The company has reported highlights including 4m at 15.94g/t gold within 6.5m at 10.08g/t from drilling at Treasure Island, which is 11km north of the 2.6 million ounce Colomac deposit at its Indin Lake project in Canada's Northwest Territories.

"Treasure Island is one of several high-priority regional prospects that lie satellite to Colomac and given the underexplored status of the Indin Lake Gold Camp, we believe these prospects represent incredible opportunities for discovery and expansion," president and CEO Dr Michael Byron said.

Nighthawk has finished its upsized C$15 million (US$11 million) 2019 drilling programme at Indin Lake, which is expected to lead to a Colomac resource update and a maiden resource for the Damoti Lake gold project.

The company is planning its 2020 exploration campaign.

It had closed a $12.6 million (US$9.5 million) bought-deal financing in June, saying at the time the offering took its working capital to $22 million (US$16.5 million).

The flow-through shares were priced at 40c and the charity flow-through shares at 49.5c.

Northfield Capital, Kinross Gold and Osisko Gold Royalties are its major shareholders.

Nighthawk shares have ranged from 31-73c over the past year and closed down 1% to 46c yesterday, to capitalise it at $102 million (US$76.6 million).