Nighthawk drills record high-grade gold intersection at Colomac: 56.00 metres of 13.49 gpt Au (uncut), including 16.50 metres of 34.18 gpt Au (uncut)

TSX: NHK

TORONTO, May 28, 2019 /PRNewswire/ - Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX: NHK) is pleased to report the first assay results from its 2019 exploration program on the Colomac Gold Project ("Colomac"), the flagship asset centrally located within Nighthawk's 100% owned Indin Lake Gold Property, Northwest Territories, Canada. Sixteen drillholes (5,329 metres) were recently completed to test specific high-grade targets within the central 3.0-kilometre portion of the 9.0-kilometre host Colomac Main sill (see Table 1; Figures 1, 2, 3 and 4), approximately 40% of the intrusion remains unexplored along strike and to depth. Drilling spanned Zones 1.5, 2.0, 2.5, and 3.0 with all holes intercepting mineralization, highlighted by hole C19-08 which returned the Company's best intercept to-date of 56.00 metres grading 13.49 grams per tonne ("gpt") gold ("Au"), including 30.50 metres of 22.12 gpt Au, and including 16.50 metres of 34.18 gpt Au at Zone 1.5. Wide zones of strong mineralization were also reported from Zones 2.0 and 3.0.

Dr. Michael Byron, President and Chief Executive Officer said, "Zone 1.5 continues to deliver outstanding results as emphasised by its capacity to host exceptional gold grades over incredible widths, and the record intercept disclosed today clearly illustrates that point. Since our initial high-grade discovery in 2014, we have remained committed to the pursuit of similar opportunities within the two host sills Colomac Main and Goldcrest. This exploration approach has been at the forefront of our activities and has resulted in several recent drill intercepts that are among some of the best in the industry.

"Backstopped by our recently announced $11 million bought-deal financing, we are now ensured the resources to implement our most active and expansive drill program to-date. Our drill program was increased from 25,000 metres and is now expected to exceed 35,000 metres in 2019, surpassing all previous year totals in terms of drilled metres. We are incredibly excited and encouraged by our record of discoveries; and are convinced that given the scope and aggressive nature of our planned programs, much more is left to be uncovered within this highly prospective gold camp."

Highlights of Drilling:

Zone 1.5

• Hole C19-08 intersected 56.00 metres of 13.49 gpt Au (35.00 metres true width), including 30.50 metres of 22.12 gpt Au, and including 16.50 metres of 34.18 gpt Au, and including 10.00 metres of 53.57 gpt Au – best gold intersection to-date
• Hole C19-02 intersected 111.00 metres of 2.00 gpt Au (53.00 metres true width), including 23.75 metres of 3.74 gpt Au gold, and including 9.75 metres of 4.93 gpt Au
• Hole C19-02B intersected 89.50 metres of 1.10 gpt Au (30.00 metres true width), including 32.25 metres of 2.03 gpt Au; and 5.25 metres of 4.38 gpt Au
• The ongoing frequency and significant widths of high-grade gold intersected continue to enhance project fundamentals

Zone 2.0

• Hole C19-04 intersected 38.95 metres of 1.65 gpt Au (27.00 metres true width), including 5.25 metres of 7.15 gpt Au

Zone 3.0

• Hole C19-07 intersected 35.45 metres of 2.14 gpt Au (23.00 metres true width), including 10.95 metres of 3.90 gpt Au; and 2.75 metres of 8.17 gpt Au
• Hole C19-07B intersected 35.10 metres (18.00 metres true width) of 1.32 gpt Au, including 13.25 metres of 2.33 gpt Au; and 5.55 metres of 4.43 gpt Au
• New higher-grade domain at Zone 3.0 traced for 125 metres along strike to a depth of 250 metres and remains open

Note: All assays are uncut (see Table 1)

The Company commenced its exploration activities with three drills at Colomac in early March and is expected to continue drilling activities until late September (see press release dated April 3, 2019). Subsequent to the recent announcement of a bought-deal financing (see press release dated May 15, 2019), Nighthawk has increased its originally planned 25,000-metre drill program to greater than 35,000 metres in 2019. Efforts will continue to focus on the expansion of known high-grade gold zones, advance the search for similar prospects within the Colomac area sills, and broaden regional drilling activities at some of Nighthawk's many high-priority prospects throughout the Indin Lake Gold Property. 

