TSX: NHK
TORONTO, Aug. 8, 2018 /PRNewswire/ - Nighthawk Gold Corp.
("Nighthawk" or the "Company") (TSX: NHK; OTCQX:
MIMZF) is pleased to report drill results from eleven recently
completed holes at the Grizzly Bear deposit ("Grizzly
Bear"), one of five deposits that comprise Nighthawk's 100%
owned Colomac Gold Project ("Colomac"). All holes
intersected gold mineralization including several broad zones which
remain open to depth, highlighted by hole GB18-02 which returned
6.25 metres of 4.04 grams per tonne gold ("gpt",
"Au"), including 2.50 metres of 7.78 gpt Au, and 1.50 metres
of 9.06 gpt Au; and hole GB18-02B
which returned 17.25 metres of 2.00 gpt Au, including 4.50 metres
of 5.13 gpt Au.
In 2017 the Company drilled two holes into the central portion
of the deposit to undercut historical higher-grade intervals and
intersected 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 (see press release dated January 17,
2018), giving credibility to the deposit's potential and
laying the ground work for the 2018 campaign which has focused on
expansion potential to depth and along strike beyond known
historical shallow intersections.
HIGHLIGHTS:
Drilling continues to intersect broad zones of mineralization
open along strike and to depth with internal higher-grade
intervals:
- Hole GB18-02 intersected 6.25 metres of 4.04 gpt Au, including
2.50 metres of 7.78 gpt Au, and 1.50 metres of 9.06 gpt Au;
- Hole GB18-02B intersected 17.25
metres of 2.00 gpt Au, including 4.50 metres of 5.13 gpt Au;
- Hole GB18-03 intersected 16.00 metres of 1.98 gpt Au, including
8.50 metres of 3.15 gpt Au, and 3.50 metres of 4.75 gpt Au;
- Near-surface mineralization remains open in all directions;
- Grizzy Bear is an underexplored
deposit with promising resource growth potential.
Note: All assays are uncut (see Table 1)
Dr. Michael Byron, President and
CEO commented, "Drilling to-date has largely focused on the Colomac
Main sill which contains the majority of the ounces in the current
resource estimate. The smaller and lessor known Grizzly Bear
accounts for about 1% of the total contained ounces; however, its
historical higher-grade gold intercepts remain unexplored, and
given its shallow nature and proximity to the Colomac Main sill, we
consider it as a promising candidate for resource expansion.
Grizzly Bear is not a silicified competent sill like the Colomac
Main and Goldcrest sills, but being a brittle host, it has the
capacity to house higher-grade mineralization. Initial drilling has
confirmed this, raising the possibility that a high-grade gold
system may be present. We look forward to the continued exploration
of its untapped potential."
Table 1. Grizzly Bear Drill Results (uncut)
Hole ID
|
Collar
Orientations (degrees)
|
Intersection
(Metres)
|
Core
Length
|
Gold
Grade
|
Azimuth
|
Dip
|
From
|
To
|
(Metres)*
|
gpt
|
GB18-01
|
320
|
-55
|
86.00
|
86.50
|
0.50
|
0.34
|
GB18-02
|
320
|
-45
|
61.90
|
68.15
|
6.25
|
4.04
|
including
|
64.15
|
66.65
|
2.50
|
7.78
|
including
|
65.15
|
66.65
|
1.50
|
9.06
|
|
76.40
|
77.90
|
1.50
|
1.00
|
|
83.90
|
88.40
|
4.50
|
2.14
|
including
|
86.90
|
88.40
|
1.50
|
3.53
|
GB18-02B
|
320
|
-55
|
81.25
|
98.50
|
17.25
|
2.00
|
including
|
85.00
|
94.50
|
9.50
|
3.00
|
including
|
85.50
|
90.00
|
4.50
|
5.13
|
including
|
87.50
|
90.00
|
2.50
|
6.41
|
GB18-03
|
320
|
-45
|
81.80
|
97.80
|
16.00
|
1.98
|
including
|
81.80
|
95.80
|
14.00
|
2.22
|
including
|
81.80
|
90.30
|
8.50
|
3.15
|
including
|
81.80
|
85.30
|
3.50
|
4.75
|
including
|
82.30
|
83.80
|
1.50
|
6.99
|
including
|
87.30
|
88.30
|
1.00
|
3.25
|
including
|
89.30
|
90.30
|
1.00
|
3.52
|
|
99.80
|
102.80
|
3.00
|
0.99
|
GB18-03B
|
320
|
-60
|
6.50
|
7.50
|
1.00
|
1.24
|
|
103.80
|
108.30
|
4.50
|
1.73
|
including
|
103.80
|
107.30
|
3.50
|
2.09
|
|
110.80
|
115.30
|
4.50
|
1.58
|
including
|
111.55
|
113.80
|
2.25
|
2.06
|
|
120.80
|
125.05
|
4.25
|
0.46
|
GB18-04
|
320
|
-55
|
128.95
|
130.45
|
1.50
|
0.99
|
GB18-04B
|
320
|
-65
|
174.70
|
180.95
|
6.25
|
0.54
|
GB18-05
|
320
|
-55
|
40.75
|
43.00
|
2.25
|
0.49
|
|
92.00
|
94.50
|
2.50
|
0.66
|
including
|
121.50
|
123.75
|
2.25
|
0.73
|
|
129.00
|
139.00
|
10.00
|
2.32
|
including
|
130.75
|
132.75
|
2.00
|
4.50
|
including
|
135.75
|
138.25
|
2.50
|
3.29
|
including
|
135.75
|
137.25
|
1.50
|
4.53
|
|
201.50
|
202.00
|
0.50
|
3.32
|
GB18-05B
|
320
|
-65
|
147.75
|
152.75
|
5.00
|
1.17
|
including
|
149.00
|
151.25
|
2.25
|
1.85
|
|
157.00
|
158.50
|
1.50
|
1.17
|
including
|
157.00
|
157.50
|
0.50
|
2.47
|
|
163.00
|
165.25
|
2.25
|
1.62
|
including
|
163.75
|
164.50
|
0.75
|
3.48
|
GB18-06
|
320
|
-45
|
21.75
|
22.50
|
0.75
|
1.33
|
|
73.25
|
74.00
|
0.75
|
1.14
|
GB18-06B
|
320
|
-60
|
9.75
|
10.50
|
0.75
|
0.76
|
|
67.75
|
68.25
|
0.50
|
0.41
|
|
82.25
|
83.75
|
1.50
|
0.91
|
|
102.25
|
104.25
|
2.00
|
1.57
|
including
|
103.25
|
104.25
|
1.00
|
2.67
|
|
118.75
|
120.25
|
1.50
|
0.96
|
|
128.25
|
130.00
|
1.75
|
0.64
|
including
|
129.50
|
130.00
|
0.50
|
1.27
|
Lengths are reported as core lengths. True widths vary
depending on drillhole 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
Grizzly Bear is located 4
kilometres south-southwest of Colomac high-grade Zone 1.5, and 600
metres south of the Colomac airstrip within a few hundred metres of
the former mine road network. Eleven holes totalling 2,367
metres were recently completed to explore the deposit along strike
and to depth (Figure 1). All holes intersected mineralization.
