TSX: NHK
TORONTO, April 12, 2018 /CNW/ - Nighthawk Gold Corp.
("Nighthawk" or the "Company") (TSX: NHK; OTCQX: MIMZF) is
pleased to announce that several new gold discoveries have been
made within its 100% owned Indin Lake Gold Property in the
Northwest Territories,
Canada. Summer field activities began in June shortly after
the culmination of the 2017 winter drill program and ground
geophysical surveys. Fieldwork focused on several priority target
areas leading to the discovery of a high-grade gold showing at
Treasure Island, a new mineralized
gold zone within the Nice Lake Sill, a newly defined and extensive
gold system associated with the Swamp prospect, and enhanced
definition and expansion of the high-grade gold trend at Leta Arm
(Figure 1).
Dr. Michael Byron, President
& CEO commented, "Nighthawk is the first company to consolidate
the Indin Lake gold camp, including all its gold mines, deposits,
and showings. We have been active in the area since 2009, but
2017 was our most ambitious campaign to-date. The 2018 program will
build upon our 2017 initiatives and successes with increased
drilling, ground geophysics, detailed geological mapping,
structural studies, and prospecting. The camp has never seen this
scale of activity, and given its largely underexplored state,
additional near-surface discoveries are to be expected.
"Being well capitalized, we are fortunate to have been able to
steadily expand our regional exploration activities outside of
Colomac, and advance some of our other prospective Indin Lake area
deposits and prospects. Colomac is already a multi-million-ounce
gold deposit, with a new high-grade storyline that sits in the
centre of an Archean gold camp populated with numerous near-surface
gold deposits and showings. Given the camp's underexplored
nature, we see tremendous opportunity for expansion of known
prospects as well as for new discoveries."
HIGHLIGHTS:
- New high-grade gold discovery at Treasure Island (Seadog showing) - up to 27.80
grams per tonne gold ("gpt" "Au") in grab samples and 19.85
gpt Au over 1.0 metre in channel samples;
- New gold zone defined within the Nice Lake Sill - 20-metre-wide
quartz diorite sill exposed for over 160 metres – grab sample
assays up to 4.19 gpt Au;
- New 1.6 kilometres ("km") by 1.0 km gold anomaly defined
at the Swamp Prospect with grades up to 4.33 gpt Au in grab
samples, associated with a large deformation and alteration
zone;
- High-grade gold trend at Leta Arm continues to be better
defined with assays up to 95.40 gpt Au;
- In early June, Nighthawk will commence its 2018 regional
exploration field program to advance these new discoveries while
expanding on its mandate to develop new and existing prospects
through ongoing detailed geological mapping and prospecting in
preparation for drilling.
These results will help direct Nighthawk's 2018 field program
where the main objectives are: to better define and expand the new
mineralization discovered to-date; explore for other near surface
higher-grade opportunities; become more aggressive with regional
exploration and drilling activities; and continue to advance the
Company's many priority deposits and showings that are key to the
evolution of this early gold camp including potential mining
scenarios for the Colomac Gold Project.
2017 Regional Field Program Top Prospects
New Gold Discovery at Treasure
Island – Seadog Gold Showing
Treasure Island is located 11
km north of the Colomac Gold Project ("Colomac"), (Figure 1) along
a 6 km mineralized corridor that hosts several gold showings. The
Treasure Island Main Zone lies along the southern edge of the
island and consists of at least four stacked mineralized panels in
association with a sheared volcanic/sedimentary rock contact and
felsic dyke. In 2011 Nighthawk drilled five holes into the Main
Zone all of which intersected gold mineralization (see press
release dated May 31, 2011, and
March 21, 2018). Drilling confirmed
historical accounts of gold along the disrupted contact, extended
existing zones in all dimensions, and intersected new zones at
depth. Shallow mineralization was also intersected by all
holes within mafic volcanic rocks immediately north of the Gamble
Dyke, a quartz-feldspar porphyry dyke that runs parallel to the
volcanic rock/sedimentary rock contact. The east-west
oriented zone was traced for over 150 metres and remains open in
all dimensions. The area between the Main Zone and the 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, where shallow historical drilling intersected
narrow zones of mineralization along the volcanic/sedimentary rock
contact up to 12.31 gpt Au. More than 75% of this mineralized
corridor is yet to be explored.
2017 prospecting activities explored prospective regions outside
of the Main Zone resulting in a new discovery, the "Seadog
showing", located along the island's northwest shoreline (Figure
2), approximately 1 km north of the Main Zone where grab samples
returned assays up to 27.80 gpt Au. Channel samples from
outcrops 160 meters to the west also returned several high-grade
gold numbers. Although a small bay separates the two
locations, the showings are believed to be related given the trend
of mineralized quartz veins, and the similarities in style of
alteration and mineralization. Channel sampling at both locations
has confirmed their high-grade nature with the best results of
19.85 gpt Au over 1.0 metre coming from the western outcrop area. A
channel sample from the showing's eastern extension returned a
weighted average of 7.48 gpt Au over 1.5 metres, including 10.85
gpt Au over 0.5 metres. The true width of the zone remains unknown
at this time. Select assay results from grab and channel sampling
are presented in Table 1.
