Nighthawk Gold Corp.
TSX VENTURE : NHK

Nighthawk Gold Corp.

September 25, 2014 07:00 ET

Nighthawk Drills 20.25 Metres of 4.83 g/t Gold and 19.60 Metres of 4.19 g/t Gold in Newly Discovered High-Grade Gold Shoot at Goldcrest; Extends Mineralization Further at Colomac

TORONTO, ONTARIO--(Marketwired - Sept. 25, 2014) - Nighthawk Gold Corp. ("Nighthawk") (TSX VENTURE:NHK) is pleased to report the first drill results from fourteen holes (Table 1 / Figures 1, 2) recently completed as part of the 2014 drill program on its Indin Lake Gold Property in the Northwest Territories ("NWT"). The ongoing 14,000 metre drill program, designed to extend the previously reported mineral resource estimate (June 17, 2013 news release) to depth at the Goldcrest and Colomac Main gold deposits, has confirmed significant opportunities for expansion. Highlights include two Goldcrest holes, which substantiate a north plunging mineralized shoot; hole G14-05 intersected 20.25 metres of 4.83 grams per tonne ("g/t") gold, including 5.25 metres of 10.21 g/t gold and hole G14-04 intersected 19.60 metres of 4.19 g/t gold, including 7.90 metres of 7.85 g/t gold. At the Colomac Main deposit, hole C14-02 intersected 25.00 metres grading 2.38 g/t gold, including 8.75 metres of 4.98 g/t gold, effectively tracing Zone 2.0 mineralization down plunge of previously drilled higher grade shoots.

HIGHLIGHTS:

Goldcrest:

  • New higher grade gold shoot discovered;

  • Hole G14-04 intersected 19.60 metres of 4.19 g/t gold, including 7.90 metres of 7.85 g/t gold;

  • Hole G14-05 intersected 20.25 metres of 4.83 g/t gold, including 5.25 metres of 10.21 g/t gold; and

  • Hole G14-05B intersected 19.75 metres of 2.25 g/t gold, including 6.00 metres of 6.34 g/t gold.

Colomac Main:

  • Drilling expands Zone 2.0 down plunge of previously drilled higher grade shoots;

  • Hole C14-01B intersected 26.25 metres of 1.74 g/t gold, including 6.00 metres of 3.09 g/t gold;

  • Hole C14-02, drilled over 650 metres south of C14-01B, intersected 25.00 metres of 2.38 g/t gold, including 8.75 metres of 4.98 g/t gold; and

  • Hole C14-02B intersected 42.75 metres of 1.34 g/t gold, including 11.25 metres of 2.01 g/t gold.

David Wiley, President and CEO of Nighthawk, commented, "The results from Goldcrest demonstrate a deposit containing higher average grades within 200 metres of surface. Furthermore, we were also successful in extending and infilling gold mineralization at Colomac Main. This phase of drilling is expected to finish by the end of September. Additional drill results from Goldcrest, Colomac Main, Cass and Echo Indin will be released as they become available."

Table 1. Results from 2014 Drilling at Colomac Zone 2.0 and Goldcrest
Hole ID From (m) To (m) Core Length* Au gpt
Colomac Zone 2.0
C14-01B 212.00 241.26 29.26 0.71
including 215.00 222.00 7.00 1.01
251.00 331.75 80.73 1.07
including 251.75 259.50 7.75 1.87
including 278.50 331.75 53.25 1.20
including 278.50 304.75 26.25 1.74
including 292.00 298.00 6.00 3.09
407.00 444.50 35.50 0.87
including 417.00 444.50 27.5 1.01
including 417.00 427.75 10.75 1.81
475.00 479.50 4.50 1.64
C14-02 254.00 279.00 25.00 2.38
including 267.25 276.00 8.75 4.98
C14-02B 418.50 461.25 42.75 1.34
including 418.50 433.50 15.00 1.69
including 420.75 432.00 11.25 2.01
including 445.50 461.25 15.75 1.73
C14-01 abandoned after 9.00 metres
Goldcrest
G14-04 103.40 123.00 19.60 4.19
103.40 107.00 3.60 4.50
including 112.75 120.65 7.90 7.85
137.75 143.25 5.50 4.90
G14-04B 188.00 233.25 45.25 0.92
including 188.00 200.25 12.25 2.17
including 188.00 192.75 4.75 4.78
including 223.50 232.50 9.00 0.97
including 225.00 228.75 3.75 1.23
G14-05 126.75 147.00 20.25 4.83
including 130.50 135.75 5.25 10.21
including 138.75 144.00 5.25 5.38
163.25 165.75 2.50 4.94
G14-05B 146.00 152.00 6.00 10.97
including 146.00 150.00 4.00 16.13
183.25 203.00 19.75 2.25
including 176.00 190.75 14.75 2.74
including 184.75 190.75 6.00 6.34
216.00 233.25 17.25 0.81
226.50 233.25 6.75 1.18
Goldcrest Exploration
G14-01 98.93 101.60 2.67 1.23
G14-01B 132.67 134.50 1.83 0.76
157.75 163.50 5.75 0.71
G14-02 117.50 121.25 4.50 0.32
131.75 142.00 10.25 0.33
G14-02B 168.00 170.50 2.50 2.31
G14-03 125.00 125.50 0.50 2.63
G14-03B 134.00 139.50 5.50 0.67
210.75 214.75 4.00 1.18
222.20 224.00 1.80 3.25

* Lengths are reported as core lengths. True widths are unknown at this time.

