TORONTO, April 29, 2020 /CNW/ - Nighthawk Gold Corp.
("Nighthawk" or the "Company") (TSX: NHK; OTCQX:
MIMZF) provides an update on its Indin Lake Gold Property,
located 200 km north of Yellowknife,
Northwest Territories, Canada. In 2019 Nighthawk initiated a
land surveying program required to convert certain mineral claims
to 21-year mineral leases. By the end of 2019 approximately 35% of
the Company's land position now exists as mineral leases with the
remaining 65% to be converted over the next year and a half (Figure
1).
Dr. Michael Byron, President
and CEO commented, "Secure ownership of our land position is
fundamental to our thesis of Developing Canada's Next Gold Camp.
Converting claims to 21-year mineral leases will result in the
strongest form of ownership we can achieve, and will reduce our
annual carrying costs by half. In doing so we are reducing any risk
of forfeiting key ground, and since annual assessment work
expenditures are not required on mineral leases, it allows us to
focus our exploration activities solely on our best prospects.
"By 2012 we had consolidated a district-scale land position,
centered around Colomac, a growing multi-million-ounce gold
deposit, and effectively secured control of the Indin Lake Gold
Camp and all of its many gold deposits and high priority regional
targets. We believe that some of these prospects may provide
incremental feed to a future Colomac operation, or possibly
represent stand alone operations on their own. The recent purchase
of a number of royalties on certain mineral leases within our
regional land position, and our ongoing conversion of mineral
claims into mineral leases are crucial steps toward solidifying our
ownership and control of this fertile and highly prospective
property."
Nighthawk's 100% owned Indin Lake Gold Property is located
within the Indin Lake Greenstone Belt, and is comprised of 69
mineral leases and 82 mineral claims within a contiguous land
package approximately 60 kilometres in a north-south dimension by
up to 22 kilometres east-west (89,922 hectares or 222,203 acres or
approximately 899 km2). The Indin Lake Greenstone Belt
is home to one of Canada's most
underexplored Archean gold camps. Numerous gold deposits and
showings are distributed throughout the company's property with
mineralization typically confined to narrow folded, and steeply
dipping stratigraphy.
In 2019, the Company completed a surveying program to transition
certain mineral claims to 21-year mineral leases. Over the course
of the next year, the Company intends to complete the necessary
work to convert the remaining 82 claims (60,289 hectares or 65% of
the land package), into 21-year mineral leases. This will
streamline costs and result in a strong and stable ownership
position.
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.
Forward-Looking Information
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information. 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 affect 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, 2019,
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.