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

Rhea-AI Summary

Nighthawk Gold Corp. (TSX: NHK; OTCQX: MIMZF) has released assay results from the Colomac Main Deposit, revealing significant high-grade gold mineralization. Notable results include:

• C22-40: 2.09 g/t Au over 92.00 m
• C22-45: 2.72 g/t Au over 34.50 m
• C22-38: 0.74 g/t Au over 65.00 m

The results indicate strong potential for expanding the open-pit mineral resources along the 7 km trend. The focus is on targeting higher-grade mineralization in previously under-explored areas.

Positive

• Drill results indicate high-grade near-surface mineralization, enhancing the potential for resource expansion.
• Significant gold grades reported exceed the 2022 Mineral Resource Estimate, suggesting greater resource potential.
• The company sees upside potential, particularly along strike and at depth, indicating future growth possibilities.

Negative

• None.

TORONTO--(BUSINESS WIRE)-- 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.

Figure 1 – Colomac Main Deposit (Zones 2.5 and 3.0) Isometric View Looking West (Graphic: Business Wire)

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221027005199/en/

FOR FURTHER INFORMATION:

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

Source: Nighthawk Gold Corp.

FAQ

What are the recent assay results from Nighthawk Gold's Colomac Main Deposit?

Recent assay results from Nighthawk Gold's Colomac Main Deposit show high-grade gold mineralization, with notable intervals of 2.09 g/t Au over 92.00 m and 2.72 g/t Au over 34.50 m.

How do the latest results compare to previous estimates for MIMZF?

The latest drilling results from the Colomac Main Deposit exceed the previous 2022 Mineral Resource Estimate grades, indicating a potential for resource expansion.

What potential does Nighthawk see in the Colomac Main Deposit?

Nighthawk sees significant potential to expand the open-pit mineral resources along a 7 km trend based on recent drill results.

What lengths and grades were reported in the latest drilling at Colomac Main for MIMZF?

The latest drilling reported multiple high-grade intervals including 2.09 g/t Au over 92.00m and 2.72 g/t Au over 34.50m.

Is there a potential for future drilling at the Colomac Main Deposit for MIMZF?

Yes, Nighthawk plans to target higher-grade mineralization in areas that have not been sufficiently explored in previous drilling.