Nighthawk Continues to Intersect Significant Grades and Widths at Treasure Island
12.70 METRES OF 8.51 GPT AU (UNCUT) INCLUDING
7.30 METRES OF 14.06 GPT AU
TORONTO, Feb. 4, 2020 /CNW/ - Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX: NHK; OTCQX: MIMZD) is pleased to report drill results on the remaining nine holes (2,800 metres) from its Treasure Island Gold Project ("Treasure Island"), located 11 km north of the Company's flagship Colomac Gold Project, within the north-central portion of its 100% owned Indin Lake Gold Property, Northwest Territories, Canada (Table 1, Figure 1). Drilling continues to define a wide band of consistent mineralization that spans a 750-metre long section of the regional contact between metavolcanic and metasedimentary rock units within the eastern part of the 7-kilometre-long Treasure Island – Laurie Lake Mineralized Corridor (Figure 1). Mineralization remains open along strike to the east and west and represents priority ground for future exploration.
Dr. Michael Byron, President and Chief Executive Officer said, "Treasure Island is one of our key satellite prospects proximal to Colomac, and given its extensive broad mineralized envelope hosting internal higher-grade domains, and grossly unexplored status, we believe it has exceptional discovery potential and capability to grow significantly. Results to-date bolster our reasons for consolidating the Indin Lake Gold Camp. Our work on the Damoti Lake gold deposit, the four Leta Arm gold deposits and showings (North Inca, Diversified, #3, Lexindin), and Treasure Island, confirms the existence of other well-mineralized prospects satellite to Colomac. We consider these as potential higher-grade feed candidates that could augment any future mining operation at Colomac."
"Due to the incredible ongoing shareholder support we have been fortunate to have the resources to aggressively expand our exploration activities and build on our regional gold camp strategy of discovering and evolving near-surface gold deposits within our emerging gold camp. Treasure Island is fundamental to this approach."
Treasure Island Drilling Highlights:
- The 2019 program expanded on the ongoing exploration of the Main Zone and East Zone, with all holes intersecting mineralization highlighted by T19-11 which recorded 12.70 metres of 8.51 grams per tonne gold ("gpt", "Au"), including 7.30 metres of 14.06 gpt Au, and including 2.85 metres of 33.67 gpt Au.
- T19-12 intersected 20.70 metres of 2.57 gpt Au, including 8.20 metres of 5.64 gpt Au, and including 2.80 metres of 15.18 gpt Au.
- T19-10B intersected 7.00 metres of 6.35 gpt Au, including 2.00 metres of 21.02 gpt Au.
- All 19 holes drilled in 2019 at Treasure Island intersected gold mineralization.
- Drilling to-date has defined a broad envelope of mineralization up to 200 metres wide that spans a 750-metre long section of the regional metavolocanic/metasedimentary rock contact within the eastern part of the Treasure Island – Laurie Lake Mineralized Corridor, a 7-kilometre long feature that hosts historical surface mineralization.
- Mineralization is hosted by a series of sub-vertical stacked "en echelon" gold zones that coincide with the regional east-west metavolocanic/metasedimentary rock contact and collectively forms a broad mineralized domain that overlaps the local stratigraphy. The Main Zone mineralized system has an average horizontal width of 200 metres, and a 100-metre width for the East Zone.
- Treasure Island is one of Nighthawk's many coveted and strategic regional gold prospects. Drilling has defined broad zones of mineralization with internal higher-grade intervals that are open along strike to the east and west with more than 90% of this 7-kilometre corridor unexplored. The Company is in the process of finalizing the logistics for the start-up of its 2020 drill season and is fully funded to execute on its exploration objectives.
Note: All assays are uncut (see Table 1)
Developing Canada's Next Gold Camp
The Indin Lake Greenstone Belt is home to one of the few remaining under-explored gold camps in Canada - the Indin Lake Gold Camp. It is host to several gold deposits and showings, the most significant being the past-producing Colomac open pit gold mine, located within the north-central portion of the Company's Indin Lake Gold Property.
Consolidation of the gold camp began in 2010 and culminated with the acquisition of the Colomac Mine and surrounding mining leases in 2012. Nighthawk has secured all the gold mines, deposits, and showings to become the first company to combine the camp's best assets and prospective opportunities under one ownership. Follow this link to learn more about our plans for developing the Indin Lake Gold Camp.
Table 1. Treasure Island Drill Results – Summary Table (uncut)
The FULL ASSAY TABLE and corresponding discussion is available as a media document within this release as well as on the Company's website at https://www.nighthawkgold.com/news
* Lengths are reported as core lengths. True widths vary depending on drill hole dip; most holes are
laid out to intersect mineralization close to perpendicular therefore true widths are approximately
60% to 80% of core lengths
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 is focused on advancing the Colomac Gold Project with a current inferred resource of 2.6 million ounces of gold (50.3 million tonnes at an average grade of 1.62 grams per tonne gold), as well as advancing its other regional gold deposits and showings within this largely underexplored Archean gold camp.
The Company has an experienced and dedicated team and is well funded to complete its goals and objectives over the next 12 months.
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. Please refer to NI 43-101 technical report "Technical Report and mineral resource estimate update on the Colomac Property of the Indin Lake Project", dated July 26, 2018, as filed under the company's profile on www.sedar.com.
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; and the viability of any future mining operation at Colomac. 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.