TSX: NHK
TSX:
MIMZF
TFS21-22 returned 2.07 g/t Au over
25.50 m & GB21-21 returned 1.01
g/t Au over 28.75 m
TORONTO, Jan. 31, 2022 /CNW/ - Nighthawk Gold Corp.
("Nighthawk" or the "Company") (TSX: NHK) (OTCQX:
MIMZF) is pleased to report the final Phase II drilling assay
results for the Colomac Main Deposit ("Colomac Main")(13
drill holes totalling 2,680 metres ("m")) , the 24 Deposit
("24")(4 drill holes totalling 717
m), and the Grizzly Bear Deposit ("Grizzly Bear") (14
drill holes totalling 1,761 m), all
located within the Colomac Centre (see Figures 1 and 2). Please
refer to Table 1 for the highlight assay results and Table 2 for a
summary of the assay results.
Table 1 – Highlight assay results from Phase II drilling at
24, Colomac Main, and Grizzly Bear
|
Hole
ID
|
Deposit
|
Highlight Assay
Result
|
|
TFS21-22
|
24
|
2.07 grams per tonne
gold ("g/t", "Au") over 25.50 m
|
|
TFS21-19
|
24
|
4.56 g/t Au over 9.60
m
|
|
GB21-19
|
Grizzly
Bear
|
1.64 g/t Au over
12.00 m
|
|
GB21-21
|
Grizzly
Bear
|
1.01 g/t Au over
28.75 m (including 2.03 g/t Au over 7.00 m)
|
|
GB21-22
|
Grizzly
Bear
|
1.66 g/t Au over 7.00
m
|
|
C21-28
|
Colomac
Main
|
1.07 g/t Au over
14.00 m
|
|
C21-30
|
Colomac
Main
|
0.70 g/t Au over
36.50 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.
|
Keyvan Salehi, Nighthawk
President & CEO commented, "The results from the 24 Deposit
continue to exceed our expectations and support our goal of
potentially increasing the current open-pit Indicated and Inferred
Mineral Resource estimates4. At Colomac Main, the latest
results demonstrate decent mineralized widths in an area that had
not been drilled extensively in the past so additional follow up
drilling is justified in our next exploration campaign. At Grizzly
Bear, the new drilling demonstrates that the deposit remains open
to the north and will be a priority target in 2022. We remain
on-track to deliver an updated mineral resource estimate in the
first quarter of this year."
24 Deposit
Phase II drilling at the 24 tested the northern and southern
extension of the mineralization identified in Phase I
drilling1 and has returned significant mineralization
expected to add to the current Mineral Resource
Estimate4. Hole TFS21-22 was the highlight of this phase
of drilling, which returned a 25.50 m
interval averaging 2.07 g/t Au (Figure 3). This hole was drilled
south of the previous drilling1 and appears to extend
the known mineralization further south at higher-than-average
grades. In addition, hole TFS21-19 returned 4.56 g/t Au over
9.60 m along the northern extension
of the zone, also demonstrating above-average grades.
Grizzly Bear Deposit
Phase II drilling at Grizzly Bear was designed to extend the new
mineralization identified in Phase I drilling2 north of
the existing in-pit resources. Holes GB21-21 and GB21-22 both
demonstrate the intensity and width of the mineralization averaging
1.01 g/t Au over 28.75 m and 1.66 g/t
Au over 7.00 m, respectively. Along
with hole GB21-19 (1.64 g/t Au over 12.00
m), these holes clearly show that the Grizzly Bear Deposit
remains open to the north and offers potential for additional
near-surface mineralization (Figure 4).
Colomac Main Deposit
Drilling at Colomac Main tested a gap between two series of
holes drilled during Phase I drilling3 where new
mineralization was identified and below historical drill holes.
Mineralized widths remain strong in many holes including hole
C21-28, which returned 1.08 g/t Au over 14
m (Figure 5).
This now completes the database associated with existing
deposits. We remain on schedule for an updated mineral resource
estimate, expected to be delivered in Q1/22.
