Nighthawk Gold Corp.
TSX VENTURE : NHK

Nighthawk Gold Corp.

October 27, 2014 07:00 ET

Nighthawk Drills 4.40 Metres of 38.90 g/t Gold and 51.00 Metres of 2.25 g/t Gold; Extends Mineralization Over 100 Metres at Cass

TORONTO, ONTARIO--(Marketwired - Oct. 27, 2014) - Nighthawk Gold Corp. ("Nighthawk") (TSX VENTURE:NHK) is pleased to report drill results from fifteen holes (Figure 1, 3 / Tables 1, 2, 3) recently completed on its Indin Lake Gold Property in the Northwest Territories ("NWT"). This program was designed to grow the previously reported inferred resource estimate (June 17, 2013 news release) at the Goldcrest and Colomac Main gold deposits and to initiate drilling at the Cass gold deposit for the first time. The 2014 program concluded successfully with the drilling of 13,647 total metres and the identification of several new expansion opportunities. At Cass, multiple intersections document significant near surface mineralization and continuity of the mineralized zone to the west; hole CM14-02 intersected 51.00 metres of 2.25 grams per tonne ("g/t") gold, including 9.00 metres of 4.72 g/t gold, hole CM14-04 intersected 4.40 metres of 38.90 g/t gold, and hole CM14-06B intersected 22.00 metres of 4.24 g/t gold.

HIGHLIGHTS:

Cass:

  • Mineralization extended over 100 metres to the west;
  • Hole CM14-02 intersected 51.00 metres of 2.25 g/t gold, including 9.00 metres of 4.72 g/t gold;
  • Hole CM14-04, intersected 4.40 metres of 38.90 g/t gold;
  • Hole CM14-06, intersected 26.00 metres of 2.86 g/t gold, including 13.00 metres of 4.17 g/t gold and including 4.50 metres of 9.64 g/t gold, and 5.00 metres of 8.19 g/t gold; and
  • Hole CM14-06B, intersected 36.20 metres of 2.89 g/t gold, including 22.00 metres of 4.24 g/t gold and including 5.00 metres of 7.90 g/t gold.

David Wiley, President and CEO of Nighthawk, commented, "The drilling at Cass has demonstrated substantial mineralized intersections with a favourable proximity to surface; adding to the significance is that these results were produced from a step-out of over 100 metres to the west of previous drilling. We also report additional results from Goldcrest and Colomac that continue to demonstrate broad zones of mineralization. We have now reported 8,068 metres of drilling from our 2014 program, and we expect to release additional results from the remaining 5,579 metres in the coming weeks."

Table 1. Cass
Hole ID From (m ) To (m ) Core Length (m)* Au gpt
CM14-01 no significant results
CM14-02 121.00 172.00 51.00 2.25
including 136.00 145.00 9.00 4.72
including 141.00 144.00 3.00 10.61
including 160.00 170.00 10.00 4.21
including 164.00 167.00 3.00 7.89
216.00 226.10 10.10 3.56
including 219.00 225.00 6.00 5.06
255.00 257.00 2.00 5.37
389.00 392.00 3.00 1.41
CM14-03 Hole not drilled
CM14-04 24.00 26.00 2.00 2.96
140.00 141.70 1.70 19.36
177.00 177.90 0.90 2.15
186.00 189.00 3.00 1.29
357.50 363.00 5.50 1.14
Including 361.00 363.00 2.00 1.73
406.90 411.30 4.40 38.90
including 408.00 410.60 2.60 65.58
418.50 428.00 9.50 1.02
including 424.00 428.00 4.00 1.16
CM14-05 165.00 184.00 19.00 1.00
including 165.00 171.00 6.00 1.38
including 178.00 184.00 6.00 1.60
including 179.50 180.70 1.20 4.74
CM14-06 143.00 169.00 26.00 2.86
including 143.00 156.00 13.00 4.17
including 144.50 149.00 4.50 9.64
Including 160.00 169.00 9.00 2.01
Including 166.00 169.00 3.00 4.31
178.00 183.00 5.00 8.19
CM14-06B 112.80 149.00 36.20 2.89
including 118.00 140.00 22.00 4.24
Including 120.00 125.00 5.00 6.04
including 135.00 140.00 5.00 7.90
including 135.00 137.00 2.00 15.61
CM14-07 no significant results
Table 2. Goldcrest
Hole ID From (m ) To (m ) Core Length (m)* Au gpt
G14-06 99.50 101.00 1.50 1.49
115.00 116.00 1.00 6.06
135.00 139.50 4.50 3.20
including 136.70 139.50 2.80 4.99
including 136.70 137.40 0.70 18.60
G14-06B 150.75 151.25 0.50 9.18
182.50 200.25 17.75 0.96
including 181.75 188.50 6.75 1.90
including 181.75 184.00 2.25 4.21
G14-07 86.00 87.00 1.00 2.51
104.25 106.95 2.70 3.99
112.00 113.00 1.00 2.07
143.90 162.55 18.65 1.25
including 151.40 159.75 8.35 2.20
including 156.75 159.75 3.00 4.52
G14-07B no significant results
G14-08 116.25 127.25 11.00 2.15
including 116.25 122.10 5.85 3.39
131.75 155.10 23.35 0.94
including 131.75 133.90 2.15 1.60
including 140.55 155.10 14.55 1.16
including 140.55 147.75 7.20 1.94
161.10 161.85 0.75 1.59
164.00 164.75 0.75 1.65
Table 3. Colomac Main
Hole ID From (m ) To (m ) Core Length (m)* Au gpt
C14-01C 151.50 159.00 7.50 2.83
including 153.50 157.25 3.75 5.45
195.50 207.25 11.75 0.94
219.00 219.75 0.75 5.54
251.00 257.00 6.00 1.02
including 255.00 257.00 2.00 2.21
279.75 282.75 3.00 1.85
311.00 315.00 4.00 1.15
328.00 340.25 12.25 1.22
349.00 351.00 2.00 2.04
including 370.75 391.75 21.00 1.40
including 370.75 374.75 4.00 2.22
including 386.50 391.75 5.25 3.01
including 389.50 391.75 2.25 5.95
397.75 415.00 17.25 1.10
including 397.00 409.75 12.75 1.21
442.00 445.75 3.75 1.30
500.50 504.25 3.75 1.02
including 500.50 501.25 0.75 4.35
C14-03 Hole abandoned before encountering mineralization
C14-03B Hole abandoned before encountering mineralization

