Nighthawk Reports 36.85 Metres of 5.67 g/t Gold and 26.65 Metres of 6.53 g/t Gold From Historic Drilling at Cass and Proposes...
March 26 2014 - 7:00AM
Marketwired Canada
Nighthawk Gold Corp. ("Nighthawk") (TSX VENTURE:NHK) reports assay results from
18 historic holes from 1986 drilled on its recently acquired Cass gold deposit
(see December 18, 2013 news release) located on Nighthawk's Indin Lake Gold
Property in the Northwest Territories ("NWT"). Nighthawk also announces a
proposed consolidation of its share capital (the "Share Consolidation") on the
basis of five (5) existing common shares for one (1) new common share.
HIGHLIGHTS:
-- Hole 86-34 intersected 36.85 metres of 5.67 grams per tonne ("g/t") gold
including 16.30 metres of 10.08 g/t gold, and 9.80 metres of 14.05 g/t
gold;
-- Hole 86-18 intersected 26.65 metres of 6.53 g/t gold including 16.75
metres of 8.94 g/t gold, and 4.30 metres of 16.45 g/t gold;
-- Hole 86-27 intersected 41.40 metres of 3.35 g/t gold including 27.90
metres of 4.55 g/t gold, and 12.00 metres of 6.51 g/t gold;
-- Majority of historic drill intersections lie within 75 metres of
surface; and
-- Consolidation in Nighthawk shares proposed on the basis of five (5)
existing common shares for one (1) new common share to optimize the
capital structure to better attract capital financing and enhance future
growth opportunities.
David Wiley, President and CEO of Nighthawk commented, "The historical drill
results we now have from Cass and Kim are outside of our current mineral
resource estimate. We are working with the author of our technical report to
undertake the necessary QA/QC steps that will potentially enable us to include
these results in the next update of our mineral resource estimate. Regarding the
Share Consolidation, we are confident this step will position Nighthawk for the
next stage of growth. Through the support of our dedicated shareholder base of
well-known mining professionals we have assembled a truly bona-fide gold camp in
a stable Canadian jurisdiction. Over the balance of this year and on into 2015
we anticipate steady news flow as we continue to de-risk and advance the Indin
Lake Gold Property."
Historic Drilling and Results
The Cass deposit, hosted within a gabbroic intrusion, and the Kim deposit,
hosted within a mafic volcanic rock package, represent high priority, yet
underexplored deposit types within the Indin Lake Gold Camp. Data recently
compiled from the two deposits includes over 32,000 metres of 1986, 1987 and
1995 drilling. Much of this core is preserved on-site and will be selectively
re-logged and re-sampled in 2014.
Highlights from 1986 drilling (18 holes) are presented for the Cass deposit
(Table 1), defining broad zones of near surface gold mineralization with
significant grade and continuity. Intersection widths, shallow depths (majority
of intersections lie within 75 metres of surface) and continuity of
mineralization are believed to be conducive to open pit mining methods. These
results are historic in nature and Nighthawk has not independently verified the
results; consequently they should not be relied upon. Results from the remaining
historic holes will be released as they are finalized.
Table 1. Historic 1986 Drill Results from Cass
----------------------------------------------------------------------------
From To Length(i) Grade
Hole I.D. (m) (m) (m) g/t Au
----------------------------------------------------------------------------
C86-05 21.70 25.80 4.10 3.49
47.00 66.50 19.50 4.10
including 57.00 62.00 5.00 8.19
----------------------------------------------------------------------------
C86-06 27.30 43.70 16.40 2.54
76.25 80.85 4.60 5.74
----------------------------------------------------------------------------
C86-08 44.90 54.00 9.10 2.29
----------------------------------------------------------------------------
C86-09 39.00 49.00 10.00 2.97
including 39.00 42.00 3.00 7.89
----------------------------------------------------------------------------
C86-11 53.00 72.00 19.00 3.31
including 54.90 67.50 12.60 4.02
----------------------------------------------------------------------------
C86-13 56.90 64.50 7.60 4.14
----------------------------------------------------------------------------
C86-14 54.20 66.50 12.30 3.03
including 58.00 63.60 5.60 4.82
----------------------------------------------------------------------------
C86-18 18.85 33.40 14.55 3.42
including 25.20 33.40 8.20 5.49
38.70 65.35 26.65 6.53
including 40.80 57.55 16.75 8.94
including 40.80 45.10 4.30 16.45
including 50.85 57.55 6.70 9.47
----------------------------------------------------------------------------
C86-19 53.80 67.60 13.80 4.74
including 62.66 66.00 4.00 10.04
78.80 94.40 15.60 2.98
including 92.00 94.40 2.40 7.00
----------------------------------------------------------------------------
C86-20 39.80 55.20 15.40 4.42
including 44.50 53.20 8.70 6.71
including 48.70 53.20 4.50 8.77
----------------------------------------------------------------------------
C86-20B 41.70 59.50 17.80 3.56
including 50.00 55.50 5.50 6.98
99.65 127.01 27.45 3.97
including 100.30 111.00 10.70 6.97
----------------------------------------------------------------------------
C86-27 48.10 89.50 41.40 3.35
including 61.60 89.50 27.90 4.55
including 75.00 87.00 12.00 6.51
----------------------------------------------------------------------------
C86-33 102.95 119.05 16.10 4.64
including 107.55 118.05 10.50 6.61
----------------------------------------------------------------------------
C86-34 97.30 134.15 36.85 5.67
including 102.60 118.90 16.30 10.08
including 109.10 118.90 9.80 14.05
----------------------------------------------------------------------------
C86-35 109.55 129.70 20.15 3.38
including 113.05 117.15 4.10 6.65
----------------------------------------------------------------------------
C86-37 108.60 124.00 15.40 2.45
----------------------------------------------------------------------------
C86-38 136.30 167.10 30.80 2.46
including 158.10 163.50 5.40 5.57
----------------------------------------------------------------------------
C86-40 129.10 144.90 15.80 3.46
including 135.20 144.90 9.70 4.49
----------------------------------------------------------------------------
(i) Lengths are reported as core lengths. True widths are unknown at this time.
