Nighthawk Enters Into Option Agreement to Acquire Kim and Cass
Properties in Northwest Territories
TORONTO, ONTARIO--(Marketwired - Dec 18, 2013) - Nighthawk Gold
Corp. ("Nighthawk") (TSX-VENTURE:NHK) is pleased to announce it has
entered into a binding option agreement, with Geomark Exploration
Ltd. ("Geomark"), a wholly owned subsidiary of Pine Cliff Energy
Ltd., to acquire 4 contiguous mining leases adjacent to Nighthawk's
existing property in the Northwest Territories ("NWT") (Figure
1).
HIGHLIGHTS:
- Agreement encompasses the Kim and Cass gold deposits (Figure 2)
as well as multiple other prospects within the Indin Lake
Greenstone Belt;
- Kim and Cass represent the final strategic properties to be
incorporated into Nighthawk's Indin Lake Gold Project;
- Nighthawk's land package will increase in size by 7,588 acres
to 229,791 acres total;
- Over 32,000 metres of reported historic drilling completed with
much of the core remaining intact. Drilling highlights from the
Cass Zone include intercepts of:
- 81.55 metres of 4.50 grams per tonne ("g/t") gold from hole
C87-35;
- 52.00 metres of 5.10 g/t gold from hole C95-06;
- 64.40 metres of 4.08 g/t gold from hole C87-23; and
- Prior to the implementation of NI 43-101, previous work
conducted on the properties defined historic gold resource
estimates of significant grade and continuity that have yet to be
fully evaluated.
Nighthawk President & CEO, David Wiley, commented, "In this
challenging market environment, we remain committed to adding value
for our shareholders. We are fortunate to have a healthy balance
sheet, a low cash burn rate and now the final strategic pieces of
what we believe is a world class gold camp. These leases contain
the Kim and Cass deposits plus numerous drill ready targets where
previous owners have already completed a significant amount of
work. We believe the historical data may be sufficient to apply
towards our next resource estimate update and we will be working
with the author of our technical report to incorporate this new
information."
Figure 1. - Location Map of Leases Optioned from Geomark
To view Figure 1, please visit this link:
http://media3.marketwire.com/docs/NHK1.jpg.
Figure 2. - Showings and Geology Map of Leases Optioned from
Geomark
To view Figure 2a and 2b, please visit this link:
http://media3.marketwire.com/docs/NHK%202.jpg.
Option Agreement with Geomark
Under the agreement with Geomark, Nighthawk has optioned 4
contiguous mining leases which include the Kim and Cass gold
deposits and other gold showings.
On signing the agreement, Nighthawk granted Geomark a 2.5% net
smelter royalty on the 4 leases (of which 1.5% can be repurchased
for $1,500,000) and paid $250,000, one-half of which is to be
satisfied through the issuance of 1,768,345 common shares of
Nighthawk. Subsequent option payments totalling $1,300,000 are
staged in tranches over the next three years as follows:
Due Date |
Payment |
on or before December 31, 2014 |
$ |
300,000 |
on or before December 31, 2015 |
$ |
450,000 |
on or before December 31, 2016 |
$ |
550,000 |
Nighthawk has the right to satisfy one-half of each of the
option payments in common shares, subject to receipt of requisite
approval including the approval of the TSX Venture Exchange should
Nighthawk elect to issue common shares. Upon making the final
payment, Nighthawk will own 100% of the mining leases.
Property Highlights
Historical Resource
Estimates
The Kim Main Zone, hosted by mafic volcanic rocks, and the Cass
Zone, hosted by gabbro, represent significant underexplored gold
deposits within the Indin Lake Gold Camp. Several historical
resource estimates that pre-date the implementation of NI 43-101,
were calculated for each of the deposits. The most recent of these
was compiled in 1995 by 1Royal Oak Mines Inc. ("Royal Oak"), the
previous operator of the Colomac Gold Mine. They reported a
possible geological resource based upon relatively shallow drilling
(150 metres) for the Cass and Kim Zones presented in Table 1
below.
