Nighthawk Gold Corp. [NHK-TSXV, OTC-MIMZF] on Wednesday released more assays results form the main Colomac and Goldcrest deposits which are located within its Indin Lake gold property in Canada’s Northwest Territories.
The latest results are from a 2021, phase 1 program which is expected to consist of 41,420 metres with an approximate split of 45% on resource expansion targets and 55% on greenfields targets. The program was launched in March, 2021, and was expected to be completed in July, 2021. Once complete, it will then transition into Phase 11, enabling the delineation of new discoveries and/or additional extensions of known zones based on Phase 1 results.
Wednesday’s news release contains assays for 23 drill holes (6,552 metres) at the main Colomac Deposit and four holes (1,521 metres) at Goldcrest.
Highlights included Hole C21-05, which was collared from Colomac, was extended further to the west to undercut Goldcrest at depth, and returned 3.80 g/t gold over 22.40 metres, including 6.37 g/t gold over 11.00 metres.
“We are quite pleased with the results at both the south and especially the north extension of Colomac, an area which has seen very limited drilling by the company in the past,’’ said Keyvan Salehi, Nighthawk’s President and CEO.
“The main objective for these areas was to further expand the extent of mineralization along strike,” he said.
Nighthawk’s flagship asset is the 100%-owned Colomac Gold Project in Canada’s Northwest Territories.
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.
The five are Colomac Main, Goldcrest (North & South), Grizzly Bear, and (24/27). All deposits remain underexplored and open in all dimensions.
Back in March, 2021, the company released an updated resource estimate for the Indin Lake property, which was based in part on additional drilling completed in 2020.
It said indicated resource stand at 38.7 million tonnes at 1.81 g/t gold or 2.25 million ounces, marking a 35% increase from a previous estimate. This includes 17.9 million tonnes at 1.62 g/t or 930,000 ounces of open pit resources, a 71% increase from the earlier estimate.
Nighthawk also said the inferred resources have increased by 60% to 11.5 million tonnes at 2.13 g/t or 790,000 ounces.
The resource estimate encompasses six gold deposits (Colomac, 24, 27, Goldcrest, Grizzly Bear and Damoti), subdivided into 52 zones (six for Colomac, two for 24/27, three for Goldcrest, three for Grizzly Bear and 38 for Damoti).
To date, the company said approximately 31,000 metres of drilling have been completed as part of the phase 1 program, with 11,950 metres having been reported on.
On Wednesday, Nighthawk Gold shares eased 1.00% or $0.01 to 99 cents. The shares are currently trading in a 52-week range of $2.90 and 95 cents.