Nighthawk begins $10M Indin Lake program
Last updated 4/12/2019 at 5:35am
Nighthawk Gold Corp. April 3 announced it has launched the 2019 exploration program at its Indin Lake gold property in Northwest Territories.
The company plans to invest roughly C$10 million this year on a program the will include at least 25,000 meters of drilling, as well as mapping and prospecting across the 899-square-kilometer (347 miles) Indin Lake property.
This program has begun with three drills turning at Colomac, a gold project centrally located on the property.
"We are very pleased to be embarking upon our eighth drilling season at the Indin Lake gold property," said Nighthawk Gold President and CEO Michael Byron. "We've had great success over the years rejuvenating the Colomac deposit into an ever growing, multi-million-ounce opportunity with a new high-grade storyline and exceptional metallurgy."
Colomac hosts 50.3 million metric tons of inferred resource averaging 1.62 grams per metric ton (2.61 million ounces) of gold, according to a calculation completed about a year ago.
Nighthawk says the discovery of distinct high-grade domains at Colomac has effectively changed the dynamics of the deposit.
Continuing the drilling carried out last year, this year's drilling at Colomac will focus on expanding the already higher-grade domains, as well as explore for additional near-surface, high-grade gold zones there.
The results from the 2018 and 2019 drill programs will be used to calculate an updated gold resource for Colomac, slated to be completed by early 2020.
Later into the 2019 season, Nighthawk will begin drilling some of its most prospective regional gold targets.
There are at least seven priority satellite prospects that have the potential to provide high-grade feed opportunities to augment any future production scenarios at Colomac.
One of the primary satellite gold targets is Damoti Lake, a high-grade gold deposit about 28 kilometers (17 miles) south of Colomac.
A resource calculated for Anaconda Gold Corp. in 2005 outlined 40,600 metric tons of measured and indicated resource at Damoti Lake averaging 26.17 g/t gold; plus 17,800 metric tons of inferred resource averaging 16.38 g/t gold.
Nighthawk completed 13,000 meters of drilling at Damoti Lake in 2009 and 2010. Highlights from this drilling include: 6.95 meters of 10.12 g/t gold; 23.5 meters of 13.91 g/t gold and 22.5 meters of 5.81 g/t gold.
Last year, the company tested new targets within Horseshoe and Red Mountain, two zones at Damoti Lake. Highlights from this drilling include: 6.95 meters of 10.12 g/t gold; 5.75 meters of 9.78 g/t gold; and 14.75 meters of 6.91 g/t gold.
In June, the company will resume regional prospecting and mapping of the historical showings and areas of interest previously identified across the district-scale gold property. This work will help Nighthawk prioritize future gold targets.
Regional Prospecting and Mapping – Will commence in early June and will continue to follow-up on historical showings, areas of interest as identified by previous fieldwork, leading to the prioritization of future drill targets.
While these near-surface targets require more drilling, they are prime examples of the robust nature of the camp, as most host good grades and widths.
"We are thrilled to continue our work of delivering on the vast potential that the Indin Lake Gold Camp possess, one that we believe will flourish in tandem with Colomac, as we advance our aggressive regional exploration initiatives of geological mapping, prospecting and ground geophysics promoting key targets to drill-ready status in search of new discoveries," Byron said.
Nighthawk expects the drilling portion of the program to cost around C$9 million, leaving roughly C$1 million for mapping and prospecting during 2019.