Nighthawk Reports 45.72 Metres of 1.84 g/t Gold Including 12.19 Metres of 3.24 g/t Gold and 4.27 Metres of 8.44 g/t Gold from Historical Drilling at Colomac
TORONTO, ONTARIO -- (Marketwire) -- 01/16/13 -- Nighthawk Gold Corp. ("Nighthawk") (TSX VENTURE: NHK) reports additional assay results from six holes drilled by Royal Oak Mines Inc. ("Royal Oak") in 1997 within the Colomac sill on Nighthawk's 100%-owned Colomac Gold Property ("Colomac Gold Project") in the Northwest Territories ("NWT"). Today's results and the previously reported results (see December 11, 2012 news release) further validate the historic assay results and confirm the high-grade nature of Zone 3.5 and its continuity to depth. To date 13 historic holes have been reported from a total of 20 historic holes being assayed. Results from the 7 remaining historic holes that were drilled north of this area will be released as they are finalized.
Highlights:
-- Hole 97-04 intersected 9.15 metres of 3.38 grams per tonne ("g/t") gold,
including 3.66 metres of 5.58 g/t gold;
-- Hole 97-07 intersected 31.09 metres of 2.27 g/t gold, including 8.83
metres of 3.73 g/t gold, and 0.60 metres of 32.84 g/t gold;
-- Hole 97-08 intersected 45.72 metres of 1.84 g/t gold including 0.91
metres of 23.07 g/t gold, 12.19 metres of 3.24 g/t gold and 4.27 metres
of 8.44 g/t gold;
-- Hole 97-11 intersected 23.47 metres of 2.12 g/t gold including 10.67
metres of 3.86 g/t gold and 4.57 metres of 8.60 g/t gold, and 0.92
metres of 27.91 g/t gold.
In 1997, Royal Oak drilled 21 holes (7,884 metres) within the Colomac sill to explore the dimensions of high-grade zones 3.0 and 3.5. These holes were not included in Nighthawk's previously announced resource estimate as certain required information was lacking at the time. In August 2012, Nighthawk re-logged and re-assayed drill core from 20 of these holes in order to meet the necessary quality assurance and quality control requirements ("QA/QC"). As a result, the historic holes are now eligible to be included in an updated resource estimate.
Holes reported herein were drilled within the southern portion of Zone 3.5 (see Figure 1), south of Nighthawk's subvertical hole (C12-15) that intersected 203.4 metres of 2.49 g/t gold, including 25.75 metres of 7.78 g/t gold (October 10, 2012, news release), and immediately south of the 7 historic holes previously reported for Zone 3.5 (December 11, 2012 news release). This drilling has extended Zone 3.5 further south. The zone remains open along strike and to depth.
Royal Oak also drilled a single 1,000 metre hole (Z3.5-97-08) to test the sill at depth beneath Zone 3.5. Gold intersections were reported to a downhole depth of 965 metres highlighted by 45.72 metres of 1.84 g/t gold, including 4.27 metres of 8.44 g/t gold. Deep drilling has established that the mineralized sill continues uninterrupted to great depths and validates this untested potential along its seven kilometre length. Results from the 7 remaining historic holes that were drilled north of this area will be released as they are finalized.
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Zone 3.5 - Previously Unreleased 1997 Drill Results
From To Length Grade
Hole I.D. (m) (m) (m) g/t Au
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Z3.5-97-04 346.56 384.35 37.79 1.32
Including 346.56 367.89 21.33 2.09
Including 351.43 360.58 9.15 3.38
Including 353.26 356.92 3.66 5.58
Including 366.67 367.89 1.22 4.94
392.89 394.11 1.22 1.20
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Z3.5-97-07 156.67 187.76 31.09 2.27
Including 156.67 159.72 3.05 2.11
Including 166.73 175.56 8.83 3.73
Including 174.96 175.56 0.60 32.84
Including 181.66 186.54 4.88 3.22
Including 181.66 182.88 1.22 8.57
220.68 221.89 1.21 3.63
242.32 242.93 0.61 7.10
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Z3.5-97-08 359.36 360.58 1.22 1.51
869.59 915.31 45.72 1.84
Including 891.24 895.81 4.57 7.63
Including 892.15 893.06 0.91 23.07
Including 909.22 921.41 12.19 3.24
Including 909.22 913.49 4.27 8.44
Including 910.44 911.05 0.61 25.95
Including 912.27 913.49 1.22 13.99
963.78 967.13 3.35 2.25
Including 964.39 965.00 0.61 6.93
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Z3.5-97-11 135.33 158.80 23.47 2.12
Including 135.33 146.00 10.67 3.86
Including 135.33 139.90 4.57 8.60
Including 135.33 136.25 0.92 27.91
Including 150.88 158.19 7.31 0.95
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Z3.5-97-12 251.76 267.61 15.85 1.16
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Z3.5-97-19 abandoned before intersecting sill
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(i) Lengths are reported as core lengths. True widths are unknown at this
time.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/nhk0116fig1.pdf.
Technical Information
Nighthawk has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. Historic 1997 drill core samples were transported in security-sealed bags for analyses at ALS Chemex Assay Laboratory in Vancouver, BC ("ALS Chemex"). ALS Chemex is an ISO 9001:2000 certified laboratory. Pulp and metallics assaying for gold was conducted on the entire pulverized sample.
As part of its QA/QC program, Nighthawk inserts external gold standards (low to high grade) and blanks every 20 samples in addition to the standards, blanks and pulp duplicates inserted by ALS Chemex.
The technical aspects of this press release have been reviewed by Michael Byron, Ph.D., P.Geol., Chief Geologist and Director for Nighthawk, who is the "Qualified Person" as defined by NI 43-101 for this project.
Nighthawk is a Canadian-based exploration company focused on acquiring and developing gold mineral properties in the NWT. Its land position covers 222,203 acres or 900 square kilometres in the Indin Lake Gold Camp, located approximately 220 kilometres north of Yellowknife, NWT.
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 future exploration targets and better defining the current mineral resources at the Colomac Gold Project. 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 management discussion and analysis for the year ended July 31, 2012, 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.
Neither the 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 news release.
Contacts:
Nighthawk Gold Corp.
David Wiley
President & CEO
(647) 260-1247
(416) 363-4567 (FAX)
dwiley@nighthawkgold.com
www.nighthawkgold.com
First Canadian Capital Corp.
Daniel Boase
Investor Relations
(416) 742-5600 ext 232
dboase@firstcanadiancapital.com