Nighthawk Gold Corp.
TSX VENTURE : NHK

Nighthawk Gold Corp.

October 12, 2016 07:01 ET

Nighthawk Intersects 72.65 Metres of 5.58 g/t Gold (Uncut), Including 17.80 Metres of 17.72 g/t Gold (Uncut) at Colomac - Expands High-Grade Zone 1.5

TORONTO, ONTARIO--(Marketwired - Oct. 12, 2016) - Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX VENTURE:NHK) today announced that recent drilling has defined the near surface boundaries and dimensions of Zone 1.5, and accordingly, supports the existence of constrained high-grade domains within the Colomac mineralized system. Nighthawk previously reported results from step-out drilling at this newly discovered zone (see September 13, 2016 news release) where 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. Today's results show that the zone continues uninterrupted down plunge and supports its continuity of mineralization to depth, as C16-03B cut 72.65 metres (50 metres true width) of 5.58 g/t gold, including 17.80 metres of 17.72 g/t gold, 100 metres below the C16-03 intersection (Figures 1, 2, 3 / Table 1).

"We've always considered the existence of distinct higher-grade domains as a very real opportunity at Colomac, although previous to this drilling they had yet to be constrained," said Dr. Michael Byron, President and CEO. "In our June 20, 2012 news release the similarities between Colomac and Kalgoorlie, one of the world's largest Archean gold camps, was first discussed. The Western Australian analogue and Colomac are hosted by a fractionated mafic intrusion where gold is concentrated within its more silica-rich upper portions. Kalgoorlie hosts higher grade gold zones, but at Colomac the existence of similar zones had never been documented. Realizing that opportunity, we targeted Zone 1.5 based on the Kalgoorlie model, and that approach resulted in the discovery of the high-grade gold zone in 2014, in effect endorsing the analogue and our exploration strategies based on it. Discoveries of this size and continuity have radically changed our understanding of Colomac, as higher grade zones represent an exciting new resource expansion opportunity," commented Dr. Michael Byron.

From initial drill start-up (see July 5, 2016 news release) to program conclusion in late September, 34 drillholes (8,390 metres) were laid out to help delineate Zone 1.5, test for other higher-grade prospects within the Colomac and Goldcrest sills, and to target near-surface resource expansion opportunities. Results from 8 drillholes (1,955 metres) are presented in Tables 1 and 2 below. Outside of Colomac, Nighthawk has advanced several other highly prospective targets throughout its vast Indin Lake land package. Ongoing regional prospecting and mapping programs have been effective in that process and in identifying exciting new prospects. Results from that work will be summarized in upcoming news releases.

Highlights: (uncut gold assays reported):

Colomac Zone 1.5

  • Hole C16-03B intersected 72.65 metres (50 metre true width) of 5.58 g/t gold, including 17.80 metres of 17.72 g/t gold, and including 11.05 metres of 27.83 g/t gold;
  • Hole C16-04B intersected 9.00 metres (6 metre true width) of 2.24 g/t gold;
  • Drilling has constrained the near surface dimensions of high-grade Zone 1.5 - upwards of 125 metres long, 30 to 40 metres in true width, and extending from surface to 260 metres vertical while open to depth;
  • The discovery of Zone 1.5 clearly demonstrates the potential for discovery of other higher grade domains throughout the Colomac and Goldcrest sills, and that given their size and continuity, they are expected to have a positive impact on resource expansion, consequently they remain a priority exploration target for the Company.

Goldcrest North

  • Hole G16-02 intersected 10.25 metres (8.0 metre true width) of 1.75 g/t gold, including 6.50 metres of 2.40 g/t gold.
Table 1. Colomac Zone 1.5 Drill Results (uncut)
Hole ID From (m) To (m) Core
Length (m)*
Au gpt
C16-03B 232.60 305.25 72.65 5.58
including 248.65 266.45 17.80 17.72
including 255.40 266.45 11.05 27.83
including 257.50 262.50 5.00 52.38
including 257.50 258.50 1.00 89.45
including 261.00 262.00 1.00 127.20
including 262.50 266.45 3.95 8.95
including 279.15 283.75 4.60 4.02
including 282.55 285.25 2.70 4.85
including 302.70 305.25 2.55 6.60
including 314.50 315.25 0.75 43.90
C16-04 123.00 125.00 2.00 1.81
C16-04B 205.50 214.50 9.00 2.24
including 212.95 214.50 1.55 5.63
C16-05 83.50 85.00 1.50 2.94
92.50 94.75 2.25 1.53
142.75 146.35 3.60 1.14
163.15 163.90 0.75 1.05
C16-05B Abandoned in overburden
Table 2. Goldcrest North Drill Results (uncut)
G16-01 78.00 79.00 1.00 10.65
124.80 131.20 6.40 1.84
including 125.60 130.40 4.80 2.36
145.80 148.20 2.40 0.92
157.20 160.40 3.20 0.77
G16-01B 142.25 151.00 8.75 0.85
178.50 183.75 5.25 1.80
including 178.50 180.75 2.25 3.29
195.75 212.75 17.00 1.24
including 199.50 212.75 13.25 1.45
including 199.50 200.00 0.50 10.30
including 209.50 212.75 3.25 2.67
including 210.50 212.75 2.25 3.59
226.50 235.50 9.00 0.58
G16-02 107.00 117.25 10.25 1.75
including 110.00 116.50 6.50 2.40
166.00 178.44 12.44 0.68
including 173.50 177.37 3.87 1.62
G16-02B 133.50 137.75 4.25 0.70
148.75 162.50 13.75 0.69
including 148.75 153.00 4.25 0.95
including 159.00 162.50 3.50 1.18
181.50 186.50 5.00 1.03
210.50 213.12 2.62 2.19
244.00 247.15 3.15 0.81
* Lengths are reported as core lengths. True widths vary depending on drill hole dip; most holes are laid out to intersect the sill close to perpendicular therefore true widths are approximately 80% of core lengths

