Nighthawk Gold Reports Final Phase II 2021 Drill Results from the Grizzly Bear, 24 and Colomac Main Deposits

TSX: NHK TSX: MIMZF

TFS21-22 returned 2.07 g/t Au over 25.50 m & GB21-21 returned 1.01 g/t Au over 28.75 m

TORONTO, Jan. 31, 2022 /CNW/ - Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX: NHK) (OTCQX: MIMZF) is pleased to report the final Phase II drilling assay results for the Colomac Main Deposit ("Colomac Main")(13 drill holes totalling 2,680 metres ("m")) , the 24 Deposit ("24")(4 drill holes totalling 717 m), and the Grizzly Bear Deposit ("Grizzly Bear") (14 drill holes totalling 1,761 m), all located within the Colomac Centre (see Figures 1 and 2). Please refer to Table 1 for the highlight assay results and Table 2 for a summary of the assay results. Table 1 – Highlight assay results from Phase II drilling at 24, Colomac Main, and Grizzly Bear

Hole ID Deposit Highlight Assay Result TFS21-22 24 2.07 grams per tonne gold ("g/t", "Au") over 25.50 m TFS21-19 24 4.56 g/t Au over 9.60 m GB21-19 Grizzly Bear 1.64 g/t Au over 12.00 m GB21-21 Grizzly Bear 1.01 g/t Au over 28.75 m (including 2.03 g/t Au over 7.00 m) GB21-22 Grizzly Bear 1.66 g/t Au over 7.00 m C21-28 Colomac Main 1.07 g/t Au over 14.00 m C21-30 Colomac Main 0.70 g/t Au over 36.50 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, Nighthawk President & CEO commented, "The results from the 24 Deposit continue to exceed our expectations and support our goal of potentially increasing the current open-pit Indicated and Inferred Mineral Resource estimates4. At Colomac Main, the latest results demonstrate decent mineralized widths in an area that had not been drilled extensively in the past so additional follow up drilling is justified in our next exploration campaign. At Grizzly Bear, the new drilling demonstrates that the deposit remains open to the north and will be a priority target in 2022. We remain on-track to deliver an updated mineral resource estimate in the first quarter of this year." 24 Deposit Phase II drilling at the 24 tested the northern and southern extension of the mineralization identified in Phase I drilling1 and has returned significant mineralization expected to add to the current Mineral Resource Estimate4. Hole TFS21-22 was the highlight of this phase of drilling, which returned a 25.50 m interval averaging 2.07 g/t Au (Figure 3). This hole was drilled south of the previous drilling1 and appears to extend the known mineralization further south at higher-than-average grades. In addition, hole TFS21-19 returned 4.56 g/t Au over 9.60 m along the northern extension of the zone, also demonstrating above-average grades. Grizzly Bear Deposit Phase II drilling at Grizzly Bear was designed to extend the new mineralization identified in Phase I drilling2 north of the existing in-pit resources. Holes GB21-21 and GB21-22 both demonstrate the intensity and width of the mineralization averaging 1.01 g/t Au over 28.75 m and 1.66 g/t Au over 7.00 m, respectively. Along with hole GB21-19 (1.64 g/t Au over 12.00 m), these holes clearly show that the Grizzly Bear Deposit remains open to the north and offers potential for additional near-surface mineralization (Figure 4). Colomac Main Deposit Drilling at Colomac Main tested a gap between two series of holes drilled during Phase I drilling3 where new mineralization was identified and below historical drill holes. Mineralized widths remain strong in many holes including hole C21-28, which returned 1.08 g/t Au over 14 m (Figure 5).

This now completes the database associated with existing deposits. We remain on schedule for an updated mineral resource estimate, expected to be delivered in Q1/22.

Table 2 – Colomac Main, Grizzly Bear, and 24 Deposits – Assay Results Summary Table

