Nighthawk Gold (NHK.V) is currently finishing up a 10,000 meter drill program on its Colomac property in Canada, and especially the assay results from the so-called zone 1.5 are pretty spectacular.
The drill bit intersected 40 meters (true width!) of 7.72 g/t gold, 25 meters of 4.14 g/t gold and 32 meters containing 2.38 g/t gold. The mineralization also seems to be relatively shallow, as these high-grade intervals were encountered at just 140—160 meters down hole. This zone 1.5 now has a strike length of 100 meters and remains open. We expect to see more drill results shortly, as the company has reported on less than 15% of its 10,000 meter drill program.
The near-surface mineralized envelope of Zone 1.5 now extends over 125 meters in length, 30-40 meters true width and has been traded until a depth of 260 meters (and it remains open at depth). A simple calculation learns us this results in a total tonnage of approximately 3-3.5 million tonnes at what seems to be a very high average grade for an open pit.
These drill results also caught the interest of Kinross gold (K.TO, KGC), which acquired 9.4% of Nighthawk’s common shares in a private placement, which should be interpreted as a vote of confidence.
Go to Nighthawk’s website
The author has no position in Nighthawk Gold. Please read the disclaimer