Prior to 2017, Nighthawk had not drilled the deposit, however
historical drill results were reported as part of the Company's
2018 mineral resource estimate accounting for 807,000 tonnes at
1.04 gpt Au for 27,000 ounces (see press release dated June 13, 2018).
The deposit is underlain by mafic metavolcanic and
metasedimentary rocks containing a felsic lapilli tuffaceous
horizon. Its mineralized zone is subparallel to the strata,
trending northeast, and is characterized by anomalous hydrothermal
alteration, sulphide mineralization and gold. Mineralization
consists of quartz-veins and veinlets with disseminated sulphides
and native gold over widths of up to 15 metres. Historical drilling
defined the mineralization in both the mafic volcanic and 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.
2018 Grizzly Bear Drill Program
Drillholes were laid
out over a 200-metre-long section of the deposit's strongest
mineralization as defined by historical drill results. Holes
GB18-02 and GB18-02B were collared 50
metres southwest of GB17-01 and GB17-01B, the two holes Nighthawk drilled in 2017
targeting the central portion of the deposit to follow up on
historical near surface mineralization and explore further to
depth. Both the 2017 holes intersected mineralization
tracking it to almost 100 metres below surface (see press release
dated January 17, 2018). Hole GB18-02
intersected 6.25 metres of 4.04 gpt Au, including 2.50 metres of
7.78 gpt Au, and 1.50 metres of 9.06 gpt Au; while hole
GB18-02B intersected 17.25 metres of
2.00 gpt Au, including 4.50 metres of 5.13 gpt Au, showing
continuity of the zone's shallow mineralization to the southwest
and up to 70 metres below surface and remains open (Figure 2).
Holes GB18-03 and GB18-03B were
collared 50 metres northeast of GB17-01 and successfully
established continuity of shallow and broad gold mineralization to
90 metres depth where it remains open (Figure 3). Hole GB18-03
intersected 16.00 metres of1.98 gpt Au, including 8.50 metres of
3.15 gpt Au, and 3.50 metres of 4.75 gpt Au.
Two holes collared 25 metres southeast of GB17-01 (Figure 1),
were drilled to undercut its intersection to depth. Holes
GB18-05 and GB18-05B intersected the
zone over significant widths, cutting weaker mineralization to a
depth of 140 metres, highlighted by GB18-05 which intersected 10.00
metres of 2.32 gpt Au, including 2.00 metres of 4.50 gpt Au.
Hole GB18-01 was drilled to test the southwest extension of the
deposit 50 metres from GB18-02 (Figure 1), and encountered minimal
mineralization, as did holes GB18-04 and GB18-04B which explored the deposit 50 metres
northeast of GB18-03. Holes GB18-06 and GB18-06B were collared 360 metres northeast of GB17-01
targeting an area of mineralization defined by historical drilling.
Both holes returned anomalous values but not of the level in terms
of width and grade as the holes to the southwest.
Drilling to-date at Grizzly Bear has confirmed the presence of
broad zones of shallow mineralization with internal higher-grade
intervals. Within the central portion of the deposit continuity of
mineralization has been tracked to new depths, but at this early
exploration stage, it still remains poorly defined and open in all
dimensions. Grizzly Bear is a good example of Colomac's exploration
upside where one of its near surface deposits remains largely
untested.
Exploration activities are currently ongoing at Colomac and
throughout Nighthawk's Indin Lake Gold Property as the Company
continues to aggressively advance its objective of growing the
Colomac resource and of generating and advancing regional prospects
to augment Colomac, while unlocking the potential of this vastly
underexplored gold camp. The Company recently announced completion
of a flow-through private placement financing that has enabled the
expansion of its drill program from 25,000 metres to upwards of
30,000 metres (see press release dated July
11, 2018).
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.
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 2.6 million ounces of gold (50.3
million tonnes at an average grade of 1.62 grams per tonne gold),
as well as advancing its other regional gold deposits and showings
within this largely underexplored 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.
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.
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 exploration plans and its
drilling program, including the ability to add tonnes and ounces to
the Colomac Gold Project, 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.
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SOURCE Nighthawk Gold Corp.