Nighthawk Reports Initial Drill Results From its Phase I 2021 Exploration Program at Grizzly Bear

7 June 2021

Hole GB21-13 returns near-surface mineralization of 4.64 g/t Au OVER 6.15m


TORONTO, June 7, 2021 /CNW/ - Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX: NHK) (OTCQX: MIMZF) is pleased to report assay results for eighteen (18) drillholes (4,048 metres) completed on the Grizzly Bear Deposit ("Grizzly Bear"), located within the area identified as the Colomac Centre, centrally located within the Indin Lake Gold Property, Northwest Territories, Canada (Figure 1; Table 1).

Phase I of the 2021 drill program was designed to focus primarily on adding in-pit resources. Lateral extensions of known deposits were identified as opportunities for resource expansion and were scheduled first. At Grizzly Bear, all 18 holes targeted the mineralized zone along strike to the north and south. As discussed in more detail below, results are in line with expectations and support the Company's near-term goals of targeting near-surface mineralization for resource growth (Figures 2-4).

Highlights of Grizzly Bear Drill Results

  • Drilling was constrained within 200 metres of surface to target the extension of near-surface mineralization to the north and south of the current resource.
  • Encountered near-surface mineralization particularly to the north:
    • Hole GB21-07 returned 2.77 g/t Au over 10.25m
    • Hole GB21-13 returned 4.64 g/t Au over 6.15m
  • Near surface mineralization to the north encountered a 175m strike length which was tested by holes GB21-03; 07; 09; 11; and 12, where this area showed significant quartz veining, alteration and the presence of visible gold in every hole.
  • As part of the Phase II drill program at Grizzly Bear, additional infill drilling will focus on testing the near-surface mineralization encountered to the north with the goal of potentially adding to the current resource.

Richard Roy, Vice President of Exploration commented, "The Phase I program at Grizzly Bear was designed to test the near-surface extension of this satellite deposit both to the north and south. Results from the north extension were in line with expectations and confirm the presence of near surface mineralization with significant results obtained above 200m depth. The Grizzly Bear satellite deposit, although narrower than Colomac, remains attractive to the economic potential of the Colomac Centre as it is located less than 2km to the southwest of the main Colomac deposit. As part of the Phase II program, additional infill drilling will focus on delineating the extent and continuity of mineralization identified north of the current resources and to incorporate these results into the subsequent resource update at year end.

''The drilling program is advancing as planned and is now focussing on the Nice Lake and Cass areas which are considered among the best grassroots targets. The Nice Lake area is crossed by virtually untested Colomac-like sills located less than 1km to the east of the main Colomac deposit, while Cass consists of a historical (non-compliant), near-surface higher-grade resource located approximately 15km southwest of Colomac.''

To date, 18,200 metres of drilling have been completed as part of the Phase I program. There are currently two (2) drills located at the Nice Lake Target within the Colomac Center, two (2) drills testing the Cass Zone and the Albatross Target, and one (1) drill located along the northern portion of the main Colomac deposit. Drilling along the Goldcrest Deposit has been completed and results will be released as they become available.

See full release for tables and figures.