8 August 2023
TORONTO, Ontario, August 8, 2023 – Nighthawk Gold Corp. (“Nighthawk” or the “Company”) (TSX: NHK; OTCQX: MIMZF) reports assay results from drilling at the Cass Deposit and Albatross Zone target, which are located within 15 kilometres (“km”) from the Colomac Centre Area.
Table 1 – Highlight Drill Assay Results from the Cass Deposit Drilling
|
Hole ID |
Deposit |
Highlight Assay Result |
|
CM23-14 |
Cass |
4 ounces per tonne (or 125.00 grams per tonne (“g/t Au”)) over 0.50 metres (“m”) |
|
CM23-09 |
Cass |
2.48 g/t Au over 13.00 m |
|
CM23-11 |
Cass |
1.90 g/t Au over 17.50 m (including 4.20 g/t Au over 6.40 m) |
Note: True widths remain undetermined at this stage. All assays are uncut. Further statistical analysis will be required prior to establishing a suitable cut grade.
Nighthawk President & CEO Keyvan Salehi commented, “The results from the Cass Deposit drilling continue to deliver higher-grade mineralization. We tested the potential extensions of known mineralization and intersected high-grade, near-surface mineralization to the northeast, in an area on the other side of a fault structure where there was no data. The deposit remains open in all directions and warrant follow-up drilling.”
The Cass Deposit is located 15 km southwest of the Colomac Centre Area. The deposit is characterized by higher-grade, near-surface mineralization. The Company completed 5,442 m of drilling to test new mineralized zones parallel and along strike from the Cass Deposit. These zones have the potential to significantly expand the open-pit mineralization at the deposit. The target areas were chosen based on a new geological interpretation and structural model, as well as historical trenching and soil anomalies. Drill holes CM23-08, CM23-09 and CM23-11 confirmed the extension of mineralization along strike of a parallel gabbroic intrusion to the northwest of the Cass Deposit. Drill hole CM23-06 confirmed the continuity of mineralization between the Cass Deposit estimated pit-shell bottom (as part of the Colomac Gold Project PEA[1]) and deeper drillhole intercepts. Drill holes CM23-12 and CM23-14 intercepted narrow high-grade mineralization in a previously untested area between the main Cass Deposit pit-shell and the smaller pit-shell to the east. These mineralized intercepts confirm that mineralization and the host geology continue across structural boundaries identified in the new structural model. Coarse gold samples were intersected in 9 of the 19 drill holes.
Please refer to Figures 1, 2, 3 and 4 for the Cass Deposit (and Albatross Zone) drilling plan view local map, Cass Deposit isometric view, Cass Deposit cross section #1, and Cass Deposit cross section #2, respectively.
The Albatross Zone is a grassroots exploration target to the west of the Cass Deposit. Historical, widely spaced drilling over a 4.6 km trend confirmed the extension of the Cass Deposit mineralization at narrower widths. Nighthawk completed 1,974 m of drilling at the Albatross Zone, confirming the gabbro lithological package with veining and some coarse gold showings. Additional structural mapping and surface work is required to understand the potential of this zone.
Nighthawk is a Canadian-based gold exploration and development company with control of 947 km2 of District Scale Property located 200 km north of Yellowknife, Northwest Territories, Canada. The Company’s flagship asset is the large-scale, Colomac Gold Project. The 2023 PEA1 demonstrates the Project’s potential for 290,000oz/year operation over 11.2-year conceptual mine life that could generate a C$1.2 billion NPV5% and 35% IRR (after taxes) based on a US$1,600/oz gold price assumption. Nighthawk’s experienced management team, with a track record of successfully advancing projects and operating mines, is working towards rapidly advancing its assets towards a development decision.