Nighthawk Gold (TSXV: NHK) recently raised $25.1 million in equity to finance exploration at its Indin Lake gold project in the Northwest Territories, and president and CEO Michael Byron says the company’s 2017 exploration program will be its most ambitious yet.
In what will be its seventh drill program, Nighthawk plans to drill about 25,000 metres this year at its flagship Colomac gold deposit, about 200 km north of Yellowknife, as well as select priority targets across its 90,000-ha land package in the Indin Lake Greenstone Belt.
Colomac hosts an inferred resource of 2.10 million oz. of gold (39.82 million tonnes at an average grade of 1.64 g/t gold), and Kinross Gold (TSX: K; NYSE: KGC) thought highly enough of Nighthawk’s 100%-owned project to take a 9.5% stake in the company in November 2016.
“It’s still early in the growth of Colomac, but we are confident in its multi-million ounce expansion potential,” Byron says in an interview. “Now that we have the capital we can continue with our exploration agenda … “