Nighthawk Gold Corp. (“Nighthawk” or the
“Company”) (TSX: NHK; OTCQX: MIMZF) is pleased to
report the initial drill assay results from its 2022 Exploration
Program, with encouraging results from its Colomac Main and Grizzly
Bear Deposits.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220719005220/en/
Figure 1 – Colomac Main Deposit Zone 1.0
Isometric View – Looking Southwest (Graphic: Business Wire)
Table 1 – Highlight assay results from
Colomac Main and Grizzly Bear
Hole ID
Deposit
Highlight Assay Result
C22-04
Colomac Main (Zone 1.0)
1.91 grams per tonne gold (“g/t”,
“Au”) over 60.95 metres (“m”) (including 63.20 g/t Au
over 0.50 m)
C22-03
Colomac Main (Zone 1.0)
1.13 g/t Au over 32.32 m (including 30.90
g/t Au over 0.75 m)
GB22-07
Grizzly Bear
0.59 g/t Au over 19.85 m (including 4.80
g/t Au over 0.75 m)
GB22-08
Grizzly Bear
0.45 g/t Au over 26.50 m (including 2.56
g/t Au over 0.75 m)
GB22-14
Grizzly Bear
1.40 g/t Au over 14.85 m (including 20.80
g/t Au over 0.75 m)
Note: True widths remain undetermined at
this stage. All assays are uncut. Further statistical analysis will
be required prior to establishing a suitable cut grade.
Keyvan Salehi (Nighthawk President & CEO) commented,
“Our goal for this year’s drill program was to continue to expand
the open-pit mineralization at the Colomac Centre and the Satellite
Deposits. The initial assay results are very encouraging. In the
Colomac Main Deposit (Zone 1.0) and adjacent to existing pit
shells, we encountered wide intervals of mineralization outside of
the current Mineral Resource Estimate1 pit shell. This is
exemplified by drill hole C22-04 (shown on Figure 1), which
intersected 1.91 g/t Au over 60.95 m, suggesting the potential
expansion of the potential open-pit mineralization in that area.
Similarly, we encountered mineralization outside of the current
Mineral Resource Estimate1 north pit shell at Grizzly Bear.”
“We have completed more than 25,000 m of drilling to-date. We
have moved our drills to the high-potential Kim and Cass Deposits
for the remainder of our exploration program drilling. We expect to
update the markets as we continue to receive the drill assay
results going forward.”
2022 Exploration Program
Drilling in 2022 targeted areas outside the 2022 MRE1 pit
shells. Nighthawk’s goal is to continue expanding the potential
pit-constrained mineralization, particularly in the higher-grade
areas. The initial set of drill assay results represents 5,616 m of
drilling. Please refer to Table 2 for the Drill Assay Results
Summary Table. To-date, the Company has completed more than 25,000
m of drilling (assay results are pending), with five drills
currently operating at site. Nighthawk has begun receiving assay
results and the Company will endeavour to provide more frequent
updates on these results going forward. Please refer to Figure 2
for the Colomac Centre Location Map.
Colomac Main Deposit
2022 exploration drilling at Colomac Main is focused on the
northern (Zones 1.0 and 1.5) and southern (Zone 3.5) areas of the
deposit. The Company believes there is a high probability of
expanding the potential open-pit mineralization in these areas.
Drilling to-date has encountered wide intervals of mineralization,
hosted in smoky quartz veining in quartz diorite. In particular,
drill holes C22-03 and C22-04 (mineralization started at depth
below surface of 85 m) intersected mineralization outside of the
2022 MRE1 pit shells, demonstrating continuity of near-surface
mineralization to the north. Please refer to Figures 1, 3, and 4
for the Colomac Main Deposit Zone 1.0 Isometric View, Colomac
Centre Plan View, and Colomac Main Deposit Section View,
respectively.
Grizzly Bear Deposit
2022 drilling at the Grizzly Bear Deposit focused on expanding
mineralization around the north end of the deposit. Mineralization
is hosted in smoky quartz veining in the felsic volcanic porphyry.
