Nighthawk Gold Corp. (“Nighthawk” or the
“Company”) (TSX: NHK; OTCQX: MIMZF) is pleased to report
assay results from drilling at the Kim Deposit, part of the Kim and
Cass Deposits, which are within 15 kilometres (“km”) of the
Colomac Centre Area.
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Figure 1 – Kim Deposit Isometric View
Looking West (Graphic: Business Wire)
Table 1 – Highlight Drill Assay Results from the Kim and Cass
Deposits
Hole ID
Deposit
Highlight Assay Result
KM22-04
Kim
7.30 grams per tonne (“g/t Au”) over
17.65 metres (“m”)
(including 217.00 g/t Au over 0.50
m)
KM22-03
Kim
1.62 g/t Au over 22.05 m (including 14.78
g/t Au over 1.60 m) &
10.98 g/t Au over 1.75 m
KM22-06*
Kim
2.44 g/t Au over 29.75 m
KM22-01*
Kim
1.75 g/t Au over 36.25 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. *Twinned holes
Nighthawk President & CEO Keyvan Salehi commented,
“We believe the Kim and Cass Deposits have the potential to
significantly expand the high-grade mineralization of our Project.
The high-grade intercepts from the Kim Deposit drilling outside of
the current Mineral Resource Estimate1 (“2022 MRE”)
pit-shells suggest the expansion of the known open-pit
mineralization. In addition, with our analysis of the structural
controls of the deposit, we were able to locate the down-dip,
off-set extension of the Kim Deposit just below the 2022 MRE1
pit-shell.”
“Up next, we intend to publish results from our Cass Deposit,
which should be available in the next couple of weeks.”
Kim and Cass Deposits
The Kim and Cass Deposits are high-grade, potential open pit
deposits that are located within 15 km southwest of the Colomac
Centre. The Company purchased 100% of the Kim and Cass Property
(which hosts the Kim and Cass Deposits) via an option agreement in
2021 (which will be completed in early 2023 with a final payment)
and represents an important part of the potential “Hub-and-Spoke”
future mine plan for the Colomac Gold Project (the
“Project”). Both the Kim and Cass deposits are accessible by
an existing trail that connects to the Project camp. Exploration at
the Kim and Cass Deposits focused on understanding the structural
controls of the mineralization and expanding the near-surface
mineral resources of these deposits. Please refer to Figures 2 and
3 for the District-Scale Regional Map and Local Map of Kim Deposit
drilling, respectively.
Kim Deposit
The geology of the Kim Deposit area is underlain by subvertical
pillowed-to-massive mafic flows and turbiditic meta sediments which
are intruded by gabbroic sills. The majority of the gold
mineralization at the Kim Deposit is hosted in massive mafic
volcanic flows along the metasediment contact and associated with
smoky quartz-carbonate, sulphide-rich veins and display a
steep-to-subvertical dip. Displacement of rock units and
mineralization occurs along northwest and northeast striking
faults.
2022 drilling at the Kim Deposit has intersected high-grade,
near-surface mineralization outside and adjacent to the 2022 MRE1
pit-shells as demonstrated with recent intercepts like drill holes
KM22-03 and KM22-04. In addition, due to the analysis on the
structural controls, Nighthawk was able to locate the down-dip
offset continuation of the Kim Deposit mineralization just below
the 2022 MRE1 pit-shell, as evidenced by drill hole KM22-03. The
Kim Deposit remains open at depth and along strike.
Please refer to Tables 1 and 2 for the Highlight Drill Assay
Results and Drill Assay Results Summary of the Kim Deposit,
respectively. Please refer to Figures 1, 4 and 5 for the Isometric,
Section #1 and Section #2 views of the Kim Deposit Highlight Drill
Assay Results, respectively.
Table 2 – Drill Assay Results Summary – Kim Deposit
BHID
From
To
Interval Core Length
(m)
Au (g/t)
Kim Deposit
KM22-01*
74.00
110.25
36.25
1.75
KM22-02
No Significant Intervals
KM22-03
210.05
232.10
22.05
1.62
Including
210.40
212.00
1.60
14.78
and
291.75
293.50
1.75
10.98
KM22-04
150.25
167.90
17.65
7.30
Including
160.50
161.00
0.50
217.00
KM22-05
No Significant Intervals
KM22-06*
5.25
35.00
29.75
2.44
KM22-07
23.00
24.00
1.00
1.09
and
55.50
56.00
0.50
23.90
and
65.50
76.00
10.50
2.09
KM22-08
90.00
101.00
11.00
1.14
KM22-09*
42.00
60.75
18.75
1.19
KM22-10
147.00
174.75
27.75
1.66
including
163.50
164.25
0.75
10.95
KM22-11
66.00
67.50
1.50
3.81
and
148.00
152.50
4.50
1.92
KM22-12
81.50
82.50
1.00
2.72
KM22-13
157.30
158.25
0.95
3.05
KM22-14
59.85
62.00
2.15
0.89
and
158.75
161.00
2.25
0.67
and
189.25
190.00
0.75
5.05
KM22-15
109.30
115.00
5.70
0.61
KM22-16
10.00
28.75
18.75
1.03
and
73.50
79.25
5.75
1.91
including
78.25
78.75
0.50
10.25
and
191.50
193.00
1.50
3.46
KM22-17
No Significant Intervals
KM22-18
No Significant Intervals
KM22-19
23.00
25.00
2.00
1.03
and
174.50
179.00
4.50
0.61
KM22-20
34.00
35.50
1.50
8.91
and
277.00
278.00
1.00
10.40
KM22-21
No Significant Intervals
KM22-22
240.00
248.75
8.75
1.51
and
270.00
280.00
10.00
0.64
and
295.00
296.00
1.00
2.46
and
325.75
340.00
14.25
1.51
KM22-23
227.00
228.50
1.50
7.70
KM22-24
No Significant Intervals
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. *Twinned holes
BHID
Easting
Northing
Elevation
Length
(m)
Azimuth
Dip
KM22-01
583609
7133656
318
126
106
-45
KM22-02
583503
7133628
331
270
115
-53
KM22-03
583502
7133628
331
330
115
-62
KM22-04
583527
7133559
323
210
115
-52
KM22-05
583468
7133479
339
231
115
-45
KM22-06
583589
7133432
307
102
115
-45
KM22-07
583564
7133355
312
126
115
-45
KM22-08
583563
7133355
312
144
115
-60
KM22-09
583560
7133324
315
117
115
-45
KM22-10
583519
7133346
316
210
115
-63
KM22-11
583502
7133300
316
225
115
-50
KM22-12
583502
7133300
315
252
115
-60
KM22-13
583636
7133871
364
180.4
98
-50
KM22-14
583503
7133137
328
231
115
-54
KM22-15
583584
7133860
361
279
115
-53
KM22-16
583531
7133076
320
246
115
-55
KM22-17
583681
7133769
353
102
115
-45
KM22-18
583545
7133023
320
171
120
-50
KM22-19
583608
7133803
366
216
115
-50
KM22-20
583431
7133486
347
360.3
115
-60
KM22-21
583574
7133771
362
225
115
-50
KM22-22
583451
7133540
334
375
115
-64
KM22-23
583534
7133747
357
306
120
-60
KM22-24
583518
7133675
331
306
120
-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.
1 For 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/20221110005159/en/
FOR FURTHER INFORMATION PLEASE CONTACT: 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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