Nighthawk Gold Corp. [NHK-TSXV; MIMZF-OTC] on Wednesday October 21 released more assay results from for its 100%-owned Colomac Gold Project in Canada’s Northwest Territories. The latest results are from four holes (2,574 metres) completed on zones 1.5, 2.0 and 3.0 of a structure known as the Colomac Main sill.
Drilling highlights include Hole C20-06, which targeted Zone 2.0 and returned 252.13 metres (150 metres true width) of 1.84 g/t gold, including 200.45 metres (110 metres true width) of 2.01 g/t gold with several higher-grade intercepts.
All four holes intersected mineralization at depth, resulting in the expansion of known occurrences and the discovery of new areas of interest as highlighted by hole C20-06, which tested a new area to depth at Zone 2.0 and confirmed the continued widening of the mineralized portion of the sill to depth.
Nighthawk shares rallied Wednesday, rising 12% or 15 cents to $1.43 on volume of 220,982 shares traded. The shares are currently trading in a 52-week range of $2.90 and 97 cents.
“We are very encouraged by the recent drilling at Colomac, which targeted high-profile areas within the exploration target where we are focused on building near-term ounces,” said Nighthawk President and CEO Dr. Michael Byron.
“The 280 metres of continuous downhole mineralization intersected in hole C20-06 illustrates the shear amount of mineralized rock hosted by the Colomac Main sill, reinforcing our belief in the future potential of the project,” he said.
The claims and leases that contain the former Colomac open pit gold mine (528,000 ounces of gold between 1990 and 1997) are part of the much larger Indin Lake property, which covers 90,000 hectares and is thought to contain 20 gold deposits. Five of those deposits are located on the Colomac leases.