Surface grab samples taken by Nighthawk in 2011 at the
historical Booty showing along the northern shore of the island
(750 metres east of the Seadog showing), returned up to 13.35 gpt
Au (Figure 2). These locations were resampled in the 2017 regional
exploration program. Select assay results from that sampling are
presented in Table 2. Ground geophysical surveys (Induced
Polarization and Magnetometer) will be completed this winter over
most of the island in preparation for exploration drilling later in
the 2018 campaign.
Table 1 – 2017 Seadog showing select grab and channel sample
results
Sample
|
Easting
|
Northing
|
Type
|
Length
(m)
|
Au
(gpt)
|
Ag
(gpt)
|
H558924
|
589356
|
7154329
|
Channel
|
1.0
|
19.85
|
4.80
|
H558903
|
589513
|
7154293
|
Channel
|
0.5
|
10.85
|
1.80
|
H558901
|
589513
|
7154291
|
Channel
|
0.5
|
6.86
|
1.50
|
H558902
|
589513
|
7154292
|
Channel
|
0.5
|
4.74
|
0.90
|
H558923
|
589359
|
7154328
|
Channel
|
1.0
|
2.05
|
1.60
|
H558920
|
589371
|
7154326
|
Channel
|
1.0
|
0.93
|
0.80
|
R458030
|
589514
|
7154289
|
Grab
|
-
|
27.80
|
4.10
|
R458031
|
589512
|
7154280
|
Grab
|
-
|
5.73
|
2.00
|
R458028
|
589560
|
7154156
|
Grab
|
-
|
1.35
|
-
|
Table 2 – 2017 Treasure Island showing select grab samples
Sample
|
Easting
|
Northing
|
Zone
|
Au
(gpt)
|
Ag
(gpt)
|
R458265
|
589779
|
7153303
|
Main Zone
|
19.35
|
2.40
|
R458269
|
589700
|
7153330
|
Main Zone
|
7.76
|
2.20
|
R450252
|
589676
|
7153295
|
Main Zone
|
3.32
|
0.50
|
R458267
|
589778
|
7153309
|
Main Zone
|
1.82
|
0.50
|
R450213
|
590163
|
7154214
|
Booty
|
5.60
|
1.70
|
R450259
|
590224
|
7154187
|
Booty
|
3.20
|
2.10
|
R450258
|
590225
|
7154179
|
Booty
|
2.06
|
1.10
|
R450210
|
590241
|
7154195
|
Booty
|
1.40
|
0.90
|
R450260
|
590230
|
7154182
|
Booty
|
1.64
|
1.50
|
R450265
|
590206
|
7153717
|
-
|
4.60
|
0.50
|
New Zone Discovered within Nice Lake sill – Nice Lake Trend
The base of the Colomac and Goldcrest sills define its magnetic
high nature. In 2016, prospecting east of Colomac focussed on
several linear magnetic trends generated from the Company's
reprocessing of its proprietary airborne and ground surveys. A
large linear anomaly 1.5 km east of Colomac showed similarities in
magnetic intensity and anomaly shape to both sills. Crews
working the area discovered that magnetic highs corresponded to
areas of quartz diorite bedrock similar to the Colomac and
Goldcrest sills. The Nice Lake sill was subsequently traced
over 4.0 km in outcrop along a trend sub-parallel to the Colomac
sill. Anomalous grab samples (up to 2.61 gpt Au) were collected
over much of its length (see press release dated February 7, 2017).
In 2017 follow-up field work was directed at better delineating
and characterizing the discovery and resulted in the delineation of
a new zone, the "Nice Lake Trend", where grab samples returned up
to 4.19 gpt Au. Mapping carried out between Colomac, Nice Lake, and
areas east of Nice Lake revealed that multiple smaller sills exist
within this 2-km-wide corridor. Subsequent prospecting discovered
that additional sills are present further north and south of that
which was previously known, expanding the length of the corridor to
over 10 km. Detailed geological mapping has shown that sills in the
corridor exhibit the same intensity of deformation and alteration
as that found in association with gold within the Colomac Sill.
The new Nice Lake Trend is
exposed over a strike length of 160 metres and a minimum width of
20 metres. The grades reported in Table 3 are of the same scale as
surface samples recently collected from the Colomac open pits; a
strong positive indication of this area's potential.
Table 3. New Nice Lake Trend showing select grab sample
results
Sample
|
Northing
|
Easting
|
Au
(gpt)
|
N934332
|
593600
|
7143357
|
4.19
|
N934331
|
593597
|
7143358
|
3.64
|
N934330
|
593601
|
7143358
|
2.06
|
N934339
|
593612
|
7143306
|
1.80
|
N934328
|
593602
|
7143368
|
1.29
|
N934329
|
593603
|
7143363
|
1.14
|
Swamp Prospect - Upgraded
Prospecting in the 1940's led to the discovery of the Swamp gold
prospect located 7.5 km northwest of Colomac. Historical bedrock
sampling in 1987 returned results as high as 17.47 gpt Au from
quartz veins within a northeast trending shear zone. Gold occurs in
association with a large deformation zone and intense
iron-carbonate alteration; both are hallmark features of Archean
lode-gold deposits similar to those found within the Timmins Gold
Camp. An altered gabbro intrusion lies east of the main Swamp
showing and hosts gold mineralization in 15 centimetre to 1.5 metre
wide quartz-carbonate veins. Intense silicification as well as
iron-carbonate define the alteration. Results from historical
channel sampling report best values of 33.00 gpt Au over 35.0
centimetre and 10.68 gpt Au over 1.0 metre.
