TORONTO, ON / ACCESSWIRE / October 21, 2020 / Nighthawk Gold Corp. ('Nighthawk' or the 'Company') (TSX:NHK)(OTCQX:MIMZF) is pleased to report assay results for four (4) drillholes (2,574 metres) completed on Zones 1.5, 2.0 and 3.0 of the Colomac Main Sill, part of the Colomac Gold Project ('Colomac') centrally located within its Indin Lake Gold Property, Northwest Territories, Canada (Figure 1; Table 1).
Dr. Michael Byron, President and CEO commented, 'We are very encouraged by the recent drilling at Colomac, which targeted high-profile areas within the Exploration Target where we are focused on building near-term ounces. The 280 metres of continuous downhole mineralization intersected in hole C20-06 illustrates the shear amount of mineralized rock hosted by the Colomac Main sill, reinforcing our beliefs in the future potential of the project. Drilling was also successful in opening up a new unexplored region of the sill and confirmed significant expansion and widening of the host quartz diorite portion of the sill to depth within the northern part of Zone 2.0.
'The drilling season at our Indin Lake Gold Property has now come to an end with a total of 22,993 metres of drilling completed at Colomac, the Treasure Island Gold Project, and a small campaign at the Leta Arm Gold Project, where results have already been released. The fifth drill has arrived on site, and camp expansion is nearing completion in preparation for the expanded 2021 program which will advance a number of regional assets that have high-grade potential.'
COLOMAC DRILLING HIGHLIGHTS:
- Hole C20-06 returned 252.13 metres (150.00 metres true width) of 1.84 grams per tonne gold ('gpt' 'Au') including 200.45 metres (110.00 metres true width) of 2.01 gpt Au with several internal higher-grade intercepts.
- Best continuous downhole mineralization encountered to-date (280 metres) with visible gold observed in 79 individual assay samples (Figure 4), extending a broad band of mineralization to new depths where it remains open.
- Upper intersection - 19.38 metres of 2.30 gpt Au, including 3.40 metres of 7.47 gpt Au.
- Mid-level intersection - 12.50 metres of 3.66 gpt Au, including 3.05 metres of 10.14 gpt Au.
- Lower intersection - 17.50 metres of 3.35 gpt Au and 16.00 metres of 4.91 gpt Au, including 9.75 metres of 7.34 gpt Au, and including 5.50 metres of 11.14 gpt Au.
- C20-06 true width of 150 metres, is roughly triple its near surface size. Mineralization on this section spans from near surface to over 580 metres vertical depth where it remains open.
- Zone 1.5-2.0 panel of mineralization (formed by the merger of Zone 1.5 and 2.0, considered to be the strongest mineralized section of the Colomac Main sill) was extended an additional 140 metres southward to upwards of 640 metres in strike length and remains open along strike and to depth.
- Hole C20-03 intersected 38.25 metres (21.00 metres true width) of 2.09 gpt Au, including 10.50 metres of 4.16 gpt Au, and including 6.00 metres of 6.64 gpt Au.
- C20-03 returned over 170 metres of relatively continuous downhole mineralization, resulting in a 100-metre true width at 550 metres vertical depth, further demonstrating the deposit's distinct widening to depth.
- Hole C20-08 intersected 85.00 metres (43.00 metres true width) of 1.19 gpt Au, including 21.75 metres of 2.35 gpt Au, and including 12.25 metres of 2.91 gpt Au.
Note: All assays are uncut (see Table 1)
All four holes intersected mineralization at depth resulting in the expansion of known occurrences and the discovery of new areas of interest highlighted by hole C20-06 which tested a new area to depth at Zone 2.0 and confirmed the continued widening of the mineralized portion of the sill to depth. The 2020 drill program has also successfully completed some of the intersections required to help convert the 'Exploration Target' opportunity into future resources (Figure 5).
A total of 16,419 metres of drilling was completed at Colomac in 2020. Including the holes reported on today, 6,003 metres of drilling have been released to date.
Table 1. Colomac Drill Results - Summary Table (uncut)
* Lengths are reported as core lengths. True widths vary depending on drill hole dip.
Figure 1. Plan View of Colomac Main Sill - Drillhole Locations (For enhanced image, click here)
Figure 2. Cross Section - Zone 2.0 - Drillhole C20-06 (For enhanced image, click here)
Figure 3. Cross Section - Zone 1.5 - Drillhole C20-03 (For enhanced image, click here)
Figure 4. Typical Quartz Diorite Hosted Colomac Gold Mineralization (Hole C20-06) (For enhanced image, click here)
Figure 5. Colomac Main Sill Longitudinal Section - Showing 2020 Drilling To-Date in Relation to the 2020 Mineral Resource (For enhanced image, click here)
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. Pulp and metallics assaying for gold was conducted on the entire pulverized sample.
As part of its QA/QC program, Nighthawk inserts external gold standards (low to high-grade) and blanks every 20 samples in addition to the standards, blanks, and pulp duplicates inserted by ALS Global.
Nighthawk is a Canadian-based gold exploration company with 100% ownership of a district-scale land position within the Indin Lake Greenstone Belt, located approximately 200 km north of Yellowknife, Northwest Territories, Canada. Nighthawk has advanced its flagship asset Colomac, outlining a robust project with current Indicated Resources of 25.89 Mt with an average grade of 2.01 gpt Au for 1.67 Moz of gold and Inferred Resources of 5.71 Mt with an average grade of 2.03 gpt Au for 0.37 Moz of gold, with the majority of ounces contained within an underground resource. Near-term resource expansion opportunities exist proximal to the current resources, and additional upside exists throughout the +7km strike length of the host quartz diorite with a substantial opportunity at depth where the true width is known to expand significantly across a 3.5km-long section. Within this largely underexplored Archean gold camp, the Company has identified a number of high-priority targets within large regional deformation zones that are pregnant with gold mineralization and are known to host significant deposits which warrant additional exploration and follow-up.
The Company has an experienced and dedicated team with a track record of successfully advancing projects and is well funded and supported to complete its goals and objectives.
Technical information related to the 2020 Mineral Resource Estimate on the 100% owned Indin Lake Gold Property (the '2020 MRE') was reviewed and approved by Marina Iund, M.Sc., P.Geo., Project Geologist and Carl Pelletier, P.Geo., Co-President Founder of InnovExplo who are independent Qualified Persons as defined by NI 43-101, with the ability and authority to verify the authenticity and validity of this data. Please refer to the NI 43-101 technical report 'NI 43-101 Technical Report and Mineral Resource Estimate for the Indin lake Gold Property, Northwest Territories, Canada', dated September 11, 2020, as filed under the company's profile on www.sedar.com.
Dr. Michael J. Byron, Ph.D., P.Geo., President & Chief Executive Officer of 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dr. Michael Byron
President & CEO
Suzette N Ramcharan
VP, Corporate Development
Neither the Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.
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 continued exploration programs (including size and budget) and the ability to advance targets and the timing and results thereof; the ability to add upwards of 1.5 Moz of additional resources grading anywhere from 1.8 to 2.0 gpt Au with an estimated 50,000 to 75,000 metres of drilling and the timing surrounding such an endeavour; the 2020 MRE; and access to available capital to complete all work necessary to achieve the Company's stated goals and objectives. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects', or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'does not anticipate', or 'believes' 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, 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, 2018, 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.
SOURCE: Nighthawk Gold Corp
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