Nighthawk Reports Initial Drill Results from Its Phase I 2021 Exploration Program at 24/27

TORONTO, Sept. 28, 2021

TORONTO, Sept. 28, 2021 /CNW/ - Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX: NHK) (OTCQX: MIMZF) is pleased to report assay results for seventeen (17) drillholes (4,774 metres) completed on the 24/27 Deposits ("24/27"), located 4 km east of the main Colomac Deposit within the Indin Lake Gold Property, Northwest Territories, Canada (Figure 1; Table 1).

Keyvan Salehi, President & CEO commented, "One of our main goals for this year's drilling program was to increase the in-pit resources on known deposits. Given the results published to date from the main Colomac Deposit, the Grizzly Bear Deposit, and now 24/27, we have been very successful on this front. The results from Phase I drilling at 24/27 were significantly better than expected, returning some of the best intervals obtained to date, where these results are expected to notably increase the total in-pit resources at 24/27.

"We remain on track to achieve our goals for this year where we anticipate completing just over 70,000 metres of drilling. Considering the targets assembled for this year's drill program and based on the results we have received to date, we are confident we will achieve our goals of increasing the in-pit resources at year end. We anticipate being able to provide a resource update before the end of the first quarter of 2022."

The first nine (9) holes at 24/27 tested the south extension of the favourable structure over a strike length of 1km while the remaining eight (8) explored the 24 deposit proximal and lateral to the current pit-shell, based on the 2021 Mineral Resource Update (the "2021 MRE", as published on March 3, 2021).

Highlights of 24/27 Drill Results

• The 2021 Phase I program essentially doubled the strike length of the near surface mineralization to 250 metres ("m") and remains open to the north and at depth.

• The following holes encountered near-surface mineralization both north and south of the current block model (as per the 2021 MRE):
• Hole TFS21-10 returned 2.16 grams per tonne gold ("g/t", "Au") over 14.00 m (north extension) (Figure 2)
• Hole TFS21-11 returned 1.84 g/t Au over 27.50 m (north extension) (Figure 2)
• Hole TFS21-15 returned 1.29 g/t Au over 20.00 m (south extension) (Figure 3)
• Hole TFS21-16 returned 2.69 g/t Au over 17.00 m (south extension) (Figure 3)

• Hole TFS21-06 returned 0.76 g/t Au over 12.00 m, including 1.08 g/t Au over 5.00 m, and encountered significant mineralization along the south extension of the favourable structure 900m south of the current block model.

To date, 70,000 metres of drilling have been completed as part of the 2021 drill program, with 17,990 metres having been reported on. There are currently five (5) drills active on the property and the program is expected to be completed by mid-October. The Company notes a tremendous slow-down in receiving assay results which has been impacted by Covid, an uptick in drilling activities and the fact that many companies are coming up to the end of the drilling season. This has significantly slowed down reception of results, however every effort is being made to ensure drilling information is compiled in a timely manner and results published as soon as practical.