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 24 and 27 Deposits
(collectively, the “24/27 Deposit”) located in the Colomac
Centre Area on its property in the Northwest Territories,
Canada.
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Figure 1 – 24/27 Deposit Isometric View –
Looking Southwest (Graphic: Business Wire)
Table 1 – Highlight assay results from
the 24/27 Deposit
Hole ID
Deposit
Highlight Assay Result
TFS22-02
24
6.75 g/t Au over 12.75 m
(including 16.45 g/t Au over 2.75 m)
TFS22-01
24
3.62 g/t Au over 10.50 m
(including 19.25 g/t Au over 0.50 m)
TFS22-09
24
2.42 g/t Au over 8.25 m
(including 10.75 g/t Au over 0.75 m)
TFS22-16
24
1.91 g/t Au over 17.00 m
(including 5.20 g/t Au over 2.50 m)
TFS22-06
27
0.67 g/t Au over 45.00 m
(including 14.95 g/t Au over 0.50 m)
TFS22-14
27
0.99 g/t Au over 33.50 m
(including 18.05 g/t Au over 0.50 m)
TFS22-15
27
1.57 g/t Au over 19.00 m
(including 7.88 g/t Au over 2.00 m)
TFS22-20
27
2.48 g/t Au over 7.50 m
(including 12.50 g/t Au over 0.50 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, P.Eng. (Nighthawk President & CEO)
commented, “We received more encouraging drill assay results
from the Colomac Centre. The 24/27 Deposit drilling yielded
higher-grade, near-surface mineralization outside the current
Mineral Resource Estimate1 pit shells. Drill Hole TFS22-02
intersected 6.75 g/t Au over 12.75 m and was the highlight of this
batch of results (see Figure 1). The potential expansion of the
open-pit mineralization in the Colomac Centre appears to be
supported by the data received so far.”
2022 Exploration Program
Drilling in 2022 primarily 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. This latest batch of results represents 4,387 m of drilling,
bringing the total reported assay results to 10,003 m of drilling
for 2022. Please refer to Figure 2 for the Colomac Centre Location
Map.
24/27 Deposit
Most of the 2022 exploration drilling at 24/27 Deposit was
designed to target higher-grade, near surface mineralization
outside of the known mineralization. Gold mineralization in these
areas is hosted by grey-white smoky quartz veins, within a sheared
intermediate volcaniclastic rock bounded on the east by sediments.
Most of the 24/27 Deposit drill assay results returned mineralized
intersections outside the current Mineral Resource Estimate1 pit
shells, which suggest the potential expansion of the mineral
resources in these areas. Please refer to Figure 3 for a Plan View
Map of the 24/27 Deposit drilling. Mineralized widths at the 24
Deposit were confirmed to be wider than previously thought, as
evidenced by drill hole TFS22-02, which intersected mineralization
of 6.75 g/t Au over 12.75 m (including 16.45 g/t Au over 2.75 m)
and 1.20 g/t Au over 26.75 (including 8.41 g/t Au over 1.1 m)
closer to surface than previously expected. Please refer to Figures
1, 4 and 5 for the 24/27 Deposit Isometric View, 24 Deposit Section
View, and 27 Deposit Section View of the highlighted drill holes,
respectively. TFS22-13 and TFS22-11 are step out drill holes
located approximately 250 m to the north, along strike, of the
24/27 Deposit. Both drill holes intersected narrow mineralized
quartz veining within the same intermediate volcanic on as the 24
Deposit and warrant continued exploration along strike. Additional
drill assays are pending for the south extension of the 24/27
Deposit.
Table 2 – Drill Assay Results Summary
Table – 24/27 Deposits
Hole ID
Interval (m)
Core Length
Gold Grade
From
To
(m)
(g/t)
24 Deposit
TFS22-01
30.25
54.50
24.25
0.81
including
31.50
32.35
0.85
5.44
and
64.50
75.00
10.50
3.62
including
73.50
74.00
0.50
19.25
and
99.10
101.00
1.90
2.06
and
123.50
127.00
3.50
0.64
TFS22-02
43.00
69.75
26.75
1.20
including
44.00
45.10
1.10
8.41
and
81.25
94.00
12.75
6.75
including
90.50
93.25
2.75
16.45
and
132.10
133.55
1.45
1.70
TFS22-04
96.00
129.50
33.50
0.48
including
116.75
118.25
1.50
4.11
TFS22-07
122.50
128.50
6.00
1.04
and
212.35
213.35
1.00
3.26
TFS22-09
61.25
69.50
8.25
2.42
including
68.00
68.75
0.75
10.75
TFS22-11
No Significant Intervals
TFS22-13
157.25
158.00
0.75
1.30
TFS22-16
131.00
148.00
17.00
1.91
including
133.25
135.75
2.50
5.20
and
214.75
216.25
1.50
2.20
TFS22-17
32.00
38.00
6.00
1.29
including
35.75
36.50
0.75
4.30
and
65.50
67.50
2.00
0.90
TFS22-21
128.25
132.75
4.50
1.45
and
147.00
148.50
1.50
0.96
TFS22-22
29.00
30.00
1.00
2.50
TFS22-25
257.50
258.50
1.00
1.58
TFS22-26
362.00
364.25
2.25
1.19
27 Deposit
TFS22-05
28.00
29.00
1.00
2.52
and
81.00
82.00
1.00
1.03
TFS22-06
80.60
83.50
2.90
1.94
and
122.00
167.00
45.00
0.67
including
144.00
144.50
0.50
14.95
TFS22-03
78.00
87.50
9.50
0.68
including
81.00
81.50
0.50
5.63
TFS22-14
139.00
140.50
1.50
1.58
and
174.50
208.00
33.50
0.99
including
174.50
189.50
15.00
1.78
including
178.00
178.50
0.50
18.05
TFS22-15
90.00
91.00
1.00
1.22
and
215.00
234.00
19.00
1.57
including
230.50
232.50
2.00
7.88
TFS22-20
54.50
62.00
7.50
2.48
including
60.50
61.00
0.50
12.50
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
24
TFS22-01
595385
7145293
358
216
85
-60
24
TFS22-02
595309
7145323
343
226
85
-70
24
TFS22-04
595309
7145323
343
225
90
-60
24
TFS22-07
595309
7145323
343
246
90
-70
24
TFS22-09
595351
7145326
348
150
85
-50
24
TFS22-11
595160
7145549
360
300
85
-50
24
TFS22-13
595101
7145653
370
348
85
-50
24
TFS22-16
595390
7145222
358
249
70
-70
24
TFS22-17
595430
7145209
354
96
70
-50
24
TFS22-21
595398
7145197
361
225
70
-70
24
TFS22-22
595441
7145089
356
201
65
-45
24
TFS22-25
595441
7145089
356
282
65
-58
24
TFS22-26
595407
7145180
359
375
70
-70
27
TFS22-05
595477
7144870
380
126
95
-50
27
TFS22-06
595477
7144878
380
207
95
-70
27
TFS22-03
595458
7144918
375
153
95
-50
27
TFS22-14
595429
7144780
387
300
95
-50
27
TFS22-15
595429
7144780
387
321
95
-60
27
TFS22-20
595508
7144746
377
141
95
-45
Technical Information The pit shell outlines in Figures 1
to 5 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”, “warrant”, “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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220728005106/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
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