CEO.CA Chairman's Briefing

Drilling delivers broad zones of gold mineralization with internal higher-grade cores at Zone 1.0 and Zone 2.0

TORONTO, Oct. 25, 2017 /CNW/ - Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX: NHK; OTCQX: MIMZF) today announced additional drill results from its wholly owned Colomac Gold Project located within its Indin Lake Gold Property, Northwest Territories, Canada. 

Drilling at Zone 1.0 and Zone 2.0 has intersected broad zones of gold mineralization with internal higher-grade intervals (Table 1 ; Figures 1 to 5). Drill hole C17-17B delivered one of the best intercepts to-date from the northern region of Zone 2.0, returning 89.10 metres (50.00 metre true width) grading 1.52 grams per tonne gold ("gpt" "Au"), including 12.00 metres of 5.02 gpt gold, and including 6.40 metres of 8.61 gpt gold.  Drilling has also been successful in extending Zone 1.0 to depth, and hole C17-19 yielded the zone's best intercept of 48.50 metres (45.00 metres true width) grading 1.88 gpt gold, including 20.00 metres of 3.07 gpt gold, and including 9.85 metres of 5.08 gpt gold. The zone remains open down plunge and along strike to the north for expansion.

Colomac Drilling Highlights:

Zone 2.0

• Hole C17-17B intersected 89.10 metres (50.00 metre true width) of 1.52 gpt Au, including 12.00 metres of 5.02 gpt Au, and including 6.40 metres of 8.61 gpt Au;
• C17-17B confirms that the mineralized widths, and internal higher-grade core previously intersected in 2012 drilling to the south, extend further north and remain open – presenting another high-grade Au target within the Colomac sill;

Zone 1.0

• Hole C17-19, returned the best intercept to date at Zone 1.0 - 48.50 metres (45 metres true width) of 1.88 gpt Au, including 20.00 metres of 3.07 gpt Au, and including 9.85 metres of 5.08 gpt Au;
• Zone 1.0 appears to widen from 70.00 metres true width close to surface to 115.00 metres at depth; a similar expansion was reported for Zone 1.5 where the mineralized true width had tripled to depth (see September 18, 2017 news release).

Note: All assays are uncut (see Table 1)

Dr. Michael Byron, President and CEO commented, "This has been a pivotal year of growth for Nighthawk as we successfully completed our most ambitious and extensive exploration campaign to date at Colomac and throughout our vast Indin Lake Property. We have made substantial advancements towards understanding the key factors that contribute to the formation of higher grade gold zones such as Zone 1.5, and have applied that knowledge to ongoing target generation throughout the Colomac area sills. This includes our most recent drilling at Zone 1.0 and Zone 2.0, where we have been exploring for higher grade domains internal to their more extensive mineralized envelopes.  Previous drilling in both zones returned broad intersections of continuous gold mineralization with internal higher-grade portions, and the results released today include some of the best intersections to date from both zones. Results such as these continue to highlight the potential for discovery of additional high-grade zones along Colomac's sixteen kilometres of underexplored mineralized sill."

We have an additional 10,000 metres of drilling to be released before the end of the year, which will include results from Zone 1.5, Goldcrest and Grizzly Bear, as well as from drilling and prospecting work completed on our regional land package. We look forward to providing these updates as they become available."

Table 1. Colomac Drill Results (uncut)

Colomac Zone 2.0

Drilling within the northern part of Zone 2.0 (located 500 metres south of high-grade gold Zone 1.5), probed a significant gap in drill coverage at shallow depths below the former producing open pit, and continued testing areas north of the broad band of mineralization intersected by hole C12-01B that returned 128.00 metres grading 1.36 gpt Au, including, 46.15 metres of 2.81 gpt Au, and 8.65 metres of 6.83 gpt Au (see June 20, 2012 news release). Hole C17-17B, ranks among the best intercepts to-date from this area of Zone 2.0 (Figure 1), returning 89.10 metres (50.00 metre true width) grading 1.52 gpt Au, including 12.00 metres of 5.02 gpt Au, and including 6.40 metres of 8.61 gpt Au. This intercept confirms that the mineralized widths, and internal higher-grade domain discovered by hole C12-01B (see press release dated June 12, 2012), extends an additional 50 metres north – presenting another high-grade plunging gold target within the Colomac sill that remains open along strike and down plunge.  Hole C17-17 intersected the sill 85 metres above hole C17-17B and did not return the same intensity of mineralization (Figure 2).  It is believed that the upper hole pierced an area above the better plunging mineralized shoot cut by C17-17B.  The Company is currently updating its geological models of the area to better visualize the mineralized domains, and to assist in planning future drilling to track the higher-grade opportunities within this area of Zone 2.0.

