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Nighthawk Gold Corp.
Summary
| Project: | Indin Lake | |
|---|---|---|
| Deposit: | Colomac | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 6/13/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 13-6-2018: Nighthawk Gold Corp. announces a Resource Estimation report for its Colomac deposit at the Indin Lake project. Updated mineral resource estimate at the project. Toronto, Ontario, June 13, 2018 – Nighthawk Gold Corp. (“Nighthawk” or the “Company | |
| Resources: | 50.35Mt @ 1.62g/t Au for 2.613Moz Au contained at Colomac | |
| CP/QP: | [Resources]: Leon McGarry (CSA Global Pty Ltd.) | |
| ABSTRACT: | Toronto, Ontario, June 13, 2018 – Nighthawk Gold Corp. (“Nighthawk” or the “Company”) (TSX: NHK; OTCQX: MIMZF) is pleased to report an updated Inferred Mineral Resource estimate, of 50.305 million tonnes with an average grade of 1.62 grams per tonne gold (“gpt Au”) for 2.613 million ounces of gold (see Table 1) for its 100% owned Colomac Gold Project (“Colomac”), Northwest Territories, Canada. The resource estimate was prepared by CSA Global Canada Geosciences Ltd. (CSA Global), Toronto, Ontario, in accordance with National Instrument 43-101 (“NI 43-101”). The updated resource estimate incorporates a total of 1,088 drill holes totaling 141,013 metres (913 historical drill holes totaling 85,178 metres, and 175 drill holes totaling 55,835 metres completed by Nighthawk between 2012 and 2017). Since the 2013 resource estimate, Nighthawk has drilled 145 holes for 44,600 metres which is captured within this latest resource update. Dr. Michael Byron, President & CEO commented, “We are very pleased to see that the consistent strength and continuity of mineralization hosted by the Colomac and Goldcrest sills continues to deliver strong resource growth. It is notable that to date, the deposit has only had 141,013 metres of drilling, yet is tracking to exceed 3 million ounces with an abundance of real estate not yet explored. The grade sensitivity table illustrates the deposit’s robust nature by revealing that modest changes in cutoff grades result in substantial variations in contained ounces but with limited variations to the average grade. Given that the current resource contains over 50 million tonnes of mineralized material, a number that may only account for less than half of its near surface potential, we believe that assessing a heap leach opportunity for Colomac is not only warranted, but if proven, could drastically change the nature of the opportunity. “Recent advancements in our understanding of the deposit’s controls on mineralization has led to important revisions to the Colomac geological model. Within the Goldcrest and Colomac sills, the change to a more broadly distributed mineralization model, instead of a constrained and steeply dipping one, has resulted in a more refined and accurate resource estimate, and a substantial increase in resource tonnes. In addition to the ongoing exploration at Colomac, we are also drilling several of our regional gold deposits and showings, building on the gold camp’s vastly underexplored potential beyond Colomac. The first property we drilled prior to consolidating the camp, the Damoti Lake Gold Deposit, will be drilled this summer, in preparation for delivering a maiden resource estimate in early 2019.” | |
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