Nighthawk Intersects 14.75 Metres of 6.91 gpt Gold (uncut), Including 4.25 Metres of 15.28 gpt Gold at its Damoti Lake Gold Project

TSX: NHK

TORONTO, Jan. 10, 2019 /CNW/ – Nighthawk Gold Corp. (“Nighthawk” or the “Company“) (TSX: NHK; OTCQX: MIMZF) is pleased to report drill results from seventeen holes (5,140 metres) at its 100% owned Damoti Lake Gold Project (“Damoti“), Northwest Territories, Canada. Drilling focused on exploring outside of the main deposit (Figure 1), to test several new geological targets within the host Horseshoe and Red Mountain synclines. The program successfully infilled and extended mineralized zones in both areas, intersecting additional near surface as well as deeper mineralization, and highlighting new exploration opportunities within the northern portions of the synclines.

HIGHLIGHTS OF DRILLING:

Horseshoe Zone (“Horseshoe“)

• D18-02 intersected 6.95 metres of 10.12 grams per tonne gold (“gpt” “Au“), including 4.20 metres of 15.81 gpt Au; 2.50 metres of 8.97 gpt Au, including 1.00 metre of 19.36 gpt Au
• D18-02B intersected 9.35 metres of 4.34 gpt Au, including 2.60 metres of 11.59 gpt Au; 5.75 metres of 9.78 gpt Au, including 3.50 metres of 15.85 gpt Au
• D18-07 intersected 23.65 metres of 1.54 gpt Au, including 3.30 metres of 4.24 gpt Au, and 1.20 metres of 9.05 gpt Au; 11.25 metres of 2.18 gpt Au, including 3.00 metres of 4.55 gpt Au
• D18-07B intersected 14.75 metres of 6.91 gpt Au, including 4.25 metres of 15.28 gpt Au; 9.50 metres of 2.61 gpt Au, including 4.00 metres of 3.50 gpt Au

Red Mountain Zone (“Red Mountain“)

• D18-06 intersected 8.65 metres of 1.89 gpt Au, including 1.50 metres of 6.14 gpt Au
• D18-06B intersected 4.25 metres of 3.31 gpt Au, including 1.25 metres of 10.22 gpt Au; 5.25 metres of 2.46 gpt Au, including 1.25 metres of 7.94 gpt Au
• The D18-06 and D-18-06B intercepts represent a new discovery at Red Mountain that remains open in all dimensions

Highlights of the Damoti Lake Gold Deposit

• Small high-grade near-surface deposit with resource expansion potential
• Existing underground ramp developed into the high-grade core of Horseshoe
• High-grade satellite deposit that could augment future Colomac gold development scenario
• Damoti embodies the remarkable opportunities that Nighthawk’s many other regional assets represent, and which collectively strengthen the Company’s 100% controlled regional play centered on Colomac, a mutli-million-ounce deposit with significant growth possibilities.

Dr. Michael Byron, President and CEO commented, “While Nighthawk has not drilled Damoti since 2010, we were eager to resume activities as it represents a unique high-grade, near-surface deposit, one that we consider of great value as potential feed to augment possible future Colomac mine development. Damoti also supports our belief that similar high-grade opportunities exist throughout the Indin Lake Gold Camp. The consolidation of this camp, including all of its many deposits and showings, gives us control of its vast yet underexplored potential.

“Our 2009 and 2010 drill programs were mainly directed at validating and expanding the main deposit, while the 2018 drilling was aimed at testing geological exploration targets outside the main body, in search of new growth opportunities. Additional drilling and exploration work will be contingent upon the incorporation of all drill results to-date into an expanded geological model to assist in target generation and resource evaluation.”

Damoti Lake Gold Deposit

The Damoti Lake deposit lies 28 kilometres south of the Colomac Gold Project (“Colomac“). Mineralization is hosted in folded Archean iron-formation associated with fold related fracturing and hydrothermal alteration where gold is preferentially located within fold noses and parasitic structures. Areas of significant gold mineralization occur in association with sulphide minerals, predominantly pyrrhotite and to a lesser extent pyrite replacing magnetite.

A small historical high-grade, near-surface deposit was previously defined showing excellent expansion potential (see press release dated, November 17, 2005, for Anaconda Gold Corp., “Anaconda“). In 2005 Anaconda commissioned an independent, National Instrument 43-101 compliant resource estimate on the deposit (Refer to report “Technical Report and Resource Estimate on the Damoti Lake Property, Northwest Territories, Canada“, dated December 22, 2005, available under Anaconda’s profile at www.sedar.com).  Using a cut-off grade of 8.00 gpt Au, the measured and indicated mineral resource estimate for the deposit totaled 40,600 tonnes grading 26.17 gpt Au, with a further inferred mineral resource estimate of 17,800 tonnes grading 16.38 gpt Au. Two pre-NI 43-101 resource estimates are referenced in the 2005 technical report, and summarized in Table 1, suggesting the potential for a larger lower-grade deposit (see press release dated April 9, 2009).

Nighthawk intends to expand on this potential as it considers Damoti an important satellite deposit that also has a ramp developed into its core, which could provide possible high-grade feed for any future development opportunity at the Company’s flagship asset, Colomac.

Table 1. Damoti – Historic Resource Calculations

* These historical resource calculations are believed relevant but should not be relied upon until verified. These historical estimates did not use mineral resource categories as stipulated in NI 43-101.
** The 2005 resource was calculated using an 8.00 gpt Au cutoff in order to facilitate the evaluation of a small, high-grade mining operation restricted to the Horseshoe Zone.

Table 2. Damoti Drill Results (uncut)