Nighthawk has defined the core of the showing has an across
strike outcrop width of roughly 85 meters and its highly strained
and altered corridor has been traced for approximately 400 meters
to the southwest (Figure 3). Assays returned up to 44.00 gpt Au
from sampling by Nighthawk in 2012 and up to 4.33 gpt Au from grab
samples taken in 2017, with more than 45% of recent sampling
returning anomalous gold. Preliminary channel sampling has
confirmed higher grades, returning 2.98 gpt Au over 1.0 metre.
Detailed sampling has now revealed that a broad area of anomalous
gold is associated with the showing with a minimum footprint of 1.6
km by 1.0 km. As such, this target has been upgraded and will see
additional testing in 2018 to better define this new domain,
including more extensive channel sampling and Induced Polarization
(IP) and magnetometer ground surveys to assist with subsequent
drill targeting. Select assay results from the sampling program at
the Swamp Prospect are presented in Table 4.
Table 4 – Swamp Prospect select grab and channel sample
results
Sample
|
Easting
|
Northing
|
Type
|
Length
(m)
|
Au
(gpt)
|
H558942
|
585833
|
7146587
|
Channel
|
0.5
|
3.03
|
H558941
|
585831
|
7146587
|
Channel
|
0.5
|
2.93
|
H558946
|
585831
|
7146589
|
Channel
|
0.5
|
1.68
|
R458330
|
585749
|
7146660
|
Grab
|
-
|
4.33
|
R453416
|
585580
|
7145963
|
Grab
|
-
|
2.52
|
R453418
|
585579
|
7145965
|
Grab
|
-
|
1.52
|
R458322
|
585590
|
7146467
|
Grab
|
-
|
1.65
|
R458493
|
585235
|
7145692
|
Grab
|
-
|
1.39
|
R458302
|
585869
|
7146635
|
Grab
|
-
|
1.50
|
High-Grade Gold at Leta Arm
Leta Arm is located 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). In 2011 Nighthawk drilled
10,536 metres at Leta Arm, and an additional 1,314 metres in 2017
(see press release dated January 17,
2018). Results to date have confirmed the area's exciting
near-surface discovery opportunities, and the overall untapped
potential of this extensive mineralized corridor. Leta Arm is
discussed in more detail in the press releases dated January 17, 2018 and March
20, 2018.
Outcrop sampling in 2017 along the 10-kilometer long corridor
continues to define the high-grade gold trend with assays up to
95.4 gpt Au and 29.4 gpt Au (Figure 4). Gold mineralization is
associated with both flat lying and vertical quartz-carbonate veins
found near and within the LAFZ. Select assay results from grab
samples collected along the corridor are presented in Table 5.
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. Leta Arm remains a
key area of interest for the Company. The abundance of its
near-surface deposits and expansive mineralization, their largely
underexplored state yet impressive mineralized widths, and
proximity to Colomac, make them valuable assets as potential feed
to augment possible future production at Colomac.
Table 5 – Leta Arm select grab sample results
Sample
|
Easting
|
Northing
|
Au
(gpt)
|
R450461
|
586103
|
7127812
|
95.40
|
R450373
|
585167
|
7124685
|
29.40
|
R450466
|
586083
|
7127664
|
7.70
|
R450302
|
586084
|
7127653
|
3.47
|
R453301
|
585921
|
7125591
|
3.19
|
R450485
|
586413
|
7130106
|
2.58
|
R449825
|
584833
|
7124486
|
2.14
|
R450495
|
586137
|
7126565
|
1.89
|
R450387
|
584845
|
7124482
|
1.66
|
R450354
|
586391
|
7130005
|
1.27
|
R450975
|
586521
|
7130933
|
1.26
|
R450306
|
586050
|
7127966
|
1.07
|
Within its 899 km2 land package Nighthawk has many
other highly prospective and untested prospects. Several of
these (Damoti Lake, Fishhook, Echo-Indin, JPK, Andy Lake, Laurie Lake, West Cass) 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 its
ever growing Colomac Gold Project.
To that end, an aerial LiDAR survey was completed in June that
provided full coverage of the Company's Indin Lake property. The
detailed survey has proved invaluable for ongoing geological
mapping, structural studies, and prospecting programs directed at
select high-priority Indin Lake prospects. Work has also been
ongoing utilizing Nighthawk's extensive multi-element
lithogeochemical regional database to identify geochemical trends,
zonation, and signatures that may lead to additional new
opportunities.
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 km 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 and
development plans, and the timing and results thereof, including
any potential for future production. 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, 2017,
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.
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SOURCE Nighthawk Gold Corp.