Nighthawk Gold Corp. (“Nighthawk” or the
“Company”) (TSX: NHK; OTCQX: MIMZF) announces its 2023
Exploration and environmental programs at its district-scale
property in Northwest Territories, Canada. Furthermore, the Company
is pleased to announce the filing of its Technical Report (defined
below) for the previously announced updated Mineral Resource
Estimate1 (“2023 MRE”) of the Colomac Gold Project (the
“Project”).
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230315005894/en/
Figure 1 – Cass Deposit – Local Plan View
Map (Graphic: Business Wire)
Nighthawk President and CEO Keyvan Salehi, P.Eng.
commented: “Our aggressive exploration program over the last
two years resulted in a successful 2023 MRE1 that demonstrated an
expansion of the open-pit (“OP”) mineralization for the
Colomac Gold Project to what we believe to be a significant size
and scale.”
“As the Project advances towards a preliminary economic
assessment (“PEA”) by mid-2023, we are reprioritizing our
exploration drilling. This year, we plan to drill between 20,000
and 25,000 metres (“m”), focusing on the expansion of the
higher-grade, satellite deposits such as Cass, Damoti, and the
24/27 deposit in the Colomac Centre Area. We also plan to drill
test the Leta Arm Zone, which are a series of grassroots targets,
south of the Colomac Centre Area, that show a high potential for
meaningful gold discoveries.”
“We are also prioritizing the permitting process for the Project
considering that environmental responsibility is a core value for
Nighthawk. We commenced environmental baseline studies last year
and it will continue over the next couple of years.”
Mineral Resource Expansion Drilling
The Company continues its mineral resource expansion drilling in
2023, with a focus on the Cass, 24/27 and/or Damoti deposits. At
the Cass deposit, the Company will test the potential extension of
the higher-grade, near-surface mineralization to the west and the
northeast of the deposit based on recent structural and geological
modelling. At the 24/27 deposit, located within the Colomac Centre
Area, Nighthawk will drill test the potential strike extension of
the higher-grade, near-surface mineralization to the north of the
deposit prioritizing the potential higher-grade zones identified by
the 2022 electromagnetic (“VTEM”) survey. The drilling
planned for the Damoti deposit would focus on mineral resource
expansion of the deposit, both near-surface and at depth; drilling
would target the nose of the folding structures where
mineralization at the Damoti deposit appears to be concentrated, as
identified by the updated structural model.
See Figures 1 to 3 for more details:
1. Cass Deposit – Local Plan View Map 2. 24/27 Deposit –VTEM
Survey Map 3. Damoti Deposit – Isometric View Looking Northwest
Kim and Cass Property Option Agreement Fulfilled
The Company is pleased to announce that it has fulfilled its
earn-in requirements as per the terms of the Kim and Cass Property
option agreement. Since 2021, Nighthawk has paid an aggregate of
C$1.1 million in total consideration and granted a 2.5% net smelter
return (“NSR”) to Geomark Inc.; the Company has the right to
purchase back up to 100% of the NSR for C$0.5 million increments up
to C$2.5 million total.
Grassroots Exploration Drilling
The Leta Arm Zone is a series of grassroots targets along a
12-kilometre (“km”) shear zone located approximately 13 km
south of the Colomac Centre Area and 8 km east of the Cass and Kim
Deposits. Limited historical drilling and surface sampling at the
Leta Arm Zone suggest high-grade, narrow vein mineralization at
depth. Nighthawk believes the Leta Arm trend is an area of high
potential for a meaningful gold deposit discovery based on
historical work.
See Figures 4 and 5 for more details:
4. Leta Arm Zone – Local Plan View Map 5. Leta Arm Zone – Long
Section View Looking West
Environmental Programs
The Company is initiating a series of environmental baseline
studies as part of the Environmental Assessment for the Colomac
Gold Project, which is a critical component towards receiving the
permit to develop and operate the Project in the future. Nighthawk
commenced its baseline environmental sampling and monitoring
program in 2022 and will continue throughout 2023 and 2024.
