Precious Metals
July 19, 2022

Nighthawk Gold (TSX: NHK)

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Drills 60.95 M Of 1.91 G/T Au At Colomac Main


Nighthawk Gold Corp. has released the initial drill assay results from its 2022 exploration program, with encouraging results from its Colomac Main and Grizzly Bear deposits.

Keyvan Salehi (Nighthawk President & CEO) commented, "Our goal for this year's drill program was to continue to expand the open-pit mineralization at the Colomac Centre and the Satellite Deposits. The initial assay results are very encouraging. In the Colomac Main Deposit (Zone 1.0) and adjacent to existing pit shells, we encountered wide intervals of mineralization outside of the current Mineral Resource Estimate pit shell. This is exemplified by drill hole C22-04, which intersected 1.91 g/t Au over 60.95 m, suggesting the potential expansion of the potential open-pit mineralization in that area. Similarly, we encountered mineralization outside of the current Mineral Resource Estimate1 north pit shell at Grizzly Bear."
"We have completed more than 25,000 m of drilling to-date. We have moved our drills to the high-potential Kim and Cass Deposits for the remainder of our exploration program drilling. We expect to update the markets as we continue to receive the drill assay results going forward."
Figure 1 – Colomac Main Deposit Zone 1.0 Isometric View – Looking Southwest

2022 Exploration Program

Drilling in 2022 targeted areas outside the 2022 MRE1 pit shells. Nighthawk's goal is to continue expanding the potential pit-constrained mineralization, particularly in the higher-grade areas. The initial set of drill assay results represents 5,616 m of drilling. Please refer to Table 2 for the Drill Assay Results Summary Table. To-date, the Company has completed more than 25,000 m of drilling (assay results are pending), with five drills currently operating at site. Nighthawk has begun receiving assay results and the Company will endeavour to provide more frequent updates on these results going forward.

Colomac Main Deposit

2022 exploration drilling at Colomac Main is focused on the northern (Zones 1.0 and 1.5) and southern (Zone 3.5) areas of the deposit. The Company believes there is a high probability of expanding the potential open-pit mineralization in these areas. Drilling to-date has encountered wide intervals of mineralization, hosted in smoky quartz veining in quartz diorite. In particular, drill holes C22-03 and C22-04 (mineralization started at depth below surface of 85 m) intersected mineralization outside of the 2022 MRE1 pit shells, demonstrating continuity of near-surface mineralization to the north.

Grizzly Bear Deposit

2022 drilling at the Grizzly Bear Deposit focused on expanding mineralization around the north end of the deposit. Mineralization is hosted in smoky quartz veining in the felsic volcanic porphyry. Drill holes GB22-07 and GB22-08 intersected mineralization below the 2022 MRE1 pit shell at Grizzly Bear.

Figure 2 – Colomac Centre Location Map
Figure 3 – Plan View of Colomac Main (Zone 1.0 and 1.5) Drilling
Figure 4 – Colomac Main Deposit Zone 1.0 Section View – Looking South
Figure 5 – Grizzly Bear Deposit Plan View
Figure 6 – Grizzly Bear Section View

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.


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