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 Share
Consolidation
TORONTO, ONTARIO--(Marketwired - Mar 26, 2014) - 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 |
Hole I.D. |
From (m) |
To (m) |
Length* (m) |
Grade 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 |
* 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.
Nighthawk Gold Corp.David WileyPresident and CEO(647)
260-1247(416) 363-4567dwiley@nighthawkgold.com
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