Press Release
TORONTO, ON March 1, 2021 / Nighthawk Gold Corp. (“Nighthawk” or the “Company”) (TSX:NHK)(OTCQX:MIMZF) is pleased to report an updated Mineral Resource Estimate (the “2021 MRE”), on the 100% owned Indin Lake Gold Property, located 200km north of Yellowknife, Northwest Territories, Canada. The 2021 MRE builds upon the 2020 Mineral Resource Estimate (Iund et al, 2020)(“2020 MRE”), and includes additional drilling completed in 2020. The Company also provides an outlook for exploration, including identified drill targets.
Highlights of 2021 MRE:
Indicated Resources:
Inferred Resources:
Keyvan Salehi, President & CEO commented: ‘’We are very pleased with the results of the 2021 MRE with a significant increase to our global resource base. Following a comparison of our peers and current economic conditions, we have adjusted the economic parameters from our previous 2020 MRE and included the assayed 2020 drill holes, many of which have returned excellent results. This resulted in a 35% increase in total indicated resources and a 60% increase in total inferred resources. We are particularly excited with the 71% increase in indicated pit constrained resources in the 2021 MRE.”
‘’We have also established aggressive exploration plans focused principally on increasing the near-surface pit-constrained resources both at Colomac along strike, and on exciting grassroots targets, including at Nice Lake and Kim & Cass. We believe these targets could contribute significantly to the near-surface resources proximal to the main Colomac Deposit.”
2021 Mineral Resource Estimate for the Indin Lake Gold Property (Effective date of February 26, 2021)
Deposit |
Area (mining method) |
Cut-off (g/t) |
Indicated resource |
Inferred resource |
||||
Tonnage (T*1000) |
AU (g/t) |
Ounces |
Tonnage (T*1000) |
AU (g/t) |
Ounces |
|||
Colomac | Open pit |
0.6 |
15,147 |
1.64 |
797,400 |
219 |
1.47 |
10,300 |
UG Bulk |
1.1 |
19,884 |
1.97 |
1,262,000 |
9,485 |
1.97 |
601,800 |
|
Goldcrest | Open pit |
0.6 |
2,003 |
1.50 |
96,800 |
76 |
1.59 |
3,900 |
UG Bulk |
1.1 |
717 |
1.84 |
42,500 |
255 |
1.57 |
12,900 |
|
Grizzly Bear | Open pit |
0.6 |
776 |
1.57 |
39,200 |
23 |
1.24 |
900 |
UG Bulk |
1.1 |
208 |
1.68 |
11,200 |
59 |
1.51 |
2,900 |
|
24/27 | Open pit |
0.6 |
– |
– |
– |
424 |
1.83 |
25,000 |
UG Bulk |
1.1 |
– |
– |
– |
184 |
1.80 |
10,600 |
|
Sub-total |
38,736 |
1.81 |
2,249,100 |
10,724 |
1.94 |
668,300 |
||
Damoti | UG selective |
2.00 |
– |
– |
– |
736 |
4.97 |
117,800 |
TOTAL |
38,736 |
1.81 |
2,249,100 |
11,460 |
2.13 |
786,100 |
Notes to accompany the Mineral Resource Estimate:
It should be noted that due to the delay in the turnaround of assay results, only 67% of assays from the 2020 drilling program were used as part of the 2021 MRE update.
The 2021 MRE was generated using reasonable cut-off grades for pit constrained, potential bulk underground and potential selective underground extraction mining methods. Specific extraction methods are used only to establish reasonable cut-off grades for various portions of the deposits. No Preliminary Economic Analysis, Pre-Feasibility Study or Feasibility Study has been completed to support economic viability and technical feasibility of exploiting any portion of the mineral resources, by any specified mining method. The “reasonable prospects for eventual economic extraction” were satisfied with a constrained pit shell (open pit) and manual selection of blocks (underground) according to the economical parameters selected (cut-off grade, mining method, etc.) and the geological continuity of the mineralization.