Table 1. Historical Resource Estimate for Cass and Kim Zones
Zone |
Cutoff (g/t) |
Tonnes |
Grade (g/t) |
Ounces Au |
Cass |
1.00 |
1,919,518 |
2.43 |
150,228 |
Kim (Main) |
1.50 |
937,575 |
3.15 |
95,082 |
Total |
|
2,857,093 |
2.66 |
245,311 |
A qualified person has not done sufficient work to classify any
of the historical estimates as current mineral resources or mineral
reserves as defined by NI 43-101; consequently, they should not be
relied upon. The Company is not treating the historical estimates
as current mineral resources or reserves as defined by NI
43-101.
Cass Zone
The Cass Zone is located approximately 20 kilometres southwest
of Colomac, hosted within a northeast trending gabbro sill.
Mineralization is characterized by a stockwork of quartz-carbonate
veins with minor pyrite, pyrrhotite and arsenopyrite. In excess of
13,500 metres of historic drilling into the zone has defined
mineralization over a strike length of 360 metres and to a depth of
210 metres.
Royal Oak intended to place the Cass Zone into production and
process the ore at the Colomac Mill, but the company closed the
Colomac operation before production from the Cass Zone began.
Select drill intercepts from the Cass Zone are reported in Table
1 below. These are historical in nature and Nighthawk has not
independently verified the results; consequently, these results
should not be relied upon.
Table 2. Historical Drill Intercepts from the Cass Zone
Hole ID |
From (m) |
To (m) |
Length* (m) |
Au g/t |
C87-23 |
112.10 |
176.50 |
64.40 |
4.08 |
C87-25 |
170.60 |
223.90 |
53.30 |
4.17 |
C87-35 |
105.35 |
186.90 |
81.55 |
4.50 |
C95-05 |
122.00 |
170.00 |
48.00 |
4.15 |
C95-06 |
153.00 |
205.00 |
52.00 |
5.10 |
C95.09 |
82.00 |
119.00 |
37.00 |
4.83 |
* Lengths are reported as core lengths. True widths are unknown
at this time.
Kim Main
Zone
The Kim Main Zone, located approximately 15 kilometres southwest
of Nighthawk's past producing Colomac Gold Mine, lies within a
sequence of northerly striking, steeply dipping, mafic to
intermediate volcanic rocks. Mineralization is hosted by
intercalated, massive and pillowed mafic volcanics and has been
traced over a strike length of 650 metres and to depths of up to
150 metres vertically. Near surface mineralization is offset by a
north-south trending, 45 degree late reverse fault, but historical
drilling is reported to have intersected mineralization below the
fault and the zone remains open at depth. Over 18,000 metres of
historic drilling is documented for the Kim Main Zone.
19th Hole Zone and Albatross
Zone
Two occurrences, the 19th Hole Zone, located 300 metres to the
southwest of the Cass Zone, and the Albatross Zone, located 500
metres further to the southwest, appear to be extensions of the
Cass Zone. Both the Albatross Zone and the 19th Hole Zone are
defined by an area of extensive quartz-carbonate veining in gabbro
with associated pyrite, pyrrhotite and arsenopyrite identical to
that of the Cass Zone.
19th Hole Zone
Historic surface trench samples collected from the 19th Hole
showing assayed 15.9 g/t gold and 11.58 g/t gold over widths
greater than 1 metre. Two other samples had values of 5.5 g/t gold
over similar widths.
Albatross Zone
The Albatross occurrence is located entirely within Nighthawk
ground and appears to represent a continuance of the Cass Deposit
mineralization. Historical channel samples from a trench across the
zone returned assay results up to 9.7 g/t gold over 1 metre.
1 Archibald, D.L., and Kulas, J. P., 1995. Geological Resource
Estimate, Cass Zone and Main Zone Kim Project, N.T. Internal Royal
Oak Mines Inc. report.
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 900
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.
Nighthawk Gold Corp.David WileyPresident and CEO(647)
260-1247(416) 363-4567dwiley@nighthawkgold.com
Nighthawk Gold Corp. (TSXV:NHK)
過去 株価チャート
から 4 2024 まで 5 2024
Nighthawk Gold Corp. (TSXV:NHK)
過去 株価チャート
から 5 2023 まで 5 2024