Nighthawk Gold Corp. reported an updated Mineral Resource Estimate on the Colomac Gold Project, located 200 kilometres north of Yellowknife, Northwest Territories, Canada. The 2023 MRE demonstrates a significant expansion of the open-pit mineralization compared to the estimates reported in 2022 and the potential for a future large-scale, OP project within the Company's District-Scale exploration land package.

The 2023 MRE1 benefits from an additional 40 km of drilling information collected in 2022, which targeted areas of higher-grade, near-surface mineralization. The 2023 MRE is comprised of eight deposits: Four deposits located in the Colomac Centre area: Colomac Main, 24/27, Grizzly Bear, and Goldcrest; and Four higher-grade Satellite Deposits located 11 to 28 km from the Colomac Centre: Cass, Kim, Damoti, and Treasure Island The 2023 MRE was generated using various cut-off grades: Between 0.45-0.57 g/t Au for OP mineralization and 1.02-1.66 g/t Au for UG depending on the deposit. Specific extraction methods are used only to establish reasonable cut-off grades for various portions of the deposits.

No PEA, Pre-Feasibility Study or Feasibility Study has been completed to support economic viability and technical feasibility of exploiting any portion of the mineral resources, by any specified mining method. The reasonable prospect for an eventual economical extraction is met by having used reasonable cut-off grades both for OP and UG extraction scenarios and constraining volumes (shapes and optimized pit-shell). Please refer to “Notes to Accompany the 2023 MRE” at the end of the news release for more information on the parameters and assumptions.

Mineral Resource estimates at the Colomac Main expanded along strike to the south in Zone 3.5 and in the north at Zone 1.0 compared to the 2022 Estimate. A significant portion of the UG mineralization at Zone 2.0 was converted to OP. The Colomac Main Deposit remains open in all directions and ongoing structural modeling will support mineralization controls and potential targeting for UG high-grade mineralization.

With the successful continuation of mineralization to the south hosted in gabbro and quartz gabbro (compared to quartz diorite), the area to explore has expanded and allowed for potential new discovery. The average depth of the estimated pit-shells is approximately 200 m below surface, with the deepest portion at approximately 450 m below surface in Zone 2.0. The mineralization at the 24/27 Deposit expanded along strike and at depth compared to the 2022 Estimate2. There was also a meaningful conversion of the OP mineralization from the Inferred to Indicated category, improving the overall confidence level of the 24/27 Deposit Mineral Resource estimation.

Successful 2022 drilling along the margins of the 24/27 Deposit suggest the potential expansion of the mineralization along strike and at depth with further drilling. The VTEM survey conducted in late 2022 identified a high conductive zone along the 12 km geological contact that host the 24/27 Deposit. Follow up targeting is being completed during the winter.

A very successful 2022 drill program expanded the Cass Deposit mineralization at depth and along strike, adding an auxiliary pit to the west. The estimated OP Inferred Mineral Resource ounces increased 67% compared to the 2022 Estimate. The new auxiliary pit is located along strike from the Albatross zone (700 m to the west of the Cass Deposit); mineralization was intercepted at Albatross when last drilled in 20213.

Strong conductive zones have been identified along the western felsic boundary to the sediments. The 2023 MRE1 includes a few assumptions and parameters that were adjusted compared to the 2022 Estimate. The Company and its independent consultants believe that there is potential for a future, large-scale, OP operation at its properties.

With additional drill data and a slight increase in the gold price assumption, parameters for the 2023 MRE were adjusted, particularly the OP cut-off grades for each deposit. The Company has commenced work on a conceptual mine plan, infrastructure, processing and economics for the Colomac Gold Project. The maiden PEA for the Colomac Gold Project is scheduled to be completed in mid-2023.

Nighthawk believes that, given the size and scale of the 2023 MRE, the Project (if developed) could have the potential to be a robust, large-scale, gold operation. The Company is also finalizing its 2023 Exploration Program and will provide details soon. 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 is an ISO/IEC 17025 accredited laboratory. Pulp and metallics assaying for gold were 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.