Nighthawk Gold Reports 271.40 g/t Au over 1.0 metre, 1.51 g/t Au over 70.75 metres, and 7.57 g/t Au over 9.50 metres at the Colomac Main Deposit

Figure 8 – Colomac Main Deposit (1.0) – Section View #3 (Graphic: Business Wire)

TORONTO--()--Nighthawk Gold Corp. (“Nighthawk” or the “Company”) (TSX: NHK; OTCQX: MIMZF) is pleased to report additional drill assay results from the Colomac Main Deposit within the Colomac Centre Area.

Table 1 – Highlight Drill Assay Results from the Colomac Main Deposit

Hole ID

Deposit

Highlight Assay Result

C22-27

Colomac Main (Zone 3.5)

271.40 grams per tonne (“g/t Au”) over 1.00 metre (“m”)

C22-26

Colomac Main (Zone 3.5)

1.51 g/t Au over 70.75 m (including 3.12 g/t Au over 17.35 m)

C22-17

Colomac Main (Zone 1.0)

7.57 g/t Au over 9.50 m (including 23.94 g/t Au over 1.90 m)

C22-25

Colomac Main (Zone 1.5)

0.53 g/t Au over 126.00 m (including 6.36 g/t Au over 0.50 m)

C22-11

Colomac Main (Zone 1.5)

0.40 g/t Au over 91.00 m (including 7.81 g/t Au over 1.00 m)

Note: True widths remain undetermined at this stage. All assays are uncut. Further statistical analysis will be required prior to establishing a suitable cut grade.

Nighthawk President & CEO Keyvan Salehi commented, “The latest drill results from the Colomac Main Deposit, like the other deposits that we have drilled in our district-scale land package, continues to demonstrate the potential for further mineral resource expansion along strike and at depth.”

Colomac Main Deposit

The Colomac Centre Area (please refer to Figure 4 for the Regional Map) represents a group of five proximal deposits (Colomac Main, Grizzly Bear, Goldcrest, 24 & 27) in the heart of the Colomac Gold Project. The latest batch of drill assay results from the Colomac Main Deposit (please refer to Figure 5 for the Local Map of the Drill Hole Locations) focused on the potential north-end (Zones 1.0 and 1.5) and south-end (Zone 3.5) extensions of the deposit along strike. Below is a summary for each of the zones drilled at the Colomac Main Deposit:

  • Zone 1.0: Higher-grade, near-surface mineralization (highlighted by hole C22-17) was encountered outside of the 2022 Mineral Resource Estimate1 (“2022 MRE”) pit shells, suggesting the potential expansion of known mineralization in that area. Please refer to Figures 3 and 8 for the Isometric and Section #3 Views, respectively, of the highlight drill assay results in Zone 1.0.
  • Zone 1.5: The Company encountered wide intervals of mineralization of up to 126 m (highlighted by hole C22-25). New mineralization was also intersected across a fault previously bounding the known mineralization to the south. Please refer to Figures 2 and 7 for the Isometric and Section #2 Views, respectively, of the highlight drill assay results in Zone 1.5.
  • Zone 3.5: Nighthawk extended the mineralization zone to the south by approximately 100 m, including higher-grade intercepts. Mineralization continues to be wider at depth like the historical drilling from this area. Mineralization is hosted within traditional quartz diorite but also quartz gabbro, which opens the prospective ground for future exploration to the south. Previous drilling to the south only tested for very shallow mineralization hosted in quartz diorite. Please refer to Figures 1 and 6 for the Isometric and Section #1 Views, respectively, of the highlight drill assay results in Zone 3.5.

Please refer to Tables 1 and 2 for the Highlight Drill Assay Results and Drill Assay Results Summary of the latest batch of drilling at the Colomac Main Deposit.

