill Highlights
Hole ID
|
Core Length
(metres)
|
Gold
Grade (g/t)
|
News
Release
|
T11-03B
|
238.43
|
0.73
|
May 31,
2011
|
including
|
55.00
|
1.16
|
May 31,
2011
|
including
|
6.92
|
3.23
|
May 31,
2011
|
including
|
1.43
|
44.95
|
May 31,
2011
|
T11-01B
|
215.00
|
0.74
|
May 31,
2011
|
including
|
10.35
|
2.72
|
May 31,
2011
|
including
|
29.00
|
2.45
|
May 31,
2011
|
including
|
14.00
|
4.81
|
May 31,
2011
|
including
|
8.00
|
7.82
|
May 31,
2011
|
including
|
4.00
|
14.43
|
May 31,
2011
|
T11-01
|
14.00
|
1.58
|
May 31,
2011
|
|
1.25
|
12.59
|
May 31,
2011
|
Within its 899 km2 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 (Echo-Indin, JPK, Swamp, Andy Lake, Nice
Lake) are candidates 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.
Neither 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
including size of program and extent of budget, 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.