Drills tap more gold at Treasure Island
Nighthawk reports results from key Indin Lake satellite
Last updated 2/7/2020 at 4am
Nighthawk Gold Corp. Feb. 4 reported that drilling continues to encounter strong gold mineralization at Treasure Island, one of the key satellite deposits on the company's Indin Lake gold property in Northwest Territories.
Located 11 kilometers (seven miles) north of Nighthawk's Colomac gold project, Treasure Island lies along the eastern end of a seven-kilometer- (four miles) long underexplored corridor that hosts several high-priority gold showings, including JPK and Laurie Lake.
Drilling has defined an up to 200-meter-wide envelope of mineralization at Treasure Island that spans a 750-meter long section at the eastern part of this Treasure Island-Laurie Lake corridor.
The 2019 program expanded on the ongoing exploration of the Main Zone and East Zone, with all 19 holes cutting gold mineralization.
Last fall, Nighthawk reported results from the first 10 holes of the 2019 drill program at Treasure Island. Highlights include:
• 6.25 meters of 12.08 grams per metric ton gold in hole T19-01;
• 6.5 meters of 10.2 g/t gold in T19-01B;
• 6.5 metes of 10.08 g/t gold in T19-02: and
• 22.5 meters of 2.83 g/t gold in T19-02B.
The final nine holes continued to cut strong gold mineralization, including:
• seven meters of 6.35 g/t gold, including two meters of 21.02 g/t gold in T19-10B
• 12.7 meters of 8.5 g/t gold, including 2.85 meters of 33.67 g/t gold in T19-11; and
• 20.7 meters of 2.57 g/t gold, including 2.8 meters of 15.18 g/t gold in T19-12.
Nighthawk says this gold mineralization at Treasure Island remains open along strike to the east and west and represents priority ground for future exploration.
"Treasure Island is one of our key satellite prospects proximal to Colomac, and given its extensive broad mineralized envelope hosting internal higher-grade domains, and grossly unexplored status, we believe it has exceptional discovery potential and capability to grow significantly," said Nighthawk Gold President and CEO Michael Byron.
While important, Treasure Island is not the only strategic regional gold prospects across the 899-square-kilometer (222,203 acres) Indin Lake property.
"Results to-date bolster our reasons for consolidating the Indin Lake Gold Camp," said Byron. "Our work on the Damoti Lake gold deposit, the four Leta Arm gold deposits and showings (North Inca, Diversified, #3, Lexindin), and Treasure Island, confirms the existence of other well-mineralized prospects satellite to Colomac. We consider these as potential higher-grade feed candidates that could augment any future mining operation at Colomac."
According to a calculation completed mid-2018, Colomac hosts 50.31 million metric tons of inferred resource averaging 1.62 g/t (2.6 million oz) gold.
Nighthawk has completed extensive successful drilling at Colomac since and it is expected the next calculation will significantly expand the resource.
Nighthawk is in the process of finalizing the logistics for the start-up of its 2020 drill season and is fully funded to execute on its exploration objectives.
"Due to the incredible ongoing shareholder support we have been fortunate to have the resources to aggressively expand our exploration activities and build on our regional gold camp strategy of discovering and evolving near-surface gold deposits within our emerging gold camp," said the Nighthawk Gold CEO. "Treasure Island is fundamental to this approach."