Nighthawk Reports Treasure Island Drill Results, Intersecting Elevated Grades

HOLE T20-03 RETURNS 4.49 G/T AU (UNCUT) OVER 7.25 METRES

TORONTO, February 3, 2021 - Nighthawk Gold Corp. ("Nighthawk" or the "Company") (TSX:NHK)(OTCQX:MIMZF) is pleased to report assay results for twelve (12) drillholes (4,325 metres) from the 2020 drilling campaign on the Treasure Island Gold Project ("Treasure Island"), located within the northern section of its Indin Lake Gold Property, Northwest Territories, Canada (Figure 1; Table 1).

A total of 15 holes for 5,508 metres of drilling was completed at Treasure Island as part of the 2020 drilling campaign with 12 holes being reported on today. Of the 12 holes, 5 tested the Seadog Showing, an area where surface grab samples previously returned values of up to 27.8 grams per tonne gold ("g/t", "Au"), while the remaining 7 holes tested the extension of the Main Zone. As shown in the highlight table below, significant assay results were obtained on both areas with values of up to 4.49 g/t Au over 7.25 metres in hole T20-03 (Figure 2).

Richard Roy, Vice President of Exploration commented, "Drilling at Treasure Island continued to encounter elevated grades within the near surface environment and tested the continuity of mineralization to depth. The target area has now been traced for up to 850 metres in strike length and remains open in both directions and to depth.

"The impact of Covid-19 has resulted in longer than usual turnaround times for assay results, hence we are still working through results from our 2020 drilling campaign. Results from the remaining three holes at Treasure Island are pending and will be released as the information becomes available. Once all information has been received the target area will be compiled and assessed along with all other advanced targets within the property. This assessment will serve as a guide for future drilling and exploration at Treasure Island."

Highlights of Treasure Island Drilling:

Note: True widths remain undetermined at this stage. Assays are uncut.

The FULL ASSAY TABLE is available as a media document within this release as well as on the Company's website at https://www.nighthawkgold.com/news/full-assay-tables/

Treasure Island Summary of Drilling Results

Treasure Island lies 11 km north of Colomac along the eastern end of the Treasure Island - Laurie Lake Mineralized Corridor, a 7km-long underexplored target area that hosts several prospective gold showings.

Previous drilling on the Main Zone identified a series of stacked mineralized zones associated with a sequence of felsic rocks located at the contact between mafic volcanics and clastic sediments (Figure 1), where mineralization was traced over a strike length of 750 metres. The 2020 program was designed to test the western extension of the zone and provide preliminary testing of the depth potential. Two sections were completed at 50 metres and 100 metres from the most western section drilled to date. Results suggest that the Main Zone continues for at least an additional 100 metres to the west (see Figure 1, along with the sections in Figures 2-3), with similar grades and widths as was previously obtained. The zone remains open in both directions and at depth.

Treasure Island is one of many significant mineralized zones identified to date on the Indin Lake Gold Property. The Main Zone and East Zone cover 850 metres of a 7km-long corridor containing a series of gold showings including Laurie Lake and JPK (Figure 1). Management is currently preparing and planning the upcoming aggressive 2021 exploration program designed to quickly evaluate and test for near-surface gold mineralization proximal to the Colomac Gold Project's main zone which can contribute to the economic potential of the property. The company is focused on identifying and delineating quality ounces that will serve as the basis for eventual economic evaluations.

Figure 1. Plan View of Treasure Island Gold Project - Drilling Locations

Figure 2. Treasure Island Cross Section - Main Zone - Drillholes T20-03, T20-03B

Figure 3. Treasure Island Cross Section - Main Zone - Drillholes T20-04, T20-04B

Figure 4. Treasure Island Cross Section - Main Zone - Drillhole T20-06

Figure 5. Treasure Island Cross Section - Main Zone - Drillhole T20-08

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 were 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 g/t Au for 1.67 Moz of gold and Inferred Resources of 5.71 Mt with an average grade of 2.03 g/t 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

Richard Roy P.Geo., V.P. Exploration 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: 1-647-794-4313; Email: info@nighthawkgold.com
Website: www.nighthawkgold.com

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 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, 2019, 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.