Table 2 – Colomac Main, Grizzly Bear, and 24 Deposits – Assay
Results Summary Table
|
Colomac
Main
|
|
Hole
ID
|
Interval (m)
|
Core
Length
|
Gold
Grade
|
|
From
|
To
|
(m)
|
(g/t)
|
|
C21-24
|
90.00
|
95.00
|
5.00
|
0.80
|
|
105.30
|
113.00
|
7.70
|
0.72
|
|
121.00
|
127.20
|
6.20
|
0.78
|
|
C21-25
|
100.00
|
106.00
|
6.00
|
0.85
|
|
109.00
|
110.00
|
1.00
|
1.25
|
|
141.00
|
142.00
|
1.00
|
0.54
|
|
178.00
|
179.00
|
1.00
|
0.60
|
|
189.00
|
190.00
|
1.00
|
0.54
|
|
192.00
|
193.00
|
1.00
|
0.73
|
|
196.00
|
197.00
|
1.00
|
1.57
|
|
208.00
|
211.00
|
3.00
|
0.64
|
|
218.00
|
218.50
|
0.50
|
24.60
|
|
C21-26
|
51.00
|
52.00
|
1.00
|
0.72
|
|
56.00
|
60.00
|
4.00
|
1.14
|
|
68.00
|
69.00
|
1.00
|
0.97
|
|
79.00
|
82.00
|
3.00
|
0.52
|
|
97.00
|
98.00
|
1.00
|
1.28
|
|
146.50
|
147.00
|
0.50
|
3.38
|
|
C21-27
|
51.90
|
53.00
|
1.10
|
0.67
|
|
57.00
|
82.00
|
25.00
|
0.52
|
|
95.00
|
95.50
|
0.50
|
0.69
|
|
C21-28
|
89.00
|
90.00
|
1.00
|
0.69
|
|
94.00
|
95.00
|
1.00
|
0.81
|
|
100.00
|
102.00
|
2.00
|
0.71
|
|
108.00
|
122.00
|
14.00
|
1.08
|
|
C21-29
|
61.00
|
70.00
|
9.00
|
1.11
|
|
116.80
|
117.80
|
1.00
|
1.23
|
|
C21-30
|
64.00
|
65.00
|
1.00
|
0.64
|
|
71.00
|
72.00
|
1.00
|
1.55
|
|
77.00
|
113.50
|
36.50
|
0.70
|
|
131.00
|
132.00
|
1.00
|
1.19
|
|
C21-31
|
38.00
|
39.00
|
1.00
|
0.55
|
|
44.75
|
48.00
|
3.25
|
1.14
|
|
55.00
|
62.00
|
7.00
|
0.75
|
|
76.85
|
77.75
|
0.90
|
1.67
|
|
104.00
|
104.50
|
0.50
|
1.96
|
|
C21-32
|
75.00
|
76.00
|
1.00
|
0.57
|
|
78.00
|
83.00
|
5.00
|
1.40
|
|
91.00
|
94.00
|
3.00
|
0.58
|
|
104.00
|
107.00
|
3.00
|
0.52
|
|
C21-33
|
93.00
|
97.00
|
4.00
|
1.32
|
|
99.00
|
100.00
|
1.00
|
0.60
|
|
109.00
|
110.00
|
1.00
|
0.80
|
|
116.00
|
117.00
|
1.00
|
0.93
|
|
133.00
|
134.00
|
1.00
|
0.57
|
|
C21-34
|
125.00
|
126.00
|
1.00
|
0.71
|
|
137.00
|
144.00
|
7.00
|
0.64
|
|
148.00
|
149.00
|
1.00
|
0.76
|
|
157.00
|
163.00
|
6.00
|
0.51
|
|
169.00
|
170.00
|
1.00
|
0.61
|
|
178.50
|
180.25
|
1.75
|
2.57
|
|
C21-35
|
68.00
|
69.00
|
1.00
|
0.75
|
|
79.00
|
95.00
|
16.00
|
0.71
|
|
C21-36
|
131.00
|
132.00
|
1.00
|
1.00
|
|
137.00
|
138.00
|
1.00
|
0.78
|
|
146.00
|
147.50
|
1.50
|
1.10
|
|
151.00
|
154.00
|
3.00
|
0.69
|
|
162.00
|
163.00
|
1.00
|
2.45
|
|
171.00
|
172.00
|
1.00
|
