Nighthawk Gold Corp.
TSX VENTURE : NHK

Nighthawk Gold Corp.

September 13, 2016 07:01 ET

Nighthawk Intersects 52.07 Metres of 7.72 g/t Gold (Uncut) and 31.45 Metres of 4.14 g/t Gold (Uncut) at Colomac - Supports Continuity and Expansion Potential of High-Grade Zone

TORONTO, ONTARIO--(Marketwired - Sept. 13, 2016) - Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX VENTURE:NHK) is pleased to announce initial results from its ongoing 2016 drill program on its Indin Lake Gold Property in the Northwest Territories ("NWT") (Figure 1 / Table 1). In July 2016, the Company launched a 10,000 metre program (see July 5, 2016 news release) to advance delineation of the recently discovered high-grade gold mineralization at Zone 1.5 and to resume exploration for additional higher-grade domains, with the objective of expanding our current resource. Two drills are actively testing priority targets at both the Colomac and Goldcrest deposits. Results from 5 drillholes at Colomac Zone 1.5 are presented below.

"We are extremely encouraged with our drilling at Colomac's Zone 1.5. We have not only proven that distinct higher grade domains clearly exist at Colomac, but that they can be sizable bodies of relatively predictable geometry and great continuity. Subsequent holes will further refine our understanding and help target new opportunities as we continue to advance this multi-million ounce*, underexplored deposit," said Dr. Michael Byron, President and CEO. "It's also important to note that we are still in the early stages of exploration at Colomac, and that even after completion of this summer's drilling, we will have drilled less than 25,000 metres on the deposit since its acquisition. Our summer drill program will be completed by late September followed by a winter 2017 drill program in mid-February, leading to a possible resource update by mid 2017," commented Dr. Michael Byron.

Highlights: Colomac - Zone 1.5 (uncut gold assays reported):

  • Hole C16-03 intersected 52.07 metres (40 metres true width) of 7.72 g/t gold, including 25.47 metres of 14.25 g/t gold, and including 12.35 metres of 9.58 g/t gold;
  • Hole C16-01 intersected 31.45 metres (25 metres true width) of 4.14 g/t gold, including 13.75 metres of 6.52 g/t gold;
  • Hole C16-01B intersected 39.60 metres (32 metres true width) of 2.38 g/t gold, including 6.65 metres of 4.76 g/t gold, and including 2.75 metres of 10.09 g/t gold;
  • Drilling continues to reinforce the growth potential of high-grade Zone 1.5 laterally and to depth by building upon Nighthawk's 2014 and 2015 drill results where hole C14-06 (initial discovery hole) intersected 52.50 metres of 7.78 g/t gold, including 21.00 metres of 16.73 g/t gold (see December 3, 2014 news release), and C15-14B returned 32.95 metres of 4.19 g/t gold, including 12.33 metres of 7.77 g/t gold (Figure 2 / see October 26, 2015 news release);
  • Zone 1.5 is now in excess of 100 metres along strike, traced to a vertical depth of over 200 metres and remains open.

Results announced today are from five holes laid out to better define Zone 1.5 dimensions and to test for continuity along strike and to depth. Drillholes C16-01 and 01B were collared 25 metres south of C15-05 and 05B (Figure 1), two holes drilled in 2015 as step-outs from the initial 2014 discovery hole C14-06. Both holes intersected significant mineralization over widths typical of Zone 1.5 mineralization indicating that the zone extends southward as C16-01 returned 4.14 g/t gold over 31.45 metres, and C16-01B 39.60 metres of 2.38 g/t gold (Figure 3).
Holes C16-02 and 02B were step-out holes 25 metres south of C16-01 and 01B. Although mineralization was intersected by both holes, it was weaker and over narrower widths, suggesting the high-grade portion of Zone 1.5 was not intersected, and that the southern boundary of this north plunging mineralized shoot may lie between the sections drilled by C16-01 and C16-02.