Exploration Goals & Objectives
The Company has refined the near-term goals and objectives and identified targets for exploration (Figure 1) with a goal of substantially increasing the global resource base over the next two years, with a focus on near-surface mineralization. The exploration plan has three main objectives: resource expansion opportunities; greenfield exploration proximal to the main Colomac Deposit (“Colomac”); and assessing known targets to validate their probability of adding to the global resource base, particularly at Kim & Cass.
Six (6) Targets Identified for Resource Expansion Opportunities
Within the Colomac Centre (all deposits that lie within the Colomac footprint) namely the Colomac, Goldcrest, Grizzly Bear, 24 and 27 deposits show potential to increase the near-surface pit constrained resources. These targets are expected to receive considerable drilling this year.
An additional target, the Cass Zone (“Cass”), is situated within the Kim & Cass Property, located 15km southwest of Colomac (see press release dated February 18, 2021). Cass has a historical resource1 that outlined 2,857,093 tonnes at an average grade of 2.66 g/t Au for 245,311 ounces of gold (see Nighthawk press release dated December 18, 2013). As well, drilling by Nighthawk in 2014, successfully extended the Cass mineralized corridor by an additional 700 metres, where it remains open at depth and along strike. The 2021 program is expected to dedicate considerable efforts to validate the historical data and extend the resources along strike.
Greenfield Exploration Targets
As part of the greenfield exploration program, Nighthawk has identified eight (8) high priority, near-surface targets.
Northern Targets
Central Targets
Southern Targets
The Company is currently active on site preparing the camp for the 2021 drill program which is expected to begin before the end of the first quarter.
Figure 1. Indin Lake Gold Property – Identified Exploration Targets
Qualified Person
Technical information related to the 2021 MRE contained in this news release has been reviewed and approved by Marina Iund, M.Sc., P.Geo., and Carl Pelletier, P.Geo., of InnovExplo, who are Independent and Qualified Persons as defined by NI 43-101, with the ability and authority to verify the authenticity and validity of this data. The technical report supporting the 2021 MRE will be filed on SEDAR within 45 days.
Richard Roy P.Geo., V.P. Exploration of Nighthawk, who is the Qualified Person as defined by NI 43-101 for this project, has reviewed and approved of the technical disclosure contained in this news release.
Technical Information
Nighthawk has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. Drill core samples were transported in security-sealed bags for analyses at ALS Chemex Assay Laboratory in Vancouver, BC (“ALS Chemex”). ALS Chemex is an ISO 9001:2000 certified laboratory. Pulp and metallics assaying for gold was conducted on the entire pulverized sample.
As part of its QA/QC program, Nighthawk inserts external gold standards (low to high grade) and blanks every 20 samples in addition to the standards, blanks, and pulp duplicates inserted by ALS Chemex.
About Nighthawk
Nighthawk is a Canadian-based gold exploration company with 100% ownership of a district-scale land position within the Indin Lake Greenstone Belt, located approximately 200km north of Yellowknife, Northwest Territories, Canada. Within this largely underexplored Archean gold camp, the Company has identified a number of high-priority targets all centered around a growing multi-million-ounce deposit. These targets lie within large regional deformation zones that are pregnant with gold mineralization and are known to host significant deposits which warrant additional exploration and follow-up. The main goals and objectives over the next 12-24 months will be to carry out aggressive exploration to support resource expansion opportunities as well as to foster new, near-surface discoveries that support the global resource base.
The Company has an experienced and dedicated team with a track record of successfully advancing projects and is well funded and supported to complete its goals and objectives.
FOR FURTHER INFORMATION PLEASE CONTACT:
NIGHTHAWK GOLD CORP.
Tel: 1-647-794-4313; Email: info@nighthawkgold.com
Website: www.nighthawkgold.com
Keyvan Salehi
President & CEO
Michael Leskovec
CFO
Suzette N Ramcharan
VP, Corporate Development
The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.
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