0.63
|
|
24
Deposit
|
|
TFS21-19
|
24.75
|
25.50
|
0.75
|
0.68
|
|
32.00
|
41.60
|
9.60
|
4.56
|
|
TFS21-20
|
57.25
|
60.00
|
2.75
|
1.19
|
|
87.00
|
88.00
|
1.00
|
0.77
|
|
92.00
|
93.75
|
1.75
|
0.91
|
|
101.00
|
102.00
|
1.00
|
0.61
|
|
TFS21-21
|
48.50
|
49.25
|
0.75
|
2.10
|
|
53.00
|
54.00
|
1.00
|
1.00
|
|
TFS21-22
|
78.00
|
79.00
|
1.00
|
1.12
|
|
121.00
|
122.00
|
1.00
|
1.48
|
|
133.00
|
134.00
|
1.00
|
1.91
|
|
155.25
|
156.00
|
0.75
|
0.70
|
|
161.50
|
187.00
|
25.50
|
2.07
|
|
Grizzly
Bear
|
|
GB21-19
|
57.00
|
69.00
|
12.00
|
1.64
|
|
71.50
|
73.75
|
2.25
|
0.51
|
|
75.25
|
76.00
|
0.75
|
0.53
|
|
79.75
|
89.25
|
9.50
|
0.88
|
|
93.00
|
94.00
|
1.00
|
1.08
|
|
99.00
|
100.00
|
1.00
|
0.69
|
|
118.00
|
127.00
|
9.00
|
0.77
|
|
153.00
|
155.00
|
2.00
|
0.80
|
|
GB21-20
|
35.00
|
36.00
|
1.00
|
1.41
|
|
42.00
|
43.00
|
1.00
|
0.50
|
|
55.00
|
56.00
|
1.00
|
0.62
|
|
59.00
|
60.00
|
1.00
|
1.02
|
|
GB21-21
|
33.50
|
62.25
|
28.75
|
1.01
|
|
including
|
33.50
|
40.50
|
7.00
|
2.03
|
|
64.75
|
65.25
|
0.50
|
1.37
|
|
67.50
|
72.00
|
4.50
|
0.63
|
|
GB21-22
|
60.00
|
67.00
|
7.00
|
1.66
|
|
74.25
|
75.00
|
0.75
|
0.59
|
|
75.75
|
76.50
|
0.75
|
0.50
|
|
78.00
|
80.50
|
2.50
|
1.53
|
|
GB21-23
|
4.50
|
7.50
|
3.00
|
0.86
|
|
12.25
|
13.00
|
0.75
|
3.40
|
|
21.00
|
24.50
|
3.50
|
0.70
|
|
29.00
|
32.00
|
3.00
|
0.99
|
|
39.00
|
40.00
|
1.00
|
0.57
|
|
GB21-24
|
13.00
|
13.75
|
0.75
|
0.67
|
|
75.50
|
80.00
|
4.50
|
0.99
|
|
82.50
|
83.50
|
1.00
|
0.53
|
|
GB21-25
|
66.50
|
67.00
|
0.50
|
0.62
|
|
68.25
|
69.00
|
0.75
|
0.50
|
|
77.30
|
80.90
|
3.60
|
0.99
|
|
GB21-26
|
84.00
|
93.00
|
9.00
|
1.59
|
|
97.50
|
98.25
|
0.75
|
0.70
|
|
GB21-27
|
33.65
|
34.50
|
0.85
|
1.17
|
|
39.50
|
50.00
|
10.50
|
0.78
|
|
GB21-28
|
122.00
|
126.00
|
4.00
|
0.74
|
|
145.75
|
146.50
|
0.75
|
2.15
|
|
GB21-29
|
45.00
|
45.50
|
0.50
|
3.12
|
|
46.50
|
47.25
|
0.75
|
0.51
|
|
GB21-30
|
67.25
|
67.75
|
0.50
|
8.96
|
|
79.00
|
81.00
|
2.00
|
0.84
|
|
85.00
|
86.00
|
1.00
|
0.98
|
|
94.00
|
99.50
|
5.50
|
0.98
|
|
103.75
|
104.50
|
0.75
|
0.51
|
|
105.00
|
105.50
|
0.50
|
0.60
|
|
GB21-32
|
61.00
|
63.00
|
2.00
|
0.62
|
|
70.00
|
72.00
|
2.00
|
1.06
|
|
80.00
|
81.00
|
1.00
|
0.81
|
|
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.
