Nighthawk Reports Further Expansion of Colomac Gold Zones: Validates Depth Continuity at Goldcrest

TORONTO, ONTARIO--(Marketwired - Dec 21, 2016) - Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX VENTURE:NHK) is pleased to report final drill results from its summer 2016 program on the Colomac Gold Project, Northwest Territories ("NWT") (Figure 1 - Table 1 and 2). The Company has now released results on 8,400 metres (34 holes) of drilling that successfully delineated recently discovered high-grade gold Zone 1.5 (September 13, 2016; October 12, 2016,), highlighted by 52.07 metres ("m") of 7.72 grams per tonne ("g/t") gold (uncut), and 72.65 m of 5.58 g/t gold (uncut - Figure 2), and tested other potential high-grade prospects including Zone 2.5 (November 24, 2016) highlighted by 57.00 m (37.00 m true width) of 1.47 g/t gold, including 13.50 m of 2.82 g/t gold; and Zone 1.0 highlighted by 55.95 m (40.00 m true width) of 1.09 g/t gold, including 9.00 m of 2.36 g/t gold.

Today's results report on testing the high-grade potential of Zone 3.0, and resource expansion drilling at Goldcrest (Figure 1). The last nine holes (2,430 m) of the summer 2016 drill program are presented in Tables 1 and 2 below.

"Consistent positive results strengthen our belief that Colomac will continue to deliver numerous opportunities for expansion of known high-grade zones, and overall resource growth," said Dr. Michael Byron, President and CEO. "Current drilling has effectively extended Zone 3.0 northward towards less defined Zone 2.5, emphasizing the zone's untapped potential for resource expansion and high-grade zone development laterally and to depth. Goldcrest hole G16-10 confirms continuity to depth of a previously reported gold zone, while G16-07 has intersected yet another zone of broad, potentially high-grade, gold mineralization of underexplored extensions. We are particularly excited to resume drilling at Zone 1.5, trace it to depth and test for the potential coalescence of high-grade Zones 2.0 and 1.5, a priority target area, that if proven, would become the deposits largest zone and host significant ounces of higher grade mineralization," added Dr. Byron.

Highlights: (uncut gold assays reported):

Goldcrest

• Hole G16-10 (located at the northern extension of the 450 metre strike length tested in 2014) intersected 26.05 m (14.7 m true width) of 2.16 g/t gold, including 3.75 m of 12.39 g/t gold, and separate intercepts of 6.30 m (3.60 m true width) of 3.04 g/t gold, and a 11.05 m (6.40 m true width) of 1.57 g/t gold;
• G16-10 confirmed the depth continuity of a high-grade zone previously intersected by G14-09 (November 26, 2014), that returned 40.00 m of 2.52 g/t gold, including separate internals intervals of 5.20 m of 7.82 g/t gold and 12.50 metres of 3.64 g/t gold, and which was previously reported to have a strike length of 125 metres;
• Hole G16-07 (collared within the southern end of the sill tested in 2014) returned 9.00 m (5.90 m true width) of 3.10 g/t gold, including 5.25 m of 4.98 g/t gold. Undercut hole G16-07B intersected multiple gold intervals including 12.70 m (6.70 m true width) of 1.67 g/t gold, including 7.45 m of 2.51 g/t gold and 3.25 m of 4.41 g/t, gold, and a further 12.65 m (6.80 m true width) of 1.58 g/t gold, including 3.65 m of 4.86 g/t gold.
• G16-07, -07B show characteristics of a possible high-grade gold zone, including proximity to a transverse fault, multiple 10+ metre gold intercepts, and the occurrence of several high-grade gold values, effectively highlighting this area as a candidate for broad, potentially high-grade gold mineralization, both laterally and with depth;

Colomac Zone 3.0

• Drilling was directed towards exploring for a higher grade zone, expanding mineralization, and to narrow the resource gap between Zone 3.0 and the southern limit of Zone 2.5, laterally and to depth;
• C16-10 intersected favorable widths of 20.18 m (12.70 m true width) of 1.80 g/t gold, including 4.53 m of 2.73 g/t gold, and 7.90 m of 2.26 g/t gold, with an internal 3.55 m of 3.53 g/t gold, while the steeper hole C16-10B, intersected 14.20 m (6.80 m true width) of 1.42 g/t or 12.05 m (5.80 m true width) of 1.50 g/t gold, including 5.30 m of 1.73 g/t gold and 4.0 m of 1.95 g/t gold. Given these widths, a high-grade domain that may lie laterally to hole C16-10 and to depth;
• Results have extended the zone further northward and reduced the data gap between the lesser defined Zone 2.5 to the north, whose northern limit was recently expanded (November 24, 2016) by Hole C16-07 that returned 57.00 m (37.00 m true width) of 1.47 g/t gold, including 34.65 m of 1.88 g/t gold and an internal 13.50 m of 2.82 g/t gold.

