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Be the first with the news that moves the market- Nighthawk Gold (TSX:NHK) has posted assay results from their 2019 drilling program at the Colomac Gold Project
- The company has intersected 36.1 metres of 1.86 grams gold per tonne, including 6.75 metres of 5.46 grams gold per tonne at one drill hole
- At another drill hole, mineralization extended to 28.5 metres (13.00 metres true width) of 1.26 grams gold per tonne
- The total drill program was 3,333 metres
- Nighthawk Gold Corp (TSX:NHK) is down 12.98 per cent at C$1.14 per share, and a market cap of $58.5 million
Nighthawk Gold (TSX:NHK) has posted results from their 2019 drilling program at its Colomac Project in the North West Territories.
Colomac Gold has intersected 36.1 metres of mineralization, including 1.86 grams of gold per tonne.
Inside that intersection is a 6.75 metre section of mineralization that included 5.46 grams of gold per tonne.
These discoveries have indicated a dramatic widening in the mineralised portion, to a depth up to 3 times its surface width.
This is a significant increase on the inferred gold at the site.
Nighthawk believes this represents an opportunity for exponential growth of estimates for tonnage and contained ounces at the site.
Currently, the company believes there is some 2.6 million ounces of gold, at an estimated average grade of 1.62 g/t
President and CEO of Nighthawk, Dr Michael Byron, said the results have changed how the company viewed the deposit.
“We have now reported on all of our 2019 program drillholes – our most productive campaign to-date.
“Drilling on the Colomac Main has continued to demonstrate a constituency in breadth and continuity of mineralization throughout all areas of the deposit.
“While the central 1-kilometre section of Colomac Main remains largely unexplored, with few holes below 250 metres vertical depth, our current holes have tested the sill well below previous intersections, successfully extending mineralization to new depths,” he said.
All up, Nighthawk has drilled about 15 kilometres of drill holes at the site since acquiring it in 2011.
The Colomac Gold Project is made up of five seperate mineralised deposits. They are the Colomac Main, Goldcrest North, Goldcrest South, Grizzly Bear and 24/27.
Of these deposits, only The Colomac Main has previously been mined.
When mining occurred at the site from 1990 to 1997, the deposit returned production of 527,908 ounces of gold, with an average grade of 1.66 g/t.
Nighthawk Gold Corp (TSX:NHK) is down 12.98 per cent, with a per share price of C$1.14 at 9:55am EST.
