Nighthawk Gold Corp. (“Nighthawk” or the “Company”)(TSX:
NHK; OTCQX: MIMZF) is pleased to report the remaining assay results
from the Colomac Main Deposit within the Colomac Centre Area.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221027005199/en/
Figure 1 – Colomac Main Deposit (Zones
2.5 and 3.0) Isometric View Looking West (Graphic: Business
Wire)
Table 1 – Highlight Drill Assay Results from the Colomac Main
Deposit
Hole ID
Deposit
Highlight Assay Result
C22-40
Colomac Main (Zone 2.5)
2.09 grams per tonne (“g/t
Au”) over 92.00 metres (“m”)
(including 6.32 g/t Au over 7.00
m)
C22-45
Colomac Main (Zone 2.5)
2.72 g/t Au over 34.50 m
(including 9.13 g/t Au over 3.50
m)
C22-38
Colomac Main (Zone 2.5)
0.74 g/t Au over 65.00 m
C22-34
Colomac Main (Zone 2.5)
1.61 g/t Au over 26.50 m (including 6.99
g/t Au over 1.00 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.
Nighthawk President & CEO Keyvan Salehi commented,
“The Colomac Main Deposit continues to deliver high-grade,
near-surface mineralization over meaningful widths, suggesting the
strong potential to expand the open-pit mineral resources of the
deposit. We see a lot more upside along the main deposit at
Colomac, along strike and at depth. The open-pit part of the
deposit is still shallow due to lack of drilling and sufficient
data along the 7km trend and can grow substantially with
successfully targeting and drilling the higher-grade mineralization
as shown with the latest results published in this press
release.”
Colomac Main Deposit
The Colomac Centre Area (please refer to Figure 2 for the
Regional Map) represents a group of five proximal deposits (Colomac
Main, Grizzly Bear, Goldcrest, 24 & 27) in the heart of the
Colomac Gold Project. The latest batch of drill assay results from
the Colomac Main Deposit (please refer to Figure 3 for the Local
Map of the Drill Hole Locations) targeted near surface
mineralization outside the current Mineral Resource Estimate
(“2022 MRE”)1 pit-shells, with the goal of expanding the
middle areas (Zones 2.5 and 3.0) of the deposit.
Drilling in Zone 2.5 intersected wider intervals of near-surface
mineralization (highlighted by holes C22-40, C22-45, and C22-34)
with gold grades that are higher than the 2022 MRE1 grades of the
deposit, suggesting the potential expansion of the estimated
pit-shells in that area.
Please refer to Tables 1 and 2 for the Highlight Drill Assay
Results and Drill Assay Results Summary of the latest batch of
drilling at the Colomac Main Deposit, respectively. Please refer to
Figures 4 and 5 for the section views of the Highlight Drill Assay
Results.
Hole ID
Interval (m)
Core Length
Gold Grade
From
To
(m)
(g/t Au)
Colomac Main Deposit
C22-29
158.25
183.25
25.00
1.01
C22-30
191.00
209.00
18.00
0.78
C22-32
237.00
257.00
20.00
1.59
including
242.25
245.00
2.75
6.08
C22-33
38.00
39.50
1.50
1.84
C22-34
82.50
109.00
26.50
1.61
including
104.25
105.25
1.00
6.99
and
132.00
138.00
6.00
0.83
and
162.00
164.00
2.00
1.66
and
186.50
187.00
0.50
19.05
C22-35
93.50
96.50
3.00
0.92
and
152.75
165.00
12.25
0.90
including
154.75
155.25
0.50
9.67
C22-36
125.00
156.50
31.50
0.81
including
143.50
144.00
0.50
20.30
and
171.50
215.00
43.50
0.55
including
208.00
208.50
0.50
11.35
C22-37
208.00
240.00
32.00
0.58
including
229.00
229.75
0.75
6.16
C22-38
141.00
206.00
65.00
0.74
C22-39
70.50
116.00
45.50
0.44
C22-40
188.50
280.50
92.00
2.09
including
216.25
223.25
7.00
6.32
and
295.00
296.60
1.60
4.69
C22-41
249.50
250.00
0.50
6.89
and
268.00
282.00
14.00
0.58
C22-42
147.00
185.00
38.00
0.59
C22-43
61.00
61.50
0.50
3.15
and
135.00
150.00
15.00
0.53
C22-44
151.00
181.00
30.00
0.56
including
169.00
170.00
1.00
5.50
C22-45
233.00
267.50
34.50
2.71
including
254.50
258.00
3.50
9.13
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 (Zone 3.0)
C22-29
591931.1
7141526
368.87
234
290
-62
Colomac Main (Zone 3.0)
C22-30
591874.5
7141433
369.43
239.1
290
-70
Colomac Main (Zone 3.0)
C22-32
591854.6
7141361
363.64
282
285
-65
Colomac Main (Zone 2.5)
C22-33
591903.1
7141657
368.13
96
295
-60
Colomac Main (Zone 2.5)
C22-34
591902.7
7141657
368.2
213
295
-81
Colomac Main (Zone 2.5)
C22-35
591916.5
7141669
367.88
219
300
-70
Colomac Main (Zone 2.0)
C22-36
591876.3
7142303
370.93
261
90
-59
Colomac Main (Zone 2.5)
C22-37
592022
7141800
365.03
276
270
-65
Colomac Main (Zone 2.5)
C22-38
591989.3
7141892
358.11
223.4
275
-70
Colomac Main (Zone 2.0)
C22-39
592008.9
7142291
362.3
162
270
-62
Colomac Main (Zone 2.5)
C22-40
591989.5
7141892
357.98
315
275
-80
Colomac Main (Zone 2.0)
C22-41
592216.1
7142511
343.4
321
270
-66
Colomac Main (Zone 2.5)
C22-42
591993.3
7141950
360.94
276
270
-75
Colomac Main (Zone 2.5)
C22-43
591810.5
7141750
368.11
225
90
-54
Colomac Main (Zone 2.5)
C22-44
591810.2
7141750
368.14
261
90
-61
Colomac Main (Zone 2.5)
C22-45
592029.7
7141843
365.64
318
270
-68
Colomac Main (Zone 2.5)
C22-29
591931.1
7141526
368.87
234
290
-62
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 Gold Corp.
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 Gold Project 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 (or open-pit)
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”, “plans”, “potential” or “potentially”,
“prospective”, “prioritize”, “reflects”, “scheduled”, “suggesting”,
“support”, “updating”, “upside”, “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 required regulatory approvals, 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, the war in Ukraine and its effect on supply chains,
environmental risks, COVID-19 and other pandemic 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/20221027005199/en/
FOR FURTHER INFORMATION: 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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