TORONTO, March 4, 2019 /CNW/ - Nighthawk Gold Corp.
("Nighthawk" or the "Company") (TSX: NHK; OTCQX:
MIMZF) is pleased to provide a summary of exploration work
completed to date within its Indin Lake Gold Property, including
its flagship Colomac Gold Project ("Colomac"), and provide
an outlook for 2019 milestones.
Dr. Michael Byron, President and
CEO commented, "The consolidation of the Indin Lake Gold Property
and the acquisition of Colomac, were the two key milestones that
enabled us to deliver on the vast potential of this undeveloped
camp. We are fortunate to have had the resources necessary to
continue the process that we started in 2009 into 2019. Each year
of activity has delivered new and exciting successes that we have
built upon.
"We've advanced Colomac from a small little-known former
producer, to a multi-million-ounce deposit with a new high-grade
storyline, with the potential to deliver much more. We firmly
believe that as Colomac grows so will the credibility of the gold
camp that it resides in, and we are strategically positioned to
reap the benefits. 2019 will again see us expand on all exploration
fronts, committed to delivering on our vision for developing
Canada's next gold camp."
NIGHTHAWK VALUE PROPOSITION:
- Tier 1 Jurisdiction – Progressive Northwest Territorial
government committed to infrastructure development to support the
resource industry, alongside invested and pro-mining First Nations
governments. The Fraser Institute ranked the Northwest Territories #10 in the world for
most attractive jurisdictions for mining investment, up from #21 in
2017.
- District Scale Land Position – Consolidation of a vastly
underexplored Archean gold camp with numerous deposits and
showings, centred around a growing multi-million-ounce gold
project.
- 2.6 Million Ounces and Growing – Colomac is a large
mineralized system, with current inferred resources of 50.31 Mt at
an average grade of 1.62 grams per tonne gold ("gpt", "Au").
Approximately 50% of the sill has been explored to date leaving
room for additional resource expansion opportunities.
- Important High-grade Discovery at Zone 1.5 – With
the discovery of distinct high-grade domains at Colomac, the
Company has effectively changed the dynamics of the deposit as it
could lead to more favourable economics and allow exploitation
deeper into the system. The exploration and delineation of
additional high-grade zones remains an important focus going
forward.
- Regional Targets Provide Upside for the Camp – There are
at least seven priority satellite prospects that have the potential
to provide high-grade feed opportunities to augment any future
production scenario at Colomac. While these near-surface targets
require more drilling, they are prime examples of the robust nature
of the camp, as most host good grades and widths.
- Proven Leadership – Dr. Michael
Byron is a founding member of Aurora Platinum (acquired by
FNX Mining Company Inc.), Lakeshore Gold Corp (acquired by Tahoe
Resources), and Falco Resources. The senior management team and
Board of Directors offer a diversity of experience within the
industry over a collective 30-year span.
- Fully Funded – Company has a strong cash balance of
$16.4 million (as at September 30, 2018), and is funded to complete
its goals and objectives for the next 12 months.
- Supportive Shareholders and Strategic Partnerships – The
Company is supported by a shareholder base that have experienced
success in previous supportive placements such as FNX Mining
Company Inc., Gold Eagle Mines Ltd., and Queenston Resources Inc.
Our long-term shareholders including Robert
Cudney and Northfield Capital Corporation have continuously
supported the Company and are committed to helping Nighthawk
achieve its stated goals and objectives. As well, the strategic
partners, Kinross Gold Corp. and Osisko Gold Royalties Ltd., have
provided tremendous support.
2019 and Beyond
Nighthawk has received its land use permits and water licences
approving its exploration activities over the next 5 years,
expiring in February 2024, and which
are extendible up to February 2026.
The permits cover all claims and mining leases within the Company's
100% owned Indin Lake Gold Property. Exploration activities are
expected to commence mid-March, with a minimum 25,000 metre drill
program split relatively evenly between Colomac and its high-level
regional targets.
Nighthawk's goals and objectives moving forward include:
Colomac
- Target of +3Mozs of resources with the completion of the
2019 drill program
- Domaining of high-grade zones for subsequent resource
estimates and elevating them to the indicated resource
category
- Metallurgical test-work on additional areas within the sill
to assess potential variabilities and overall expected recoveries
as well as generate a sound statistical framework for the heap
leach opportunity
- Complete an internal scoping study to assist with future
exploration activities, and provide the base work for any future
PEA
Regional Targets
- Maiden resource estimate for the Damoti Lake Gold
Deposit
- Drill high-priority regional targets to advance them up the
value chain
- Continue regional exploration and prospecting work to
identify new targets and prioritize existing targets to drill-ready
status
Summary of Exploration Activities to Date
Colomac
In addition to 85,178 metres of historical drilling, the Company
drilled a total of 56,216 metres between 2012 and 2017 resulting in
the June 2018, NI 43-101 updated
resource estimate outlining 50.31 million tonnes at an average
grade of 1.62 gpt Au for a total of 2.6 million ounces of inferred
resources (see press release dated June 13,
2018).