Goldcrest

Goldcrest is a 2.5 kilometre mineralized mafic sill similar to the Colomac intrusion located 400 metres to the east. As a primary candidate for resource expansion, Goldcrest hosts the highest average grade in the current resource estimate at 2.19 g/t gold (June 17, 2013 news release); historic drilling was limited to a depth of 100 metres. Nighthawk's recent drilling has produced the first documentation of a higher grade shoot at Goldcrest. Holes G14-04 and G14-05 intersected a higher grade gold shoot at depth that exhibits the same steep northerly plunge as the recently defined higher grade zones at Colomac Main (Figures 3, 4). Hole G14-04 intersected 19.60 metres at a grade of 4.19 g/t gold, including 7.90 metres of 7.85 g/t gold. At a similar depth, hole G14-05 intersected 20.25 metres of 4.83 g/t gold, including 5.21 metres of 10.21 g/t gold.

Goldcrest exploration holes G14-01 to G14-03 were collared to probe the projected southern extension of the mineralized zone. All holes returned anomalous gold values, thus confirming that the mineralization remains open to the south and highlights a new area of the sill for future exploration activities.

Preliminary geochemical analyses suggests that Goldcrest is a differentiated igneous intrusion, presumably co-magmatic with and identical to the Colomac sill. Both sills intruded the host mafic volcanic sequence and were subsequently folded with tops facing east. Better gold mineralization is preferentially localized within the more silica-rich upper portions of the sills. Because of the limited historical drilling at Goldcrest in comparison with Colomac Main, substantial opportunities for resource expansion exist. Given the success of this first drill program, Nighthawk remains focused on pursuing additional opportunities at Goldcrest as higher grade mineralization remains open to depth and along strike.

Colomac Main

Drilling of Colomac Main Zone 2.0 was designed to expand previously defined higher grade gold shoots (June 20, 2012 news release) and to infill areas within the existing resource. Hole C14-01B extended the northerly plunging shoot beneath the north end of the historical open pit ("Pit 2.0"). Holes C14-02 and C14-02B were drilled 650 metres south of C14-01B exploring the downward extension of the previously reported resource (June 17, 2013 news release) below the south end of Pit 2.0. This represents Nighthawk's first drilling within this part of the sill with hole C14-02 intersecting 25.00 metres of 2.38 g/t gold, including 8.75 metres of 4.98 g/t gold, and hole C14-02B intersecting 42.75 metres of 1.34 g/t gold, including 11.25 metres of 2.01 g/t gold (Figure 5). These are promising results, given the average grade of the existing resource is 1.64 g/t gold, and they confirm the continuation of mineralization down plunge within Zone 2.0, further demonstrating the enormous potential for significant resource growth at Colomac Main.

Exploration will continue south of C14-02 for two additional drill sections at 125 metre intervals. The current phase of activities will end at the northern Zone 1.5 with two holes collared 200 metres north of C14-01B within an area that has yet to be drilled by Nighthawk.

To view Figure 1. Drill Hole Location Map - Goldcrest, please visit the following link: http://media3.marketwire.com/docs/969699Fig1.pdf.

To view Figure 2. Drill Hole Location Map - Colomac, please visit the following link: http://media3.marketwire.com/docs/969699Fig2.pdf.

To view Figure 3. Cross Section - Goldcrest Holes G14-04 and G14-04B, please visit the following link: http://media3.marketwire.com/docs/969699Fig3.pdf.

To view Figure 4. Cross Section - Goldcrest Holes G14-05 and G14-05B, please visit the following link: http://media3.marketwire.com/docs/969699Fig4.pdf.

To view Figure 5. Cross Section - Colomac Holes C14-02 and C14-02B, please visit the following link: http://media3.marketwire.com/docs/969699Fig5.pdf.

Technical Information

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 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.

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.

Nighthawk Gold Corp.

Nighthawk is a Canadian-based exploration company focused on acquiring and developing gold mineral properties in the Northwest Territories. Its primary land position covers 229,791 acres or 930 square kilometres in the Indin Lake Gold Camp and includes an Inferred Mineral Resource estimate of 39.815 million tonnes with an average grade of 1.64 g/t gold for 2.101 million ounces gold using a cut-off grade of 0.6 g/t gold.

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.

Forward-Looking Information

Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, including, but not limited to, the timing of future drilling and the expansion of the mineralization. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Nighthawk, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

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