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company has said it is sourcing financing
opportunities to achieve operations.
Ranking behind that group is a tier
of projects that are at much earlier stage.
They include properties held by TerraX
Minerals Inc. [TXR-TSXV; TRXXF-
OTC; TX0-FSE] and Nighthawk Gold.
Nighthawk's Colomac Project is located
about 80 minutes by helicopter north of
Yellowknife. It can also be accessed by
a 245-km winter road that starts west of
Yellowknife from the No.3 Highway at the
Taicho community of Behchoko.
It is also located north of Damoti Lake,
another gold property that Nighthawk's
predecessor company Merc International
Minerals acquired in September 2008,
around the time when Nighthawk CEO,
Michael Byron, was opting to change his
focus from Ecuador to the frozen north.
Merc International agreed to acquire the
mineral claims and leases of the former
Colomac Gold mine in December 2011.
The claims and leases that contain the
former Colomac open pit are part of the
much larger Indin Lake property, which
covers 90,000 hectares and is thought to
contain 20 known gold deposits. Five of
those deposits are located on the Colomac
leases, which are known to host a NI
43-101 compliant inferred resource of 2.1
million ounces of gold, grading 1.64 grams
per tonne.
Byron said he was aiming to expand his
company's footprint in the area and cre-
ate a regional play that would consolidate
a basket of near-surface gold deposits, all
of which had exhibited good grades and
grade thicknesses. "Most of them had not
been looked at since the 1950s,'' he said.
The hope is that through contin-
ued drilling, Nighthawk will be able to
increase the current resource estimate to
at least 3 million ounces. When a Resource
World reporter visited the site there
wasn't much left of the Royal Oak opera-
tions. Aside from the 5,000-foot airstrip,
all that remains is a series of open pits
located near a small camp that houses the
36 Nighthawk Gold employees and con-
sultants. There was no sign of Royal Oak's
10,000 tonne-per-day processing facility,
