Nighthawk Gold Corp. (“Nighthawk” or the
“Company”) (TSX: NHK; OTCQX: MIMZF) reports assay results
from drilling at the Cass Deposit and Albatross Zone target, which
are located within 15 kilometres (“km”) from the Colomac
Centre Area.
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Figure 1 – Cass Deposit and Albatross
Target Drilling – Plan View Map (Graphic: Business Wire)
Table 1 – Highlight Drill Assay Results from the Cass Deposit
Drilling
Hole ID
Deposit
Highlight Assay Result
CM23-14
Cass
4 ounces per tonne (or 125.00 grams per
tonne (“g/t Au”)) over 0.50 metres (“m”)
CM23-09
Cass
2.48 g/t Au over 13.00 m
CM23-11
Cass
1.90 g/t Au over 17.50 m (including 4.20
g/t Au over 6.40 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 results from the Cass Deposit drilling continue to deliver
higher-grade mineralization. We tested the potential extensions of
known mineralization and intersected high-grade, near-surface
mineralization to the northeast, in an area on the other side of a
fault structure where there was no data. The deposit remains open
in all directions and warrant follow-up drilling.”
Cass Deposit Drilling
The Cass Deposit is located 15 km southwest of the Colomac
Centre Area. The deposit is characterized by higher-grade,
near-surface mineralization. The Company completed 5,442 m of
drilling to test new mineralized zones parallel and along strike
from the Cass Deposit. These zones have the potential to
significantly expand the open-pit mineralization at the deposit.
The target areas were chosen based on a new geological
interpretation and structural model, as well as historical
trenching and soil anomalies. Drill holes CM23-08, CM23-09 and
CM23-11 confirmed the extension of mineralization along strike of a
parallel gabbroic intrusion to the northwest of the Cass Deposit.
Drill hole CM23-06 confirmed the continuity of mineralization
between the Cass Deposit estimated pit-shell bottom (as part of the
Colomac Gold Project PEA1) and deeper drillhole intercepts. Drill
holes CM23-12 and CM23-14 intercepted narrow high-grade
mineralization in a previously untested area between the main Cass
Deposit pit-shell and the smaller pit-shell to the east. These
mineralized intercepts confirm that mineralization and the host
geology continue across structural boundaries identified in the new
structural model. Coarse gold samples were intersected in 9 of the
19 drill holes.
_________________________ 1For more
information on the Colomac Gold Project Preliminary Economic
Assessment (“PEA”), please refer to the NI 43-101 technical
report titled “Colomac Gold Project NI 43-101 Technical Report and
Preliminary Economic Assessment, Northwest Territories, Canada”
dated June 9, 2023 which is available on SEDAR+ www.sedarplus.ca
the Company’s website (www.nighthawkgold.com).
Please refer to Figures 1, 2, 3 and 4 for the Cass Deposit (and
Albatross Zone) drilling plan view local map, Cass Deposit
isometric view, Cass Deposit cross section #1, and Cass Deposit
cross section #2, respectively.
Albatross Zone
The Albatross Zone is a grassroots exploration target to the
west of the Cass Deposit. Historical, widely spaced drilling over a
4.6 km trend confirmed the extension of the Cass Deposit
mineralization at narrower widths. Nighthawk completed 1,974 m of
drilling at the Albatross Zone, confirming the gabbro lithological
package with veining and some coarse gold showings. Additional
structural mapping and surface work is required to understand the
potential of this zone.
Please see Tables 1 and 2 for the Cass Deposit and Albatross
Zone Drill Assay Highlights and Summary Table, respectively.
Table 2 – Drill Assay Results Summary – Cass Deposit and
Albatross Target
Hole
ID
From
To
Interval Core Length (m)
Au
(g/t)
Cass Deposit
CM23-01
132.50
133.00
0.50
2.95
and
143.50
148.00
4.50
1.46
and
172.00
173.75
1.75
1.50
and
184.75
190.50
5.75
1.51
and
235.50
238.50
3.00
1.07
CM23-02
No Significant Intervals
CM23-03
117.50
118.50
1.00
1.30
CM23-04
154.50
155.50
1.00
16.80
and
184.75
185.80
1.05
1.17
CM23-05
168.00
169.00
1.00
1.66
CM23-06
149.50
150.50
1.00
2.24
and
274.50
290.00
15.50
1.05
including
277.50
280.40
2.90
3.34
and
359.50
360.00
0.50
18.80
CM23-07
No Significant Intervals
CM23-08
59.00
59.75
0.75
1.74
and
239.75
244.75
5.00
3.25
CM23-09
266.50
279.50
13.00
2.48
CM23-10
19.00
20.00
1.00
1.07
270.00
271.00
1.00
1.90
CM23-11
317.00
334.50
17.50
1.90
including
321.10
327.50
6.40
4.20
CM23-12
218.50
219.00
0.50
7.00
CM23-13
32.20
33.00
0.80
1.12
CM23-14
223.00
223.50
0.50
125.00
and
249.10
250.10
1.00
2.27
CM23-15
No Significant Intervals
CM23-16
No Significant Intervals
CM23-17
No Significant Intervals
CM23-18
261.45
262.50
1.05
1.43
CM23-19
No Significant Intervals
Albatross Target
A23-01
No Significant Intervals
A23-02
33.75
34.50
0.75
1.69
and
182.00
182.50
0.50
6.34
A23-03
No Significant Intervals
A23-04
No Significant Intervals
A23-05
No Significant Intervals
A23-06
No Significant Intervals
A23-07
169.50
170.50
1.00
1.26
A23-08
No Significant Intervals
A23-09
67.50
68.50
1.00
1.68
A23-10
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.
