Assay results from 2020 drilling at the Colomac deposit and Treasure Island zone at Nighthawk Gold’s (TSX: NHK; US-OTC: MIMZF) Indin Lake gold property in the Northwest Territories suggest potential for higher-grade zones and additional gold mineralization at depth. The latest results included assays for 10 holes completed at Colomac and three intercepts from Treasure Island, 10 km north of Colomac.
Highlights from Treasure Island included 3.3 metres of 5.62 grams gold per tonne from 274.2 metres; 2.1 metres of 4.65 grams gold per tonne starting at 129.8 metres and 5.5 metres of 207.18 grams gold per tonne from 264.6 metres. Notable results from Colomac included 32.7 metres of 3 grams gold from 569.1 metres; 61.2 metres of 1.67 grams gold starting at 659.1 metres; and 30.3 metres of 2.44 grams gold from 448.9 metres. Colomac results are from zones 1.5, 2.0, 2.5 and 3.5 within the mafic sill.
Richard Roy, Nighthawk’s VP of exploration, noted in a press release that the Treasure Island assays could contribute higher-grade material to the resource while Colomac results indicate good potential at depth.
“Drilling in 2021 will focus on further delineation of near-surface mineralization in an effort to increase the in-pit resources,” he said. “The potential at depth on Colomac remains very significant, but quality near surface targets remain untested at Colomac and will be prioritized in 2021.”
In late March, Nighthawk announced a $10.95 million bought deal private placement of flow-through units. Closing is expected around April 13.
Based on a March resource update, which accounted for two-thirds of the company’s 2020 exploration program, Colomac hosts 17.9 million pit-constrained indicated tonnes at 1.62 grams gold for a total of 930,000 gold ounces. Total Indin Lake indicated resources, which include both open pit and underground inventory, stand at 38.7 million tonnes grading 1.81 grams gold, and contain 2.2 million gold ounces. Inferred resources are estimated at 11.5 million tonnes at 2.13 grams gold, containing 786,100 ounces. Resources are defined within the Colomac, Goldcrest, Grizzly Bear, 24 and 27 deposits.
One of the deposits at Colomac produced 527,908 gold oz. between 1990 and 1997 from three open pits.