2023 MRE1 Technical Report
The Company announces today that it has filed a National
Instrument 43-101 ("NI 43-101") technical report titled “NI
43-101 Technical Report and Update of the Mineral Resource Estimate
for the Indin Lake Gold Property, Northwest Territories, Canada”
(the “Technical Report”), outlining 2023 MRE1 as announced
February 9, 2022. The Technical Report is available under the
Company's profile on SEDAR at www.sedar.com and on the Company
website at www.nighthawkgold.com. Readers are encouraged to read
the Technical Report in its entirety, including all assumptions,
qualifications and exclusions that related to the 2023 MRE1. The
Technical Report is intended to be read as a whole, and sections
should not be read or relied upon out of context.
During the final validation and completion of the Technical
Report, minor adjustments were made to the Treasure Island deposit
mineral resource estimate statement disclosed in the February 9,
2023 news release. Mineral resources adjustments are presented in
Tables 1 and 2 of this release for the Treasure Island deposit and
the Global 2023 MRE1, respectively.
Table 1: Treasure Island deposit 2023 MRE
Adjustment
Inferred
Mining method
Tonnes (000)
Grade (g/t Au)
Contained gold ounces
February 9, 2023 News Release
OP
962
3.86
119,000
UG
857
3.01
83,000
Revised Estimate in the Technical
Report1
OP
1,259
3.64
147,000
UG
696
2.96
66,000
Discrepancy #
OP
297
-0.22
28,000
UG
-161
-0.05
-17,000
Discrepancy %
OP
30.9%
-5.7%
23.5%
UG
-18.8%
-1.7%
-20.5%
Table 2: Global 2023 MRE1 Adjustment (due to the revised
Treasure Island estimate and rounding error)
Indicated
Inferred
Mining method
Tonnes (000)
Grade (g/t Au)
Contained gold ounces
Tonnes (000)
Grade (g/t Au)
Contained gold ounces
February 9, 2023 News Release
OP
59,945
1.45
2,804,000
10,773
2.32
802,000
UG
10,486
1.73
584,000
13,526
2.05
889,000
Revised Estimate in Technical
Report1
OP
59,945
1.45
2,804,000
11,070
2.33
830,000
UG
10,486
1.73
583,000
13,364
2.03
872,000
Discrepancy #
OP
-
-
-
297
0.01
28,000
UG
-
-
-1,000
-162
-0.02
-17,000
Discrepancy %
OP
-
-
-
2.8%
0.4%
3.5%
UG
-
-
-0.2%
-1.2%
-1.0%
-1.9%
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 hosting a large underexplored
greenstone belt, located approximately 200 km north of Yellowknife,
Northwest Territories, Canada. The Colomac Gold Project currently
has a Mineral Resource Estimate1 of approximately 70.4 million
tonnes grading 1.50 g/t Au for 3.39 million ounces in the Indicated
category and approximately 24.3 million tonnes grading 2.17 g/t Au
for 1.70 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.
Qualified Persons
Technical information related to the 2023 MRE1 contained in this
news release has been reviewed and approved by Marina Iund, M.Sc.,
P.Geo., Carl Pelletier, P.Geo., and Simon Boudreau, P.Eng. of
InnovExplo, who are Independent and Qualified Persons as defined by
NI 43-101, with the ability and authority to verify the
authenticity and validity of this data.
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.
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, the potential extractability of the OP/pit-constrained
and UG mineralization, the potential expansion of Mineral Resource
Estimates, the potential for higher-grade assay results, the
potential of the Project to be developed, the delivery of the PEA
by mid-2023, the 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”, “conceptual”, “confidence”, “continue”, “convert” or
“conversion”, “deliver”, “demonstrating”, “estimates”,
“encouraging”, “expand” or “expanding” or “expansion”, “expect” or
“expectations”, “forecasts”, “forward”, “goal”, “improves”,
“increase”, “intends”, “justification”, “plans”, “potential” or
“potentially”, “promise”, “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 ongoing wars and their 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, 2022, 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 2023 MRE, please refer to the
Company’s news release on February 9, 2023 and the NI 43-101
technical report titled “NI 43-101 Technical Report and Update of
the Mineral Resource Estimate for the Indin Lake Gold Property,
Northwest Territories, Canada” dated March 15, 2023 (“Technical
Report”). Both are available on SEDAR (www.sedar.com) or the
Company’s website (www.nighthawkgold.com)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230315005894/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
Salvatore Curcio CFO
Allan Candelario VP, Investor Relations & Corporate
Development
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