Growth Opportunities and Upside Potential (see website
Colomac)
- Colomac is a large mineralized system and given that
Nighthawk's drilling success rate is greater than 97%, the
opportunity to continue to grow resources with additional drilling
is considered exceptional.
- The Company believes that with every 30,000 to 40,000 metres of
drilling, a meaningful resource update can be achieved.
- With the discovery of high-grade Zone 1.5, and additional
potential high-grade zones within the sill, the prospects to
explore deeper within the system exists, which should positively
impact project economics going forward (see press releases dated
December 3, 2014, October 16, 2016, August
24, 2017, November 28, 2017,
and September 11, 2018).
- Excellent metallurgical recoveries of between 96.5% up to 98.0%
using conventional recovery methods. As well, initial heap leach
testing returned encouraging results (up to 81.8%), however
additional testing is required to get a more representative set of
sample results (see press releases dated April 19, 2017 and May 22,
2018).
District-scale Land Position with Numerous Gold Deposits and
Showings
Within the extensive Indin Lake Gold Property (899
km2), Nighthawk has identified several high-grade
showings and deposits with widespread mineralization in a range of
styles that are largely hosted in brittle regimes, typomorphic of
many productive high-profile Archean gold camps. The continued
exploration success from the satellite targets supports Nighthawk's
conviction that the Colomac deposit is not the only
multi-million-ounce opportunity capable of hosting high-grade
mineralization. The many prospective regional targets provide a
remarkable opportunity for growth and collectively strengthen the
Company's 100% controlled regional play centered on Colomac, a
growing, multi-million-ounce gold deposit.
The following table summarizes some of the more prospective
regional targets and showings within the Indin Lake Gold Property,
including the work completed to date by Nighthawk. Most are at an
early exploration stage and require additional work to realize
their ultimate potential. For more information on the Company's
regional targets, please visit the Regional Exploration section of
the website.
TARGET
|
DEPOSIT
SETTING
|
METRES
DRILLED
|
MOST RECENT
HIGHLIGHTS
|
Damoti Lake Gold
Deposit
|
Banded Iron
Formation
|
17,418
|
6.95 m of 10.12 gpt
Au, including 4.20 m of 15.81 gpt Au; 23.50 m of 13.91 gpt Au,
including 9.60 m of 20.95 gpt Au; and 22.50 m of 5.81 gpt Au,
including 10.25 m of 10.53 gpt Au
|
|
|
|
|
Located 28 kilometres
south of Colomac, Damoti is an important satellite deposit that
also has a ramp developed into its core, which could provide
possible high-grade feed for any future development opportunity at
the Company's flagship asset, Colomac.
|
Leta Arm
Mineralized Corridor
|
Structure Related
"Lode Gold"
|
19,532
|
Diversified drilling
which intersected 17.50 mof 5.81 gpt Au, including 9.25 m of 9.65
gpt Au, and 4.75 m of 18.12 gpt Au
North Inca drilling
which intersected 25.50 m (13.00 m true width) of 2.68 gpt Au,
including 9.95 m of 4.90 gpt Au, and 4.60 m of 6.60 gpt
Au
|
|
|
|
|
Located 15 kilometres
southwest of Colomac along the Leta Arm Fault Zone ("LAFZ"), a well
mineralized deformation zone up to 10 kilometres long and 500
metres wide which hosts several gold deposits and showings, with 4
initial prospects (North Inca and Diversified deposits, and the #3
and Lexindin showings).
Deposits and showings
lie within a highly altered shear zone up to 500 metres wide
hosting both parallel and extension quartz vein systems open in all
dimensions.
|
Treasure Island
Gold Project
|
Structure Related
"Lode Gold"
|
5,419
|
46.25 m of 3.31 gpt
Au, including 21.75 m of 6.23 gpt Au, and 7.75 m of 14.20 gpt Au;
and 18.50 m of 7.37 gpt Au, including 8.00 m of 16.14 gpt Au, and
5.25 m of 22.00 gpt Au.
|
|
|
|
|
Located 11km north of
Colomac, Treasure Island is the northern most project within
Nighthawk's Indin Lake Property, located along the eastern end of a
7 km long underexplored mineralized corridor "Treasure
Island-Laurie Lake Mineralized Corridor" that hosts several
high-priority gold showings. Drilling to date by Nighthawk has
established the gold system to be upwards of 200 metres wide, 700
metres long, and open in all dimensions (see press release dated
October 22, 2018).
