Welcome!

News Feed Item

Nighthawk Reports 36.85 Metres of 5.67 g/t Gold and 26.65 Metres of 6.53 g/t Gold From Historic Drilling at Cass and Proposes Share Consolidation

TORONTO, ONTARIO -- (Marketwired) -- 03/26/14 -- Nighthawk Gold Corp. ("Nighthawk") (TSX VENTURE: NHK) reports assay results from 18 historic holes from 1986 drilled on its recently acquired Cass gold deposit (see December 18, 2013 news release) located on Nighthawk's Indin Lake Gold Property in the Northwest Territories ("NWT"). Nighthawk also announces a proposed consolidation of its share capital (the "Share Consolidation") on the basis of five (5) existing common shares for one (1) new common share.

HIGHLIGHTS:


--  Hole 86-34 intersected 36.85 metres of 5.67 grams per tonne ("g/t") gold
    including 16.30 metres of 10.08 g/t gold, and 9.80 metres of 14.05 g/t
    gold;

--  Hole 86-18 intersected 26.65 metres of 6.53 g/t gold including 16.75
    metres of 8.94 g/t gold, and 4.30 metres of 16.45 g/t gold;

--  Hole 86-27 intersected 41.40 metres of 3.35 g/t gold including 27.90
    metres of 4.55 g/t gold, and 12.00 metres of 6.51 g/t gold;

--  Majority of historic drill intersections lie within 75 metres of
    surface; and

--  Consolidation in Nighthawk shares proposed on the basis of five (5)
    existing common shares for one (1) new common share to optimize the
    capital structure to better attract capital financing and enhance future
    growth opportunities.

David Wiley, President and CEO of Nighthawk commented, "The historical drill results we now have from Cass and Kim are outside of our current mineral resource estimate. We are working with the author of our technical report to undertake the necessary QA/QC steps that will potentially enable us to include these results in the next update of our mineral resource estimate. Regarding the Share Consolidation, we are confident this step will position Nighthawk for the next stage of growth. Through the support of our dedicated shareholder base of well-known mining professionals we have assembled a truly bona-fide gold camp in a stable Canadian jurisdiction. Over the balance of this year and on into 2015 we anticipate steady news flow as we continue to de-risk and advance the Indin Lake Gold Property."

Historic Drilling and Results

The Cass deposit, hosted within a gabbroic intrusion, and the Kim deposit, hosted within a mafic volcanic rock package, represent high priority, yet underexplored deposit types within the Indin Lake Gold Camp. Data recently compiled from the two deposits includes over 32,000 metres of 1986, 1987 and 1995 drilling. Much of this core is preserved on-site and will be selectively re-logged and re-sampled in 2014.

Highlights from 1986 drilling (18 holes) are presented for the Cass deposit (Table 1), defining broad zones of near surface gold mineralization with significant grade and continuity. Intersection widths, shallow depths (majority of intersections lie within 75 metres of surface) and continuity of mineralization are believed to be conducive to open pit mining methods. These results are historic in nature and Nighthawk has not independently verified the results; consequently they should not be relied upon. Results from the remaining historic holes will be released as they are finalized.


Table 1. Historic 1986 Drill Results from Cass
----------------------------------------------------------------------------
                                       From         To  Length(i)      Grade
Hole I.D.                               (m)        (m)        (m)     g/t Au
----------------------------------------------------------------------------
C86-05                                21.70      25.80       4.10       3.49
                                      47.00      66.50      19.50       4.10
  including                           57.00      62.00       5.00       8.19
----------------------------------------------------------------------------
C86-06                                27.30      43.70      16.40       2.54
                                      76.25      80.85       4.60       5.74
----------------------------------------------------------------------------
C86-08                                44.90      54.00       9.10       2.29
----------------------------------------------------------------------------
C86-09                                39.00      49.00      10.00       2.97
  including                           39.00      42.00       3.00       7.89
----------------------------------------------------------------------------
C86-11                                53.00      72.00      19.00       3.31
  including                           54.90      67.50      12.60       4.02
----------------------------------------------------------------------------
C86-13                                56.90      64.50       7.60       4.14
----------------------------------------------------------------------------
C86-14                                54.20      66.50      12.30       3.03
  including                           58.00      63.60       5.60       4.82
----------------------------------------------------------------------------
C86-18                                18.85      33.40      14.55       3.42
  including                           25.20      33.40       8.20       5.49
                                      38.70      65.35      26.65       6.53
  including                           40.80      57.55      16.75       8.94
  including                           40.80      45.10       4.30      16.45
  including                           50.85      57.55       6.70       9.47
----------------------------------------------------------------------------
C86-19                                53.80      67.60      13.80       4.74
  including                           62.66      66.00       4.00      10.04
                                      78.80      94.40      15.60       2.98
  including                           92.00      94.40       2.40       7.00
----------------------------------------------------------------------------
C86-20                                39.80      55.20      15.40       4.42
  including                           44.50      53.20       8.70       6.71
  including                           48.70      53.20       4.50       8.77
----------------------------------------------------------------------------
C86-20B                               41.70      59.50      17.80       3.56
  including                           50.00      55.50       5.50       6.98
                                      99.65     127.01      27.45       3.97
  including                          100.30     111.00      10.70       6.97
----------------------------------------------------------------------------
C86-27                                48.10      89.50      41.40       3.35
  including                           61.60      89.50      27.90       4.55
  including                           75.00      87.00      12.00       6.51
----------------------------------------------------------------------------
C86-33                               102.95     119.05      16.10       4.64
  including                          107.55     118.05      10.50       6.61
----------------------------------------------------------------------------
C86-34                                97.30     134.15      36.85       5.67
  including                          102.60     118.90      16.30      10.08
  including                          109.10     118.90       9.80      14.05
----------------------------------------------------------------------------
C86-35                               109.55     129.70      20.15       3.38
  including                          113.05     117.15       4.10       6.65
----------------------------------------------------------------------------
C86-37                               108.60     124.00      15.40       2.45
----------------------------------------------------------------------------
C86-38                               136.30     167.10      30.80       2.46
  including                          158.10     163.50       5.40       5.57
----------------------------------------------------------------------------
C86-40                               129.10     144.90      15.80       3.46
  including                          135.20     144.90       9.70       4.49
----------------------------------------------------------------------------

