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.

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Figure 1 – Colomac Main Deposit (Zone 3.5) Isometric View Looking West (Graphic: Business Wire)

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

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.

Table 2 – Drill Assay Results Summary – Colomac Main Deposit

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.

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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.