Nighthawk Gold (TSX: NHK) has had a timely development, this morning releasing an updated mineral resource estimate for its Indin Lake Gold property while the price of gold smashes past US$2,000 an ounce. The updated estimate has seen significant improvement in terms of pit-constrained mineral resource ounces when compared to a 2021 estimate previously released.
The mineral resource estimate has seen significant increases in both indicated gold as well as inferred gold, bringing the total estimated ounces in the ground over the 4.0 million ounce mark. The breakdown is as follows.
- Open pit: 46,402,000 tonnes of 1.38 g/t indicated gold, equal to 2,062,400 ounces
- Open pit: 7,831,000 tonnes of 2.39 g/t inferred gold, equal to 601,000 ounces
- Underground: 11,761,000 tonnes of 1.65 g/t indicated gold, equal to 624,700 ounces
- Underground: 11,858,000 tonnes of 1.91 g/t inferred gold, equal to 729,500 ounces
Collectively, it equates to a resource estimate of 2,687,100 indicated gold ounces at 1.44 g/t gold, as well as 1,330,500 inferred gold ounces at 2.10 g/t gold. Indicated resources increased 19% over the prior estimate, while inferred resources increased a substantial 69%. Much of the increase largely came from the open pit constrained resources.
The estimate is based upon 39,065 metres of drilling in aggregate, and is spread across five deposits at the project. The firm is currently in the process of finalizing its exploration plans for 2022, with drilling to be based on the data evaluated for the resource estimate, to assist in expanding the resource in the future.
Nighthawk Gold last traded at $0.80 on the TSX Venture.
Information for this briefing was found via Sedar and Nighthawk Gold Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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