DAMOTI LAKE GOLD DEPOSIT

HIGHLIGHTS

  • Gold mineralization hosted in folded iron-formation associated with sulphides

  • High-grade near surface opportunity

  • Small high-grade deposit previously outlined

  • Existing underground development via ramp (limited)

  • Potential for resource expansion

  • Nighthawk drilled over 13,000m in 2009 and 2010

  • Drilling successfully expanded known zones and discovered new ones

  • 100% owned subject to a 2% NSR royalty

The Damoti Lake gold deposit lies 28 kilometres south of Colomac. Mineralization is hosted in folded iron-formation associated with fold related fracturing and hydrothermal alteration where gold is preferentially located within fold noses and parasitic structures. A small historical, but high-grade, near-surface deposit was previously defined showing excellent expansion potential (see press release dated, November 17, 2005, for Anaconda Gold Corp.)

An independent, National Instrument 43-101 compliant resource estimate was completed in September 2005 for Anaconda Gold Corp. (Refer to report “Technical Report and Resource Estimate on the Damoti Lake Property, Northwest Territories, Canada”, dated December 22, 2005, available under Anaconda’s profile at www.sedar.com), who at the time were considering a mining operation that targeted the highest-grade portion of the deposit.  Using a cut-off grade of 8.00 gpt Au, the measured and indicated mineral resource estimate for the deposit totaled 40,600 tonnes grading 26.17 gpt Au, with a further inferred mineral resource estimate of 17,800 tonnes grading 16.38 gpt Au. Resources completed prior to the implementation of NI 43-101 are referenced in the technical report and suggest the potential for a larger lower grade deposit. Damoti was also the subject of a 1996 underground exploration program via a shallow ramp into the heart of the high-grade resource.

In 2009 and 2010 Nighthawk drilled a total of 13,647 metres to explore for new zones throughout the property (Table 1).  Damoti is important to the consolidation of the Indin Lake Gold Camp, as it represents a very high-grade satellite deposit that could augment any future Colomac gold production.  It also reveals an opportunity that regional assets may represent in terms of grade and contained gold ounces to strengthen Nighthawk’s 100% controlled regional play centered on Colomac, a mutli-million-ounce deposit with significant growth possibilities.

Numerous drill ready targets exist on the property that the Company will be testing later in the 2018 program.

Table 1.  2009 - 2010 Damoti Project Drill Highlights

Hole ID

Core Length (metres)

Gold Grade (g/t)

Mineralized Zone

News Release

D09-377

23.50

13.91

Horseshoe

August 25, 2009

including

9.60

20.95

Horseshoe

August 25, 2009

D09-380

22.30

9.31

Horseshoe

August 25, 2009

including

4.60

22.06

Horseshoe

August 25, 2009

D09-382

5.00

21.35

Horseshoe

September 16, 2009

including

2.65

39.60

Horseshoe

September 16, 2009

D09-387

6.90

4.31

Horseshoe

October 27, 2009

D09-389

6.00

4.53

Horseshoe

October 27, 2009

D09-389B

4.25

7.81

Horseshoe

October 27, 2009

including

1.80

17.68

Horseshoe

October 27, 2009

D10-416B

8.00

16.12

Red Mountain

July 6, 2010

including

1.50

60.25

Red Mountain

July 6, 2010

D10-418

3.00

7.93

Red Mountain

July 6, 2010

including

1.80

12.40

Red Mountain

July 6, 2010

 

16.25

2.60

Red Mountain

July 6, 2010

including

4.25

6.84

Red Mountain

July 6, 2010

D10-20B

20.00

5.60

Red Mountain

August 4, 2010

including

8.50

9.81

Red Mountain

August 4, 2010

D10-394C

38.50

3.24

BIF Island

May 18, 2010

including

6.50

8.62

BIF Island

May 18, 2010

D10-396B

22.50

5.81

BIF Island

May 18, 2010

including

10.25

10.53

BIF Island

May 18, 2010

D10-397

28.15

4.76

BIF Island

May 18, 2010

including

7.00

15.85

BIF Island

May 18, 2010

 

 


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