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

Cass Gold Deposit

The Cass deposit lies 20 kilometres to the southwest of Nighthawk's Colomac gold deposit. Mineralization consists of stockwork quartz-carbonate veins with minor pyrite, pyrrhotite and arsenopyrite within a northeast trending gabbroic intrusion. Historical drilling has traced the mineralization for a strike length of 360 metres and to a depth of 210 metres. This constitutes the first drill program Nighthawk has carried out on the deposit to test mineralization along strike, to depth and to infill gaps within the known mineralized envelope. Historical intersection widths, shallow depths and continuity of mineralization are believed conducive to open pit mining methods.

Although hole CM14-01 tested a localized gap within the western portion of the deposit, confirming its existence, it was also instrumental in helping to constrain the moderately westward plunging geometry of the mineralized zone. Holes CM14-02 & 04 followed up on the model, testing the leading edge of the mineralization immediately west of the deposit (Figure 1), intersecting significant grade widths (Table 1). Holes CM14-05, and C14-06 and 06B (Figure 2) tested for the westward expansion of the mineralization and effectively extended the deposit for over 100 metres intersecting high-grade zones within the core of the plunging zone. Mineralization remains open above and below these intersections. Stepping out further to the west, hole CM14-07 appears to have intersected a barren fault, leaving the western extension of the mineralized gabbro beyond the fault to be determined.

The Cass style of mineralization represented by broad zones of near surface gold mineralization with significant grade and continuity, points to the largely untested potential for discovery of significant gold mineralization in other gabbroic bodies such as those hosting the underexplored nearby Raspberry and Albatross gold occurrences. These areas were extensively prospected and sampled over the past field season and the results are being processed.

Goldcrest

Goldcrest is a mineralized mafic sill similar to the Colomac intrusion located 400 metres to the east (Figure 3). Nighthawk's latest drilling at Goldcrest produced its first documented higher grade shoots as defined by previously reported holes G14-04, 04B, 05 and 05B (Sept 25 news release). Those holes intersected the projected southern extension of the mineralized zone and returned high-grade values over long core lengths, confirming that the mineralization remains open and represents a primary candidate for resource expansion. Holes G14-06, 06B, 07, 07B, and 08 were 50 metre step outs from G14-05, collectively covering a 150 metre section of the 2.5 kilometre long intrusion. With the exception of G14-07B, all holes intersected mineralization (Table 2) and tested the northern flank of the plunging high-grade zone defined by previously drilled holes G14-04 and 05. Hole G14-08 (Figure 4), the northern most hole reported herein, shows significant increases in intersection lengths and gold grades (Table 2), possibly indicating the existence of another high-grade shoot. Results are pending for subsequent holes that were drilled to test this prospect.

Preliminary geochemical analyses suggests that Goldcrest is a differentiated igneous intrusion, presumably co-magmatic with and identical to the Colomac sill. Both sills intruded a host mafic volcanic sequence and were subsequently folded with tops facing east. Better gold mineralization is preferentially localized within the more sodic and 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

Prior drilling at Colomac Main Zone 2.0 (Sept 25 news release) was successful in expanding previously defined higher grade gold shoots (June 20, 2012 news release), and infilling areas within the existing resource. Hole C14-01B (Figure 5) extended the northerly plunging shoot beneath the north end of the historical open pit ("Pit 2.0"), while holes C14-02 and C14-02B, drilled 650 metres south, explored the downward extension of the previously reported resource (June 17, 2013 news release) below the south end of Pit 2.0. Hole C14-01C (Figure 5), the steepest of the two holes, drilled to depth within the top of the sill within the eastern portion of the plunging shoot intersected by previously reported hole C14-01B, revealed strong continuity of grade to depth, and intersected three broad, closely spaced zones returning 12.25 metres of 1.22 g/t gold, 21.00 metres of 1.40 g/t gold and 17.25 metres of 1.10 g/t gold (above the resource cutoff of 0.6 g/t gold) (Table 3).

Prior to the end of the summer program additional holes were drilled south of C14-03 and north of C14-01, testing underexplored regions of the sill and opening up new areas for resource expansion. The results of this drilling will be released shortly as assay results are pending.

To view Figure 1. Drill Hole Location Map - Cass, please visit the following link: http://media3.marketwire.com/docs/974878_fig1.pdf

To view Figure 2. Cross Section - Cass Holes CM14-06 and CM14-06, please visit the following link: http://media3.marketwire.com/docs/974878_fig2.pdf

To view Figure 3. Drill Hole Location Map - Goldcrest and Colomac, please visit the following link: http://media3.marketwire.com/docs/974878_fig3.pdf

To view Figure 4. Cross Section - Goldcrest Hole G14-08 (Facing North), please visit the following link: http://media3.marketwire.com/docs/974878_fig4.pdf

To view Figure 5. Cross Section - Colomac Holes C14-01B (previously reported) and C14-01C (Facing East), please visit the following link: http://media3.marketwire.com/docs/974878_fig5.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 content of this press release has been prepared under the supervision of and approved 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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