Colomac Main Hole ID Interval (m) Core Length Gold Grade From To (m) (g/t) C21-24 90.00 95.00 5.00 0.80 105.30 113.00 7.70 0.72 121.00 127.20 6.20 0.78 C21-25 100.00 106.00 6.00 0.85 109.00 110.00 1.00 1.25 141.00 142.00 1.00 0.54 178.00 179.00 1.00 0.60 189.00 190.00 1.00 0.54 192.00 193.00 1.00 0.73 196.00 197.00 1.00 1.57 208.00 211.00 3.00 0.64 218.00 218.50 0.50 24.60 C21-26 51.00 52.00 1.00 0.72 56.00 60.00 4.00 1.14 68.00 69.00 1.00 0.97 79.00 82.00 3.00 0.52 97.00 98.00 1.00 1.28 146.50 147.00 0.50 3.38 C21-27 51.90 53.00 1.10 0.67 57.00 82.00 25.00 0.52 95.00 95.50 0.50 0.69 C21-28 89.00 90.00 1.00 0.69 94.00 95.00 1.00 0.81 100.00 102.00 2.00 0.71 108.00 122.00 14.00 1.08 C21-29 61.00 70.00 9.00 1.11 116.80 117.80 1.00 1.23 C21-30 64.00 65.00 1.00 0.64 71.00 72.00 1.00 1.55 77.00 113.50 36.50 0.70 131.00 132.00 1.00 1.19 C21-31 38.00 39.00 1.00 0.55 44.75 48.00 3.25 1.14 55.00 62.00 7.00 0.75 76.85 77.75 0.90 1.67 104.00 104.50 0.50 1.96 C21-32 75.00 76.00 1.00 0.57 78.00 83.00 5.00 1.40 91.00 94.00 3.00 0.58 104.00 107.00 3.00 0.52 C21-33 93.00 97.00 4.00 1.32 99.00 100.00 1.00 0.60 109.00 110.00 1.00 0.80 116.00 117.00 1.00 0.93 133.00 134.00 1.00 0.57 C21-34 125.00 126.00 1.00 0.71 137.00 144.00 7.00 0.64 148.00 149.00 1.00 0.76 157.00 163.00 6.00 0.51 169.00 170.00 1.00 0.61 178.50 180.25 1.75 2.57 C21-35 68.00 69.00 1.00 0.75 79.00 95.00 16.00 0.71 C21-36 131.00 132.00 1.00 1.00 137.00 138.00 1.00 0.78 146.00 147.50 1.50 1.10 151.00 154.00 3.00 0.69 162.00 163.00 1.00 2.45 171.00 172.00 1.00 0.63 24 Deposit TFS21-19 24.75 25.50 0.75 0.68 32.00 41.60 9.60 4.56 TFS21-20 57.25 60.00 2.75 1.19 87.00 88.00 1.00 0.77 92.00 93.75 1.75 0.91 101.00 102.00 1.00 0.61 TFS21-21 48.50 49.25 0.75 2.10 53.00 54.00 1.00 1.00 TFS21-22 78.00 79.00 1.00 1.12 121.00 122.00 1.00 1.48 133.00 134.00 1.00 1.91 155.25 156.00 0.75 0.70 161.50 187.00 25.50 2.07 Grizzly Bear GB21-19 57.00 69.00 12.00 1.64 71.50 73.75 2.25 0.51 75.25 76.00 0.75 0.53 79.75 89.25 9.50 0.88 93.00 94.00 1.00 1.08 99.00 100.00 1.00 0.69 118.00 127.00 9.00 0.77 153.00 155.00 2.00 0.80 GB21-20 35.00 36.00 1.00 1.41 42.00 43.00 1.00 0.50 55.00 56.00 1.00 0.62 59.00 60.00 1.00 1.02 GB21-21 33.50 62.25 28.75 1.01 including 33.50 40.50 7.00 2.03 64.75 65.25 0.50 1.37 67.50 72.00 4.50 0.63 GB21-22 60.00 67.00 7.00 1.66 74.25 75.00 0.75 0.59 75.75 76.50 0.75 0.50 78.00 80.50 2.50 1.53 GB21-23 4.50 7.50 3.00 0.86 12.25 13.00 0.75 3.40 21.00 24.50 3.50 0.70 29.00 32.00 3.00 0.99 39.00 40.00 1.00 0.57 GB21-24 13.00 13.75 0.75 0.67 75.50 80.00 4.50 0.99 82.50 83.50 1.00 0.53 GB21-25 66.50 67.00 0.50 0.62 68.25 69.00 0.75 0.50 77.30 80.90 3.60 0.99 GB21-26 84.00 93.00 9.00 1.59 97.50 98.25 0.75 0.70 GB21-27 33.65 34.50 0.85 1.17 39.50 50.00 10.50 0.78 GB21-28 122.00 126.00 4.00 0.74 145.75 146.50 0.75 2.15 GB21-29 45.00 45.50 0.50 3.12 46.50 47.25 0.75 0.51 GB21-30 67.25 67.75 0.50 8.96 79.00 81.00 2.00 0.84 85.00 86.00 1.00 0.98 94.00 99.50 5.50 0.98 103.75 104.50 0.75 0.51 105.00 105.50 0.50 0.60 GB21-32 61.00 63.00 2.00 0.62 70.00 72.00 2.00 1.06 80.00 81.00 1.00 0.81