Drill holes GB22-07 and GB22-08 intersected mineralization below
the 2022 MRE1 pit shell at Grizzly Bear. Please refer to Figures 5
and 6 for the Grizzly Bear Plan View and Section View of the
highlighted drill holes, respectively.
Table 2 – Drill Assay Results
Summary Table – Colomac Main and Grizzly Bear
Hole ID
Interval (m)
Core Length
Gold Grade
From
To
(m)
(g/t)
Colomac Main
C22-01
117.00
118.50
1.50
6.23
C22-02
278.00
281.00
3.00
0.99
C22-03
123.00
155.25
32.25
1.13
including
123.75
124.50
0.75
30.90
C22-04
152.00
243.75
91.75
1.38
including
182.80
243.75
60.95
1.91
including
242.75
243.25
0.50
63.20
C22-05
105.50
179.50
74.00
0.380
including
112.00
118.00
6.00
1.16
C22-08
83.00
84.00
1.00
1.22
and
120.00
121.50
1.50
1.69
C22-10
56.00
62.75
6.75
0.62
C22-12
77.00
78.00
1.00
1.04
C22-13
209.50
210.25
0.75
7.50
C22-14
No Significant Intervals
C22-15
108.00
114.50
6.50
1.07
C22-16
No Significant Intervals
Grizzly Bear
GB22-01
54.55
55.30
0.75
1.66
GB22-02
No Significant Intervals
GB22-03
163.00
164.00
1.00
1.25
GB22-04
79.00
79.75
0.75
2.14
and
165.75
166.50
0.75
1.81
GB22-05
105.00
108.00
3.00
2.10
GB22-06
156.00
159.00
3.00
1.32
GB22-07
118.50
138.35
19.85
0.59
including
124.00
124.75
0.75
4.80
GB22-08
155.25
181.75
26.50
0.45
including
181.00
181.75
0.75
2.56
GB22-10
174.70
176.15
1.45
2.30
GB22-11
175.75
176.50
0.75
4.03
and
196.50
197.25
0.75
1.06
GB22-14
199.65
214.50
14.85
1.40
including
213.75
214.50
0.75
20.80
GB22-15
81.50
82.00
0.50
6.33
GB22-16
110.00
111.50
1.50
0.72
Note: True widths remain
undetermined at this stage. All assays are uncut. Further
statistical analysis will be required prior to establishing a
suitable cut grade.
Deposit
BHID
Easting
Northing
Elevation
Length
Azimuth
Dip
Colomac Main 1.0
C22-01
592210
7145592
378
216
83
-45
Colomac Main 1.0
C22-02
592210
7145592
378
357
83
-65
Colomac Main 1.0
C22-03
592230
7145511
378
252.3
93
-50
Colomac Main 1.0
C22-04
592230
7145511
378
315
93
-60
Colomac Main 1.0
C22-05
592239
7145378
367
240
95
-49
Colomac Main 1.0
C22-08
592215
7143993
384
174
90
-65
Colomac Main 1.0
C22-10
592391
7145302
364
126
270
-45
Colomac Main 1.0
C22-12
592391
7145302
364
171
270
-65
Colomac Main 1.0
C22-13
592231
7145222
356
321
90
-55
Colomac Main 1.5
C22-14
592179
7143730
381
432
115
-75
Colomac Main 1.0
C22-15
592361
7144925
373
201
270
-45
Colomac Main 1.0
C22-16
592355
7144758
367
252
275
-62
Grizzly Bear
GB22-01
590701
7140440
340
132
300
-45
Grizzly Bear
GB22-02
590746
7140415
341
180
300
-45
Grizzly Bear
GB22-03
590746
7140415
341
255
300
-65
Grizzly Bear
GB22-04
590729
7140392
342
252
300
-65
Grizzly Bear
GB22-05
590702
7140360
343
171
300
-45
Grizzly Bear
GB22-06
590702
7140360
343
201
300
-60
Grizzly Bear
GB22-07
590687
7140342
343
165
300
-45
Grizzly Bear
GB22-08
590687
7140342
343
222
300
-65
Grizzly Bear
GB22-10
590681
7140318
344
228
300
-60
Grizzly Bear
GB22-11
590699
7140277
353
231
300
-50
Grizzly Bear
GB22-14
590663
7140254
354
261
300
-60
Grizzly Bear
GB22-15
590585
7140275
346
111
300
-45
Grizzly Bear
GB22-16
590585
7140275
346
150
300
-65
Technical Information The pit shell outlines in Figures 1
to 6 are from the 2022 MRE1 and were completed by InnovExplo Inc.
