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Multi-million ounces of mineral resources and growing

Massive 930 sq. km. of underexplored Greenstone land in Canada

Historical gold mining with the potential for future robust operations


The Colomac Gold Project is flagship asset in the Northwest Territories, Canada. The Colomac Gold Project represents 5 gold deposits in the Colomac Centre (Colomac Main, Grizzly Bear) and the higher-grade Satellite deposits (Kim and Cass, Damoti and Treasure Island) that are within trucking distance of the Colomac Centre. Gold was initially discovered at the Colomac Property in 1945. During the 1990s, more than 500,000 ounces of gold were produced from the Old Colomac Gold Mine but operations failed to continue due to low gold prices (US$300-400 per ounce). In 2012, Nighthawk Gold took control of the Old Colomac Gold Mine and surrounding mineral licenses and has significantly advance the assets since then.

The Colomac Gold Project profile:

Mineralization: Wide intervals of gold mineralization (Colomac Main Deposit in particular) is primarily hosted in quartz veins within diorite and felsic volcanic porphyry settings. Gold mineralization is also found in band-iron-formation (Damoti Deposit in particular) and other settings.

Potential Extraction: Open-pit (near-surface mineralization) and some underground bulk mining (deeper mineralization).  Historically, gold mineralization at Colomac was extracted through open-pit mining.

Current Mineral Resource Estimate:

- Open-pit: INDICATED – 2.06Moz (46.4Mt grading 1.38 g/t Au); INFERRED – 0.60Moz (7.8Mt grading 2.38 g/t Au)

- Underground: INDICATED – 0.62Moz (11.8Mt grading 1.65 g/t Au); INFERRED – 0.73Moz (1.9Mt grading 1.91 g/t Au)


- 220 km from Yellowknife, NWT via combination of all-season highway and ice-roads (during winter)

- 5,000 ft. air strip

- Fully equipped camp for exploration drilling, can accommodate more than 60 people

Regional Exploration

Nighthawk owns a massive exploration land package covering 930 km squared (the “Property”) located 200 km north of Yellowknife, Northwest Territories, Canada. The Property hosts the Indin Lake (Archean) Greenstone belt, which has been underexplored and is a geological setting with immense potential for precious metal and base metal discoveries. Some of the famous and significant gold and base metal mining operations in Canada hosted in Archean Greenstone (Abitibi, Red Lake, Flin Flon, Yellowknife). We are just scratching the surface with our District-Scale Property. 

How big is 930 km2

174,000 American Football Fields

Approximately the Size of Hong Kong

3x Size of Timmins Gold Camp (33Moz of gold produced)

Greenfield Exploration Targets

Some of the highly-prospective grassroots targets with gold occurrences on Nighthawk Gold’s District Scale Property include:

1.Colomac Main Deposit4. 24 Deposit7. Kim Deposit
2. Goldcrest Deposit5. 27 Deposit8. Treasure Island Deposit
3. Grizzly Bear Deposit6. Cass Deposit9. Damoti Deposit
10. Nice Lake14. Swamp18. North Inca
11. Laurie Lake15. Albatross19. Andy Lake
12. JPK16. Lexidin20. Fishhook
13. Echo-Indin17. Diversified 

