Nighthawk Reports Initial Drill Results from Its Phase I 2021 Exploration Program at 24/27

Drilling has essentially doubled the strike length of the near surface mineralization Hole TFS21-16 returned 2.69 g/t Au over 17.00 m

TORONTO, Sept. 28, 2021 /CNW/ - Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX: NHK) (OTCQX: MIMZF) is pleased to report assay results for seventeen (17) drillholes (4,774 metres) completed on the 24/27 Deposits ("24/27"), located 4 km east of the main Colomac Deposit within the Indin Lake Gold Property, Northwest Territories, Canada (Figure 1; Table 1). Keyvan Salehi, President & CEO commented, "One of our main goals for this year's drilling program was to increase the in-pit resources on known deposits. Given the results published to date from the main Colomac Deposit, the Grizzly Bear Deposit, and now 24/27, we have been very successful on this front. The results from Phase I drilling at 24/27 were significantly better than expected, returning some of the best intervals obtained to date, where these results are expected to notably increase the total in-pit resources at 24/27.

"We remain on track to achieve our goals for this year where we anticipate completing just over 70,000 metres of drilling. Considering the targets assembled for this year's drill program and based on the results we have received to date, we are confident we will achieve our goals of increasing the in-pit resources at year end. We anticipate being able to provide a resource update before the end of the first quarter of 2022."

The first nine (9) holes at 24/27 tested the south extension of the favourable structure over a strike length of 1km while the remaining eight (8) explored the 24 deposit proximal and lateral to the current pit-shell, based on the 2021 Mineral Resource Update (the "2021 MRE", as published on March 3, 2021). Highlights of 24/27 Drill Results

• The 2021 Phase I program essentially doubled the strike length of the near surface mineralization to 250 metres ("m") and remains open to the north and at depth.

• The following holes encountered near-surface mineralization both north and south of the current block model (as per the 2021 MRE):

  • Hole TFS21-10 returned 2.16 grams per tonne gold ("g/t", "Au") over 14.00 m (north extension) (Figure 2)

  • Hole TFS21-11 returned 1.84 g/t Au over 27.50 m (north extension) (Figure 2)

  • Hole TFS21-15 returned 1.29 g/t Au over 20.00 m (south extension) (Figure 3)

  • Hole TFS21-16 returned 2.69 g/t Au over 17.00 m (south extension) (Figure 3)

• Hole TFS21-06 returned 0.76 g/t Au over 12.00 m, including 1.08 g/t Au over 5.00 m, and encountered significant mineralization along the south extension of the favourable structure 900m south of the current block model.

To date, 70,000 metres of drilling have been completed as part of the 2021 drill program, with 17,990 metres having been reported on. There are currently five (5) drills active on the property and the program is expected to be completed by mid-October. The Company notes a tremendous slow-down in receiving assay results which has been impacted by Covid, an uptick in drilling activities and the fact that many companies are coming up to the end of the drilling season. This has significantly slowed down reception of results, however every effort is being made to ensure drilling information is compiled in a timely manner and results published as soon as practical.

While 24/27 are the smallest satellite deposits thus far, the geological setting is considered favourable for a sizable deposit. The mineralization is associated with a property scale subvertical shear zone hosting extensive alteration and quartz veining over important widths. The Company believes this offers excellent potential to significantly contribute to the global resource base of the property, strategically located a mere 4km east of the main Colomac Deposit.

An additional four (4) holes have been completed along the northern extension of the deposits as part of the Phase II program at 24/27 and results will be released as they become available.

Table 1 – 24/27 Drill Results – Summary Table

Note: Lengths are reported as core lengths. True widths remain undetermined at this stage.

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. 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.

About Nighthawk Nighthawk is a Canadian-based gold exploration company with 100% ownership of a district-scale land position within the Indin Lake Greenstone Belt, located approximately 200km north of Yellowknife, Northwest Territories, Canada. Within this largely under explored Archean gold camp, the Company has identified a number of high-priority targets all centred around a growing deposit. These targets lie within large regional deformation zones that contain gold mineralization which warrant additional exploration and follow-up. The main goals and objectives over the next 6-12 months will be to carry out exploration to foster resource expansion opportunities as well as new, near-surface discoveries that support the global mineral resource base.

The Company has an experienced and dedicated team with a track record of successfully advancing projects and is well funded and supported to advance its near-term goals and objectives.

The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release. 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 programs (including size and budget) and the ability to advance targets including the Company's ability to increase the size of the in-pit resources at year end, and the timing and actual results thereof; the 2021 MRE; and access to available capital to complete all work necessary to achieve the Company's stated goals and objectives. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "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.

SOURCE Nighthawk Gold Corp.