Nighthawk Gold Corp. (“Nighthawk” or the “Company”) (TSX: NHK; OTCQX: MIMZF) is pleased to report assay results from drilling at the Cass Deposit, part of the Kim and Cass Deposits, which are within 15 kilometres of the Colomac Centre Area.

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Figure 1 – Cass Deposit Isometric View Looking Northwest (Graphic: Business Wire)

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 results from the Cass Deposit drilling are some of the most impressive high-grade, near-surface intercepts we have seen from all the deposits that make up the Colomac Gold Project. We intersected these high-grade intercepts mostly outside the current Mineral Resource Estimate¹ (“2022 MRE”) pit-shells, suggesting the expansion of known mineralization and a potential improvement of the open-pit grade profile of the Cass Deposit.”

“With the 40 km drill database completed and disclosed for 2022, we have all the information needed to update the 2022 MRE, which we plan to deliver in early 2023.”

Kim and Cass Deposits

The Kim and Cass Deposits are high-grade, potential open-pit deposits that are located within 15 km southwest of the Colomac Centre. Exploration at the Kim and Cass Deposits focused on understanding the structural controls of the mineralization and expanding the near-surface mineral resources of these deposits. Please refer to Figures 3 and 4 for the District-Scale Regional Map and Local Map of Cass Deposit drilling, respectively.

Cass Deposit

The Cass Deposit is located approximately 2 km southwest from the Kim Deposit. The Cass Deposit area is underlain by subvertical pillowed-to-massive mafic flows and turbiditic meta- sediments which are intruded by gabbroic sills. The majority of the gold mineralization at the Cass Deposit is hosted along the eastern boundary of the Cass-area gabbro and metavolcanics units and associated with multiple sets of steeply-dipping, quartz-carbonate-sulphide veins.

The known mineralization of the Cass Deposit occurs over a 30 m width and a strike length of 960 m. 2022 drilling focused on high-grade, near-surface mineralization to expand the 2022 MRE¹ Cass pit-shells. Drilling successfully extended the mineralized zone an additional 150 m on strike to the southwest (approaching the highly prospective Albatross exploration target). The highest-grade intercept of the drill program (and one of the highest-grade intercepts to-date) was drilled at Cass in hole CM22-22 (See Figure 6 is a picture of the high-grade intercept from hole CM22-22). Approximately 26 of the 39 holes drilled intercepted coarse, visible gold.

Please refer to Tables 1 and 2 for the Highlight Drill Assay Results and Drill Assay Results Summary of the Cass Deposit, respectively. Please refer to Figures 1, 5 and 6 for the Isometric, Section #1 and Section #2 views of the Cass Deposit Highlight Drill Assay Results, respectively.

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.

Technical Information

The pit shell outlines in Figures 1 to 6 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”, “deliver”, “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.

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The results from the Cass Deposit drilling are some of the most impressive high-grade, near-surface intercepts we have seen from all the deposits that make up the Colomac Gold Project.