2023 Mineral Resource Estimate (Effective Date February 9, 2023)

Notes to Accompany the 2023 MRE1

  • The independent and qualified persons for the mineral resource estimate, as defined by NI 43-101, are Marina Iund, P.Geo., Carl Pelletier, P.Geo. and Simon Boudreau, P.Eng. all from InnovExplo Inc., and the effective date is February 9, 2023.
  • Mineral Resources are not Mineral Reserves, as they do not have demonstrated economic viability. The Mineral Resource Estimate follows current CIM definitions and guidelines.
  • The results are presented undiluted and are considered to have reasonable prospects of economic viability.
  • The estimate encompasses eight (8) gold deposits (Cass, Colomac Main, Damoti, Goldcrest, Grizzly Bear, Kim, Treasure Island, 24/27), subdivided into 115 individual zones (6 for Cass, 6 for Colomac Main, 38 for Damoti, 3 for Goldcrest, 4 for Grizzly Bear, 1 for Kim, 45 for Treasure Island, 12 for 24/27) using the grade of the adjacent material when assayed or a value of zero when not assayed. Five (5) low-grade envelopes were created: 1 for Colomac Main (quartz diorite dyke) and 4 for Damoti (BIF).
  • High-grade capping supported by statistical analysis was done on raw assay data before compositing and established on a per-zone basis varying from 15 to 100 g/t Au for mineralized zones and 15 to 20 g/t Au for the envelopes.
  • The estimate was completed using sub-block model in Leapfrog Edge 2022.1, except Goldcrest (estimated using sub-block model in GEOVIA Surpac 2021) and Damoti (estimated using percent block model in Gemcom).
  • Grade interpolation was performed with the Inverse Distance Cubed (“ID3”)method on 1.5 m composites for the Colomac Main, Goldcrest and Grizzly Bear deposits, with the Inverse Distance Squared (“ID2”) method on 1 m composites for the Cass and Treasure Island deposits, with the ID3 method on 1 m composites for the Kim deposit, with the ID2 method on 1.5 m composites for the 24/27 deposits, and with the Ordinary Kriging (“OK”) method on 1.0 m composites for the Damoti deposit.
  • A density of value of 3.2 g/cm3 (Damoti), 3.0 g/cm3 (Cass), 2.95 g/cm3 (Kim), 2.7 g/cm3 (Colomac Main, Goldcrest, Grizzly Bear, Treasure Island and 24/27) and 2.00 g/cm3 (overburden) was assigned.
  • The Mineral Resource Estimate is classified as Indicated and Inferred. For the Cass, Colomac Main, Goldcrest and Grizzly Bear, Kim, Treasure Island, 27/27 Deposits, the Inferred category is defined with a minimum of two (2) drill holes within the areas where the drill spacing is less than 75 m and shows reasonable geological and grade continuity. The Indicated mineral resource category is defined with a minimum of tree (3) drill holes within the areas where the drill spacing is less than 50 m. For the Damoti Deposit, the Inferred category is defined with a minimum of two (2) drill holes within the areas where the drill spacing is less than 60 m and shows reasonable geological and grade continuity. Clipping boundaries were used for classification based on those criteria.
  • The Mineral Resource Estimate is locally pit-constrained with a bedrock slope angle of 50° and an overburden slope angle of 30°. It is reported at rounded cut-off grade ranges of 0.45 to 0.57 g/t Au (OP), 1.02 to 1.50 g/t Au (UG bulk) and 1.66 g/t Au (Damoti - UG selective). The cut-off grades were calculated using the following parameters: mining cost = CA$3.25/t to CA$ 73.00/t; processing cost = CA$21.00/t; G&A = CA$6.00/t; refining costs = CA$5.00/oz; selling costs = CA$ 5.00/oz to CA$54.80/oz; gold price = US$1,660.00/oz; USD:CAD exchange rate = 1.33; and mill recovery = 97.0%. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
  • The number of metric tonnes was rounded to the nearest thousand, following the recommendations in NI 43-101 and any discrepancies in the totals are due to rounding effects. The metal contents are presented in troy ounces (tonnes x grade / 31.10348).
  • The authors are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues, or any other relevant issue not reported in the Technical Report, that could materially affect the Mineral Resource Estimate.

Technical Report and Qualified Persons

A Technical Report prepared in accordance with NI 43-101 (as defined below) in support of the 2023 MRE1 will be filed on SEDAR (www.sedar.com) before March 25, 2023. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the 2023 MRE1. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

Technical information related to the 2023 MRE1 contained in this news release has been reviewed and approved by Marina Iund, M.Sc., P.Geo., Carl Pelletier, P.Geo., and Simon Boudreau, P.Eng. of InnovExplo, who are Independent and Qualified Persons as defined by NI 43-101, with the ability and authority to verify the authenticity and validity of this data.

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. 

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