_________________________

 

1 For more information on the Mineral Resource Estimate (“2022 MRE”) please refer to the March 8, 2022 news release and in the Company’s NI 43-101 technical report entitled “NI 43-101 Technical Report and Update of the Mineral Resource Estimate for the Indin Lake Gold Property, Northwest Territories, Canada” and dated March 31, 2022 (“Technical Report”), which is available on SEDAR www.sedar.com and on the Company’s website at www.nighthawkgold.com. John McBride, Vice President of Exploration of Nighthawk, who is the “Qualified Person” as defined by NI 43-101, has reviewed, and approved of the scientific and technical disclosure contained in this news release.

Table 2 – Drill Assay Results Summary – Colomac Main Deposit

Hole ID

Interval (m)

Core
Length

Gold Grade

From

To

(m)

(g/t Au)

Colomac Main

C22-06

No Sampling

C22-07

176.75

181.25

4.50

2.30

and

196.50

217.00

20.50

0.72

and

229.00

233.50

4.50

1.02

C22-09

No Significant Intervals

C22-11

43.00

134.00

91.00

0.40

including

133.00

134.00

1.00

7.81

and

175.00

181.00

6.00

0.63

C22-17

148.00

157.50

9.50

7.57

including

150.60

152.50

1.90

23.94

and

215.00

216.00

1.00

1.14

and

220.10

220.50

0.40

2.51

C22-18

46.00

47.50

1.50

1.85

and

68.00

75.00

7.00

0.56

and

92.25

93.45

1.20

1.59

and

131.00

132.50

1.50

2.13

and

196.00

197.00

1.00

2.59

and

209.00

221.00

12.00

0.62

C22-19

95.25

95.75

0.50

2.70

and

112.00

136.50

24.50

0.46

C22-20

135.25

143.00

7.75

0.40

and

155.50

168.25

12.75

1.01

including

157.75

158.25

0.50

10.30

and

185.00

195.00

10.00

0.44

C22-21

97.50

99.50

2.00

1.48

C22-22

83.00

157.50

74.50

0.46

including

129.75

130.50

0.75

8.48

C22-23

254.75

294.25

39.50

0.85

including

289.00

289.50

0.50

6.58

and

319.00

323.00

4.00

3.30

and

334.00

334.50

0.50

8.76

C22-24

158.00

163.75

5.75

3.53

including

161.50

162.25

0.75

18.30

and

225.50

226.50

1.00

11.10

C22-25

83.50

209.50

126.00

0.53

including

141.00

141.50

0.50

6.36

and

226.40

226.90

0.50

2.15

C22-26

209.50

280.25

70.75

1.51

including

209.50

226.85

17.35

3.12

and

300.50

301.00

0.50

8.95

C22-27

170.00

171.00

1.00

271.40

and

237.80

238.80

1.00

1.07

C22-28

No Significant Intervals

C22-31

145.00

175.00

30.00

0.51

and

186.00

187.00

1.00

1.27

and

195.00

196.00

1.00

1.55

and

224.00

230.00

6.00

0.66

and

243.00

258.25

15.25

0.43

and

274.00

305.85

31.85

0.61

Note: True widths remain undetermined at this stage. All assays are uncut. Further statistical analysis will be required prior to establishing a suitable cut grade.

Deposit

BHID

Easting

Northing

Elevation

Length

Azimuth

Dip

Colomac Main (Zone 1.5)

C22-06

592268

7143990

382

75

90

-50

Colomac Main (Zone 1.0)

C22-07

592239

7145378

367

324

95

-59

Colomac Main (Zone 1.0)

C22-09

592189

7145545

375

261

90

-49

Colomac Main (Zone 1.5)

C22-11

592309

7143840

374

222

270

-73

Colomac Main (Zone 1.0)

C22-17

592381

7144978

369

252

270

-52

Colomac Main (Zone 1.5)

C22-18

592209

7143907

382

264

115

-60

Colomac Main (Zone 1.0)

C22-19

592359

7144682

368

177

270

-45

Colomac Main (Zone 1.0)

C22-20

592359

7144682

368

261

270

-68

Colomac Main (Zone 1.0)

C22-21

592212

7144648

388

168

90

-45

Colomac Main (Zone 1.5)

