The above-mentioned intercept was part of part of a larger 9.5m at 22.41g/t from 222.3m; another highlight was 22.4m at 5.4g/t including 5.8m at 13.68g/t.

Nighthawk said the results confirmed and expanded a high-grade zone discovered in 2014 and broadened the mineralisation along strike and at depth at Goldcrest, within its Indin Lake property in the Northwest Territories.

"The exploration model recently developed for the localisation of high-grade zones within the Colomac Main sill, such as Zone 1.5, is being applied to all Colomac area sills," president and CEO Dr Michael Byron said.

In a note, Haywood put a buy rating with a target of C$1.30 a share, saying the drilling highlighted growth potential at the Goldcrest sill.

Nighthawk has recently completed its 26,168m resource expansion drilling programme ahead of an update slated for Colomac - which currently has an inferred 2.1 million ounce resource - in the first half of next year.

Shares in the company rose 9.23% yesterday to C71c, capitalising the company close to $134 million (US$105 million).