Nighthawk Gold reports high grade results, shares advance
Nighthawk Gold Corp. [NHK-TSXV, OTC-MIMZF] on Thursday reported assay results for 13 drill holes that targeted the Cass Zone located within its Indin Lake gold property in Canada’s Northwest Territories. It also released 12 holes that targeted the project’s Kim Zone.
Drilling highlights include Hole CM21-44, which targeted the Cass Zone and returned 3.76 g/t gold over 33.15 metres, including 7.16 g/t gold over 9.50 metres.
Kim Zone drilling highlights include KM21-05, which returned 0.91 g/t gold over 23 metres.
Nighthawk Gold shares advanced on the news, rising 2.6% or $0.02 to 79 cents. The shares are trading in a 52-week range of $1.35 and 73 cents.
Nighthawk Gold’s key asset is a 100%-ownership of a district-scale land position within the Indin Lake Greenstone Belt, located approximately 200 kilometres north of Yellowknife. Within what remains an underexplored Archean gold camp, the company has identified a number of high-priority targets all centred around a growing deposit.
These targets lie within large regional deformation zones that contain gold mineralization which warrant additional exploration and follow-up. The company has said its main goals and objectives over the next six to 12 months will be to carry out exploration and to foster resource expansion opportunities as well as new, near-surface discoveries that support the global mineral resource base.
The Indin Lake property, which covers 90,000 hectares and is thought to contain 20 gold deposits, includes the former Colomac open pit gold mine, which produced 528,000 ounces of gold between 1990 and 1997.
The Cass Zone is located 15 kilometres southwest of the Colomac Centre.Â The company said drilling at Cass extends mineralization by 250 metres further to the west, from two distinct lenses within the favourable host.
The company also said a new intersection from greenfield exploration at the Albatross target has uncovered new mineralization and clearly demonstrates that the Cass trend extends well into Albatross.
At Albatross, 12 widely-spaced drill holes, totalling 4,059 metres, were drilled to test the Cass trend (previously referred to as the Albatross trend, which has now been confirmed as the continuation of the Cass trend) over a strike length of 4.6 kilometres to the west of Cass.
“We are very pleased with the results received to date from this highly prospective area,” said Nighthawk President and CEO Keyvan Salehi. “We are encouraged that additional drilling in this area could potentially uncover new mineralized zones that carry higher grades than the current camp average, and hence deliver quality ounces to the project,” he said.
The latest drill results have been released after Nighthawk recently raised $5.63 million from a non-brokered private placement of flow through units priced at $1.00 each.
The company has said it plans to complete 100,000 metres of drilling in a bid to further increase the resource base. The financing provides Nighthawk with the necessary capital to carry out the first part of its 2022 exploration program, which is expected to commence towards the end of March, 2022.