|
Nice Lake
Sill
|
Mafic Sill
|
nil
|
Recent grab samples
of 38.90 gpt Au and 41.90 gpt Au highlight the grade potential of
the sill
|
|
|
|
|
Discovered in 2016
while prospecting a large linear anomaly 1.5 km east of Colomac
that shows similarities in magnetic intensity and anomaly shape and
composition to both the Colomac and Goldcrest sills.
|
Andy Lake Gold
Project
|
Intrusion Related
Gold System Quartz Veins
|
nil
|
Recent grab samples
from new showing range from 0.50 gpt Au to 42.10 gpt Au
|
|
|
|
|
Located 20 km south
of Colomac within the Gamey Lake Volcanic Panel, a N-S trending
volcanic rock package bordered by metasedimentary rocks to the east
and west.
|
Swamp
Project
|
Structure Related
"Lode Gold"
|
693
|
Surface grab and
channel samples up to 43.60 gpt Au, along with 2018 drilling which
has established that surface mineralization continues to
depth.
|
|
|
|
|
Located 6 km
northwest of Colomac in association with a large deformation zone
and intense iron-carbonate alteration. A broad area of anomalous
gold is associated with the showing and has a minimum footprint of
1.6 km by 1.0 km.
|
Fishhook Gold
Project
|
Banded Iron
Formation
|
nil
|
2018 fieldwork
highlighted by a grab sample taken from a medium grained, intensely
iron oxide altered banded iron formation that assayed 174.50 gpt
Au
|
|
|
|
|
Fishhook consists of
several historical gold showings spanning an area 6 km by 1.5 km,
40 km southwest of Colomac. Showings are hosted by complex folded
amphibolitic oxide-silicate iron formation within a sequence of
metasedimentary rocks, an environment similar to the Damoti Lake
Gold Deposit
|
Laurie Lake
Showing
|
Structure Related
"Lode Gold"
|
nil
|
Elevated gold values
distributed over an area of 1.3 km by 1.7 km; 2018 grab samples
ranged from 1.05 gpt Au to 22.50 gpt Au
|
|
|
|
|
The Laurie Lake
showings lie 8.5 km northwest of Colomac along the western extent
of the Treasure Island-Laurie Lake Mineralized Corridor. Regional
geology consists of alternating mafic metavolcanic and turbiditic
metasedimentary units. The area of interest is dominantly underlain
by mafic metavolcanic rocks consisting of gabbro, porphyry
intrusions and pillowed volcanic flows.
|
Bay
Showing
|
Structure Related
"Lode Gold"
|
nil
|
Mineralization
straddles gossanous metavolcanic and metasedimentary rock contacts
transected by quartz veins; surface grab samples from 1.24 gpt Au
to 7.02 gpt Au
|
|
|
|
|
Located 2.5
kilometres northeast of Laurie Lake within the northern boundary of
the Treasure Island-Laurie Lake Mineralized Corridor. Local
stratigraphy is dominated by mafic to intermediate metavolcanic
rocks, gabbro, and porphyry intrusions, with metasedimentary rocks
sandwiched between volcanic sequences.
|
JPK
|
Banded Iron
Formation
|
nil
|
Surface sampling
along a 3km section of iron formation assayed up to 12.1 gpt Au
confirming historic sampling of up to 15.63 gpt Au
|
|
|
|
|
Located 10 kilometers
north of Colomac and 500 metres east of Treasure Island.
|
Barker-Vidie
Showing
|
Structure Related
"Lode Gold"
|
nil
|
Grab sample from a
quartz carbonate vein in altered mafic meta-volcanic rock assayed
23.60 gpt Au
|
|
|
|
|
Located 27 kilometres
south-southwest of Colomac. Additional work is needed to further
delineate the extent of mineralized quartz veining associated with
this showing.
|
For detailed overview of recent field work on these targets,
see press release dated February 19,
2019.
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 Global
Assay Laboratory in Vancouver, BC
("ALS Global"). ALS Global is an ISO/IEC 17025 accredited
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 Global.
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 12
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 13, 2018, 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 continued exploration programs (including size and
budget) and the ability to advance targets and conduct enough
drilling to produce NI 43-101 compliant resource estimates, and the
timing and results thereof; the ability to grow resources at
Colomac and breach the 3 million ounce level of resources and the
timing thereof, as well as the ability to calculate indicated
resources for zones 1.5 and 3.5, and the timing and results
thereof; the ability to conduct additional metallurgical test-work
and the timing and results thereof; preparing an internal scoping
study and utilizing its findings as a basis for any future
preliminary economic assessment and the timing surrounding such a
project; the ability to raise the necessary capital on acceptable
terms in order to conduct exploration programs including mapping,
prospecting and drilling activities and identify new targets in
future years, as well as any intention to expand these programs in
the future). 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.