Nighthawk Gold Appoints New Vice President of Exploration and Announces its 2-Year Exploration Program at its District-Scale Land Package
Nighthawk Gold Corp. (MIMZF) appointed John McBride, MSc., P.Geo., as Vice President of Exploration. The Company has initiated a fully funded 2-Year Exploration Program targeting its district-scale property in Northwest Territories, Canada. The program includes up to 100,000 metres of drilling, commencing on May 9, focusing on expanding higher-grade, open-pit mineralization at various deposits. The Company reported a strong balance sheet and expects to enhance its resource estimates amid the ongoing advancements in exploration.
- Appointment of John McBride brings extensive experience from other successful mining projects.
- Fully funded 2-Year Exploration Program aims to drill up to 100,000 metres, indicating strong commitment to growth.
- Focus on expanding higher-grade, open-pit mineralization could enhance future resource estimates.
- Resignation of previous VP of Exploration may cause concerns regarding continuity in leadership.
“With the successful update to our Mineral Resource Estimate1 along with the additional cash on our balance sheet, we believe Nighthawk is strongly positioned to continue advancing our assets towards a large-scale, open-pit gold project. Our fully funded 2-Year Exploration Program will focus on continuing to expand and increase confidence in the higher-grade, open-pit mineralization of our deposits. Phase 1 drilling will commence on
Vice President of Exploration Appointment
Previous Nighthawk Vice President of Exploration,
2-Year Exploration Program
The Company plans on completing up to 100,000 metres of drilling at its properties over the next 24 months in a phased approach. Phase 1 drilling will commence on
- Mineral resource expansion drilling at the Colomac Centre deposits (Colomac Main, Goldcrest, Grizzly Bear, 24 and 27): Phase 1 will comprise of up to 25,000 metres of drilling to test the high-grade gold zones at depth and along strike. Low-cost surface stripping will be used to potentially identify surface mineralization along strike from the known deposits.
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Mineral resource expansion drilling at the Satellite deposits: Phase 1 drilling will focus on the Kim and Cass deposits and surrounding area. Up to 15,000 metres of drilling will be targeted towards potentially expanding the known higher-grade, open-pit mineralization, focusing in areas with historical data that were sparsely drilled. A potential Phase 2 drill program could target the higher-grade mineralization at
Treasure Island and Domati deposits after further structural desktop studies.
- Property scale exploration and other activities: Phase 1 will include up to 10,000 metres of drilling to test the high-grade gold targets within the Colomac Centre and new geophysical targets from the planned airborne electromagnetic survey. The survey can potentially identify conductive areas and utilize the known relationship between sulphides and gold to help lead to the potential discovery of new mineralized zones. Field based mapping and structural analysis of mineralized veining at the Colomac Main Deposit will occur to continue to build confidence in the geological model.
The Company believes Phase 1 targets have the highest probability of delivering near-surface, higher-grade, mineral resources per metre of drilling. The results from Phase 1 drilling will inform the drill program for Phase 2. Details for the Phase 2 drilling program will be provided at a later date, following the completion of the Phase 1 drilling.
Technical Information
Nighthawk has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. Drill core samples were transported in security-sealed bags for analyses at
As part of its QA/QC program, Nighthawk inserts external gold standards (low to high-grade) and blanks every 20 samples in addition to the standards, blanks, and pulp duplicates inserted by ALS Global.
Technical Report and Qualified Persons
About Nighthawk
Nighthawk is a Canadian-based gold exploration company with
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to: the Company’s mineral resource estimates, continued exploration and drilling initiatives and having the necessary funding required to complete these initiatives, the amount of metres drilled over the 2-Year Exploration Plan, assumptions on extending and expanding the known mineralization, the prospectivity of exploration targets, the potential economic viability of the assets, the potential for a future large-scale, open-pit operation in the district, and the advancement of projects towards a development decision. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “appears”, “increase”, “forward”, “updating”, “justification”, “add” or “additional”, “support”, “plans”, “expected” or “expectations”, "budget", "scheduled", “estimates”, “forecasts”, “potentially”, “prospective”, “prioritize”, “reflects”, “goal”, “will be” or “will consider”, “can be”, “intends”, “advancing”, “work towards”, “identify”, “demonstrating”, “towards”, “opportunity”, fully-funded”, “expanding”, “targeted”, “anticipates”, or “does not anticipate”, or “believes” or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved".
Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Nighthawk to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Nighthawk’s annual information form for the year ended
Cautionary Statement regarding Mineral Resource Estimates
Until mineral deposits are actually mined and processed, Mineral Resources must be considered as estimates only. Mineral Resource estimates that are not Mineral Reserves and have not demonstrated economic viability. The estimation of Mineral Resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties, contingencies and other factors described in the Company’s public disclosure available on SEDAR at www.sedar.com. The quantity and grade of reported “Inferred” Mineral Resource estimates are uncertain in nature and there has been insufficient exploration to define “Inferred” Mineral Resource estimates as an “Indicated” or “Measured” Mineral Resource and it is uncertain if further exploration will result in upgrading “Inferred” Mineral Resource estimates to an “Indicated” or “Measured” Mineral Resource category. The accuracy of any Mineral Resource estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource estimates may have to be re-estimated based on, among other things: (i) fluctuations in mineral prices; (ii) results of drilling, and development; (iii) results of future test mining and other testing; (iv) metallurgical testing and other studies; (v) results of geological and structural modeling including block model design; (vi) proposed mining operations, including dilution; (vii) the evaluation of future mine plans subsequent to the date of any estimates; and (viii) the possible failure to receive required permits, licenses and other approvals. It cannot be assumed that all or any part of a “inferred” or “indicated” Mineral Resource estimate will ever be upgraded to a higher category. The Mineral Resource estimates disclosed in this news release were reported using
Cautionary Statement to
This news release uses the terms “Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” as defined in the CIM Standards in accordance with NI 43-101. While these terms are recognized and required by the Canadian Securities Administrators in accordance with Canadian securities laws, they may not be recognized by the
The “Mineral Resource” estimates and related information in this news release may not be comparable to similar information made public by
1 For more information on the updated Mineral Resource Estimate (“2022 MRE”) please refer to the
View source version on businesswire.com: https://www.businesswire.com/news/home/20220505005326/en/
Tel: 1-416-880-7090; Email: info@nighthawkgold.com
Website: www.nighthawkgold.com
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FAQ
What is the significance of John McBride's appointment as VP of Exploration for Nighthawk Gold Corp. (MIMZF)?
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