Table 1. Colomac Drill Results (uncut)

Colomac Summary of Drilling
Sixteen holes tested selective areas of the Colomac Main sill as presented in Table 1. Targeting focused on further delineating Zone 1.5, as well as drilling other higher-grade prospects identified within three other mineralized zones along the sill further to the south (Figure 1). All holes reported gold intercepts, with several intersecting broad widths of extensive mineralization; a positive indication that these areas may host additional high-grade domains.

Zone 1.5
Three holes were drilled from two setups at Zone 1.5 to infill gaps in drill coverage and explore the zone's possible southern up-plunge extension (Figure 1). Hole C19-08 was drilled into an opening 75 metres south of the high-grade Zone 1.5 discovery hole C14-06 (see press release dated September 18, 2018) and intersected an intensely mineralized region 240 metres below surface that returned the best intercept reported to-date intersecting 56.00 metres of 13.49 gpt Au, including 30.50 metres of 22.12 gpt Au, and including 16.50 metres of 34.18 gpt Au, and including 10.00 metres of 53.57 gpt Au (Figure 2). This recent drilling has confirmed the presence of high-grade gold mineralization further south and deeper on this section than previously known while underscoring the zone's somewhat nuggety but widespread high-grade nature.

Holes C19-02 and C19-02B were collared 125 metres north of C19-08 (Figure 1) to test the zone down-plunge to the north. Hole C19-02 intersected 111.00 metres of 2.00 gpt Au, including 23.75 metres of 3.74 gpt Au, and including 9.75 metres of 4.93 gpt Au to a vertical depth of 340 metres (Figure 3). The steeper of the two holes, C19-02B, deviated off section to the south but stayed within mineralization almost 200 metres below C19-02 intersecting 89.50 metres of 1.10 gpt Au, including 32.25 metres of 2.03 gpt Au; and 5.25 metres of 4.38 gpt Au to a depth of 740 metres.

Zone 2.0
Zone 2.0 is located midway along the 9-kilometre-long host Colomac Main sill at the site of Colomac's historical open pit mine (Figure 1). It also accounts for a significant portion of Colomac's current NI 43-101 Inferred Mineral Resource estimate of 50.305 million tonnes with an average grade of 1.62 gpt Au for 2.613 million ounces of gold using a cut-off grade of 0.7 gpt Au (see press release dated June 13, 2018). While central to the Colomac story, Zone 2.0 remains largely unexplored to depth.

Holes C19-04, 04B and C19-06, 06B were drilled to explore the northern down-plunge extension of mineralization previously intersected by the C18-25 and C18-27 series holes (see press release dated November 09, 2018). C19-04 was collared 45 metres north of C18-27 and successfully extended the high-grade mineralization further north by intersecting 38.95 metres of 1.65 gpt Au, including 5.25 metres of 7.15 gpt Au. The steeper C19-04B tracked 130 metres below C19-04 intersecting weaker mineralization as it appears to have undercut the core of the plunging higher-grade material.  Holes C19-06 and C19-06B were drilled 40 metres north of C19-04, and although both holes intersected broad domains of mineralization, they did not encounter significant higher-grade mineralization on this section.

Zone 2.5
Three holes were drilled from a common setup to explore the southern up-plunge extension of mineralization previously intersected by C18-25 and C18-27, which spans from southern part of Zone 2.0 into the northern part of Zone 2.5. Hole C19-01 was abandoned in shallow overburden due to technical difficulties and recollared as C19-01B which intersected moderate mineralization 100 metres below surface. C19-01C, the steeper of the two holes, ran 120 metres below the upper hole and looks to have undercut the higher-grade core of the zone. Both holes intersected mineralization but not of the intensity as encountered down-plunge to the north.

