16 March 2023
TORONTO, Ontario, March 16, 2023 – Nighthawk Gold Corp. (“Nighthawk” or the “Company”) (TSX: NHK; OTCQX: MIMZF) announces its 2023 Exploration and environmental programs at its district-scale property in Northwest Territories, Canada. Furthermore, the Company is pleased to announce the filing of its Technical Report (defined below) for the previously announced updated Mineral Resource Estimate[1] (“2023 MRE”) of the Colomac Gold Project (the “Project”).
Nighthawk President and CEO Keyvan Salehi, P.Eng. commented: “Our aggressive exploration program over the last two years resulted in a successful 2023 MRE1 that demonstrated an expansion of the open-pit (“OP”) mineralization for the Colomac Gold Project to what we believe to be a significant size and scale.”
“As the Project advances towards a preliminary economic assessment (“PEA”) by mid-2023, we are reprioritizing our exploration drilling. This year, we plan to drill between 20,000 and 25,000 metres (“m”), focusing on the expansion of the higher-grade, satellite deposits such as Cass, Damoti, and the 24/27 deposit in the Colomac Centre Area. We also plan to drill test the Leta Arm Zone, which are a series of grassroots targets, south of the Colomac Centre Area, that show a high potential for meaningful gold discoveries.”
“We are also prioritizing the permitting process for the Project considering that environmental responsibility is a core value for Nighthawk. We commenced environmental baseline studies last year and it will continue over the next couple of years.”
Mineral Resource Expansion Drilling
The Company continues its mineral resource expansion drilling in 2023, with a focus on the Cass, 24/27 and/or Damoti deposits. At the Cass deposit, the Company will test the potential extension of the higher-grade, near-surface mineralization to the west and the northeast of the deposit based on recent structural and geological modelling. At the 24/27 deposit, located within the Colomac Centre Area, Nighthawk will drill test the potential strike extension of the higher-grade, near-surface mineralization to the north of the deposit prioritizing the potential higher-grade zones identified by the 2022 electromagnetic (“VTEM”) survey. The drilling planned for the Damoti deposit would focus on mineral resource expansion of the deposit, both near-surface and at depth; drilling would target the nose of the folding structures where mineralization at the Damoti deposit appears to be concentrated, as identified by the updated structural model.
See Figures 1 to 3 for more details:
See detailed release below.