TORONTO, ONTARIO--(Marketwired - March 3, 2017) - Nighthawk Gold Corp. ("Nighthawk") (TSX VENTURE:NHK) is pleased to announce commencement of its 2017 exploration program on its 100% owned Indin Lake Gold Property in the Northwest Territories.
Activities are expected to run from early March until late September and will include upwards of 25,000 metres ("m") of drilling at its Colomac Gold Project and select priority gold targets within its extensive regional land package. The objectives of this campaign are to better define and expand the dimensions of higher-grade mineralization intersected to-date, to test for the possible convergence of high-grade Zones 1.5 and 2.0, to explore for other potential new zones of near surface higher grade material, to expand the current resource leading to delivery of a resource update by late 2017, and to continue exploring throughout the extensive regional land package. Two drills are currently on site with delivery of a third expected shortly.
- A 25,000 m drill program is to be completed by late September 2017, directed at Colomac Zones 1.0, 1.5, 2.5 and 3.5, and the Goldcrest sill; expanding known high-grade zones along strike and to depth and testing other potential zones of higher-grade mineralization within the sills.
- Phase 1 winter drilling will begin at Colomac Zone 1.5 (Figure 1) building on the success of Nighthawk's 2016 results where hole C16-03 intersected 52.07 m of 7.72 grams per tonne ("g/t") gold, including 25.47 m of 14.25 g/t gold (September 13, 2016 news release), and 72.65 m of 5.58 g/t gold, including 17.80 m of 17.72 g/t gold, from hole C16-03B (October 12, 2016 news release). Planned holes will test the high-grade zone further to depth along its current 125 m strike length.
- Phase 1 holes will also drill the resource gap between Zone 1.5 and high-grade Zone 2.0 (located immediately to the south / Figure 1) testing for a possible link between the two, that if present, may result in a single high-grade domain that extends for upwards of 300 m in strike.
- Drilling within the Goldcrest sill will continue to test shallow high-grade mineralization to depth and target new opportunities within untested regions along strike to the north and south.
- Extensive prospecting and mapping programs are planned for the summer field season and are directed at generating drill targets within the recently discovered Nice Lake sill (February 7, 2017 news release), and to advance Nighthawk's many regional showings and deposits to a drill ready status.
Nighthawk President and CEO, Dr. Michael Byron, commented, "2017 will be our most active and extensive exploration program to-date. The discovery and delineation of high-grade zone 1.5 not only validates the Colomac/Kalgoorlie analogue (June 20, 2012 news release), but emphasizes the incredible high-grade opportunities that have only recently been realized. Zones 1.5 and 2.0, have the capacity to host substantial ounces of gold, and given their impressive true widths, it's not surprising that the search for similar targets has quickly become Nighthawk's principal focus. We are confident that our new understanding of the Colomac system will lead to additional discoveries of magnitude, even beyond those ounces that will be delivered into the planned 2017 resource update. It's still very early in the growth of Colomac but we are confident in its multi-million ounce expansion potential".
Figure 1. Winter 2017 Phase 1 Drill Sites
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/1087713_fig1.jpg
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. Nighthawk is well financed with approximately $38.4 million in working capital, of which $20.2 million in flow-through expenditure commitments remain to be spent by December 31, 2017 ($8.7 million) and December 31, 2018 ($11.5 million).
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.
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.