Nighthawk's stock jumps on Goldcrest drill results

Winter drilling at Colomac, NWT. Image from Nighthawk Gold.

Nighthawk Gold (TSE: NHK) released results from recent drilling at the Goldcrest sill, part of its Indin Lake property in the Northwest Territories that also hosts its flagship Colomac Main project.

The company drilled seven holes totalling 2,190 metres to follow up on areas identified during its three previous drill campaigns and to target resource expansion opportunities in the Goldcrest South part of the property. The Goldcrest sill is located 400 metres east of the Colomac Main sill.

Highlights include: 68.5 metres (8 metres true width) of 2 g/t gold from 17.5 metres downhole depth, including 15.5 metres of 5.47 g/t gold and 4.3 metres of 16.98 g/t gold in hole C19-05.

Hole G19-01 returned intercepts including 13.55 metres of 0.89 g/t gold from 154.2 metres and 10 metres of 1.02 g/t gold from 312.5 metres.

"Goldcrest is very similar to Colomac Main except it has been drilled significantly less and has a shorter strike length of 2.5 kilometres compared to the 9-kilometre strike length of Colomac Main," said Nighthawk president and CEO Michael Byron.

"We continue to encounter robust mineralization throughout the Colomac area sills, which reinforces our belief that with continued exploration, new discoveries and ongoing expansion of known zones will follow," Byron said.

The Colomac project has an inferred resource of 50.3 million tonnes grading 1.62 g/t gold for 2.6 million oz.

At market close Wednesday, Nighhawk Gold's stock was up over 11%. The day's trading volume reached 260,267, over four times the daily average. The company has a C$108 million market capitalization.

(A version of this article first appeared in the Canadian Mining Journal)