Canadian Mining Journal

News

GOLD: Nighthawk upgrades Colomac resource, plans to drill 25,000 metres this year



Colomac Credit: Nighthawk

Colomac Credit: Nighthawk

NORTHWEST TERRITORIES – Nighthawk Gold has released an updated resource estimate for the Colomac gold deposits as well as a maiden underground resource for the Damoti deposit at its wholly owned Indin Lake gold property.

At Colomac, total indicated resources now stand at 25.9 million tonnes grading 2.01 g/t gold, for a total of 1.7 million oz., with additional inferred resources of 5.7 million tonnes at 2.03 g/t gold, totalling 372,500 oz. This compares with the prior 50.3 million inferred tonnes grading 1.62 g/t gold, containing 2.6 million gold oz.

Within these updated numbers, there are 9.9 million indicated open-pittable tonnes at 1.7 g/t gold and 15.9 million tonnes indicated tonnes in the underground classification grading 2.2 g/t gold.

The maiden underground resource estimate for Damoti, which lies 28 km south of the Colomac deposits, includes an additional 736,000 inferred tonnes at 4.97 g/t gold, containing 117,800 gold oz.

The updated resources for Colomac include an open-pit and underground component (the prior estimate only included open-pittable mineralization), which are now constrained by pit shells and manually constrained into optimized shapes, respectively. This latest resource also incorporates 50,000 metres of drilling completed in 2018 and 2019.

“This latest resource is the most refined and accurate representation to-date, and for the first time includes constrained open-pit and underground indicated resources at Colomac with an average grade of 2.01 g/t gold,” Michael Byron, the company’s president and CEO, said in a release. “We are confident that this latest resource represents a giant step forward in terms of increasing project robustness and value and provides a solid platform from which to rapidly add ounces and to develop Colomac quickly and efficiently.”

Byron added that there remains substantial exploration upside for Colomac, with potential to add ounces to the company’s resource inventory through additional drilling – 25,000 metres is planned for this year. The Colomac Main sill expands at depth over 3.5 km of strike and additional deeper drilling is expected. On a regional basis, the Leta Arm and Treasure Island are two priority under-explored areas.

The updated resource will be used by JDS Mining and Energy to prepare a preliminary internal scoping study for the project.

The latest resources were derived using cut-off grades between 0.6 g/t gold (open-pit) and 1.3 g/t gold (for underground resources). A 2 g/t cut-off was used for Damoti. The 2018 resource estimate is based on cut-off grades between 0.6 g/t gold and 0.7 g/t gold.

The 899-sq.-km Indin Lake property is 200 km northwest of Yellowknife and is accessible by a winter road or through a chartered aircraft. All-season road construction is underway, which would allow better winter road access to the property.

Colomac is within the central part of Indin Lake and includes five gold deposits – one of these produced 527,908 gold oz. between 1990 and 1997 from three shallow open pits.

For more information, visit www.NighthawkGold.com.