Hole
ID
Easting
Northing
Elevation
Length
Azimuth
Dip
NAD 83
Zone 11
(m)
Cass Deposit
CM23-01
580982.11
7131026.56
332.88
300
280
-60
CM23-02
580828.9
7131008.66
331
177
100
-45
CM23-03
581021.64
7131058.4
334.57
300
280
-45
CM23-04
581022.14
7131058.34
334.66
300
280
-58
CM23-05
581103.68
7131057.11
340.23
225
100
-45
CM23-06
581096.46
7131140
350.43
381
100
-56
CM23-07
581011.77
7131124.03
344.83
384
100
-55
CM23-08
580975.38
7131107.85
340.41
300
100
-45
CM23-09
580975.05
7131107.9
340.45
324
100
-54
CM23-10
580935.73
7131089.86
340.87
348
100
-50
CM23-11
580935.47
7131089.95
340.78
396
100
-59
CM23-12
581389.48
7131360.23
350.07
273
100
-45
CM23-13
580907.19
7131145.79
336.44
189
100
-45
CM23-14
581389.26
7131360.27
350.04
300
100
-55
CM23-15
580906.54
7131145.96
336.43
222
100
-65
CM23-16
581501.31
7131375.05
360.33
270
100
-50
CM23-17
581271.33
7131230.07
357.85
297
100
-54
CM23-18
581439.09
7131393.7
355.52
336
100
-52
CM23-19
581853.48
7131409.45
370.14
120
100
-45
A23-01
580700.9
7130969.89
328.25
216
110
-45
A23-02
580700.24
7130970.18
328.26
240
110
-65
A23-03
580647.04
7130944.06
326.72
177
110
-45
A23-04
580646.34
7130944.28
326.69
246
110
-65
A23-05
580405.04
7130874.12
322.9
150
100
-45
A23-06
580336.34
7130829.54
342.14
150
100
-45
A23-07
580285.48
7130817.67
346.36
240
100
-45
A23-08
580294.51
7130791.97
351.32
210
100
-45
A23-09
580205.6
7130781.46
362.49
177
100
-45
A23-10
580124.5
7130744.5
359.1
168
100
-45
Technical Information
The pit-shell outlines in Figures 1 to 4 are from the Colomac
Gold Project PEA1 and was completed by Ausenco Engineering Canada
Inc. 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.
The 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 and development
company with control of 947 km2 of District Scale Property located
200 km north of Yellowknife, Northwest Territories, Canada. The
Company’s flagship asset is the large-scale, Colomac Gold Project.
The 2023 PEA1 demonstrates the Project’s potential for
290,000oz/year operation over 11.2-year conceptual mine life that
could generate a C$1.2 billion NPV5% and 35% IRR (after taxes)
based on a US$1,600/oz gold price assumption. Nighthawk’s
experienced management team, with a track record of successfully
advancing projects and operating mines, is working towards rapidly
advancing its assets towards a development decision.
Keyvan Salehi
President & CEO
Salvatore Curcio
CFO
Allan Candelario
VP, Investor Relations & Corporate
Development
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, PEA and the potential extractability of the open pit and
underground mineralization, the potential expansion of Mineral
Resource Estimates, the potential for the economics of the Project
to be realized and to improve, the potential for higher-grade assay
results, the potential of the Project to be developed, the
large-scale and robust nature of the Project PEA, the advancement
of the PEA towards a higher-level economic study, 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, capex, 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.
Cautionary Statement regarding the PEA
The reader is advised that the PEA referenced in this press
release is only a conceptual study of the potential viability of
the Project's mineral resource estimates, and the economic and
technical viability of the Project and its estimated mineral
resources has not been demonstrated. The PEA is preliminary in
nature and provides only an initial, high-level review of the
Project's potential and design options; there is no certainty that
the PEA will be realized. The PEA conceptual LOM plan and economic
model include numerous assumptions and mineral resource estimates
including Inferred mineral resource estimates. Inferred mineral
resource estimates are too speculative geologically to have any
economic considerations applied to such estimates. There is no
guarantee that Inferred mineral resource estimates will be
converted to Indicated or Measured mineral resources, or that
Indicated or Measured resources can be converted to mineral
reserves. Mineral resources that are not mineral reserves do not
have demonstrated economic viability, and as such there is no
guarantee the Project economics described herein will be achieved.
Mineral resource estimates may be materially affected by
environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant risks, uncertainties, and other
factors, as more particularly described in the Cautionary
Statements at the end of this news release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230808463764/en/
FOR FURTHER INFORMATION PLEASE CONTACT: NIGHTHAWK GOLD
CORP. Tel: +1 (416) 863-2105; Email: info@nighthawkgold.com
Website: www.nighthawkgold.com
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