Nighthawk Reports Broad Mineralized Envelopes at Colomac Gold Project with Internal Higher Grade Shoots Including 128 M of 1.36 g/t Au, Containing 71.85 M of 2.04 g/t Au and 8.65 M of 6.83 g/t Au
TORONTO, June 20, 2012 /CNW/ - Nighthawk Gold Corp. ("Nighthawk") (TSX Venture: NHK) is pleased to report drill results of the initial eight holes from its winter program at its 100% owned Colomac property ("Colomac Gold Project") in the Northwest Territories ("NWT"). Two diamond drills were mobilized to site and drilling commenced March 19 on two priority areas. These results confirm the presence of broad mineralized envelopes at the Colomac Gold Project with internal higher grade gold shoots, which provide a favorable indication that shallow, bulk mineable methods may be used.
Hole C12-001B intersected 128 metres of 1.36 grams per tonne ("g/t") gold, including 71.85 metres
of 2.04 g/t gold, 46.15 metres of 2.81 g/t gold, and 8.65 metres of
6.83 g/t gold (vertical depths of intersection between 230 metres to 340 metres);
- Drilling has identified a new higher grade shoot beneath the Zone 2.0 pit that remains open at depth. The possibility for additional shoots exists along the intrusion's 7 kilometre strike length, representing a potential resource not previously identified or explored;
- Hole C12-001B intersected 128 metres of 1.36 grams per tonne ("g/t") gold, including 71.85 metres of 2.04 g/t gold, 46.15 metres of 2.81 g/t gold, and 8.65 metres of 6.83 g/t gold (vertical depths of intersection between 230 metres to 340 metres);
Hole C12-005, drilled over 2 kilometres south of C12-001B, intersected 56.25 metres of 1.67 g/t gold, including 16.50 metres of 3.37 g/t gold
and 7.50 metres of 5.25 g/t gold (vertical depths of intersection between 125 metres to 190 metres); and
- Hole C12-005 likely defines the southern margin of the previously identified higher grade shoot plunging to depth (70 degrees) within Zone 3.5.
- Hole C12-005, drilled over 2 kilometres south of C12-001B, intersected 56.25 metres of 1.67 g/t gold, including 16.50 metres of 3.37 g/t gold and 7.50 metres of 5.25 g/t gold (vertical depths of intersection between 125 metres to 190 metres); and
All holes intersected gold mineralization with five of eight reported holes from Zone 2.0, the Colomac Gold Project's largest known deposit. The remaining three holes are from Zone 3.5, a higher grade gold zone located over 2 kilometres south within the host Colomac intrusion. The drilling objectives were expanding the known resource by testing the reported higher grade mineralization within Zone 3.5, and exploring for a possible higher grade mineralized shoot below the main pit at Zone 2.0. The reported results are for the initial 3,690 metres of drilling from the total 11,000 metre drill program planned for 2012, which is expected to be completed by late summer.
Nighthawk President and CEO, David Wiley, commented, "We are pleased to report Nighthawk's first set of drill results for 2012. The widths of these intersections exceeded our expectations and confirmed the depth extension of the gold mineralization at Zones 2.0 and 3.5. These broad mineralized envelopes also contain higher grade gold shoots. The shallow nature of the gold mineralization we have intersected through our current drill program is a favorable indication that shallow, bulk mineable methods may be used; however, given the higher grade shoots, exploitation of this material could also potentially occur using underground methods."
Summer 2012 Drilling Program
The summer drill program at the Colomac Gold Project began on May 15 with two drills continuing the program of resource expansion and exploring for higher grade gold shoots. By the end of this program, Nighthawk will have drilled approximately 11,000 metres in 2012. Targeting is largely driven by the current resource model that shows a relatively consistent, yet shallow, band of gold mineralization along the intrusion's entire 7 kilometre strike length. It also shows several areas that host higher grades over significant widths in multiple drillhole intersections. Of these, Zones 3.0, 2.5, and 1.5 have been flagged as potential mineralized shoots and will be tested along strike and down plunge in this program. Drilling will also focus on expanding Zone 3.5 along strike below the current resource model, potentially linking it to Zones 3.0 and 2.5 to the north.
