News

Nighthawk Gold Reports 6.75 g/t Au over 12.75 m at its 24/27 Deposit within the Colomac Centre Area

Toronto, Ontario, July 28, 2022 – Nighthawk Gold Corp. (“Nighthawk” or the “Company”) (TSX: NHK; OTCQX: MIMZF) is pleased to report the initial drill assay results from its 2022 Exploration Program, with encouraging results from its 24 and 27 Deposits (collectively, the “24/27 Deposit”) located in the Colomac Centre Area on its property in the Northwest Territories, Canada.

Table 1 – Highlight assay results from the 24/27 Deposit

Hole ID Deposit Highlight Assay Result
TFS22-02 24 1.20 grams per tonne gold “g/t Au” over 26.75 metres (“m”) (including 8.41 g/t Au over 1.1 m) & 6.75 g/t Au over 12.75 m (including 16.45 g/t Au over 2.75 m)
TFS22-01 24 3.62 g/t Au over 10.50 m (including 19.25 g/t Au over 0.50 m)
TFS22-09 24 2.42 g/t Au over 8.25 m (including 10.75 g/t Au over 0.75 m)
TFS22-16 24 1.91 g/t Au over 17.00 m (including 5.20 g/t Au over 2.50 m)
TFS22-06 27 0.67 g/t Au over 45.00 m (including 14.95 g/t Au over 0.50 m)
TFS22-14 27 0.99 g/t Au over 33.50 m (including 18.05 g/t Au over 0.50 m)
TFS22-15 27 1.57 g/t Au over 19.00 m (including 7.88 g/t Au over 2.00 m)
TFS22-20 27 2.48 g/t Au over 7.50 m (including 12.50 g/t Au over 0.50 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.

Keyvan Salehi, P.Eng. (Nighthawk President & CEO) commented, “We received more encouraging drill assay results from the Colomac Centre. The 24/27 Deposit drilling yielded higher-grade, near-surface mineralization outside the current Mineral Resource Estimate1 pit shells. Drill Hole TFS22-02 intersected 6.75 g/t Au over 12.75 m and was the highlight of this batch of results (see Figure 1). The potential expansion of the open-pit mineralization in the Colomac Centre appears to be supported by the data received so far.”

Figure 1 – 24/27 Deposit Isometric View – Looking Southwest

24/27 Deposit Isometric View – Looking Southwest

2022 Exploration Program

Drilling in 2022 primarily targeted areas outside the 2022 MRE1 pit shells. Nighthawk’s goal is to continue expanding the potential pit-constrained mineralization, particularly in the higher-grade areas. This latest batch of results represents 4,387 m of drilling, bringing the total reported assay results to 10,003 m of drilling for 2022. Please refer to Figure 2 for the Colomac Centre Location Map.

24/27 Deposit

Most of the 2022 exploration drilling at 24/27 Deposit were designed to target higher-grade, near surface mineralization outside of the known mineralization. Gold mineralization in these areas is hosted by grey-white smoky quartz veins, within a sheared intermediate volcaniclastic rock bounded on the east by sediments. Most of the 24/27 Deposit drill assay results returned mineralized intersections outside the current Mineral Resource Estimate1 pit shells, which suggest the potential expansion of the mineral resources in these areas. Please refer to Figure 3 for a Plan View Map of the 24/27 Deposit drilling. Mineralized widths at the 24 Deposit were confirmed to be wider than previously thought, as evidenced by drill hole TFS22-02, which intersected mineralization of 6.75 g/t Au over 12.75 m (including 16.45 g/t Au over 2.75 m) and 1.20 g/t Au over 26.75 (including 8.41 g/t Au over 1.1 m) closer to surface than previously expected. Please refer to Figures 1, 4 and 5 for the 24/27 Deposit Isometric View, 24 Deposit Section View, and 27 Deposit Section View of the highlighted drill holes, respectively. TFS22-13 and TFS22-11 are step out drill holes located approximately 250 m to the north, along strike, of the 24/27 Deposit. Both drill holes intersected narrow mineralized quartz veining within the same intermediate volcanic on as the 24 Deposit and warrant continued exploration along strike. Additional drill assays are pending for the south extension of the 24/27 Deposit.

