Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX: NHK; OTCQX: MIMZF) is pleased to announce commencement of its 2019 drilling program with three drills active on the Colomac Gold Project ("Colomac"), centrally located within the Indin Lake Gold Property (899km2 land package), Northwest Territories, Canada.
Image: A gold mineral. Photo: courtesy of carlos aguilar/Freeimages.com.
The Company previously announced a budget of $10 million which includes a minimum 25,000 metres of drilling (split between Colomac and select priority gold targets within its extensive regional land package), as well as the continuation of the regional mapping and prospecting program. The drilling costs are estimated on the higher-end at approximately $9 million (as the program progresses Nighthawk anticipates a lower cost per metre than budgeted), and an additional $1 million spend on the regional mapping and prospecting program which will continue to assess the land package for new discoveries and move targets up the value chain towards drill-ready status. Program objectives are to continue the expansion of higher-grade mineralization intersected to-date at Colomac and to explore for other new zones of near surface higher grade material within the Colomac area sills, culminating in the delivery of a resource update by early 2020.
2019 Exploration Program:
Colomac – Three drills presently in operation:
testing high-grade Zones 1.5 and 3.5 to depth
exploring for shallower higher-grade domains within a 2-kilometre section of the Colomac Main sill between Zone 3.5 and the southern part of Zone 2.0
Regional Drilling – Later in the program drilling will focus on some of Nighthawk’s most prospective regional gold prospects:
Damoti Lake Gold Deposit
Leta Arm mineralized corridor (hosting the North Inca and Diversified deposits)
Treasure Island Gold Project
Swamp Project
Possibly the first drilling at the Nice Lake Sill and Andy Lake Project
Regional Prospecting and Mapping – Will commence in early June and will continue to follow-up on historical showings, areas of interest as identified by previous fieldwork, leading to the prioritization of future drill targets.
Dr. Michael Byron, President and CEO commented, “We are very pleased to be embarking upon our eighth drilling season at the Indin Lake Gold Property. We’ve had great success over the years rejuvenating the Colomac deposit into an ever growing, mutli-million-ounce opportunity with a new high-grade storyline and exceptional metallurgy. We are thrilled to continue our work of delivering on the vast potential that the Indin Lake Gold Camp possess, one that we believe will flourish in tandem with Colomac, as we advance our aggressive regional exploration initiatives of geological mapping, prospecting and ground geophysics promoting key targets to drill-ready status in search of new discoveries. We look forward to providing drill results as they become available.”
Source: Company Press Release