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 C21-24 592326 7144880 373 168 275 -50 Colomac Main C21-25 592326 7144879 373 258 274 -70 Colomac Main C21-26 592293 7144844 379 180 275 -50 Colomac Main C21-27 592300 7144760 381 171 275 -50 Colomac Main C21-28 592300 7144760 381 201 275 -70 Colomac Main C21-29 592300 7144799 381 162 275 -50 Colomac Main C21-30 592300 7144799 381 201 275 -70 Colomac Main C21-31 592296 7144722 380 141 274 -50 Colomac Main C21-32 592297 7144722 380 210 274 -76 Colomac Main C21-33 592361 7144556 373 169.45 275 -50 Colomac Main C21-34 592361 7144556 373 252 275 -67 Colomac Main C21-35 592357 7144517 376 189 275 -50 Colomac Main C21-36 592357 7144517 376 378 275 -72 24-27 TFS21-19 595340 7145347 345 150 70 -50 24-27 TFS21-20 595307 7145352 342 195 70 -50 24-27 TFS21-21 595296 7145387 340 150 70 -50 24-27 TFS21-22 595411 7145149 357 222 76.064 -59 Grizzly Bear GB21-19 590675 7140424 339 180 300 -76 Grizzly Bear GB21-20 590666 7140405 340 123 300 -46 Grizzly Bear GB21-21 590648 7140393 341 102 298 -45 Grizzly Bear GB21-22 590648 7140393 341 129 298 -62 Grizzly Bear GB21-23 590610 7140387 343 102 300 -48 Grizzly Bear GB21-24 590643 7140368 342 150 300 -65 Grizzly Bear GB21-25 590630 7140347 345 108 300 -46 Grizzly Bear GB21-26 590630 7140347 345 129 300 -61 Grizzly Bear GB21-27 590589 7140342 345 90 300 -60 Grizzly Bear GB21-28 590641 7140312 346 156 300 -62 Grizzly Bear GB21-29 590572 7140310 345 90 300 -45 Grizzly Bear GB21-30 590572 7140310 345 162 300 -79 Grizzly Bear GB21-31 590552 7140264 342 90 300 -45 Grizzly Bear GB21-32 590552 7140264 342 150 300 -69

Technical Information 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. Pulp and metallics assaying for gold was conducted on the entire pulverized sample.

As part of its QA/QC program, Nighthawk inserts external gold standards (low to high-grade) and blanks every 20 samples in addition to the standards, blanks, and pulp duplicates inserted by ALS Global.

Qualified Person Richard Roy P.Geo., V.P. Exploration of 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 well-funded, Canadian-based gold exploration company with 100% ownership of more than 930 km2 of land position within the Indin Lake Greenstone Belt, located approximately 200 km north of Yellowknife, Northwest Territories, Canada. The Company has a Mineral Resource Estimate[4] of 38.7 million tonnes grading 1.81 grams per tonne for 2.25 million ounces of gold in the Indicated category and 11.5 million tonnes grading 2.13 grams per tonne for 0.79 million ounces of gold in the Inferred category and is advancing several highly-prospective exploration targets. 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.

Keyvan Salehi President & CEO Michael Leskovec CFO Allan Candelario VP, Investor Relations

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 continued exploration initiatives and obtaining sufficient funds to achieve its exploration activities, assumptions on extending mineralization, impact of the data from the 2021 Phase I and II drillings on the current Mineral Resource Estimate4, improving the quantities and classification of the Mineral Resource Estimate, the delivery of an updated mineral resource estimate, 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 "appears", "increase", "forward", "updating", "justification", "add" or "additional", "support", "plans", "expected" or "expectations", "budget", "scheduled", "on-track", "estimates", "forecasts", "potentially", "goal", "will be", "can be", "intends", "advancing", "demonstrating", "towards", "anticipates", or "does not anticipate", or "believes" 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, 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, 2020, 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.

__________________________________________

1 Please refer to the Nighthawk September 28, 2021 news release, which can be found in the Company's profile on www.sedar.com or Nighthawk's website www.nighthawkgold.com for more information. 2 Please refer to the Nighthawk June 7, 2021 news release, which can be found in the Company's profile on www.sedar.com or Nighthawk's website www.nighthawkgold.com for more information. 3 Please refer to the Nighthawk July 21, 2021 news release, which can be found in the Company's profile on www.sedar.com or Nighthawk's website www.nighthawkgold.com for more information. 4 There is no certainty that Indicated mineral resource estimates will be converted to the Proven and Probable mineral reserve categories and there is no certainty that the Mineral Resource Estimate will be realized. There is no guarantee that Inferred mineral resource estimates can be converted to Indicated or Measured mineral resource categories, or that Indicated or Measured mineral resource estimates will be converted to mineral reserves. Mineral resource estimates that are not mineral reserves have not demonstrated economic viability. The Mineral Resource Estimate may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described in the Forward-looking information section at the end of this news release. For more information on the Mineral Resource Estimate please refer to the 2021 Technical Report available in the Company's profile on SEDAR www.sedar.com and on the Company's website at www.nighthawkgold.com.

SOURCE Nighthawk Gold Corp.

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