Nighthawk intersects 154.95 metres of 1.36 GPT Au (uncut), including 8.00 metres of 5.51 GPT AU at Colomac

Nighthawk Gold Corp. is pleased to report assay results for four drill holes (1,993 metres) completed at Zones 2.0 and 2.5 of the Colomac Main Sill, part of the Colomac Gold Project centrally located within its Indin Lake Gold Property, Northwest Territories, Canada (Figure 1; Table 1).

Drilling was designed to continue testing the Colomac Main Sill below the current resource within the two zones (Figure 2), and to follow up on previous drilling which has resulted in the extension of broad uniform zones of mineralization to new depths.

Figure 1. Plan View of Colomac Main Sill – Drillhole Locations.

Dr. Michael Byron, president and CEO commented, “Drilling at Zone 2.0 has continued to demonstrate its well-mineralized nature and consistent widening of the deposit to depth, with drilling at Zone 2.5 extending continuous mineralization to depth. Both areas remain largely untested.

Drilling success to-date has further strengthened resource expansion opportunities by confirming the presence of broad and extensive zones of mineralization that increase in true width to depth where it remains open in most dimensions.”

COLOMAC DRILLING HIGHLIGHTS:

Zone 2.0

  • Hole C20-10 returned 154.95 metres (60.00 metres true width) of 1.36 grams per tonne gold (“gpt” “Au”) with several internal higher-grade intercepts (Figure 3):
    • Upper intersection – 12.75 metres of 3.80 gpt Au, including 8.00 metres of 5.51 gpt Au, and including 3.70 metres of 9.35 gpt Au
    • Lower intersection – 52.80 metres of 1.54 gpt Au, including 12.50 metres of 3.02 gpt Au, and including 5.40 metres of 4.96 gpt Au
  • Hole C20-10B returned 135.00 metres (45.00 metres true width) of 1.50 gpt Au with several internal higher-grade intercepts:
    • Drilling intersected 210 metres of relatively continuous downhole mineralization, which corresponds to an 80-metre true width of the mineralized sill at 520 metres vertical depth.
    • Upper intersection – 34.00 metres of 2.30 gpt Au, including 5.50 metres of 4.50 gpt Au
    • Lower intersection – 17.50 metres of 2.25 gpt Au, including 10.30 metres of 2.46 gpt Au
  • Holes C20-10 and C20-10B have helped delineate uninterrupted mineralization from near surface to over 500 metres vertical depth where it remains open, effectively extending resource growth opportunities to depth beneath the historic main open pit at Zone 2.0 (Figure 2)

Zone 2.5

  • Hole C20-12 intersected 34.50 metres (11.00 metres true width) of 1.85 gpt Au, including 18.00 metres of 2.83 gpt Au, and including 6.00 metres of 4.88 gpt Au; tracking mineralization to 320 metres vertical depth where it remains open.

Note: All assays are uncut

Figure 2: Colomac Main Sill Longitudinal Section – Showing 2020 Drilling To-Date in Relation to the 2020 Resource

Of the 29 drillholes (16,421 metres) completed at Colomac in 2020, 17 drillholes for 9,703 metres have now been released.  Drilling results are also pending for fifteen holes (15) for 5,511 metres completed at the Treasure Island Gold Project, one of the company’s high-grade, high-priority regional targets located 11-kilometres north northwest of Colomac.

Zone 2.0

Holes C20-10 and C20-10B were collared within the northern portion of Zone 2.0, to explore beneath the former producing pit, 40 metres south of a well-mineralized section drilled by holes C20-06 and C20-06B (see press release dated January 20, 2020), and below previously drilled hole C19-40 which traced extensive mineralization to 400 metres vertical depth (see press releases dated October 21, 2020 and November 26, 2020). Hole C20-10 tracked 40 metres below C19-40 and up plunge of the mineralization reported in the C20-06 series holes, intersecting strongly mineralized quartz diorite that returned 154.95 metres (60.00 metres true width) of 1.36 g/t gold, including an upper intercept of 12.75 metres of 3.80 gpt Au, including 8.00 metres of 5.51 gpt Au, and including 3.70 metres of 9.35 gpt Au; and a lower intercept of 52.80 metres of 1.54 gpt Au, including 12.50 metres of 3.02 gpt Au, and including 5.40 metres of 4.96 gpt Au (Figure 3).  Hole C20-10B tracked 70 metres below C20-10 and intersected 135.00 metres (45.00 metres true width) of 1.50 gpt Au with an upper intersection of 34.00 metres of 2.30 gpt Au, including 5.50 metres of 4.50 gpt Au; and a lower intersection of 17.50 metres of 2.25 gpt Au, including 10.30 metres of 2.46 gpt Au. Drilling on this section has extended continuous mineralization by an additional 70 metres to 470 metres vertical depth.

Figure 3. Cross Section – Zone 2.0 – Drillholes C20-10, C20-10B

Zone 2.5

Holes C20-012 and C20-13 explored new areas to depth below the current resource at Zone 2.5 (Figures 1, 2).  Hole C20-12 was drilled in the southern part of the zone to explore a section to depth that was previously drilled by holes C19-28, 28B and 28C (see press release dated March 23, 2020), and to test the northern down plunge extension of mineralization intersected by the C19-28 series holes located 50 metres to the south (see press release dated July 31, 2019). Hole C20-12 successfully intersected the continuation of a broad mineralized domain and returned 34.50 metres of 1.85 gpt Au, including 18.00 metres of 2.83 gpt Au, and including 6.00 metres of 4.88 gpt Au (Figure 4). The hole effectively extended well-mineralized quartz diorite in this area of the sill well below the current resource to 320 metres vertical depth where it remains open.

Figure 4. Cross Section – Zone 2.5 – Drillhole C20-12

Hole C20-13 was collared 300 metres north-northeast of hole C20-12 to trace shallow well-mineralization to depth previously intersected by holes C18-25, 25B, 25C (see press release dated November 19, 2018), and C19-45 (see press release dated March 23, 2020). Hole C19-13 intersected mineralization but not of the same scale as was encountered by the shallower holes drilled on the section.

Source: Nighthawk Gold Corp.

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December 21, 2020

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