Nighthawk Drills Subvertical Hole at Colomac, Intersecting 203.4 Metres of 2.49 g/t Gold, Including 25.75 Metres of 7.78 g/t ...
10 Ottobre 2012 - 1:00PM
Marketwired Canada
Nighthawk Gold Corp. ("Nighthawk") (TSX VENTURE:NHK) is pleased to report
results from the final four drill holes (Figure 2) of its summer 2012 drill
program at its 100% owned Colomac Gold Property ("Colomac Gold Project") in the
Northwest Territories ("NWT"). Hole C12-15 intersected 203.4 metres of 2.49
grams per tonne ("g/t") gold, including higher grade subintervals of 69.35
metres of 4.12 g/t gold, 25.75 metres of 7.78 g/t gold and 33.85 metres of 3.03
g/t gold, confirming the Zone's consistency and high grade character from
surface to a vertical depth of 400 metres. The true width of the intrusion at
Zone 3.5 is approximately 80 metres. Hole C12-15, was drilled sub vertically
(-80 degrees) within the sill, and was collared to explore for variations in
mineralized quartz vein/stringer density within Zone 3.5, a known higher grade
gold zone, and to test grade continuity. In penetrating from the hanging wall of
the sill through to its footwall (Figure 1), C12-15 intersected greater vein
densities and higher overall average grades, suggesting alternate drill
orientations may be warranted; however, additional work is required to better
understand what impact this might have on the resource. A single deep hole
drilled by Royal Oak Mines in 1997 intersected significant mineralization 1,000
metres beneath Zone 3.5, effectively opening up the sill to depth and expanding
this higher grade system.
Highlights:
-- Zone 3.0 (2.0 kilometres south of Zone 2.0)
-- Hole C12-14C intersected 6.75 metres of 13.24 g/t gold, including 1.10
metres of 80.13 g/t gold;
-- Zone 3.5 (2.5 kilometres south of Zone 2.0)
-- Hole C12-15 intersected 203.40 metres of 2.49 g/t gold, including 69.35
metres of 4.12 g/t gold, 25.75 metres of 7.78 g/t gold and 13.25 metres
of 11.48 g/t gold; 15.50 metres of 2.98 g/t gold, including 2.25 metres
of 11.67 g/t gold; 33.85 metres of 3.03 g/t gold, including 5.25 metres
of 6.69 g/t gold, and 8.30 metres of 3.86 g/t gold;
-- Hole C12-15 intersected numerous veins/stringers within Zone 3.5.
Reported average grades (some returning bonanza grade intersections) are
significantly higher than those of previously drilled holes.
-- Drilling at other orientations, in association with the predominant
east-west drill orientation employed to date, may result in a
significant improvement to the resource.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/nhk1010fig1.pdf.
Nighthawk President and CEO, David Wiley, commented, "The results of hole C12-15
provide a great deal of information on the nature of the mineralization within
Zone 3.5. Perhaps, most importantly, these results demonstrate the high degree
of consistency of mineralization and the cohesiveness of the higher grade gold
shoots. Hole C12-15, drilled outside of the current 43-101 resource area,
concludes our 2012 drilling program where every completed drill hole intersected
gold mineralization. We are now performing an in-depth analysis of the results
of our 2012 drilling program and are in the process of forming our strategy for
the upcoming winter 2013 drill program at Indin Lake."
Exploration Results
Between March 19, 2012 and August 21, 2012, two drills completed 30 holes
(11,235 metres) all of which intersected gold mineralization (see also news
releases on June 20, 2012, August 20, 2012, and September 19, 2012). Nighthawk
drilling to date has focused on a 2.5 kilometre section between Zones 2.0 and
3.5 located midway along the sill's 7 kilometre strike length. Sectional
drilling has confirmed continuity of mineralization up to 200 metres below the
current resource and identified new areas of bonanza grade mineralization.
