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
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
"Peak 10 is a national cloud data center solutions managed services provider, and part of that is disaster recovery. We see a growing trend in the industry where companies are coming to us looking for assistance in their DR strategy," stated Andrew Cole, Director of Solutions Engineering at Peak 10, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company Logz.io. In the past, he was co-founder of social-trading platform Currensee, which w...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...