|
|
Deposit
|
BHID
|
Easting
|
Northing
|
Elevation
|
Length
|
Azimuth
|
Dip
|
|
Colomac
Main
|
C21-24
|
592326
|
7144880
|
373
|
168
|
275
|
-50
|
|
Colomac
Main
|
C21-25
|
592326
|
7144879
|
373
|
258
|
274
|
-70
|
|
Colomac
Main
|
C21-26
|
592293
|
7144844
|
379
|
180
|
275
|
-50
|
|
Colomac
Main
|
C21-27
|
592300
|
7144760
|
381
|
171
|
275
|
-50
|
|
Colomac
Main
|
C21-28
|
592300
|
7144760
|
381
|
201
|
275
|
-70
|
|
Colomac
Main
|
C21-29
|
592300
|
7144799
|
381
|
162
|
275
|
-50
|
|
Colomac
Main
|
C21-30
|
592300
|
7144799
|
381
|
201
|
275
|
-70
|
|
Colomac
Main
|
C21-31
|
592296
|
7144722
|
380
|
141
|
274
|
-50
|
|
Colomac
Main
|
C21-32
|
592297
|
7144722
|
380
|
210
|
274
|
-76
|
|
Colomac
Main
|
C21-33
|
592361
|
7144556
|
373
|
169.45
|
275
|
-50
|
|
Colomac
Main
|
C21-34
|
592361
|
7144556
|
373
|
252
|
275
|
-67
|
|
Colomac
Main
|
C21-35
|
592357
|
7144517
|
376
|
189
|
275
|
-50
|
|
Colomac
Main
|
C21-36
|
592357
|
7144517
|
376
|
378
|
275
|
-72
|
|
24-27
|
TFS21-19
|
595340
|
7145347
|
345
|
150
|
70
|
-50
|
|
24-27
|
TFS21-20
|
595307
|
7145352
|
342
|
195
|
70
|
-50
|
|
24-27
|
TFS21-21
|
595296
|
7145387
|
340
|
150
|
70
|
-50
|
|
24-27
|
TFS21-22
|
595411
|
7145149
|
357
|
222
|
76.064
|
-59
|
|
Grizzly
Bear
|
GB21-19
|
590675
|
7140424
|
339
|
180
|
300
|
-76
|
|
Grizzly
Bear
|
GB21-20
|
590666
|
7140405
|
340
|
123
|
300
|
-46
|
|
Grizzly
Bear
|
GB21-21
|
590648
|
7140393
|
341
|
102
|
298
|
-45
|
|
Grizzly
Bear
|
GB21-22
|
590648
|
7140393
|
341
|
129
|
298
|
-62
|
|
Grizzly
Bear
|
GB21-23
|
590610
|
7140387
|
343
|
102
|
300
|
-48
|
|
Grizzly
Bear
|
GB21-24
|
590643
|
7140368
|
342
|
150
|
300
|
-65
|
|
Grizzly
Bear
|
GB21-25
|
590630
|
7140347
|
345
|
108
|
300
|
-46
|
|
Grizzly
Bear
|
GB21-26
|
590630
|
7140347
|
345
|
129
|
300
|
-61
|
|
Grizzly
Bear
|
GB21-27
|
590589
|
7140342
|
345
|
90
|
300
|
-60
|
|
Grizzly
Bear
|
GB21-28
|
590641
|
7140312
|
346
|
156
|
300
|
-62
|
|
Grizzly
Bear
|
GB21-29
|
590572
|
7140310
|
345
|
90
|
300
|
-45
|
|
Grizzly
Bear
|
GB21-30
|
590572
|
7140310
|
345
|
162
|
300
|
-79
|
|
Grizzly
Bear
|
GB21-31
|
590552
|
7140264
|
342
|
90
|
300
|
-45
|
|
Grizzly
Bear
|
GB21-32
|
590552
|
7140264
|
342
|
150
|
300
|
-69
|
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 Global
Assay Laboratory in Vancouver, BC ("ALS
Global"). ALS Global is an ISO/IEC 17025 accredited
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 Global.
