Colomac has more than two million ounces in indicated and inferred resources (at a circa 2gpt average grade) and sees "near-term resource expansion opportunities exist proximal to the current resources, and additional upside throughout the plus-7km strike length of the host quartz diorite".

CEO Michael Byron said the funds enabled Nighthawk to finish this year's drilling and expand its 2021 program, with a number of "high-priority targets" over the Indin Lake property.

"We expect to receive drill results on some of these targets in the near term," Byron said.