Hole C16-03 was drilled 75 metres north of C16-01 on the same section as C15-06 (Figure 1), a 2015 hole that extended the zone northward by intersecting 31.20 metres of 3.89 g/t gold, including 22.50 metres of 5.03 g/t gold, and including 5.75 metres of 10.43 g/t gold (see October 26, 2015 news release). C16-03 was laid out to test the upward projection of mineralization cut by C15-06. At 100 metres vertical depth and 65 metres above the C15-06 intersection, C16-03 intersected 52.07 metres of 7.72 g/t gold, including 25.47 metres of 14.25 g/t gold, and including 12.35 metres of 9.58 g/t gold (Figure 4). As one of the best holes ever reported at Colomac, C16-03 also illustrates the zone's strong internal continuity as high-grade mineralization has now been traced to over 200 metres vertical depth on this section.

Table 1. Colomac Drill Results (uncut)
Hole ID From (m) To (m) Core Length (m)* Au gpt
C16-01 113.00 116.70 3.70 2.71
141.15 172.60 31.45 4.14
including 142.35 156.10 13.75 6.52
including 142.35 146.75 4.40 10.29
including 142.35 145.00 2.65 14.05
including 149.75 156.10 6.35 6.52
including 153.25 156.10 2.85 8.61
including 159.75 160.50 0.75 10.45
including 166.55 173.35 6.80 3.91
including 168.55 172.60 4.05 5.92
C16-01B 158.85 198.45 39.60 2.38
including 170.00 181.05 11.05 3.22
including 170.00 177.90 7.90 3.63
including 171.82 175.65 3.83 4.59
including 187.50 194.15 6.65 4.76
including 187.50 190.25 2.75 10.09
including 196.40 198.45 2.05 3.77
228.15 233.50 5.35 1.32
C16-02 150.00 163.10 13.10 1.49
including 155.45 160.00 4.55 2.21
including 157.60 160.00 2.40 3.22
C16-02B 162.50 163.25 0.75 2.06
191.65 199.10 7.45 1.05
including 191.65 194.70 3.05 2.16
C16-03 142.93 195.00 52.07 7.72
including 142.93 168.40 25.47 14.25
including 142.93 150.75 7.82 30.92
including 145.00 146.50 1.50 147.09
including 146.00 146.50 0.50 418.00
including 156.05 168.40 12.35 9.58
including 165.45 168.40 2.95 33.51
including 165.45 165.95 0.50 184.50
including 182.50 184.50 2.00 9.21
* Lengths are reported as core lengths. True widths vary depending on drillhole dip; most holes are laid out to intersect the sill close to perpendicular therefore true widths are approximately 80% of core lengths

On July 5, 2016, drilling commenced with two drills focused on high-grade zone delineation, exploration for new higher grade domains, and resource expansion. By the end of this program Nighthawk will have drilled approximately 10,000 metres, of which 1,133 metres have now been reported. Results for the remainder will be released once assay results are received and compiled.

Figure 1. Zone 1.5 Drillhole Locations: http://media3.marketwire.com/docs/9093a.jpg

Figure 2. Colomac Longitudinal Section Showing Near Surface Resource and Exploration Potential: http://media3.marketwire.com/docs/9093b.jpg

Figure 3. Drillhole Section C16-01 & 01B: http://media3.marketwire.com/docs/9093c.jpg

Figure 4. Drillhole Section C16-03: http://media3.marketwire.com/docs/9093d.jpg

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.

Results from drillhole C16-01 and C16-03 were not top-cut given the pervasive nature of the high grade sections; however, once incorporated into an updated resource block model, samples will be capped in accordance with the resource estimate.

About Nighthawk*

Nighthawk is a Canadian-based exploration company focused on acquiring and developing gold mineral properties in the Northwest Territories. Including the mineral claims and leases of the Colomac Gold Project, Nighthawk's Indin Lake Gold Property comprises a total land package of 222,203 acres in the Indin Lake Greenstone Belt, located approximately 200 kilometres north of Yellowknife, Northwest Territories and includes an Inferred Mineral Resource estimate, prepared in accordance with National Instrument 43-101 ("NI 43-101"), 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. Nighthawk also holds a 100% interest in the property known as the Superior Project, which covers 39,015 acres approximately 85 kilometres north of Sault Ste. Marie, Ontario.

The technical aspects of this press release have been reviewed by 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.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, the timing of future drilling, the expansion of the mineralization, and the remediation of historic reclamation sites. These forward-looking statements are 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 statements. 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.

Neither 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 release.

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