Nighthawk Gold : INTERSECTS 200.45 METRES OF 2.01 GPT AU (UNCUT), INCLUDING 16.00 METRES OF 4.91 GPT GOLD AT COLOMAC

NIGHTHAWK INTERSECTS 200.45 METRES OF 2.01 GPT AU (UNCUT), INCLUDING 16.00 METRES OF 4.91 GPT GOLD AT COLOMAC

Toronto, Ontario, October 21, 2020 - Nighthawk Gold Corp. ('Nighthawk' or the 'Company') (TSX: NHK; OTCQX: MIMZF) is pleased to report assay results for four (4) drillholes (2,574 metres) completed on Zones 1.5, 2.0 and 3.0 of the Colomac Main Sill, part of the Colomac Gold Project ('Colomac') centrally located within its Indin Lake Gold Property, Northwest Territories, Canada (Figure 1; Table 1).

Dr. Michael Byron, President and CEO commented, 'We are very encouraged by the recent drilling at Colomac, which targeted high-profile areas within the Exploration Target where we are focused on building near-term ounces. The 280 metres of continuous downhole mineralization intersected in hole C20-06 illustrates the shear amount of mineralized rock hosted by the Colomac Main sill, reinforcing our beliefs in the future potential of the project. Drilling was also successful in opening up a new unexplored region of the sill and confirmed significant expansion and widening of the host quartz diorite portion of the sill to depth within the northern part of Zone 2.0.

'The drilling season at our Indin Lake Gold Property has now come to an end with a total of 22,993 metres of drilling completed at Colomac, the Treasure Island Gold Project, and a small campaign at the Leta Arm Gold Project, where results have already been released. The fifth drill has arrived on site, and camp expansion is nearing completion in preparation for the expanded 2021 program which will advance a number of regional assets that have high-grade potential.'

COLOMAC DRILLING HIGHLIGHTS:

Zone 2.0

• Hole C20-06 returned 252.13 metres (150.00 metres true width) of 1.84 grams per tonne gold ('gpt' 'Au') including 200.45 metres (110.00 metres true width) of 2.01 gpt Au with several internal higher-grade intercepts.
  • Best continuous downhole mineralization encountered to-date (280 metres) with visible gold observed in 79 individual assay samples (Figure 4), extending a broad band of mineralization to new depths where it remains open.
  • Upper intersection - 19.38 metres of 2.30 gpt Au, including 3.40 metres of 7.47 gpt Au.
  • Mid-level intersection - 12.50 metres of 3.66 gpt Au, including 3.05 metres of 10.14 gpt Au.
  • Lower intersection - 17.50 metres of 3.35 gpt Au and 16.00 metres of 4.91 gpt Au, including 9.75 metres of 7.34 gpt Au, and including 5.50 metres of 11.14 gpt Au.
• C20-06 true width of 150 metres, is roughly triple its near surface size. Mineralization on this section spans from near surface to over 580 metres vertical depth where it remains open.
• Zone 1.5-2.0 panel of mineralization (formed by the merger of Zone 1.5 and 2.0, considered to be the strongest mineralized section of the Colomac Main sill) was extended an additional 140 metres southward to upwards of 640 metres in strike length and remains open along strike and to depth.

Zone 1.5

• Hole C20-03 intersected 38.25 metres (21.00 metres true width) of 2.09 gpt Au, including 10.50 metres of 4.16 gpt Au, and including 6.00 metres of 6.64 gpt Au.
  • C20-03 returned over 170 metres of relatively continuous downhole mineralization, resulting in a 100-metre true width at 550 metres vertical depth, further demonstrating the deposit's distinct widening to depth.

Zone 3.0

• Hole C20-08 intersected 85.00 metres (43.00 metres true width) of 1.19 gpt Au, including 21.75 metres of 2.35 gpt Au, and including 12.25 metres of 2.91 gpt Au.

Note: All assays are uncut (see Table 1)

All four holes intersected mineralization at depth resulting in the expansion of known occurrences and the discovery of new areas of interest highlighted by hole C20-06 which tested a new area to depth at Zone 2.0 and confirmed the continued widening of the mineralized portion of the sill to depth. The 2020 drill program has also successfully completed some of the intersections required to help convert the 'Exploration Target' opportunity into future resources (Figure 5).

A total of 16,419 metres of drilling was completed at Colomac in 2020. Including the holes reported on today, 6,003 metres of drilling have been released to date.