Zone 3.0
In 2016 Nighthawk drilled two holes to test the high-grade potential of Zone 3.0, to expand the northern limits of the zone and its near surface resource, and to infill an untested shallow resource gap between Zone 3.0 and the southern boundary of the less defined Zone 2.5 (see press release dated December 21, 2016). In 2018, two follow-up holes were drilled to continue testing the zone's high-grade potential (see press release dated November 19, 2018). Both campaigns proved successful in extending the zone northward and tracking its extensive mineralization to new depths where it remains open below 200 metres.

Five holes were recently drilled from two setups 100 metres apart to broaden exploration laterally and to depth. Holes C19-07, 07B, and 07C were collared at the northern boundary of the zone to track projected mineralization down-plunge on a section that had never been drilled (Figure 1). The shallow hole C19-07, intersected 35.45 metres of 2.14 gpt Au, including 10.95 metres of 3.90 gpt Au, and including 2.75 metres of 8.17 gpt Au. Hole C19-07B intersected 35.10 metres of 1.32 gpt Au, including 13.25 metres of 2.33 gpt Au, and including 5.55 metres of 4.43 gpt Au (Figure 4). The steepest hole on the section, C19-07C, intersected extensive mineralization but not to the same degree as the two upper holes; however, collectively they have extended the zone's higher-grade core upwards of 125 metres in strike and to a depth of 250 metres and remains open.

Holes C19-05 and C19-05B were intended to infill a gap in drill coverage within the central portion of the zone. Broad intercepts of mineralization were encountered highlighted by C19-05B which returned 40.90 metres of 0.97 gpt Au, including 11.35 metres of 1.91 g/t, and hole C19-05 which intercepted 14.70 metres of 1.05 gpt Au. Drilling throughout the duration of this program will continue to explore the zone to depth and along strike.

C19-03 was drilled along the southern boundary of Zone 3.0 to explore the section below high-grade mineralization intersected in holes C18-19 and C18-19B (see press release dated November 19, 2018). C19-03 was the lowest cut on this section, 70 metres below C18-19B, but failed to record similar widths and grades, perhaps an indication that it traversed underneath the plunging zone.

The discovery and on-going delineation of higher-grade domains internal to Zones 1.5, 2.0, 2.5, 3.0 and 3.5, has confirmed the sill's capacity to host discrete corridors of elevated grade, and that similar zones probably exist elsewhere within the Colomac area sills. Given their potential size, continuity, and contained ounces, these targets remain a prime exploration focus for the Company.

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 200 km north of Yellowknife, Northwest Territories, Canada. Nighthawk is focused on advancing the Colomac Gold Project with a current inferred resource of 2.6 million ounces of gold (50.3 million tonnes at an average grade of 1.62 grams per tonne gold), as well as advancing its other regional gold deposits and showings within this largely underexplored Archean gold camp.

The Company has an experienced and dedicated team and is well funded to complete its goals and objectives over the next 18-24 months.

Qualified Person
Dr. Michael J. Byron, Ph.D., P.Geo., President & Chief Executive Officer 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. Please refer to NI 43-101 technical report "Technical Report and mineral resource estimate update on the Colomac Property of the Indin Lake Project", dated July 26, 2018, as filed under the company's profile on www.sedar.com.

NIGHTHAWK GOLD CORP., Tel: 1-647-794-4313; Email: [email protected], Website: www.nighthawkgold.com

Neither 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 and the timing and results thereof; the ability to expand the current resource at Colomac with additional drilling and the ability to discover and define new higher-grade gold zones including any impact on the overall grade; and the closing of the bought-deal financing, the use of proceeds and the Toronto Stock Exchange acceptance. 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, 2018, 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.

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