Nighthawk defines initial underground resource at Colomac and converts 82% to indicated resources
28 July 2020
News Release: Toronto, Ontario, July 28, 2020 – Nighthawk Gold Corp. (“Nighthawk” or the “Company”) (TSX: NHK; OTCQX: MIMZF) is pleased to report an updated Mineral Resource Estimate on the 100% owned Indin Lake Gold Property (“2020 MRE”), Northwest Territories, Canada, which includes an updated resource estimate for the Colomac Gold Project (“Colomac”, the “2020 Colomac MRE”), as well as an initial Mineral Resource Estimate on the Damoti Lake Gold Project (“Damoti”, the “Damoti MRE”), based on a gold price of US$1,425 (Figures 1 and 4). The 2020 Colomac MRE incorporates 924 drill holes totaling 177,598 metres that defines open pit and underground resources and outlines 25.89 million tonnes (“Mt”) at an average grade of 2.01 grams per tonne gold (“gpt”, “Au”) for 1.67 million ounces (“Moz”) of Indicated Resources and 5.71 Mt at an average grade of 2.03 gpt Au for 0.37 Moz of Inferred Resources (Table 1). The Damoti MRE is based on 266 drill holes totaling 33,433 metres and outlines 0.74 Mt at an average grade of 4.97 gpt Au for 0.12 Moz of Inferred Resources (Table 2). The 2020 MRE was prepared by InnovExplo Inc. (“InnovExplo”), an independent firm based in Val-d’Or, Québec, in accordance with National Instrument 43-101 (“NI 43-101”).
An Exploration Target for Colomac suggests anywhere from 18 Mt to 23 Mt at grades ranging from 1.80 gpt Au to 2.00 gpt Au for a total of between 1.0 Moz upwards to 1.5 Moz Au could be added to the current resource by continuing to drill the projected extensions of currently defined mineralized zones. The Exploration Target is based on the limited extension of known zones to depth and laterally as defined by the current drill density. The potential quantity and grade is conceptual in nature, and the Exploration Target is not a mineral resource and there remains uncertainty if a mineral resource would be delineated. However, this target illustrates a clear path forward for resource expansion opportunities proximal to the currently defined resource in the near term. Outside of this Exploration Target, there remains a large portion of the host quartz diorite (mineralized portion of the sill) that remains untested, and therefore a focus for continued exploration.