and are defined by a US$1,600/oz gold price assumption.
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.
Halved drill core is stored on site and pulps are returned and
stored for record.
As part of its QA/QC program, Nighthawk inserts external gold
standards (low to high-grade), blanks and duplicates every 20
samples in addition to the standards, blanks, and pulp duplicates
inserted by ALS Global.
Qualified Person John McBride, MSc., P.Geo., Vice
President of Exploration for 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.
About Nighthawk Nighthawk is a Canadian-based gold
exploration company with 100% ownership of more than 930 km2 of
district-scale land position within the Indin Lake Greenstone Gold
Belt, located approximately 200 km north of Yellowknife, Northwest
Territories, Canada. The Company is advancing several highly
prospective exploration targets. The Colomac Centre and Satellite
deposits currently has a Mineral Resource Estimate1 of 58.2 million
tonnes grading 1.44 g/t Au for 2.69 million ounces in the Indicated
category and 19.7 million tonnes grading 2.10 g/t Au for 1.33
million ounces in the Inferred category. Nighthawk’s experienced
management team, with a track record of successfully advancing
projects and operating mines, is working towards demonstrating the
economic viability of its assets and rapidly advancing its projects
towards a development decision.
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 mineral resource estimates, potential expansion of
pit-constrained mineralization, potential expansion of mineral
resource estimates, the potential for higher-grade assay results,
continued exploration and drilling initiatives and having the
necessary funding required to complete these initiatives, the
prospectivity of exploration targets, the potential economic
viability of the assets, and the advancement of projects towards a
development decision. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as “add”
or “additional”, “advancing”, “anticipates” or “does not
anticipate”, “appears”, “believes”, “can be”, “continue”,
“demonstrating”, “estimates”, “encouraging”, “expand” or
“expanding” or “expansion”, “expect” or “expectations”,
“forecasts”, “forward”, “goal”, “increase”, “intends”,
“justification”, “support”, “plans”, “potential” or “potentially”,
“prospective”, “prioritize”, “reflects”, “scheduled”, “suggesting”,
“updating”, “will be” or “will consider”, “work towards”, ,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, impact of inflation, impact of
the war in Ukraine, risks associated with the COVID-19 pandemic,
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, 2021,
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.
1For more information on the Mineral Resource Estimate (“2022
MRE”) please refer to the March 8, 2022 news release and in the
Company’s NI 43-101 technical report entitled “NI 43-101 Technical
Report and Update of the Mineral Resource Estimate for the Indin
Lake Gold Property, Northwest Territories, Canada” and dated March
31, 2022 (“Technical Report”), which is available on SEDAR
www.sedar.com and on the Company’s website at
www.nighthawkgold.com. John McBride, Vice President of Exploration
of Nighthawk, who is the “Qualified Person” as defined by NI
43-101, has reviewed and approved of the scientific and technical
disclosure contained in this news release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220719005220/en/
NIGHTHAWK GOLD CORP. Tel: 1-416-880-7090; Email:
info@nighthawkgold.com Website: www.nighthawkgold.com
Keyvan Salehi President & CEO
Michael Leskovec CFO
Allan Candelario VP, Investor Relations & Corporate
Development
Nighthawk Gold (TSX:NHK)
Historical Stock Chart
From Jun 2024 to Jul 2024
Nighthawk Gold (TSX:NHK)
Historical Stock Chart
From Jul 2023 to Jul 2024