Mineral Resources

The updated mineral resource estimate for the Indin Lake Gold Property (“2020 MRE”) includes an updated mineral resource statement for the Colomac Gold Project and an initial mineral resource statement for the Damoti Lake Gold Project

Follow this link to view the press release as issued on July 28, 2020

 

COLOMAC GOLD PROJECT MINERAL RESOURCE ESTIMATE – Effective July 28, 2020

(Broken down by deposits for combined open pit and underground bulk mining method scenarios)

 

Deposit

Area (mining method)

Cut-off (g/t)

Indicated resource

Inferred resource

Tonnage (T*1000)

AU (g/t)

Ounces

Tonnage (T*1000)

AU (g/t)

Ounces

Colomac

Open pit

0.6

7,996

1.73

443,800

159

1.46

7,500

UG Bulk

1.3

14,922

2.21

1,058,800

4,740

2.08

316,500

Goldcrest

Open pit

0.6

1,362

1.56

68,100

8

1.00

300

UG Bulk

1.3

780

2.08

52,200

217

1.79

12,500

Grizzly Bear

Open pit

0.6

628

1.62

32,800

12

1.52

600

UG Bulk

1.3

202

1.89

12,300

30

1.80

1,700

24/27

Open pit

0.6

-

-

-

375

1.89

22,800

UG Bulk

1.3

-

-

-

171

1.92

10,600

Sub-total Open pit

0.6

9,986

1.70

544,700

554

1.75

31,200

Sub-total UG Bulk

1.3

15,904

2.20

1,123,300

5,158

2.06

341,300

TOTAL

25,890

2.01

1,668,000

5,712

2.03

372.500

 

ACCOMPANYING COLOMAC IMAGES


Figure 1. 2020 Colomac MRE Deposits Location Map

Figure 2. Colomac Main Longitudinal Section with Indicated and Inferred Mineral Resource Outline and Exploration Target

 

 

DAMOTI LAKE GOLD PROJECT MINERAL RESOURCE ESTIMATE – July 28, 2020

(for an underground selective mining method scenario)

Mining Method

Cut-off (gpt Au)

Inferred Resources

Tonnes

(000’s)

Grade

(gpt Au)

Ounces

UG selective

2.00

736

4.97

117,800

 

ACCOMPANYING DAMOTI IMAGES


Figure 3. Damoti Lake Gold Project Location Map

Figure 4. Damoti Lake Gold Deposit Inferred Resource (oblique view looking northwest)

 

 

NOTES:
  1. The Independent and Qualified Persons for the Mineral Resource Estimate, as defined by NI 43-101, are Marina Lund P.Geo., and Carl Pelletier, P.Geo., both from InnovExplo Inc., and the effective date is July 28, 2020.
  2. These mineral resources are not mineral reserves, as they do not have demonstrated economic viability.
  3. The mineral resource estimate follows current CIM definitions and guidelines for mineral resources.
  4. The results presented are undiluted and are considered to have reasonable prospects of economic viability.
  5. The estimates encompass six (6) gold deposits (Colomac Main, 24, 27, Goldcrest, Grizzly Bear, and Damoti), subdivided into 52 zones (6 for Colomac Main, 1 for 24, 1 for 27, 3 for Goldcrest, and 3 for Grizzly Bear, and 38 for Damoti) each defined by individual wireframes with a minimum true thickness of 3.0 m for the Colomac Main, 24, 27, Goldcrest and Grizzly Bear deposits and a minimum true thickness of 2.0 m for the Damoti deposit, using the grade of the material when assayed or a value of zero when not assayed. One (1) low grade envelope was create using the quartz diorite geological solid for the Colomac deposit and four (4) low grade envelopes were created using the BIF geological solid for the Damoti deposit.  The resource was estimated using GEOVIA GEMS 6.8.2.
  6. High-grade capping supported by statistical analysis was done on raw assay data before compositing and established on a per-zone basis. Colomac Main deposit: all zones were capped at 50 g/t, except for the low-grade 1.0 zone and the low-grade envelop which were capped at 15.00 g/t; 24 and 27 deposits: not capped; Goldcrest and Grizzly Bear deposits: all zones were capped at 30.00 g/t; Damoti deposit: all high grade zones were capped at 100.00 g/t, except zones 2000, 2100 and 2200 capped at 45.00 g/t and zone 4300 capped at 40.00 g/t. The low-grade envelopes were capped at 20.00 g/t.
  7. Grade interpolation was performed with the ID3 method on 1.5 m composites for the Colomac Main, Goldcrest and Grizzly Bear deposits, with the ID2 method on 1.5 m composites for the 24 and 27 deposits and by Ordinary Kriging on 1.0 m composites for the Damoti deposit. The Colomac Main, 24 and 27, Goldcrest, Grizzly Bear block models have block size of 5.0 m by 10.0 m by 10.0 m and the Damoti block model has block size of 3.0 m by 3.0 m by 3.0 m.
  8. Bedrock was assigned a density value of 3.20 g/cm3 for the Damoti deposit and a value of 2.70 g/cm3 for the Colomac Main, 24. 27, Goldcrest and Grizzly Bear deposits corresponding to the mean of SG measurements. A fixed density value of 2.00 g/cm3 was assigned to the overburden.
  9. The Mineral Resource Estimate is classified as Indicated and Inferred. For the Colomac Main, 24 and 27, Goldcrest and Grizzly Bear deposits, the Inferred category is defined with a minimum of two (2) drill holes within the areas where the drill spacing is less than 75 m and shows reasonable geological and grade continuity. The Indicated mineral resource category is defined with a minimum of three (3) drill holes within the areas where the drill spacing is less than 50.0 m. For the Damoti deposit, the Inferred category is defined with a minimum of two (2) drill holes within the areas where the drill spacing is less than 60.0 m and shows reasonable geological and grade continuity. Clipping boundaries were used for classification based on those criteria.
  10. The Mineral Resource Estimate is locally pit-constrained using GEOVIA Whittle™ with a bedrock slope angle of 50° and an overburden slope angle of 30°. It is reported at a rounded cut-off grade of 0.60 gpt Au (in pit), 1.30 gpt Au (bulk underground), and 2.00 gpt Au (selective underground). The cut-off grades were calculated using the following parameters: mining cost = 4.79 to CA$ 65.00; processing cost = 22.50 to CA$ 25.00; G&A = 8.00 to CA$ 18.00; refining and selling costs = CA$ 5.00; gold price = US$ 1,425.00/oz; US$:CA$ exchange rate = 1.33; and mill recovery = 97.0%. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
  11. The number of metric tonnes was rounded to the nearest thousand, following the recommendations in NI 43-101 and any discrepancies in the totals are due to rounding effects. The metal contents are presented in troy ounces (tonnes x grade / 31.10348).
  12. InnovExplo Inc. is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues, or any other relevant issue not reported in the Technical Report, that could materially affect the Mineral Resource Estimate.

 

CAUTIONARY LANGUAGE & QUALIFIED PERSONS

 

Cautionary Note Regarding Estimates of Resources

Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of mineral resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The 2020 MRE is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “2014 CIM Definition Standards on Mineral Resources and Mineral Reserves” incorporated by reference into NI 43-101. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Economic Assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.

An Inferred Mineral Resource as defined by the CIM Standing Committee is “that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.”

Qualified Person

Technical information related to the 2020 MRE contained in this news release has been 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. The technical report supporting the 2020 MRE will be filed on SEDAR within 45 days.

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 on this page.


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