Table 1. Colomac Drill Results - Summary Table (uncut)

Hole ID	Zone	Collar Orientations (degrees)		Intersection (Metres)		Core Length	True Width	Gold Grade
		Azimuth	Dip	From	To	(Metres)*	(Metres)	gpt
C20-03	1.5	90	-65	426.50	427.50	1.00		1.47
				445.00	445.50	0.50		2.16
				508.70	510.20	1.50		1.00
				514.40	516.65	2.25		0.63
including				515.90	516.65	0.75		1.36
				521.90	545.50	23.60	12.00	0.86
including				529.25	541.00	11.75		1.14
including				533.75	541.00	7.25		1.44
				548.00	558.75	10.75		0.91
including				548.00	551.25	3.25		1.81
				564.00	566.25	2.25		0.81
				578.50	595.00	16.50		0.61
including				578.50	580.75	2.25		0.68
including				593.50	595.00	1.50		3.75
				609.25	610.00	0.75		1.35
				615.25	653.50	38.25	21.00	2.09
including				615.25	644.00	28.75		2.48
including				615.25	625.75	10.50		4.16
including				615.25	621.25	6.00		6.64
including				630.25	635.50	5.25		2.11
including				640.00	644.00	4.00		3.21
				661.00	673.00	12.00		0.43
including				661.00	664.75	3.75		0.78
C20-06	2.0	102	-62	443.36	444.96	1.60		1.75
				466.62	718.75	252.13	150.00	1.84
including				466.62	486.00	19.38		2.30
including				476.50	483.40	6.90		4.55
including				480.00	483.40	3.40		7.47
including				517.55	718.00	200.45	110.00	2.01
including				517.55	525.10	7.55		7.54
including				520.75	524.50	3.75		11.01
including				557.55	569.60	12.05		3.66
including				557.55	560.60	3.05		10.14
including				597.80	690.10	92.30	55.00	2.07
including				597.80	606.00	8.20		2.60
including				627.20	642.30	15.10		2.17
including				654.80	662.20	7.40		3.50
including				658.20	662.20	4.00		4.80
including				668.50	686.00	17.50		3.35
including				675.40	683.60	8.20		4.74
including				702.00	718.00	16.00	10.00	4.91
including				707.75	717.50	9.75		7.34
including				707.75	713.25	5.50		11.14
C20-08	3.0	108	-70	246.00	331.00	85.00	43.00	1.19
including				283.00	318.25	35.25		1.73
including				290.50	318.25	27.75		2.09
including				296.50	318.25	21.75		2.35
including				306.00	318.25	12.25		2.91
including				322.00	331.00	9.00		1.90
including				325.75	331.00	5.25		2.71
				337.75	340.00	2.25		0.89
C20-08B	3.0	108	-73	232.00	234.50	2.50		1.27
				254.25	258.00	3.75		0.76
				320.00	321.00	1.00		1.79
				347.50	348.50	1.00		0.68

* Lengths are reported as core lengths. True widths vary depending on drill hole dip.

Drill Summary

Zone 1.5

Hole C20-03 was collared in the south of Zone 1.5 to explore an area to depth within the 'Exploration Target' (Figure 1). The hole deviated off-section to the south and missed its objective by approximately 30 metres, but did generate a new intersection 180 metres below previously drilled hole C18-01C (see press release dated September 18, 2018) returning 38.25 metres of 2.09 gpt Au, including 10.50 metres of 4.16 gpt Au, and including 6.00 metres of 6.64 gpt Au (Figure 3). Hole C20-03 recorded relatively continuous downhole mineralization for over 170 metres which corresponds to a 100-metre true width for the mineralized portion of the sill at 550 metres vertical depth. Drilling in this area has clearly shown a pronounced and progressive widening of the sill at depths of 550 metres, where it remains open.

Zone 2.0

Drilling to depth within the northern boundary area of Zone 2.0 has confirmed the widening of the mineralized portion of the sill to depth, and defined the southward expansion of the Zone 1.5-2.0 panel of mineralization (a wedge-shaped panel formed by the merger of high-grade Zone 1.5 with the northern part of Zone 2.0) (see press release dated December 3, 2019). Hole C20-06 was drilled to continue testing the panel's southern expansion, its possible widening to depth, and to explore the zone below previously drilled hole C12-01B (see press release dated June 10, 2012) (Figure 1).

