Nighthawk Receives Permits to Commence Drilling at the Cass Zone, Part of the Recently Optioned Kim & Cass Property
TORONTO, May 4, 2021 /CNW/ - Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX: NHK) (OTCQX: MIMZF) is pleased to announce that it has received Water License and Land Use Permit for the recently optioned Kim & Cass Property (see press release dated February 19, 2021). The Kim & Cass Property consists of a total of 7,588 acres (31km2) that incorporate the historic Kim and Cass zones ("Kim", and "Cass", respectively), and is located approximately 15km southwest of the Colomac Main Deposit ("Colomac"), immediately adjacent to the main Indin Lake Gold Property claim group (Figure 1), Northwest Territories, Canada.
The Kim & Cass Property is a high-priority target for this year's exploration program as Cass already has a historical non-compliant resource and is located immediately adjacent to the Company's Albatross Target (Figure 2). Cass, along with the Albatross Target are part of a 7km long favourable trend, which has seen limited drilling in the past. In addition, the Kim Zone further to the northeast provides an additional 3km of highly prospective and underexplored strike length. Exploration at Cass aligns with the strategy of identifying near-surface mineralization proximal to Colomac. Drilling will focus on preliminary testing of the northern and southern extension of the zone in an effort to extend mineralization along strike, while additional work will be conducted to bring the zone into compliance with NI 43-101 standards.
Nighthawk's President & CEO, Keyvan Salehi commented, "We are very pleased to have received our licences and permits to commence drilling at Cass, and the fifth drill will mobilize immediately. Given the higher-grade nature and continuity of mineralization encountered by historic drilling, along with a successful drill program by Nighthawk in 2014 (see Table 1), we believe there is significant room for expansion of mineralization along strike and at depth. Together with our Albatross Target, this is a highly prospective target area given its 7km long trend with historic drilling and surface samples." Cass Zone - Highlights of Historical Resource and Drilling Cass has a historic non-compliant resource which outlined 2,857,093 tonnes at an average grade of 2.66 g/t Au for 245,311 ounces of gold (see Nighthawk press release dated December 18, 2013). The resource was estimated prior to the implementation of NI 43-101 standards, where previous work defined historic gold resource estimates that have yet to be fully evaluated, and therefore should not be relied upon. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or reserves. Furthermore, the Company is not treating the historical estimates as current mineral resources or reserves as defined by NI 43-101 as the Company is not able to assess the work required to upgrade to a compliant resource at this time.
Over 32,000 metres of historic drilling was completed on both Kim & Cass and a modest program by Nighthawk consisting of 2,926 metres of drilling in 2014 at Cass, which successfully extended the mineralized corridor by an additional 700 metres, where it remains open at depth and along strike (see highlighted results in the table below).
Table 1 - Cass Zone – Highlights of Historical & 2014 NHK Drilling
About Nighthawk
Nighthawk is a Canadian-based gold exploration company with 100% ownership of a district-scale land position within the Indin Lake Greenstone Belt, located approximately 200km north of Yellowknife, Northwest Territories, Canada. Within this largely underexplored Archean gold camp, the Company has identified a number of high-priority targets all centered around a growing multi-million-ounce deposit. These targets lie within large regional deformation zones that are pregnant with gold mineralization and are known to host significant deposits which warrant additional exploration and follow-up. The main goals and objectives over the next 12-24 months will be to carry out aggressive exploration to support resource expansion opportunities as well as to foster new, near-surface discoveries that support the global resource base.
The Company has an experienced and dedicated team with a track record of successfully advancing projects and is well funded and supported to advance its goals and objectives.
Qualified Person
Richard Roy P.Geo., V.P. Exploration of Nighthawk, who is the "Qualified Person" as defined by NI 43-101 for this project, has reviewed and approved of the technical disclosure contained in this news release. Mr. Roy verified the data contained here in by reviewing available historical reports, logs, assay results and maps.
The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.
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, the Company's continued exploration programs and the ability to advance targets and the timing and results thereof; the mineral resource estimate; and access to available capital to complete all work necessary to achieve the Company's stated goals and objectives.. 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 annual information form for the year ended December 31, 2019, 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.