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Shares of the company rose by nearly 6% on Wednesday morning.

The project is located 100 kilometres north-northwest of the Ring of Fire nickel and chromite deposits.

The program is intended to locate high-grade uranium hosted in faults along the C10 horizon, the major regional fault structure.

Nighthawk has increased its drill program to 35,000 metres for the year, up from the previously forecast 25,000 metres, which makes it the largest drill program in the explorer’s history.

The refinery's output could be doubled to 5,000 t/y cobalt contained in sulphate.

For all the deposits, the indicated resource is 3.2 million tonnes averaging 6.33 g/t gold and containing 643,000 oz. of gold.