Nighthawk reports multiple high-grade gold intercepts at Treasure Island further demonstrating the untapped potential of the Indin Lake Gold Camp
46.25 Metres of 3.31 gpt Au, Including 21.75 Metres of 6.23 gpt Au, and 7.75 Metres of 14.20 gpt Au; and 18.50 Metres of 7.37 gpt Au, Including 8.00 Metres of 16.14 gpt Au, and 5.25 Metres of 22.00 gpt Au
TORONTO, Oct. 22, 2018 /CNW/ - Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX: NHK; OTCQX: MIMZF) is pleased to report drill results on sixteen holes (4,035 metres) recently completed at its Treasure Island Gold Project ("Treasure Island"), located eleven kilometres north of Nighthawk's Colomac Gold Project ("Colomac"), Northwest Territories, Canada (Figure 1). Drilling followed up on several shallow high-grade gold intersections previously reported from the 2011 Treasure Island program (see press release dated May 31, 2011). The recent drill program resulted in several new near surface discoveries, including a number of high-grade gold zones, and the successfull expansion of known gold zones. All sixteen holes intersected mineralization (Table 1), with visible gold reported in fourteen of them.
HIGHLIGHTS OF DRILLING:
46.25 metres of 3.31 gpt Au, including 21.75 metres of 6.23 gpt Au, and 7.75 metres of 14.20 gpt Au
26.95 metres of 4.45 gpt Au, including 4.20 metres of 25.95 gpt Au
11.75 metres of 10.78 gpt Au, including 6.50 metres of 19.15 gpt Au
18.50 metres of 7.37 gpt Au, including 8.00 metres of 16.14 gpt Au, and 5.25 metres of 22.00 gpt Au
New high-grade intercepts indicate the existence of additional sub-vertical stacked gold zones
New discovery of shallow high-grade mineralization within the East Zone
Drilling to date has defined a broad zone (200 metres wide) of strong mineralization that extends over 700 metres in length encompassing both the Main Zone and East Zone and remains open in all directions
Note: All assays are uncut (see Table 1)
Dr. Michael Byron, President and CEO commented, "We are very excited with the results from Treasure Island as they continue to reaffirm our original thesis behind consolidating this fertile gold camp at its early stages of evolution. The continued exploration success from our satellite targets supports our conviction that the Colomac deposit is not the only multi-million-ounce opportunity, nor the only deposit capable of hosting high-grade mineralization. Our work to date on the Damoti Lake gold deposit, the four Leta Arm gold deposits and showings (North Inca, Diversified, #3, and Lexindin), and now Treasure Island, has confirmed that there are many higher-grade prospects satellite to Colomac. We consider these targets as potential higher-grade feed candidates that could augment any future mining operation at Colomac.
"It is incredibly telling and encouraging that to date, we have only drilled near surface mineralization, as most deposits have yet to be explored below 100 metres. Additionally, we have not fully explored the many other surface showings of high-grade mineralization that exist throughout the camp. The Indin Lake Property is a bonafide gold camp and we look forward with great anticipation to our continued exploration efforts directed at delivering on its vast potential."
Treasure Island Treasure Island is the northern most project within Nighthawk's Indin Lake Property, located along the eastern end of a 7 km long underexplored mineralized corridor that hosts several high-priority gold showings including JPK and Laurie Lake ("Laurie Lake", see Figure 1). Mineralization consists of a series of sub-vertical stacked gold zones oriented parallel to, and overlapping, a regional east-west mafic volcanic and sedimentary rock contact. Drilling to date by Nighthawk has established the gold system to be upwards of 200 metres wide, 700 metres long, and open in all dimensions. Historical drilling intersected similar mineralization at Laurie Lake four kilometres to the west of Treasure Island, highlighting the untested potential of the 7km long corridor (Figure 1).
In 2011, the Company completed a maiden five-hole drill program (1,452 metres) targeting the Main Zone along the southwestern shoreline of Treasure Island. Exploration activities were subsequently expanded upon recognition of the abundance of gold mineralization noted throughout this part of the Indin Lake belt. In 2011 grab samples collected from the historical Booty Showing along the northern shore of the Island (Figure 1) returned up to 13.35 gpt Au, and in 2017 as part of an extended regional exploration program, surface sampling discovered a new high-grade gold showing 750 metres west of the Booty Showing and 1.0 kilometre north of the Main Zone, the Seadog showing, where grab samples returned up to 27.80 gpt Au, and 19.85 gpt Au from a 1.0 metre channel sample (see press release dated April 12, 2018). As exploration activities have intensified so has the incidence of new discoveries.
The 2018 program also included drilling the first holes into the East Zone, a second area of mineralization identified from historical drilling that lies 500 metres east of the Main Zone, confirming the historical reports and highlighting its unrealized, yet highly mineralized, potential. The area between the Main Zone and East Zone remains largely untested, as does the 4 kilometres that separates Treasure Island from Laurie Lake to the west, leaving more than 95% of this mineralized corridor to be explored.