Figure 2 – Colomac Centre Location Map

Colomac Centre Location Map

Figure 3 – Plan View of 24/27 Deposit Drilling

Plan View of 24/27 Deposit Drilling

Figure 4 – 24 Deposit Section View – Looking North

24 Deposit Section View – Looking North

Figure 5 – 27 Deposit Section View – Looking North

27 Deposit Section View – Looking North

Table 2 – Drill Assay Results Summary Table – 24/27 Deposits

Hole ID Interval (m) Core Length Gold Grade
From To (m) (g/t)
24 Deposit
TFS22-01 30.25 54.50 24.25 0.81
including 31.50 32.35 0.85 5.44
and 64.50 75.00 10.50 3.62
including 73.50 74.00 0.50 19.25
and 99.10 101.00 1.90 2.06
and 123.50 127.00 3.50 0.64
TFS22-02 43.00 69.75 26.75 1.20
including 44.00 45.10 1.10 8.41
and 81.25 94.00 12.75 6.75
including 90.50 93.25 2.75 16.45
and 132.10 133.55 1.45 1.70
TFS22-04 96.00 129.50 33.50 0.48
including 116.75 118.25 1.50 4.11
TFS22-07 122.50 128.50 6.00 1.04
and 212.35 213.35 1.00 3.26
TFS22-09 61.25 69.50 8.25 2.42
including 68.00 68.75 0.75 10.75
TFS22-11 No Significant Intervals
TFS22-13 157.25 158.00 0.75 1.30
TFS22-16 131.00 148.00 17.00 1.91
including 133.25 135.75 2.50 5.20
and 214.75 216.25 1.50 2.20
TFS22-17 32.00 38.00 6.00 1.29
including 35.75 36.50 0.75 4.30
and 65.50 67.50 2.00 0.90
TFS22-21 128.25 132.75 4.50 1.45
and 147.00 148.50 1.50 0.96
TFS22-22 29.00 30.00 1.00 2.50
TFS22-25 257.50 258.50 1.00 1.58
TFS22-26 362.00 364.25 2.25 1.19
27 Deposit
TFS22-05 28.00 29.00 1.00 2.52
and 81.00 82.00 1.00 1.03
TFS22-06 80.60 83.50 2.90 1.94
and 122.00 167.00 45.00 0.67
including 144.00 144.50 0.50 14.95
TFS22-03 78.00 87.50 9.50 0.68
including 81.00 81.50 0.50 5.63
TFS22-14 139.00 140.50 1.50 1.58
and 174.50 208.00 33.50 0.99
including 174.50 189.50 15.00 1.78
including 178.00 178.50 0.50 18.05
TFS22-15 90.00 91.00 1.00 1.22
and 215.00 234.00 19.00 1.57
including 230.50 232.50 2.00 7.88
TFS22-20 54.50 62.00 7.50 2.48
including 60.50 61.00 0.50 12.50

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
24 TFS22-01 595385 7145293 358 216 85 -60
24 TFS22-02 595309 7145323 343 226 85 -70
24 TFS22-04 595309 7145323 343 225 90 -60
24 TFS22-07 595309 7145323 343 246 90 -70
24 TFS22-09 595351 7145326 348 150 85 -50
24 TFS22-11 595160 7145549 360 300 85 -50
24 TFS22-13 595101 7145653 370 348 85 -50
24 TFS22-16 595390 7145222 358 249 70 -70
24 TFS22-17 595430 7145209 354 96 70 -50
24 TFS22-21 595398 7145197 361 225 70 -70
24 TFS22-22 595441 7145089 356 201 65 -45
24 TFS22-25 595441 7145089 356 282 65 -58
24 TFS22-26 595407 7145180 359 375 70 -70
27 TFS22-05 595477 7144870 380 126 95 -50
27 TFS22-06 595477 7144878 380 207 95 -70
27 TFS22-03 595458 7144918 375 153 95 -50
27 TFS22-14 595429 7144780 387 300 95 -50
27 TFS22-15 595429 7144780 387 321 95 -60
27 TFS22-20 595508 7144746 377 141 95 -45

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

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

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

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”, “warrant”, “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.


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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