In the press release, Richard Roy, Nighthawk’s VP of exploration, noted that the Treasure Island assays could contribute higher-grade material to the resource while Colomac results indicate good potential at depth.
“Drilling in 2021 will focus on further delineation of near-surface mineralization in an effort to increase the in-pit resources. The potential at depth on Colomac remains very significant, but quality near surface targets remain untested at Colomac and will be prioritized in 2021.”
In late March, Nighthawk announced a C$10.95 million bought deal private placement of flow-through units. Closing is expected around Apr. 13.
Based on a March resource update, that accounted for two-thirds of the company’s 2020 exploration program, Colomac hosts 17.9 million pit-constrained indicated tonnes at 1.62 g/t gold for a total of 930,000 gold oz. Total Indin Lake indicated resources, which include both open pit and underground inventory, stand at 38.7 million tonnes grading 1.81 g/t gold, and contain 2.2 million gold oz. Inferred resources are estimated at 11.5 million tonnes at 2.13 g/t gold, containing 786,100 oz. Resources are defined within the Colomac, Goldcrest, Grizzly Bear, 24 and 27 deposits.
One of the deposits at Colomac produced 527,908 gold oz. between 1990 and 1997 from three open pits.
(This article first appeared in the Canadian Mining Journal)