NHK (TSE) CA$ 0.49 The Technical Trader Gold and Silver.
It seems that life is finally returning to Nighthawk Gold. After Price seemed to be muddling around for a long time, the company announced drilling results that placed the entire Colomac project in a completely different perspective.
Target: 1.05
And rightly so, because the new drill holes are the best holes that have been drilled so far on the project. For an interval of 56 meters (true width: 35 meters) with a grade of just under 13.5 grams of gold per tonne of rock there are actually no words;
Typically, longer intervals have a lower grade, while such high-grade intervals (to the extent that they already occur) run a much shorter distance.
This excellent borehole was drilled in the Zone 1.5 and is not entirely unexpected since earlier high-grade zones were found, but none yet as exceptional as the drilling results announced at the end of May.
The other drilling results in zone 1.5 were then more in line with expectations.
Nothing spectacular, but nice thick and consistent intervals such as 53 meters at 2 g / t and 30 meters at 1.1 grams per tonne, while also on zone 3.0 there extra gold mineralization was tapped with 23 meters of 2.14 g / t gold and 18 meter of 1.32 g / t gold. Good enough to build a mine, but the real moneymaker will of course be in the zone with the ultra high-grade mineralization.
To give you an idea: if the company mixes 14 tonnes of ore with 1.1 g / t of gold with 1 tonnes at 12.5 g / t, the average grade rises from that 15 tonnes to 1.86 g / t (so an increase of no less than 70%, although the mix formula of 14: 1 is certainly not an exaggeration).
So what we mean is that the project will not be built based on those few high-grade intervals, but some of those "pods" are seriously going to make a difference in terms of grade and production costs and can make Colomac a lot more profitable than previously assumed.
Bear in mind that the historic grade that was mined in the 1990s is Amounted to 1.66 grams per tonne and the average recovery rate was around 89%.
Now, 20 years later, progress has been made in the metallurgical field, so that 89% could rise sharply, and extra test work in recent year recoveries were measured between 91% and 98%.
It should therefore not be surprising that the private placement before the drilling results were announced suddenly filled very quickly.
Nighthawk initially aimed at 9 million Canadian dollars, but eventually turned over to more than 12.5 million Canadian dollars, barely a week after the announcement of the drilling results.
So although the gold and silver markets remain very calm, it appears there is still cash available for high-grade discoveries.
Technical Information
Nighthawk has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. Drill core samples were transported in security-sealed bags for analyses at ALS Global Assay Laboratory in Vancouver, BC ("ALS Global"). ALS Global is an ISO/IEC 17025 accredited laboratory. Pulp and metallics assaying for gold was conducted on the entire pulverized sample.
As part of its QA/QC program, Nighthawk inserts external gold standards (low to high grade) and blanks every 20 samples in addition to the standards, blanks, and pulp duplicates inserted by ALS Global.
About Nighthawk
Website
Nighthawk is a Canadian-based gold exploration company with 100% ownership of a district-scale land position within the Indin Lake Greenstone Belt, located approximately 200 km north of Yellowknife, Northwest Territories, Canada. Nighthawk is focused on advancing the Colomac Gold Project with a current inferred resource of 2.6 million ounces of gold (50.3 million tonnes at an average grade of 1.62 grams per tonne gold), as well as advancing its other regional gold deposits and showings within this largely underexplored Archean gold camp.
The Company has an experienced and dedicated team and is well funded to complete its goals and objectives over the next 18-24 months.
Legal disclaimer: I am not a financial advisor. The advice here given is not a financial advice even though my excitement might make it look like such. My traders and the team, although they are doing quite well for themselves, these results dont mean it can be done for you. This channel shouldnt be followed by anyone expecting something from us.
You trade at your own risk and nobody can guarantee you results. Even if someone could, I don't.