Table 1. Colomac Sill Drill Results (uncut)

Table 2. Goldcrest Drill Results (uncut).

Colomac

Results for two Colomac holes are presented in Table 1, highlighting opportunities to extend the sill's known gold zones, and the intrusion's capacity to host broad zones of gold mineralization.

Colomac Zone 3.0

Two holes were drilled to test the high-grade potential of Zone 3.0, to extend the northern limits of the zone and expand its near surface resource, and to infill an untested shallow resource gap between Zone 3.0 and the southern boundary of the less defined Zone 2.5 (Figure 2). Recent drilling at Zone 2.5 has established it as a high-grade candidate, returning both broad widths of near-surface gold mineralization and extending its northern limit with hole C16-07 (November 24, 2016), which returned 44.00 m (33.00 m true width) of 1.29 g/t gold that included 16.80 m of 1.92 g/t gold. The steeper hole C16-07B returned 57.00 m (37.00 m true width) of 1.47 g/t gold, including 34.65 m of 1.88 g/t gold and an internal 13.50 m of 2.82 g/t gold.

Hole C16-10 (Figure 3) expanded Zone 3.0 northward and to a depth of 200 metres below surface, effectively reducing the data gap between Zone 3.0 and Zone 2.5, by intersecting 20.18 m (12.70 m true width) of 1.80 g/t gold, including 4.53 m of 2.73 g/t gold, and 7.40 m of 2.30 g/t gold, including an internal 3.55 m of 3.53 g/t gold. The steeper hole C16-10B, intersected 14.20 m (6.80 m true width) of 1.42 g/t gold or 12.05 m (5.80 m true width) of 1.50 g/t gold, including 5.30 m of 1.73 g/t gold and 4.0 m of 1.95 g/t gold.

Additional drilling is currently being planned for Zone 3.0 in order to evaluate the remaining untested data gaps, and to continue probing for a potential high-grade domain that may lie laterally to hole C16-10 and to depth.

Goldcrest

Nighthawk previously reported Goldcrest North drill results for eight holes (October 12, 2016; November 24, 2016). The remaining seven Goldcrest holes drilled in 2016 (Table 2) were collared within part of the sill's main section located approximately 1.5 kilometers to the south-southwest of Goldcrest North. Here drilling explored for broad, near surface, potential high-grade gold zones within relatively untested areas both north and south of Nighthawk's 2014 drilling program.

Southern Goldcrest Holes:

Hole G16-07 (Figure 1) was collared near the southern limit of the area drilled in 2014 and returned 9.00 m (5.90 m true width) of 3.10 g/t gold, including 5.25 m of 4.98 g/t gold. Undercut hole G16-07B intersected multiple gold intervals (Figure 4) including 12.70 m (6.70 m true width) of 1.67 g/t gold, including 7.45 m of 2.51 g/t gold and 3.25 m of 4.41 g/t gold, and a further separate 0.50 m of 34.80 g/t gold, and a 12.65 m (6.80 m true width) of 1.58 g/t gold including 2.90 m of 5.72 g/t gold.

Although G16-07, -07B did not encounter mineralization typical of a high-grade gold zone, it is only the second setup drilled north of a dextral transverse fault in a relatively open and sparsely tested area. Hole G14-02, located 46 metres to the northeast, returned shallow intercepts of trace gold values over core lengths of up to 10.25 m (September 25, 2014). Detailed geological models are currently being updated to help define future drilling in the area.

The proximity of G16-07, 07B to a transverse fault, multiple 10+ metre gold intercepts within the steeper hole, and the occurrence of several high gold values, upgrades this area as a good candidate for broad, potentially high-grade gold mineralization both laterally and especially with depth.

Hole G16-08, collared approximately 54 metres south of C16-07, and south of the transverse fault, encountered a brittle fault and failed to intercept quartz diorite, the principal host to gold mineralization.