Colomac Zone 1.0

Zone 1.0 lies near the northern end of the Colomac sill, about 2.0 kilometres north of high-grade Zone 1.5 (Figure 1). It was identified as a high-grade zone candidate based on its fault displaced position relative to the sill; one of the key structural factors believed indicative of these distinct higher-grade domains. In 2015, discovery hole C15-03 (see press release dated October 26, 2015) intersected 43.10 metres of 1.13 gpt Au, including 8.45 metres of 2.23 gpt Au, and 13.80 metres of 1.50 gpt Au, including 4.55 metres of 3.67 gpt Au, confirming the zone's potential and highlighted the exciting opportunities for discovery of additional high-grade gold zones within the 2.0 kilometres of unexplored sill between Zone 1.0 and high-grade Zone 1.5 (Figure 1).

Eight of the ten drill holes announced today followed up on the results of the maiden 2015 drill campaign. Drill holes C17-19 and C17-19B (Figure 3) vertically bracketed hole C15-03, testing for mineralization closer to surface and to depth on the section. The shallower hole, C17-19, returned the best intercept to date from Zone 1.0 of 48.50 metres (45 metres true width) grading 1.88 gpt Au, including 20.00 metres of 3.07 gpt Au, and including 9.85 metres of 5.08 gpt Au.  The zone also appears to widen at depth from a near surface true width of 70.00 metres (C17-19) to 115.00 metres at a vertical depth of 460 metres (C17-19B). A similar expansion was noted at Zone 1.5 where recent drilling showed that the mineralized true width had tripled to depth (see September 18, 2017 news release).  Hole C17-19B cut a section of the sill 250 metres below C17-19, intersecting a region of lesser mineralization than was intersected by C17-19. Models are being updated to help define and explore the better mineralized heart of Zone 1.0.

Sectional holes C17-18 and C17-18B were drilled 50 metres north of C17-19 and C17-19B, bracketing hole C15-01 (Figure 4).  The steeper hole, C17-18B, cut 20.00 metres of 2.05 gpt Au, including 12.20 metres of 2.87 gpt Au, and including 9.45 metres of 3.48 gpt Au, and including 4.95 metres of 5.51 gpt Au, successfully filling the section and extending mineralization an additional 50 metres to depth. Given the known plunge geometry of the high-grade core to Zone 1.5 (see press release dated September 18, 2017), and that the principle controls for the localization of such zones are probably consistent within the sill, it is believed that better mineralization at Zone 1.0 would have a similar plunge as the core of high-grade Zone 1.5.  Thus, the opportunity to continue expanding Zone 1.0 lies open to the north and down plunge (Figure 5).

Project Update

Just over 16,400 metres of the Company's 26,168 metre 2017 drill program have now been reported.  The remaining drill results will be released once the data has been received and compiled. Extensive prospecting and mapping programs were completed over the past field season directed at generating new drill targets within the Colomac, Goldcrest, and recently discovered Nice Lake sill (see press release dated February, 2017), and to advance to drill stage many of Nighthawk's regional showings and deposits.

Recent progress on how structure influences the localization of higher-grade domains within the sills has helped generate new priority targets.  One of these is shown on Figure 1, where the sill north of Zone 1.5 appears to be offset and disrupted by a northwest trending fault.  This new target lies within the highly prospective 2.0-kilometre section of the Colomac sill, between high-grade gold Zone 1.5 and Zone 1.0, which has never been explored by Nighthawk.  The Company is currently working on generating similar opportunities throughout the three main Colomac area sills, as well as other targets throughout its Indin Lake Gold Property, all of which will be tested in the upcoming 2018 drill program.

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 Chemex Assay Laboratory in Vancouver, BC ("ALS Chemex").  ALS Chemex is an ISO 9001:2000 certified 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 Chemex.

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 kilometres north of Yellowknife, Northwest Territories, Canada. Nighthawk is focused on advancing the Colomac Gold Project with a current inferred resource of 2.1 million ounces of gold (39.8 million tonnes at an average grade of 1.64 grams per tonne), as well as advancing its other regional gold deposits and showings within this 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 June 17, 2013, as filed under the company's profile on www.sedar.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 drilling program, exploration plans, and the timing and results thereof. 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, 2016, 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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