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Strong intercepts at Nighthawk's Leta Arm

The latest round of drill results from explorer Nighthawk Gold’s (TSX:NHK) North Inca deposit point to the emergent opportunity that exists in the juvenile gold camp in Canada’s Northwest Territories.
Strong intercepts at Nighthawk's Leta Arm Strong intercepts at Nighthawk's Leta Arm Strong intercepts at Nighthawk's Leta Arm Strong intercepts at Nighthawk's Leta Arm Strong intercepts at Nighthawk's Leta Arm

Nighthawk Gold has reported encouraging gold drill intercepts at Leta Arm, near its main Colomac project

Henry Lazenby in Vancouver

Nighthawk reported the results from 2,513m of drilling in 11 holes at one of four deposits within the Toronto-based company's Leta Arm gold project that straddle a well mineralised, 10km-long-by-500m-wide deformation zone, 16km south-west of the flagship Colomac gold project.

Highlight holes included NI18-03B, which intersected 13m (true width) of 2.68 grams per tonne gold, including a higher-grade portion of 9.95m grading 4.9gpt and 4.6m of 6.6gpt, and NI18-02B, which hit 5m of 4.49gpt gold, including 4.25m of 6.52gpt, and 2.25m of 10.45gpt.

"Given the camp's underexplored nature, we believe that many other prospects of similar magnitude remain to be discovered," president and CEO Dr Michael Byron said in a statement.

"Initial results have shown the expansion potential of the North Inca vein systems and validated our latest exploration model. We are awaiting the findings of our recently completed induced polarisation survey, as results of that work are expected to assist with future drill targeting throughout the Leta Arm corridor and may also provide valuable insight into any possible relationship between the four deposits."

The campaign had also succeeded in validating the modelled steep northern plunge to mineralised veins zones. The work to date tested only for near-surface mineralisation, and the deposit remains open in all directions below 100m. The results also extended the East Zone a further 100m south and it too remains open. 

Drilling of the other three Leta Arm deposits - Diversified, Number 3, and Lexindin - is complete with results pending.

Leta Arm is a strategic asset in terms of Nighthawk's objective of delivering potential satellite gold ounces to enhance any future Colomac production scenario.

"Two of the three drills are now working the Colomac area deposits and will remain there for the duration of the 2018 programme, while the third rig will be active on several of our regional deposits and priority targets including the high-grade Damoti Lake gold deposit," Byron said.

Nighthawk is trading about 60% below the stock's 52-week high of C$1.06 a share it hit late in August, and on Tuesday closed 2.3% lower at C43c, for a market capitalisation of C$80.16 million.