Colomac Zone 1.5

Four of the eight holes announced today were drilled at Zone 1.5 to help constrain its near-surface dimensions (Figure 1). C16-03B was collared from the same setup as previously reported C16-03 (see September 13, 2016 news release), but drilled at a steeper angle to test the zone 100 metres below the C16-03 intersection. The hole intersected 72.65 metres (50 metres true width) of 5.58 g/t gold (uncut), including 17.80 metres of 17.72 g/t gold (uncut), confirming the zone's consistency in grade and width to depth (Figure 3). Three holes (C15-06, C16-03, C16-03B) have now been drilled on this section, 25 metres north of the initial discovery hole C14-06, and collectively show great consistency in the nature of the zone's mineralization and overall continuity to depth (Figure 4).

C16-04 and 04B are 25 metre step-outs south of C16-02 and 02B, two previous holes drilled near the high-grade zone's southern boundary (Figure 1). C16-04 and 04B did not intersect mineralization typical of the high-grade portion of Zone 1.5, thus the southern boundary of this north plunging mineralized shoot lies between the sections drilled by C16-01 and C16-02 (see September 13, 2016 news release).

Hole C16-05 was collared 25 metres north of C16-03 and 03B (Figure 1), to test the northern limits of the zone. Although mineralization was intersected over significant widths, it was not the style typical of the higher grade domains, as a result the northern boundary is now fixed between the sections drilled by C16-03 and C16-03B and C16-05. Given the geometry of the plunging zone, C16-05 appears to have overshot the high-grade intersected in C16-03 (Figure 4).

Drilling to date has established the near surface dimensions of high-grade Zone 1.5 to be upwards of 125 metres long, 30 to 40 metres in true width, extending from surface to 260 metres and open to depth. Three holes drilled on an internal section of the zone clearly illustrate the zone's strong continuity as high-grade mineralization has been traced from near surface to over 260 metres vertical depth. The presence of high-grade Zone 1.5 supports the possibility that other high-grade domains exist within the underexplored Colomac and Goldcrest sills, and that given their potential size and continuity, it is expected they will have a significant positive impact on future resource estimates. Presently, the Company has identified similar bodies at Zone 3.5 and Zone 2.0, while three other possibilities were drilled over the course of this summer's program. Results for those holes are pending.

Goldcrest North

Goldcrest is a 2.5 kilometre mineralized mafic sill similar to Colomac, which is located 400 metres to the east. It contributes the highest average grade in the current resource estimate at 2.19 g/t gold (June 17, 2013 news release), yet is largely underexplored off its flanks and to depth. Goldcrest North appears to be a detached portion of the main Goldcrest sill located 600 metres to the northeast. The current campaign represents the Company's program at Goldcrest North in which eight holes were drilled to test the projection of the zone's near surface mineralization to depth beneath the current resource (Figure 1). Results for four of those holes are presented in Table 2 and show broad zones of mineralization confined to the sub vertical dipping host rock. Although significant high-grade was not encountered, all holes intersected gold mineralization highlighted by G16-02 which cut 10.25 metres of 1.75 g/t gold, including 6.50 metres of 2.40 g/t gold. Geological models are currently being updated to help visualize additional target opportunities, and given the presence of localized higher grade gold assays, such short intercepts may be reflective of adjacent high-grade zones as seen at Zone 1.5.

On July 5, 2016, Nighthawk commenced it summer campaign with two drills focused on high-grade zone delineation, exploration for new higher grade domains, and resource expansion. By the end of the program in late September the Company had drilled 34 holes for 8,400 metres, of which 13 holes (3,088 metres) have now been reported. Results for the remainder will be released once assay results are received and compiled.

Figure 1. Zone 1.5 and Goldcrest North Drillhole Locations: http://media3.marketwire.com/docs/2223a.jpg

Figure 2. Colomac Longitudinal Section Showing Near Surface Resource and Exploration Potential: http://media3.marketwire.com/docs/2223b.jpg

Figure 3. Drillhole Section C15-06, C16-03, C16-03B: http://media3.marketwire.com/docs/2223c.jpg

Figure 4. Zone 1.5 Longitudinal Section: http://media3.marketwire.com/docs/2223d.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 drill hole and C16-03B 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. Dr. Byron has supervised all work programs carried out by the Company within their Indin Lake Project since inception, visited the Colomac property on multiple occasions, examined the drill core from the holes summarized in this release, reviewed project progress and results with geological staff, and examined available analytical and quality control results.

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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