Nighthawk taps highest-grade Colomac gold

Nighthawk Gold Corp. May 28 reported it cut record high-grade gold in a hole at Colomac, the flagship project on the company's Indin Lake gold property in Northwest Territories.

The company kicked off its 2019 drill program at Indin Lake in March and recently completed 16 holes to test specific high-grade targets within the 3,000- by 9,000-meters Colomac Main sill. This drilling spanned zones 1.5, 2.0, 2.5, and 3.0 with all holes intercepting gold mineralization.

Hole C19-08 cut 56 meters averaging 13.49 grams per metric ton gold, including 16.5 meters of 34.18 g/t gold at Zone 1.5.

This is the highest-grade gold intercept encountered so far at Colomac.

"Zone 1.5 continues to deliver outstanding results as emphasized by its capacity to host exceptional gold grades over incredible widths, and the record intercept disclosed today clearly illustrates that point," said Nighthawk Gold President and CEO Michael Byron.

Wide zones of strong mineralization were also reported from zones 2.0 and 3.0.

C19-04 cut 38.95 meters of 1.65 g/t gold, including 5.25 meters of 7.15 g/t gold in Zone 2.0.

C19-08 cut 35.45 meters of 2.14 g/t gold, including 2.75 meters of 8.17 g/t gold in Zone 3.0.

Nighthawk said approximately 40 percent of the intrusion at Colomac remains unexplored along strike and to depth.

The company began drilling at Indin Lake in early March and plans to complete 35,000 meters of drilling, along with mapping and prospecting across the 899-square-kilometer (347 square miles) property, by the end of September.

The company had originally planned 25,000 meters of drilling for this year but increased the program following a C$11 million financing closed earlier this month, which brought in an extra C$2 million in oversubscriptions.

"Backstopped by our recently announced C$11 million bought-deal financing, we are now ensured the resources to implement our most active and expansive drill program to-date. Our drill program was increased from 25,000 meters and is now expected to exceed 35,000 meters in 2019, surpassing all previous year totals in terms of drilled meters," said Byron

In addition to Colomac, Nighthawk plans to target some of the most prospective regional gold targets across the wider Indin Lake property this year.

There are at least seven priority satellite prospects that have the potential to provide high-grade gold ore to a future mine and mill at the centrally located Colomac project.

One of the primary satellite gold targets is Damoti Lake, a high-grade gold deposit about 28 kilometers (17 miles) south of Colomac.

A resource calculated for Anaconda Gold Corp. in 2005 outlined 40,600 metric tons of measured and indicated resource at Damoti Lake averaging 26.17 g/t gold; plus 17,800 metric tons of inferred resource averaging 16.38 g/t gold.

Nighthawk has completed more than 17,000 meters of drilling at this high-grade gold deposit since the resource was calculated. Highlights from this drilling include: 6.95 meters of 10.12 g/t gold; 23.5 meters of 13.91 g/t gold; 22.5 meters of 5.81 g/t gold; 6.95 meters of 10.12 g/t gold; and 14.75 meters of 6.91 g/t gold.

"We are incredibly excited and encouraged by our record of discoveries; and are convinced that given the scope and aggressive nature of our planned programs, much more is left to be uncovered within this highly prospective gold camp," Byron said.

–SHANE LASLEY