Winter 2012 Drilling Results
Comprehensive drill results for the first eight holes are reported in Table 1 below. A drill hole location map is provided in Figure 1 below. Cross sections and strip logs for holes C12-001B and C12-005 are depicted below in Figures 2 and 3, respectively.
Table 1. 2012 Winter Drill Results - Zones 2.0 and 3.5 at Colomac Gold Project
* Lengths are reported as core lengths. True widths are unknown at this time.
Figure 1 - 2012 Winter Drill Hole Location Map
To View Figure 1 click here: http://files.newswire.ca/1083/fig1nh.pdf
Figure 2 - Hole C12-001B Cross Section and Strip Log
To View Figure 2 click here: http://files.newswire.ca/1083/fig2nh.pdf
Figure 3 - Hole C12-005 Cross Section and Strip Log
To View Figure 3 click here: http://files.newswire.ca/1083/fig3nh.pdf
The Colomac Gold Project's largest historical open pit, developed at Zone 2.0, was the site of most of the previous gold production. Located approximately midpoint along the 7 kilometre long intrusion, here the sill reaches its maximum width in excess of 100 metres. Zone 2.0 also accounts for a significant portion of the current Colomac Gold Project NI 43-101 Inferred Mineral Resource estimate of 42.65 million tonnes with an average grade of 1.05 g/t Au for 1.446 million oz gold (the "Resource Estimate") and a block cut-off grade of 0.6 g/t gold. Three east-west drill sections (5 holes) were completed over a strike length of 200 metres testing the extension of the current resource at depth and to the north. Given the plunging higher grade gold shoot previously identified at Zone 3.5, the possibility also exists for the discovery of other shoots along the length of the intrusion. Zone 2.0 is a prospective region to explore for such an opportunity.
Two holes were drilled from the northern most setup (C12-001 and C12-001B in Zone 2.0). An intersection of 128 metres at 1.36 g/t gold, including 86.50 metres of 1.80 g/t gold, 71.85 metres of 2.04 g/t gold, 46.15 metres of 2.81 g/t gold and 8.65 metres of 6.83 g/t gold, demonstrates the intrusion's capacity to host significant grades over large widths. Hole C12-003, located 100 metres south of C12-001B, intersected 80.35 metres of 0.83 g/t gold, including 24.35 metres of 1.51 g/t gold. Two holes were drilled from the southernmost setup of which C12-002B, located 100 metres south of C12-003, intersected 23.45 metres of 1.58 g/t gold. From the southernmost setup (C12-002B) to the northern most (C12-001B), drill intersections show a progressive increase in mineralized widths (23.45 metres to 80.35 metres to 128.0 m) and composite grades x lengths (37.05 to 79.35 to 174.08). These observations suggest a gold shoot plunging 70 degrees northward is present; this plunge geometry matches that of most other known mineralized systems within the Indin Lake Gold Camp.
Exploration drilling has confirmed the presence of a higher grade shoot plunging beneath the Zone 2.0 pit that remains open at depth. This new discovery demonstrates the potential for the presence of other similar mineralized shoots along the intrusion's 7 kilometre strike length. Distinct higher grade, steeply plunging, gold shoots represent a new resource opportunity not previously identified or explored.
Current drilling has confirmed the plunging mineralized shoot within Zone 3.5 discovered by Royal Oak Mines in 1997. Three holes were drilled on two sections spaced 50 metres apart to intersect the mineralization, better define its geometry, and extend it along strike and at depth. All holes intersected mineralization, highlighted by hole C12-005 reporting 56.25 metres of 1.67 g/t gold, including 16.50 metres of 3.37 g/t gold and 7.50 metres of 5.25 g/t gold. C12-005 was drilled from the northern most setup and is believed to have intersected the southern edge of the north plunging shoot. Holes C12-004 and C12-004B, drilled from the second setup to the south of C12-005, are thought to have intersected areas underneath the better mineralized shoot. Hole C12-004 is of particular interest as it intersected mineralized quartz veining within mafic volcanic rocks immediately adjacent and east of the intrusion returning 31.20 g/t gold over 2.40 metres. The mineralization was encountered at a downhole depth of 27.60 metres, roughly 100 metres east of the Colomac intrusion. Subsequent drilling along strike encountered the same structurally controlled mineralization, highlighting this new high-grade gold system as a priority opportunity, and one that has never before been recognized in the area. It has yet to be established whether the mineralization is related to the remobilization of gold from the intrusion into favorable structural settings within the adjacent volcanic rocks, or if it's related to a different event. Additional prospecting is planned to investigate the existence of surface occurrences. Follow-up drilling in the area will be contingent upon this work.
