Nighthawk Reports 73.15 Metres of 1.72 g/t Gold and 19.50 Metres of 4.57 g/t Gold from Historical Drilling at Colomac
TORONTO, ONTARIO -- (Marketwire) -- 01/31/13 -- Nighthawk Gold Corp. ("Nighthawk") (TSX VENTURE: NHK) reports assay results from the final 7 of 20 holes (Figure 1) drilled by Royal Oak in 1997 on Nighthawk's 100%-owned Colomac Gold Property ("Colomac Gold Project") in the Northwest Territories ("NWT"). The 20 historic holes (7,470 metres) are now eligible to be included in an updated resource estimate. These results have collectively confirmed the higher grade character of Zone 3.5, verified its continuity to depth, and suggested the existence of similar mineralization in Zone 3.0 located along strike to the north. (See December 11, 2012 and January 16, 2013 news releases for the released assays on the previous 13 holes.)
Highlights:
-- Z3.5-97-03 intersected 73.15 metres of 1.72 grams per tonne ("g/t")
gold, including 3.05 metres of 18.02 g/t gold;
-- Z3.5-97-21 intersected 19.50 metres of 4.57 g/t gold, including 2.44
metres of 27.76 g/t gold;
-- Z3.0-97-17 intersected 3.66 metres of 4.55 g/t gold, including 1.22
metres of 12.86 g/t gold; and
-- Z3.0-97-15 intersected 6.10 metres of 2.49 g/t gold, including 1.22
metres of 7.34 g/t gold.
In two previous news releases (December 11, 2012 and January 16, 2013), assay results for the other 13 historic holes were reported from the central high-grade shoot of Zone 3.5 and its southern extension. The results reported in this news release, representing 2,110 metres, tested the northern extension of Zone 3.5 and beneath Zone 3.0 - located 300 metres north of Zone 3.5 along the Colomac sill.
Historical holes drilled in Zone 3.5 and Nighthawk's sub-vertical hole, C12-15 - drilled from the sill's top to base intersecting 203.40 metres of 2.49 g/t gold, including 25.75 metres of 7.78 g/t gold, have collectively confirmed the existence of a well-constrained, steeply plunging high-grade gold shoot to a minimum vertical depth of 950 metres.
Contoured gold assays from Zone 3.5 shown in the section through the high-grade gold shoot (Figure 2) clearly outline the geometry and continuity of a 50-metre wide body of gold mineralization. Moreover, at least five additional shoots have been identified over a 3.0 kilometre strike length between Zones 3.5 and 2.0, the true widths of which range from 50 metres (Zone 3.5) to 110 metres (Zone 2.0). Shoot identification is based on previous shallow drilling; however, additional drilling to depth is required for further delineation.
David Wiley, Nighthawk's President and CEO, commented, "The potential to expand the gold resource at these and other prospective areas of the Colomac Gold Project remains high. We will continue advancing the project in 2013 and are looking forward to our next stage of drilling."
Z3.0-97-17, the northern-most drill hole of the three reported from Zone 3.0, intersected 3.66 metres of 4.55 g/t gold, including 1.22 metres of 12.86 g/t gold. Although drilled off section, this intersection seems to coincide with high-grade intervals previously reported in drill hole C12-12B - 1.95 metres of 54.64 g/t gold (September 19, 2012 news release) and C12-14C - 1.10 metres of 80.13 g/t gold (October 10, 2012 news release). These intersections indicate continuous high-grade mineralization at depth below Zone 3.0; however, Nighthawk plans to conduct further drilling in the zone to better define its extents.
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Zone 3.5 and 3.0 - Previously Unreleased 1997 Drill Results
From To Length Grade
Hole I.D. (m) (m) (m) g/t Au
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Zone 3.5
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Z3.5-97-02 failed to intersect Colomac sill
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Z3.5-97-03 271.58 344.73 73.15 1.72
Including 314.25 326.44 12.19 2.14
Including 341.68 344.73 3.05 18.02
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Z3.5-97-20 188.52 255.42 66.90 0.95
Including 193.24 223.42 30.18 1.26
Including 193.24 196.90 3.66 2.84
Including 215.80 216.41 0.61 8.40
Including 233.48 255.42 21.94 1.03
Including 233.48 237.13 3.65 2.36
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Z3.5-97-21 289.26 322.17 32.91 1.11
Including 306.93 312.42 5.49 3.01
349.00 368.50 19.50 4.57
Including 366.06 368.50 2.44 27.76
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Zone 3.0
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Z3.5-97-15 223.42 255.42 32.00 1.00
Including 222.20 228.30 6.10 2.49
Including 223.42 224.64 1.22 7.34
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Z3.5-97-17 250.85 254.51 3.66 4.55
Including 250.85 252.07 1.22 12.86
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Z3.5-97-18 283.16 293.83 10.67 1.03
Including 288.04 289.26 1.22 4.29
299.31 302.97 3.66 1.38
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(i) Lengths are reported as core lengths. True widths are unknown at this
time.
To view "Figure 1. Drill Hole Location Map for Historic 1997 Drilling" please visit the following link: http://media3.marketwire.com/docs/NHK01312013F1.pdf
To view "Figure 2. Colomac Zone 3.5 Contoured Gold Assays" please visit the following link: http://media3.marketwire.com/docs/NHK01312013F2.pdf
Technical Information
Nighthawk has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. Historic 1997 drill core samples were transported in security-sealed bags for analyses at ALS Chemex Assay Laboratory in Vancouver, BC ("ALS Chemex"). ALS Chemex is an ISO 9001:2000 certified laboratory. Pulp and metallics assaying for gold was conducted on the entire pulverized sample.
As part of its quality assurance and quality control program, Nighthawk inserts external gold standards (low to high grade) and blanks every 20 samples in addition to the standards, blanks and pulp duplicates inserted by ALS Chemex.
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.
Nighthawk (TSX VENTURE: NHK) is a Canadian-based exploration company focused on acquiring and developing gold mineral properties in the NWT, Canada. 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.
For more information about the Company, please visit www.nighthawkgold.com.
Forward-Looking Information
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 future exploration targets and better defining the current mineral resources at the Colomac Gold Project. 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, 2012, 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.
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.
Contacts:
Nighthawk Gold Corp.
David Wiley
President & CEO
(647) 260-1247
(416) 363-4567 (FAX)
dwiley@nighthawkgold.com
www.nighthawkgold.com
First Canadian Capital Corp.
Daniel Boase
Investor Relations
(416) 742-5600 ext 232
dboase@firstcanadiancapital.com