Qualified Person
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.
About Nighthawk
Nighthawk is a well-funded,
Canadian-based gold exploration company with 100% ownership of more
than 930 km2 of land position within the Indin Lake
Greenstone Belt, located approximately 200 km north
of Yellowknife, Northwest
Territories, Canada. The Company has a Mineral Resource
Estimate[4] of 38.7 million tonnes grading 1.81 grams per tonne
for 2.25 million ounces of gold in the Indicated category
and 11.5 million tonnes grading 2.13 grams per tonne
for 0.79 million ounces of gold in the Inferred category and
is advancing several highly-prospective exploration targets.
Nighthawk's experienced management team, with a track record of
successfully advancing projects and operating mines, is working
towards demonstrating the economic viability of its assets and
rapidly advancing its projects towards a development decision.
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Keyvan
Salehi
President &
CEO
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Michael
Leskovec
CFO
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Allan
Candelario
VP, Investor
Relations
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Forward-Looking Information
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
information with respect to: the Company's continued exploration
initiatives and obtaining sufficient funds to achieve its
exploration activities, assumptions on extending mineralization,
impact of the data from the 2021 Phase I and II drillings on the
current Mineral Resource Estimate4, improving the
quantities and classification of the Mineral Resource Estimate, the
delivery of an updated mineral resource estimate, the prospectivity
of exploration targets, the potential economic viability of the
assets, and the advancement of projects towards a development
decision. Generally, forward-looking information can be identified
by the use of forward-looking terminology such as "appears",
"increase", "forward", "updating", "justification", "add" or
"additional", "support", "plans", "expected" or "expectations",
"budget", "scheduled", "on-track", "estimates", "forecasts",
"potentially", "goal", "will be", "can be", "intends", "advancing",
"demonstrating", "towards", "anticipates", or "does not
anticipate", or "believes" or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might", or "will be taken", "occur", or "be
achieved".
Forward-looking information is based on the opinions and
estimates of management at the date the information is made, and is
based on a number of assumptions and is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Nighthawk to be materially different from those expressed or
implied by such forward-looking information, including risks
associated with the exploration, development and mining such as
economic factors as they effect exploration, future commodity
prices, changes in foreign exchange and interest rates, actual
results of current exploration activities, government regulation,
political or economic developments, environmental risks, permitting
timelines, capital expenditures, operating or technical
difficulties in connection with development activities, employee
relations, the speculative nature of gold exploration and
development, including the risks of diminishing quantities of
grades of reserves, contests over title to properties, and changes
in project parameters as plans continue to be refined as well as
those risk factors discussed in Nighthawk's annual information form
for the year ended December 31, 2020,
available on www.sedar.com. Although Nighthawk has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information. Nighthawk does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
__________________________________________
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1
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Please refer to the
Nighthawk September 28, 2021 news release, which can be found in
the Company's profile on www.sedar.com or Nighthawk's website
www.nighthawkgold.com for more information.
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2
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Please refer to the
Nighthawk June 7, 2021 news release, which can be found in the
Company's profile on www.sedar.com or Nighthawk's website
www.nighthawkgold.com for more information.
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3
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Please refer to the
Nighthawk July 21, 2021 news release, which can be found in the
Company's profile on www.sedar.com or Nighthawk's website
www.nighthawkgold.com for more information.
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4
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There is no certainty
that Indicated mineral resource estimates will be converted to the
Proven and Probable mineral reserve categories and there is no
certainty that the Mineral Resource Estimate will be realized.
There is no guarantee that Inferred mineral resource estimates can
be converted to Indicated or Measured mineral resource categories,
or that Indicated or Measured mineral resource estimates will be
converted to mineral reserves. Mineral resource estimates that are
not mineral reserves have not demonstrated economic viability. The
Mineral Resource Estimate may be materially affected by
environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant risks, uncertainties and other
factors, as more particularly described in the Forward-looking
information section at the end of this news release. For more
information on the Mineral Resource Estimate please refer to the
2021 Technical Report available in the Company's profile on SEDAR
www.sedar.com and on the Company's website at
www.nighthawkgold.com.
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SOURCE Nighthawk Gold Corp.
