TORONTO, April 3, 2019 /CNW/ - Nighthawk Gold Corp.
("Nighthawk" or the "Company") (TSX: NHK; OTCQX:
MIMZF) is pleased to announce commencement of its 2019 drilling
program with three drills active on the Colomac Gold Project
("Colomac"), centrally located within the Indin Lake Gold
Property (899km2 land package), Northwest Territories, Canada.
The Company previously announced a budget of $10 million which includes a minimum 25,000
metres of drilling (split between Colomac and select priority gold
targets within its extensive regional land package), as well as the
continuation of the regional mapping and prospecting program. The
drilling costs are estimated on the higher-end at approximately
$9 million (as the program progresses
Nighthawk anticipates a lower cost per metre than budgeted), and an
additional $1 million spend on the
regional mapping and prospecting program which will continue to
assess the land package for new discoveries and move targets up the
value chain towards drill-ready status. Program objectives are to
continue the expansion of higher-grade mineralization intersected
to-date at Colomac and to explore for other new zones of near
surface higher grade material within the Colomac area sills,
culminating in the delivery of a resource update by early 2020.
2019 Exploration Program:
- Colomac - Three drills presently in operation:
-
- testing high-grade Zones 1.5 and 3.5 to depth
- exploring for shallower higher-grade domains within a
2-kilometre section of the Colomac Main sill between Zone 3.5 and
the southern part of Zone 2.0
- Regional Drilling – Later in the program drilling will focus
on some of Nighthawk's most prospective regional gold
prospects:
-
- Damoti Lake Gold Deposit
- Leta Arm mineralized corridor
(hosting the North Inca and Diversified deposits)
- Treasure Island Gold Project
- Swamp Project
- Possibly the first drilling at the Nice Lake Sill and Andy Lake
Project
- Regional Prospecting and Mapping – Will commence in early
June and will continue to follow-up on historical showings, areas
of interest as identified by previous fieldwork, leading to the
prioritization of future drill targets.
Dr. Michael Byron, President and
CEO commented, "We are very pleased to be embarking upon our eighth
drilling season at the Indin Lake Gold Property. We've had great
success over the years rejuvenating the Colomac deposit into an
ever growing, mutli-million-ounce opportunity with a new high-grade
storyline and exceptional metallurgy. We are thrilled to
continue our work of delivering on the vast potential that the
Indin Lake Gold Camp possess, one that we believe will flourish in
tandem with Colomac, as we advance our aggressive regional
exploration initiatives of geological mapping, prospecting and
ground geophysics promoting key targets to drill-ready status in
search of new discoveries. We look forward to providing drill
results as they become available."
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; producing an updated NI 43-101 resource estimate for
Colomac, and the timing and results thereof; 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.