Visible gold was noted in seventy-nine (79) drill core assay samples from C20-06 throughout its 280-metre downhole mineralized intersection (Figure 2 and Figure 4), of which a 252.13 metre composite assayed 1.84 gpt Au, including subintervals of 17.50 metres of 3.35 gpt Au and 16.00 metres of 4.91 gpt Au, including 9.75 metres of 7.34 gpt Au. C20-06 also successfully extended gold mineralization to a vertical depth of 580 metres (where it remains open in all dimension), an additional 300 metres below previously reported hole C12-01B which intersected 128.00 metres of 1.36 gpt, including 71.85 metres of 2.04 gpt gold, 46.15 metres of 2.81 gpt gold, and 8.65 metres of 6.83 gpt gold. Drilling reported today has confirmed a progressive widening of the host quartz diorite to depth, where it has more than doubled its near-surface true width to upwards of 150 metres.

The Zone 1.5-2.0 panel has now been extended an additional 140 metres southward, giving it a current strike length of 640 metres, with a true width of 30 metres at shallow depths that progressively expands in excess of 150 metres at depths greater than 550 metres vertical. The panel remains open along strike and to depth.

Zone 3.0 - Zone 3.5 Boundary Area

Zone 3.5 (the southern most zone along the Colomac Main sill) is one of several areas known to host distinct higher-grade mineralization (Figure 1). Nighthawk's initial drill campaigns pursued Zone 3.5 mineralization to depth and along strike of historical drilling to expand upon its high-grade nature. This work has resulted in the recognition of a northward expansion of the zone that subsequently led to the discovery of a higher-grade area plunging beneath Zone 3.0 near the boundary with Zone 3.5 (see press release dated September 19, 2012).

Holes C20-08 and C20-08B were drilled from a common setup near the boundary between Zone 3.0 and Zone 3.5 (Figure 1) and are part of a series of four evenly spaced drill sections laid out to continue tracking Zone 3.5 mineralization into the southern part of Zone 3.0. Drilling of three of these sections intersected broad, well mineralized areas where holes C20-04, C20-07 (see press releases dated September 29, 2020), and C20-02 (see press release dated August 20, 2020) explored the south, central, and northern parts of Zone 3.5 to depth, and tested areas within the 'Exploration Target'. Hole C20-08 shallowed significantly causing it to run close to hole C18-08 (see press release dated September 18, 2018) and intersected 85.00 metres of 1.19 gpt Au, including 21.75 metres of 2.35 gpt Au, and including 12.25 metres of 2.91 gpt Au,. The steeper hole C20-08B ran straight but only intersected weak mineralization to depth, possibly due to faulting in the area that displaced the mineralization.

More drilling is required to further define the northern plunge of the higher grade mineralization in Zone 3.5 and to explore the unexplored areas south and north of the main body of the zone as well as Zone 3.0 which still remains undrilled to depth.

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 has advanced its flagship asset Colomac, outlining a robust project with current Indicated Resources of 25.89 Mt with an average grade of 2.01 gpt Au for 1.67 Moz of gold and Inferred Resources of 5.71 Mt with an average grade of 2.03 gpt Au for 0.37 Moz of gold, with the majority of ounces contained within an underground resource. Near-term resource expansion opportunities exist proximal to the current resources, and additional upside exists throughout the +7km strike length of the host quartz diorite with a substantial opportunity at depth where the true width is known to expand significantly across a 3.5km-long section. Within this largely underexplored Archean gold camp, the Company has identified a number of high-priority targets within large regional deformation zones that are pregnant with gold mineralization and are known to host significant deposits which warrant additional exploration and follow-up.

The Company has an experienced and dedicated team with a track record of successfully advancing projects and is well funded and supported to complete its goals and objectives.

Qualified Person
Technical information related to the 2020 Mineral Resource Estimate on the 100% owned Indin Lake Gold Property (the '2020 MRE') was reviewed and approved by Marina Iund, M.Sc., P.Geo., Project Geologist and Carl Pelletier, P.Geo., Co-President Founder of InnovExplo who are independent Qualified Persons as defined by NI 43-101, with the ability and authority to verify the authenticity and validity of this data. Please refer to the NI 43-101 technical report 'NI 43-101 Technical Report and Mineral Resource Estimate for the Indin lake Gold Property, Northwest Territories, Canada', dated September 11, 2020, as filed under the company's profile on www.sedar.com.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

NIGHTHAWK GOLD CORP.
Tel: [phone]; Email: [e-mail]
Website: www.nighthawkgold.com

Dr. Michael Byron President & CEO Tel: [phone]

Michael Leskovec CFO Tel: [phone]

Suzette N Ramcharan VP, Corporate Development Tel: [phone]

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 add upwards of 1.5 Moz of additional resources grading anywhere from 1.8 to 2.0 gpt Au with an estimated 50,000 to 75,000 metres of drilling and the timing surrounding such an endeavour; the 2020 MRE; and access to available capital to complete all work necessary to achieve the Company's stated goals and objectives. 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.