C22-22

592209

7143907

382

168

115

-70

Colomac Main (Zone 3.5)

C22-23

591754

7140701

340

375

295

-70

Colomac Main (Zone 1.5)

C22-24

591665

7140684

345

261

295

-70

Colomac Main (Zone 1.0)

C22-25

592208

7143907

382

372

115

-70

Colomac Main (Zone 1.0)

C22-26

591665

7140684

345

333

295

-80

Colomac Main (Zone 1.0)

C22-27

591611

7140571

348

252

295

-55

Colomac Main (Zone 1.0)

C22-28

592237

7143914

382

99

80

-50

Colomac Main (Zone 1.5)

C22-31

592237

7143914

382

306.3

80

-75

Technical Information

The pit shell outlines in Figures 1 to 8 are from the 2022 MRE1 and were completed by InnovExplo Inc. and are defined by a US$1,600/oz gold price assumption.

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. Halved drill core is stored on site and pulps are returned and stored for record.

As part of its QA/QC program, Nighthawk inserts external gold standards (low to high-grade), blanks and duplicates every 20 samples in addition to the standards, blanks, and pulp duplicates inserted by ALS Global.

Qualified Person

John McBride, MSc., P.Geo., Vice President of Exploration for Nighthawk, who is the “Qualified Person” as defined by NI 43-101 for this project, has reviewed and approved of the technical disclosure contained in this news release.

About Nighthawk

Nighthawk is a Canadian-based gold exploration company with 100% ownership of more than 930 km2 of district-scale land position within the Indin Lake Greenstone Gold Belt, located approximately 200 km north of Yellowknife, Northwest Territories, Canada. The Company is advancing several highly prospective exploration targets. The Colomac Centre and Satellite deposits currently has a Mineral Resource Estimate1 of 58.2 million tonnes grading 1.44 g/t Au for 2.69 million ounces in the Indicated category and 19.7 million tonnes grading 2.10 g/t Au for 1.33 million ounces in the Inferred category. Nighthawk’s experienced management team, with a track record of successfully advancing projects and operating mines, is working towards demonstrating the economic viability of its assets and rapidly advancing its projects towards a development decision.

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to the Company’s mineral resource estimates, potential expansion of pit-constrained mineralization, potential expansion of mineral resource estimates, the potential for higher-grade assay results, continued exploration and drilling initiatives and having the necessary funding required to complete these initiatives, the prospectivity of exploration targets, the potential economic viability of the assets, and the advancement of projects towards a development decision. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “add” or “additional”, “advancing”, “anticipates” or “does not anticipate”, “appears”, “believes”, “can be”, “continue”, “demonstrating”, “estimates”, “encouraging”, “expand” or “expanding” or “expansion”, “expect” or “expectations”, “forecasts”, “forward”, “goal”, “increase”, “intends”, “justification”, “support”, “plans”, “potential” or “potentially”, “prospective”, “prioritize”, “reflects”, “scheduled”, “suggesting”, “updating”, “will be” or “will consider”, “work towards”, ,or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or "will be taken", "occur", or "be achieved".

Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Nighthawk to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current exploration activities, government regulation, political or economic developments, impact of inflation, impact of the war in Ukraine, risks associated with the COVID-19 pandemic, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Nighthawk’s annual information form for the year ended December 31, 2021, available on www.sedar.com. Although Nighthawk has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Nighthawk does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Contacts

NIGHTHAWK GOLD CORP.
Tel: 1-416-880-7090; Email: info@nighthawkgold.com
Website: www.nighthawkgold.com

Keyvan Salehi
President & CEO

Michael Leskovec
CFO

Allan Candelario
VP, Investor Relations & Corporate Development

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Contacts

NIGHTHAWK GOLD CORP.
Tel: 1-416-880-7090; Email: info@nighthawkgold.com
Website: www.nighthawkgold.com

Keyvan Salehi
President & CEO

Michael Leskovec
CFO

Allan Candelario
VP, Investor Relations & Corporate Development