Significant Results Located At The Colomac Centre Area

TORONTO - Nighthawk Gold Corp. reported significant drill assay results from the 24 and 27 Deposits located in the Colomac Centre Area and approximately 2 kilometres (km) east of the Colomac Main Deposit.

President & CEO, Keyvan Salehi, said, “The 24/27 Deposit drilling returned spectacular results. We intersected some of the highest grades at the deposit in areas outside of the estimated PEA pit-shells1. We believe we are just scratching the surface on this zone’s potential, with more high-grade, near-surface gold to be discovered with additional drilling. If we were to discover a feeder source for these high-grade intercepts, with wider mineralized widths, it could be a game-changer for the Company. We are excited for our future drill programs, which will prioritize the 24/27 Deposit, given this immense potential and the proximity to the Colomac Main Deposit."

The 24/27 Deposit is in the Colomac Centre Area and located 2 km northeast of the Colomac Main Deposit. The 24/27 Deposit represents two zones of near-surface, gold mineralization about 250 m apart. Mineralization at the 24/27 Deposit is hosted by grey-white smoky quartz veins in volcanic rocks along the geological contact with sedimentary rocks to the east. The contact is highlighted by a prominent electromagnetic anomaly. The combination of geophysics and geology will be utilized to generate new exploration targets along the underexplored 12 km contact.

The 2023 drilling focused on the strike and depth extensions of the deposit, particularly in areas outside and in between the two pit-shells (as estimated in the Colomac Gold Project PEA1). The Company intersected significant high-grade gold mineralization in hole TFS23-06 just below and to the west of the 27 deposit pit-shell and TFS23-08 along strike to the north of the 27 deposit pit-shell. The intercept expanded gold mineralization into the untested areas, potentially expanding the 27 deposit pit-shell and reducing the mineralization gap between the 24 and 27 deposit pit-shells. Coarse gold samples were intersected in 9 of the 12 drill holes.

The area between the 24 and 27 deposit pit-shells remains highly prospective for additional expansion of mineralization. Future step-out drilling, with systematic spaced holes to infill the untested areas between the two zones of mineralization, is required. In addition, surface exploration (e.g., prospecting and detailed mapping) along the 12 km geological contact zone that hosts the 24/27 Deposit is warranted to help generate targets for further exploration drilling.