Higher grade gold shoots have been confirmed at four areas along the sill
(beneath Zones 2.0, 2.5, 3.0, and 3.5), all of which remain open to depth and
laterally. Discoveries to date are indicative of the potential for the presence
of similar mineralized gold shoots within the intrusion. Results from the final
four holes of the summer 2012 drill program are detailed in Table 1 below.
Table 1. 2012 Drill Results - Zones 3.0 and 3.5
----------------------------------------------------------------------------
Core
From To Length Grade Gold
Hole I.D. (m) (m) (m) (g/t Au) Zones
----------------------------------------------------------------------------
C12-14 201.00 203.00 2.00 1.17 3.0
213.55 235.00 21.45 1.16
including 213.55 226.25 12.70 1.65
including 217.30 222.00 5.20 2.66
including 231.25 235.00 3.75 1.00
----------------------------------------------------------------------------
C12-14B Abandoned 3.0
----------------------------------------------------------------------------
C12-14C 254.60 255.45 0.85 2.89 3.0
273.20 275.45 2.25 0.67
284.25 288.00 3.75 0.78
299.25 306.00 6.75 13.24
including 301.90 303.00 1.10 80.13
including 301.90 302.40 0.50 174.00
378.25 379.00 0.75 21.40
----------------------------------------------------------------------------
C12-15 121.50 122.25 0.75 6.24 3.5
131.60 335.00 203.40 2.49
including 133.15 202.5 69.35 4.12
including 156.50 158.75 2.25 8.65
including 176.75 202.50 25.75 7.78
including 178.25 179.00 0.75 14.75
including 186.25 187.75 1.50 8.21
including 189.25 202.50 13.25 11.48
including 190.75 195.25 4.50 18.85
including 190.75 192.25 1.50 51.31
including 201.75 202.50 0.75 70.70
including 231.00 235.40 4.40 3.53
including 231.00 231.75 0.75 9.27
including 257.75 273.25 15.50 2.98
including 260.00 262.25 2.25 11.67
including 266.15 266.90 0.75 7.26
including 296.85 330.70 33.85 3.03
including 302.75 305.00 2.25 7.17
including 308.75 314.00 5.25 6.69
including 312.50 313.25 0.75 18.50
including 322.40 330.70 8.30 3.86
including 322.40 324.65 2.25 9.47
368.75 374.45 5.70 1.21
----------------------------------------------------------------------------
(i) Lengths are reported as core lengths. True widths are unknown at this
time.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/nhk1010fig2.pdf.
Further Information
Nighthawk is currently compiling and reviewing all results to date in
preparation for a winter 2013 drill program. Detailed structural studies on Zone
2.0 in the late 1980s describe, with some uncertainty, the presence of a
stockwork style of mineralization consisting of a dominant vein set with
secondary veins/stringers. It was also noted that better grades are localized
within areas of pronounced quartz veining and silicification. Given that similar
structural analyses were not conducted on Zone 3.5, and consensus is lacking
regarding controls on mineralization throughout the intrusion, Nighthawk's last
hole (C12-15) of the current program was drilled perpendicular to all other
holes at Zone 3.5. C12-15 targeted a portion of the intrusion previously drilled
by holes C12-05 (1.67 g/t gold over 56.25 metres; June 20, 2012 news release)
and C12-05B (1.66 g/t gold over 54.75 metres; August 30, 2012 news release) to
determine if varying the direction of drilling would result in an increase in
the number of veins/stringers intersected, and a corresponding improved grade.
Nighthawk Gold Corp.
Nighthawk is a Canadian-based exploration company focused on acquiring and
developing gold mineral properties in the NWT. Its land position covers 222,203
acres or 900 square kilometres in the Indin Lake Gold Camp, located
approximately 220 kilometres north of Yellowknife, NWT.
The technical aspects of this press release have been reviewed by Michael Byron,
Ph.D., P.Geol., Chief Geologist and Director for Nighthawk, who is the
"Qualified Person" as defined by NI 43-101 for this project.
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 future exploration
targets and better defining the current mineral resources at the Colomac Gold
Project. Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects", or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"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 management discussion and analysis for the year ended July 31, 2011,
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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