Nighthawk Gold Corp.

TSX VENTURE : NHK


Nighthawk Gold Corp.

April 10, 2014 07:00 ET

Nighthawk Reports 80.70 Metres of 4.53 g/t Gold and 61.50 Metres of 4.24 g/t Gold from Historic Drilling at Cass

TORONTO, ONTARIO--(Marketwired - April 10, 2014) - Nighthawk Gold Corp. ("Nighthawk") (TSX VENTURE:NHK) reports additional assay results from 16 historic holes drilled in 1987 on its Cass gold deposit located on Nighthawk's Indin Lake Gold Property in the Northwest Territories ("NWT").

HIGHLIGHTS:

  • Hole C87-16 intersected 80.70 metres of 4.53 grams per tonne ("g/t") gold, including 20.40 metres of 7.83 g/t gold and including 19.95 metres of 6.16 g/t gold;
  • Hole C87-23 intersected 61.50 metres of 4.24 grams per tonne gold, including 6.70 metres of 12.11 g/t gold, and including 8.0 metres of 5.54 g/t gold and including 11.85 metres of 5.51 g/t gold;
  • Hole C87-25 intersected 18.40 metres of 10.03 g/t gold, including 9.60 metres of 11.81 g/t gold; and
  • Hole C87-15 intersected 12.80 metres of 10.30 g/t gold, including 5.90 metres of 20.06 g/t gold and including 11.20 metres of 5.76 g/t gold.

David Wiley, President and CEO of Nighthawk commented, "The 1987 historic drill results from Cass demonstrate the deposit's continuity and widths of mineralization. We continue to analyze additional historical drill results for the Kim and Cass deposits and anticipate reporting more results over the coming weeks."

Historic Drilling and Results

The Cass deposit is characterized by broad zones of near surface stockwork style gold mineralization within an elongate and vertically dipping gabbroic body. Previously reported highlights from 1986 drilling (Figure 1; March 26, 2014 news release) define continuous mineralization over significant core lengths within 75 metres of surface. Areas below the 1986 drilling were targeted by the 1987 drilling (Figure 2; 5,877 metres), extending mineralization over a strike length of 360 metres and to a depth of 210 metres, thus confirming the deposit's continuity and widths of mineralization. Drilling verifies the exploration opportunities to depth and along strike, distinguishing Cass as a vastly underexplored deposit type within the Indin Lake Gold Camp.

Select 1987 Cass drill intercepts (16 holes) are presented in Table 1. Composite intersections were chosen to demonstrate the deposit's continuity of mineralization over extensive core lengths (Figure 3). These results are historic in nature and Nighthawk has not independently verified the results.

Table 1. Historic 1987 Drill Results from Cass
Hole ID From To Core Length* Grade
(m) (m) (m) g/t Au
C87-05 210.50 219.00 8.50 5.36
C87-11 221.90 238.00 16.10 3.05
including 221.90 232.50 10.60 4.10
including 225.50 230.20 4.70 6.74
C87-12 124.00 132.10 8.10 5.02
164.60 168.00 3.40 3.16
177.50 192.00 14.50 3.33
including 183.00 187.70 4.70 6.08
215.45 235.70 20.25 3.39
including 215.45 224.90 9.45 5.18
219.30 224.90 5.60 6.47
C87-13 130.60 139.70 9.10 2.30
204.30 210.80 6.50 2.91
C87-14 79.00 88.30 9.30 3.09
C87-15 2.80 15.60 12.80 10.30
including 6.70 12.60 5.90 20.06
97.50 108.70 11.20 5.76
C87-16 106.20 186.90 80.70 4.53
including 108.00 128.40 20.40 7.83
including 155.55 175.50 19.95 6.16
including 157.00 169.50 11.50 7.11
C87-19 108.40 114.00 5.60 4.83
C87-21 91.80 102.00 10.20 3.02
C87-22 73.10 98.00 24.90 2.86
including 86.40 98.00 11.60 3.85
C87-23 112.10 173.60 61.50 4.24
including 112.10 118.80 6.70 12.11
including 136.60 144.60 8.00 5.54
including 158.80 170.65 11.85 5.51
C87-24 87.40 93.30 5.90 3.77
C87-25 177.60 196.00 18.40 10.03
including 186.40 196.00 9.60 11.81
219.50 223.90 4.40 4.90
C87-26 141.65 146.80 5.15 4.03
C87-28 32.00 46.90 14.90 2.63
C87-30 19.90 23.60 3.70 9.97

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

Cass Gold Deposit

The Cass deposit represents a higher grade open pit mining opportunity complimentary to Nighthawk's Colomac Gold Property, which contains 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 (June 17, 2013 news release). The Kim and Cass gold deposits, which are connected by road to Colomac located 20 kilometres to the northeast, provide considerable exploration upside and unrealized potential to significantly grow Nighthawk's resource base.

In the mid 1990's, Royal Oak Mines Inc. planned to develop the Kim and Cass deposits as open pit operations and process the ore at its Colomac Mill, however the company closed its Colomac operation before achieving production from the deposits.

Figure 1. - 1986 Drill Hole Location Map at Cass (Historic Results Released March 26, 2014): http://media3.marketwire.com/docs/nhgfig1.jpg

Figure 2. - 1987 Drill Hole Location Map at Cass (Current Release): http://media3.marketwire.com/docs/nhgfig2.jpg

Figure 3. - Cross Section of Hole C87-16 at Cass: http://media3.marketwire.com/docs/nhgfig3.jpg

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.

The technical aspects of this press release have been reviewed by Michael Byron, Ph.D., P.Geo., Chief Geologist and Director for 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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