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

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Figure 1 – Kim Deposit Isometric View Looking West (Graphic: Business Wire)

Table 1 – Highlight Drill Assay Results from the Kim and Cass Deposits

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.

*Twinned holes

Nighthawk President & CEO Keyvan Salehi commented, “We believe the Kim and Cass Deposits have the potential to significantly expand the high-grade mineralization of our Project. The high-grade intercepts from the Kim Deposit drilling outside of the current Mineral Resource Estimate¹ (“2022 MRE”) pit-shells suggest the expansion of the known open-pit mineralization. In addition, with our analysis of the structural controls of the deposit, we were able to locate the down-dip, off-set extension of the Kim Deposit just below the 2022 MRE¹ pit-shell.”

“Up next, we intend to publish results from our Cass Deposit, which should be available in the next couple of weeks.”

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. The Company purchased 100% of the Kim and Cass Property (which hosts the Kim and Cass Deposits) via an option agreement in 2021 (which will be completed in early 2023 with a final payment) and represents an important part of the potential “Hub-and-Spoke” future mine plan for the Colomac Gold Project (the “Project”). Both the Kim and Cass deposits are accessible by an existing trail that connects to the Project camp. 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 2 and 3 for the District-Scale Regional Map and Local Map of Kim Deposit drilling, respectively.

Kim Deposit

The geology of the Kim 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 Kim Deposit is hosted in massive mafic volcanic flows along the metasediment contact and associated with smoky quartz-carbonate, sulphide-rich veins and display a steep-to-subvertical dip. Displacement of rock units and mineralization occurs along northwest and northeast striking faults.

2022 drilling at the Kim Deposit has intersected high-grade, near-surface mineralization outside and adjacent to the 2022 MRE¹ pit-shells as demonstrated with recent intercepts like drill holes KM22-03 and KM22-04. In addition, due to the analysis on the structural controls, Nighthawk was able to locate the down-dip offset continuation of the Kim Deposit mineralization just below the 2022 MRE¹ pit-shell, as evidenced by drill hole KM22-03. The Kim Deposit remains open at depth and along strike.

Please refer to Tables 1 and 2 for the Highlight Drill Assay Results and Drill Assay Results Summary of the Kim Deposit, respectively. Please refer to Figures 1, 4 and 5 for the Isometric, Section #1 and Section #2 views of the Kim Deposit Highlight Drill Assay Results, respectively.

Table 2 – Drill Assay Results Summary – Kim Deposit

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.

*Twinned holes

Technical Information

The pit-shell outlines in Figures 1 to 5 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”, “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.

¹ For 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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We believe the Kim and Cass Deposits have the potential to significantly expand the high-grade mineralization of our Project. The high-grade intercepts from the Kim Deposit drilling outside of the current Mineral Resource Estimate