Northern Goldcrest Holes:

The remaining four Goldcrest holes (G16-09 through G16-11, and G16-06) were collared to explore the northern extension of the 450 metre section of the sill tested in 2014.

G16-09 drilled quartz diorite intersecting quartz veining and visible gold returning a best value of 1.50 m of 2.75 g/t gold and a number of samples with discreet lower gold assays. Two shallower holes, G14-08, -08B (October 27, 2014, and November 26, 2014) collared 12 metres to the southwest returned multiple gold intervals including 11.00 m of 2.15 g/t gold and 10.50 m of 2.42 g/t gold. Hole G16-09 was collared at a steeper angle (-70 degrees) and encountered a gap in better gold mineralization. It may have undershot a portion of the main north plunging shoot. This is in part validated by results from G16-10 located 65 metres north-northwest of G16-09, which confirms the continuity of the gold zone with depth.

Hole G16-10 (Figure 5), a steep hole at -65 degrees, returned 26.05 m (14.7 m true width) of 2.16 g/t gold, including 3.75 m of 12.39 g/t gold, and separate intercepts of 6.30 m (3.60 m true width) of 3.04 g/t gold, and a 11.05 m (6.40 m true width) of 1.57 g/t gold. Hole G14-09 (November 26, 2014), a previous shallow hole 7 metres to the southwest, intersected 40.00 metres of 2.52 grams per tonne ("g/t") gold, including 5.20 metres of 7.82 g/t gold and 12.50 metres of 3.64 g/t gold.

Geological models are currently being updated for this Goldcrest zone, which appears to extend 125 metres in strike (November 26, 2014).

Step out holes G16-11, collared 97 metres to the northeast of G16-10, and G16-06 collared a further 80 metres north-northeast, encountered respectively, a narrow felsite (related to the quartz diorite), and a narrow, poorly developed quartz diorite. Neither hole returned significant gold values.

2017 Exploration Program

Current modeling suggests better mineralization may lie south of the recent drilling at Zone 1.0, within an underexplored 2-kilometer section between Zones 1.0 and high-grade Zone1.5. Zone 2.5 intersections are reported over significant widths and are typical of Colomac high-grade domains, but grades are more reflective of mineralization lateral to high-grade targets. Additional drilling is being planned to further explore these zones and the depth extent of high-grade Zone 1.5. Field exploration is expected to commence in early 2017 and extend through to early October, and promises to be the most extensive since Nighthawk commenced working in the Northwest Territories. Activities will focus on drilling the Colomac Gold Project, but will also employ an array of techniques, including airborne and ground geophysics, and detailed geological mapping and prospecting, to enhance target areas at both Colomac and within the highly prospective Indin Lake Gold Property.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/nhk1221fig1.pdf.

To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/nhk1221fig2.pdf.

To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/nhk1221fig3.pdf.

To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/nhk1221fig4.pdf.

To view Figure 5, please visit the following link: http://media3.marketwire.com/docs/nhk1221fig5.pdf.

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 exploration company focused on acquiring and developing gold mineral properties in the Northwest Territories. Including the mineral claims and leases of the Colomac Gold Project, Nighthawk's Indin Lake Gold Property comprises a total land package of 222,203 acres in the Indin Lake Greenstone Belt, located approximately 200 kilometres north of Yellowknife, Northwest Territories and includes an Inferred Mineral Resource estimate, prepared in accordance with National Instrument 43-101 ("NI 43-101"), of 39.815 million tonnes with an average grade of 1.64 g/t gold for 2.101 million ounces gold using a cut-off grade of 0.6 g/t gold. Nighthawk also holds a 100% interest in the property known as the Superior Project, which covers 39,015 acres approximately 85 kilometres north of Sault Ste. Marie, Ontario.

The technical aspects of this press release have been reviewed by 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. Dr. Byron has supervised all work programs carried out by the Company within their Indin Lake Project since inception, visited the Colomac property on multiple occasions, examined the drill core from the holes summarized in this release, reviewed project progress and results with geological staff, and examined available analytical and quality control results.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, the timing of future drilling, the expansion of the mineralization, and the remediation of historic reclamation sites. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Nighthawk, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact

Nighthawk Gold Corp.
Dr. Michael J. Byron
President and Chief Executive Officer
(705) 560-2382
mbyron@nighthawkgold.com