(i) Lengths are reported as core lengths. True widths are unknown at this time.

Cass Gold Deposit

The Cass deposit is connected by road to Nighthawk's Colomac Gold Property located 20 kilometres to the northeast. Mineralization is characterized by stockwork quartz-carbonate veins with minor pyrite, pyrrhotite and arsenopyrite within a northeast trending intrusion. Approximately 13,500 metres of historic drilling traced the mineralization over a strike length of 360 metres and to a depth of 210 metres. The deposit remains open in all directions.

In the mid 1990s, Royal Oak planned to develop the Cass deposit by means of an open pit operation and process the ore at its Colomac Mill, however the company closed its Colomac operation before production was achieved from the deposit.

The Cass style of mineralization points to the largely untested potential for discovery of significant gold mineralization in other gabbroic bodies such as those hosting the under explored and nearby Raspberry and Albatross gold occurrences. In addition, similar showings have been located throughout the Indin Lake Gold Belt and represent priority exploration targets to be assessed in the upcoming 2014 field program.

In December 2013, Nighthawk optioned four mining leases from Geomark Exploration Ltd. ("Geomark"), a wholly owned subsidiary of Pine Cliff Energy Ltd. The agreement encompasses not only the Kim and Cass gold deposits (Figure 1) but several other prospects.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/nhk0326fig1.pdf.

Proposed Share Consolidation

Nighthawk announces a proposed Share Consolidation on the basis of five (5) existing common shares for one (1) new common share. Currently, a total of 187,763,533 common shares in the capital of the Nighthawk are issued and outstanding. Accordingly, if put into effect on the basis of five (5) existing common shares for one (1) new common share, a total of approximately 37,552,706 common shares in the capital of the Nighthawk would be issued and outstanding following the Share Consolidation, assuming no other change in the issued capital.

Management believes that the Share Consolidation is in the best interests of Nighthawk's shareholders and is necessary in order to provide Nighthawk with a share capital structure that will better attract capital financing and enhance future growth opportunities. The implementation of the Share Consolidation would not affect the total shareholders' equity of Nighthawk or any components of shareholders' equity as reflected on Nighthawk's financial statements except: (i) to change the number of issued and outstanding common shares; and (ii) to change the number of outstanding stock options, as well as their relative exercise prices, to reflect the Share Consolidation.

Nighthawk's shareholders will be asked to approve the Share Consolidation at a Special Meeting of shareholders to be held on Thursday, May 8, 2014. The Share Consolidation is subject to shareholder approval and acceptance of the TSX Venture Exchange.

About Nighthawk Gold Corp.

Nighthawk is a Canadian-based exploration company focused on acquiring and developing gold mineral properties in the Northwest Territories. Its primary land position covers 229,791 acres or 930 square kilometres in the Indin Lake Gold Camp and includes an Inferred Mineral Resource estimate of 39.815 million tonnes with an average grade of 1.64 g/t gold for 2.101 million ounces gold using a cut-off grade of 0.6 g/t gold.

The technical aspects of this press release have been reviewed by Michael Byron, Ph.D., P.Geo., Chief Geologist and Director for Nighthawk, who is the "Qualified Person" as defined by NI 43-101 for this project.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, the timing of future drilling, the expansion of the mineralization, and the remediation of historic reclamation sites. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Nighthawk, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...