Historic drill logs describe the Colomac intrusion as having a quartz-feldspar-porphyry (QFP) component, as well as a quartz diorite phase. Detailed historical surface outcrop mapping shows an unrestricted distribution of the two rock types. To provide some clarification, detailed lithogeochemical sampling of holes from the current program was undertaken to help better understand the intrusion, gold distribution, and possible alteration. Results indicate that the Colomac intrusion is best described as a sill whose top is to the east. Gold is preferentially located within the upper two thirds of the sill restricted to domains enriched in silica. The same association was observed in all the holes drilled to date. This geometry indicates that all winter 2012 holes were drilled from the top of the sill to its base and westward, terminating in underlying mafic volcanic rocks. Trace element analyses on samples taken throughout the sill show progressive increases and decreases in abundance, suggesting a fractionation process occurred as evidenced by the highly constrained slopes of trace element profiles throughout the transition from top to base within the sill, with abrupt breaks across major lithological contacts. This is best explained as a fractionation process that gave rise to a differentiated sill.
Colomac is a differentiated sill of intermediate to mafic composition (tonalite-trondhjemite) with a fine to medium grained felsic to intermediate upper portion and a medium to coarse grained mafic base. Gold is concentrated within the silica rich upper portion of the sill, which behaved in a brittle manner during regional structural deformation providing depositional sites for gold. This is in contrast to the ductile behavior of the lower portion of the sill and the surrounding mafic volcanic rocks. These observations will be used to help identify and target better mineralized areas within the sill, ultimately helping to streamline the ongoing exploration program.
Differentiated intrusions are known to contain large gold deposits. One of the world's largest, Kalgoorlie, is hosted by an intrusion similar to Colomac. Kalgoorlie lies within the Eastern Goldfields of Western Australia with production in excess of 50 million ounces of gold to date. Both the Kalgoorlie and Colomac deposits are hosted by a fractionated mafic intrusion cutting dominantly mafic volcanic packages. Both intrusions occur in similar age rocks, have similar strike lengths, and have been subjected to similar styles and intensities of deformation and alteration. Furthermore, both contain gold preferentially concentrated within the more silica-rich upper portions. At Kalgoorlie, occurrences of higher grade gold are localized where mineralized structures converge. This is one of the opportunities currently being pursued at Colomac as Nighthawk believes the higher grade plunging shoots are a function of regional structures intersecting the sill.
About the Colomac Gold Project
The Colomac Gold Project lies within the central portion of Nighthawk's 222,203 acre Indin Lake Gold Property, 220 kilometres northwest of Yellowknife, NWT. Access is by winter road from Yellowknife or year round by chartered aircraft to a 1,500 metre airstrip at the former Colomac Gold Mine site. Nighthawk has consolidated a contiguous land position surrounding the Colomac Gold Project which includes more than 90% of the Indin Lake Greenstone Belt. The Colomac Gold Project contains at least five separate gold deposits (Colomac, Grizzly Bear, Goldcrest, Dyke Lake, and 24/27), that remain open in all dimensions, but only the Colomac Deposit was ever mined.
From 1990 to 1997 three shallow open pits were developed along a 2 kilometre section of the steeply dipping intrusion, thereby only a small portion of its 7 kilometre mineralized strike length was impacted. Production was reported to be 527,908 oz gold with an average head grade of 1.66 g/t gold. On February 22, 2012, Nighthawk reported an initial NI 43-101 Inferred Mineral Resource estimate to be 42.65 million tonnes with an average grade of 1.05 g/t Au for 1.446 million oz gold and a block cut-off grade of 0.6 g/t gold. The Resource Estimate utilizes historical diamond drilling results from approximately 896 holes, most of which were completed between 1987 and 1997.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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 completion of the Offering, TSX Venture Exchange acceptance and use of proceeds. 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.
David Wiley, President and CEO
Nighthawk Gold Corp.
(416) 363-4567 (FAX)
Daniel Boase, Investor Relations
First Canadian Capital Corp.
(416) 742-5600 ext 232