Nighthawk Gold Corp.

TSX VENTURE : NHK


Nighthawk Gold Corp.

December 11, 2012 07:00 ET

Nighthawk Announces Results from Historical Drilling at Colomac

Reports Intersections of 81.99 M of 1.81 g/t Gold Including 34.44 M of 3.35 g/t Gold and 52.12 M of 2.78 g/t Gold Including 6.10 M of 12.93 g/t Gold

TORONTO, ONTARIO--(Marketwire - Dec. 11, 2012) - Nighthawk Gold Corp. ("Nighthawk") (TSX VENTURE:NHK) reports assay results from 7 historic drill holes on its 100% owned Colomac Gold Property ("Colomac Gold Project") in the Northwest Territories ("NWT"). The results from these holes are now eligible to be included in an updated resource estimate.

Highlights:

  • Hole 97-13 intersected 81.99 metres of 1.81 grams per tonne ("g/t") gold, including 34.44 metres of 3.35 g/t gold, and 8.53 metres of 4.55 g/t gold over;

  • Hole 97-09 intersected 52.12 metres of 2.78 g/t gold including 5.18 metres of 3.54 g/t gold and 6.10 metres of 12.93 g/t gold;

  • Hole 97-10 intersected 23.46 metres of 2.80 g/t gold including 7.62 metres of 6.54 g/t gold;

  • Hole 97-05 intersected 88.69 metres of 1.58 g/t gold including 10.98 metres of 5.13 g/t gold, and 5.79 metres of 5.20 g/t gold; and

  • Hole 97-06 intersected 42.07 metres of 1.77 g/t gold including 5.49 metres of 4.08 g/t gold, and 6.7 metres of 2.56 g/t gold.

In 1997, Royal Oak Mines Inc. ("Royal Oak") drilled 21 holes (7,884 metres) in the Colomac sill testing Zone 3.5 mineralization to depth and laterally; however, these holes were not included in Nighthawk's previously announced resource estimate. In August 2012, Nighthawk carried out the necessary re-logging and re-assaying of drill core to meet quality assurance and quality control requirements ("QA/QC") on 20 holes from the 1997 drilling. The results have validated the historic assays and confirmed the zone's high-grade nature and continuity to depth.

The core from hole 3.5-97-001 was not located and therefore not validated. However, historical intercepts for this hole, 40.23 metres of 8.98 g/t gold and 37.19 metres of 2.02 g/t gold, were obtained from previously unreleased Royal Oak drill sections and are presented to show the consistency of Zone 3.5 mineralization.

The 7 holes in this release were drilled within the core of Zone 3.5 (see Figure 1) near Nighthawk's subvertical hole (C12-15) that intersected 203.4 metres of 2.49 g/t gold including 25.75 metres of 7.78 g/t gold (October 10, 2012, news release). The remaining 13 validated holes were drilled to the north and south of this area, and the results will be released as they are finalized.

Zone 3.5 - Previously Unreleased 1997 Drill Results
Hole I.D. From
(m)
To
(m)
Length
(m)
Grade
g/t Au
3.5-97-05 167.34 256.03 88.69 1.58
Including 190.80 201.78 10.98 5.13
Including 190.80 193.24 2.44 13.37
Including 190.80 191.41 0.61 47.52
Including 231.65 237.44 5.79 5.20
Including 231.65 232.56 0.91 21.29
Including 236.83 237.44 0.61 14.40
3.5-97-06 146.61 146.91 0.30 9.65
179.83 230.73 50.90 1.55
Including 183.79 225.86 42.07 1.77
Including 185.01 190.50 5.49 4.08
Including 195.99 202.69 6.70 2.56
Including 210.01 211.84 1.83 2.72
Including 224.64 225.86 1.22 9.31
244.14 252.68 8.54 1.43
261.82 266.70 4.88 1.21
3.5-97-09 293.22 345.34 52.12 2.78
Including 301.14 306.32 5.18 3.54
Including 312.42 314.86 2.44 5.92
Including 336.80 342.90 6.10 12.93
Including 341.68 342.90 1.22 55.88
3.5-97-10 418.80 481.58 62.78 1.39
Including 418.80 442.26 23.46 2.80
Including 418.80 426.42 7.62 6.54
Including 418.80 419.71 0.91 13.40
Including 423.98 426.42 2.44 14.26
Including 423.98 425.20 1.22 19.06
503.53 515.42 11.89 1.91
Including 503.53 508.41 4.88 3.50
Including 507.19 508.41 1.22 8.61
544.07 544.98 0.91 8.95
3.5-97-13 346.86 428.85 81.99 1.81
Including 352.96 387.40 34.44 3.35
Including 357.84 362.71 4.87 5.02
Including 367.59 376.12 8.53 4.55
Including 381.00 382.22 1.22 8.16
3.5-97-14 231.34 233.48 2.14 4.00
279.81 300.53 20.72 1.61
Including 287.12 290.78 3.66 4.90
324.92 346.25 21.33 1.09
Including 331.01 346.25 15.24 1.31
3.5-97-16 162.15 197.51 35.36 1.16
Including 174.35 197.51 23.16 1.34
Including 193.85 197.51 3.66 3.94
225.86 226.77 0.91 4.35
* Lengths are reported as core lengths. True widths are unknown at this time.

To view the "Figure 1. Drill Hole Location Map for Historic 1997 Drilling", please visit the following link: http://media3.marketwire.com/docs/NHKfig.pdf.

Nighthawk has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. Historic 1997 drill core samples were transported in security-sealed bags for analyses at ALS Chemex Assay Laboratory in Vancouver, BC ("ALS Chemex"). ALS Chemex is an ISO 9001:2000 certified 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 Chemex.

Nighthawk Gold Corp.

Nighthawk is a Canadian-based exploration company focused on acquiring and developing gold mineral properties in the NWT. Its land position covers 222,203 acres or 900 square kilometres in the Indin Lake Gold Camp, located approximately 220 kilometres north of Yellowknife, NWT.

The technical aspects of this press release have been reviewed by Michael Byron, Ph.D., P.Geol., Chief Geologist and Director for Nighthawk, who is the "Qualified Person" as defined by NI 43-101 for this project.

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 future exploration targets and better defining the current mineral resources at the Colomac Gold Project. 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 management discussion and analysis for the year ended July 31, 2012, 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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