Cass Gold Deposit
The Cass deposit is connected by road to Nighthawk's Colomac Gold Property
located 20 kilometres to the northeast. Mineralization is characterized by
stockwork quartz-carbonate veins with minor pyrite, pyrrhotite and arsenopyrite
within a northeast trending intrusion. Approximately 13,500 metres of historic
drilling traced the mineralization over a strike length of 360 metres and to a
depth of 210 metres. The deposit remains open in all directions.
In the mid 1990s, Royal Oak planned to develop the Cass deposit by means of an
open pit operation and process the ore at its Colomac Mill, however the company
closed its Colomac operation before production was achieved from the deposit.
The Cass style of mineralization points to the largely untested potential for
discovery of significant gold mineralization in other gabbroic bodies such as
those hosting the under explored and nearby Raspberry and Albatross gold
occurrences. In addition, similar showings have been located throughout the
Indin Lake Gold Belt and represent priority exploration targets to be assessed
in the upcoming 2014 field program.
In December 2013, Nighthawk optioned four mining leases from Geomark Exploration
Ltd. ("Geomark"), a wholly owned subsidiary of Pine Cliff Energy Ltd. The
agreement encompasses not only the Kim and Cass gold deposits (Figure 1) but
several other prospects.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/nhk0326fig1.pdf.
Proposed Share Consolidation
Nighthawk announces a proposed Share Consolidation on the basis of five (5)
existing common shares for one (1) new common share. Currently, a total of
187,763,533 common shares in the capital of the Nighthawk are issued and
outstanding. Accordingly, if put into effect on the basis of five (5) existing
common shares for one (1) new common share, a total of approximately 37,552,706
common shares in the capital of the Nighthawk would be issued and outstanding
following the Share Consolidation, assuming no other change in the issued
capital.
Management believes that the Share Consolidation is in the best interests of
Nighthawk's shareholders and is necessary in order to provide Nighthawk with a
share capital structure that will better attract capital financing and enhance
future growth opportunities. The implementation of the Share Consolidation would
not affect the total shareholders' equity of Nighthawk or any components of
shareholders' equity as reflected on Nighthawk's financial statements except:
(i) to change the number of issued and outstanding common shares; and (ii) to
change the number of outstanding stock options, as well as their relative
exercise prices, to reflect the Share Consolidation.
Nighthawk's shareholders will be asked to approve the Share Consolidation at a
Special Meeting of shareholders to be held on Thursday, May 8, 2014. The Share
Consolidation is subject to shareholder approval and acceptance of the TSX
Venture Exchange.
About Nighthawk Gold Corp.
Nighthawk is a Canadian-based exploration company focused on acquiring and
developing gold mineral properties in the Northwest Territories. Its primary
land position covers 229,791 acres or 930 square kilometres in the Indin Lake
Gold Camp and includes an Inferred Mineral Resource estimate of 39.815 million
tonnes with an average grade of 1.64 g/t gold for 2.101 million ounces gold
using a cut-off grade of 0.6 g/t gold.
The technical aspects of this press release have been reviewed by Michael Byron,
Ph.D., P.Geo., Chief Geologist and Director for Nighthawk, who is the "Qualified
Person" as defined by NI 43-101 for this project.
Neither 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 release.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking
statements that involve substantial known and unknown risks and uncertainties,
including, but not limited to, the timing of future drilling, the expansion of
the mineralization, and the remediation of historic reclamation sites. These
forward-looking statements are subject to numerous risks and uncertainties,
certain of which are beyond the control of Nighthawk, including, but not limited
to, the impact of general economic conditions, industry conditions, volatility
of commodity prices, risks associated with the uncertainty of exploration
results and estimates, currency fluctuations, dependency upon regulatory
approvals, the uncertainty of obtaining additional financing and exploration
risk. Readers are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements. This press release is not, and is not to be
construed in any way as, an offer to buy or sell securities in the United
States.
FOR FURTHER INFORMATION PLEASE CONTACT:
Nighthawk Gold Corp.
David Wiley
President and CEO
(647) 260-1247
(416) 363-4567 (FAX)
dwiley@nighthawkgold.com
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