Nighthawk Gold Reports 2.09 g/t Au Over 92.0 m and 2.72 g/t Au Over 34.50 m from the Colomac Main Deposit


TORONTO–()–Nighthawk Gold Corp. (“Nighthawk” or the “Company”)(TSX: NHK; OTCQX: MIMZF) is pleased to report the remaining 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

C22-40

Colomac Main (Zone 2.5)

2.09 grams per tonne (“g/t Au”) over 92.00 metres (“m”)

(including 6.32 g/t Au over 7.00 m)

C22-45

Colomac Main (Zone 2.5)

2.72 g/t Au over 34.50 m

(including 9.13 g/t Au over 3.50 m)

C22-38

Colomac Main (Zone 2.5)

0.74 g/t Au over 65.00 m

C22-34

Colomac Main (Zone 2.5)

1.61 g/t Au over 26.50 m (including 6.99 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 Colomac Main Deposit continues to deliver high-grade, near-surface mineralization over meaningful widths, suggesting the strong potential to expand the open-pit mineral resources of the deposit. We see a lot more upside along the main deposit at Colomac, along strike and at depth. The open-pit part of the deposit is still shallow due to lack of drilling and sufficient data along the 7km trend and can grow substantially with successfully targeting and drilling the higher-grade mineralization as shown with the latest results published in this press release.”

Colomac Main Deposit

The Colomac Centre Area (please refer to Figure 2 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 3 for the Local Map of the Drill Hole Locations) targeted near surface mineralization outside the current Mineral Resource Estimate (“2022 MRE”)1 pit-shells, with the goal of expanding the middle areas (Zones 2.5 and 3.0) of the deposit.

Drilling in Zone 2.5 intersected wider intervals of near-surface mineralization (highlighted by holes C22-40, C22-45, and C22-34) with gold grades that are higher than the 2022 MRE1 grades of the deposit, suggesting the potential expansion of the estimated pit-shells in that area.

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, respectively. Please refer to Figures 4 and 5 for the section views of the Highlight Drill Assay Results.

Hole ID

Interval (m)

Core Length

Gold Grade

From

To

(m)

(g/t Au)

Colomac Main Deposit

C22-29

 

158.25

 

183.25

 

25.00

 

1.01

C22-30

 

191.00

 

209.00

 

18.00

 

0.78

C22-32

 

237.00

 

257.00

 

20.00

 

1.59

including

 

242.25

 

245.00

 

2.75

 

6.08

C22-33

 

38.00

 

39.50

 

1.50

 

1.84

C22-34

 

82.50

 

109.00

 

26.50

 

1.61

including

 

104.25

 

105.25

 

1.00

 

6.99

and

 

132.00

 

138.00

 

6.00

 

0.83

and

 

162.00

 

164.00

 

2.00

 

1.66

and

 

186.50

 

187.00

 

0.50

 

19.05

C22-35

 

93.50

 

96.50

 

3.00

 

0.92

and

 

152.75

 

165.00

 

12.25

 

0.90

including

 

154.75

 

155.25

 

0.50

 

9.67

C22-36

 

125.00

 

156.50

 

31.50

 

0.81

including

 

143.50

 

144.00

 

0.50

 

20.30

and

 

171.50

 

215.00

 

43.50

 

0.55

including

 

208.00

 

208.50

 

0.50

 

11.35

C22-37

 

208.00

 

240.00

 

32.00

 

0.58

including

 

229.00

 

229.75

 

0.75

 

6.16

C22-38

 

141.00

 

206.00

 

65.00

 

0.74

C22-39

 

70.50

 

116.00

 

45.50

 

0.44

C22-40

 

188.50

 

280.50

 

92.00

 

2.09

including

 

216.25

 

223.25

 

7.00

 

6.32

and

 

295.00

 

296.60

 

1.60

 

4.69

C22-41

 

249.50

 

250.00

 

0.50

 

6.89

and

 

268.00

 

282.00

 

14.00

 

0.58

C22-42

 

147.00

 

185.00

 

38.00

 

0.59

C22-43

 

61.00

 

61.50

 

0.50

 

3.15

and

 

135.00

 

150.00

 

15.00

 

0.53

C22-44

 

151.00

 

181.00

 

30.00

 

0.56

including

 

169.00

 

170.00

 

1.00

 

5.50

C22-45

 

233.00

 

267.50

 

34.50

 

2.71

including

 

254.50

 

258.00

 

3.50

 

9.13

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 3.0)

C22-29

591931.1

7141526

368.87

234

290

-62

Colomac Main (Zone 3.0)

C22-30

591874.5

7141433

369.43

239.1

290

-70

Colomac Main (Zone 3.0)

C22-32

591854.6

7141361

363.64

282

285

-65

Colomac Main (Zone 2.5)

C22-33

591903.1

7141657

368.13

96

295

-60

Colomac Main (Zone 2.5)

C22-34

591902.7

7141657

368.2

213

295

-81

Colomac Main (Zone 2.5)

C22-35

591916.5

7141669

367.88

219

300

-70

Colomac Main (Zone 2.0)

C22-36

591876.3

7142303

370.93

261

90

-59

Colomac Main (Zone 2.5)

C22-37

592022

7141800

365.03

276

270

-65

Colomac Main (Zone 2.5)

C22-38

591989.3

7141892

358.11

223.4

275

-70

Colomac Main (Zone 2.0)

C22-39

592008.9

7142291

362.3

162

270

-62

Colomac Main (Zone 2.5)

C22-40

591989.5

7141892

357.98

315

275

-80

Colomac Main (Zone 2.0)

C22-41

592216.1

7142511

343.4

321

270

-66

Colomac Main (Zone 2.5)

C22-42

591993.3

7141950

360.94

276

270

-75

Colomac Main (Zone 2.5)

C22-43

591810.5

7141750

368.11

225

90

-54

Colomac Main (Zone 2.5)

C22-44

591810.2

7141750

368.14

261

90

-61

Colomac Main (Zone 2.5)

C22-45

592029.7

7141843

365.64

318

270

-68

Colomac Main (Zone 2.5)

C22-29

591931.1

7141526

368.87

234

290

-62

Technical Information

The pit shell outlines in Figures 1 to 5 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 Gold Corp.

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 Gold Project 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 (or open-pit) 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”, “plans”, “potential” or “potentially”, “prospective”, “prioritize”, “reflects”, “scheduled”, “suggesting”, “support”, “updating”, “upside”, “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 required regulatory approvals, 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, the war in Ukraine and its effect on supply chains, environmental risks, COVID-19 and other pandemic 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.

1For 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.



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