COLMAC GOLD PROJECT

[](https://www.nighthawkgold.com/_resources/images/Colomac_Gold_Project_enlarged.jpg)
(Click map to enlarge)

Colomac lies within the north central portion of Nighthawk’s Indin Lake Gold Property. The regional land package consists of a contiguous position surrounding the Colomac gold deposit, and includes more than 90% of the Indin Lake Greenstone Belt. Access to the project area is by winter road from Yellowknife or year-round by chartered aircraft making use of Colomac’s 5,000 foot airstrip.

Colomac was acquired in late 2011, and in 2012 the Company conducted 11,235 metres of drilling as well as relogging and resampling of the historic core (approximately 85,178 metres of historical drilling) in order to prepare a NI 43-101 compliant technical report outlining 2.1 Moz (39.82 Mt at 1.64 gpt Au) of inferred mineral resources. Between 2013 and 2017, the Company was able to add an additional 44,600 metres of drilling, and produced an updated resource estimate as at June 13, 2018 outlining 2.6 Moz (50.31 Mt at 1.62 gpt Au) of inferred resources. In July 2020, incorporating an additional 49,547 metres of drilling conducted between 2018 and 2019, applying constraints to the resource calculation of the open pit and new underground resources and converting 82% of inferred resources to the indicated category, the Company published its most quality driven resource estimate to-date. The 2020 MRE outlined 1.7 Moz (25.89 Mt at 2.01 gpt Au) of indicated Resources and an additional 0.4 Moz (5.71 Mt at 2.03 gpt) of inferred resources (see Mineral Resources).

The main focus for exploration has been the continued delineation of the host quartz diorite (Colomac Main Sill and Goldcrest Sill), where most of the drilling to date has been concentrated on the Colomac Main Sill. In 2014, a high-grade discovery was made within the Colomac Main Sill, and has remained an area of focus for Company. In 2017, and subsequently confirmed with drilling up to the 2020 campaign, drilling encountered a widening of the mineralized portion of the sill (the host quartz diorite), which expanded to upwards of 155-metre true widths at depths of over 550 metres vertical, presenting a new opportunity for resource expansion.

2020 Updated Colomac MRE

1.7 Moz. Indicated Resource (25.89 Mt at 2.01 gpt Au) + 0.4 Moz Inferred Resource (5.71 Mt at 2.03 gpt Au)

5 deposits (Colomac, Goldcrest, Grizzly Bear, 24 & 27)
Wide zones of near surface mineralization
No royalties

Considerable Growth Potential

~16 km long underexplored host rock
Growing multi-million-ounce project
Discovery of high-grade gold zones
Newly defined underground resources (1.1 Moz Indicated and 0.3 Moz Inferred) opens-up the sill to depth – see Mineral Resources
Widening of the mineralized portion of the sill across a 3.5km strike length provides excellent opportunity for rapid resource expansion
Newly discovered Nice Lake sill yet to be drilled

Excellent Preliminary Metallurgy

High recoveries of 96.5% to 98.0%³

Amenable to standard gold recovery techniques
No adverse materials detected
Potential for cyanide heap leach option (34.3% up to 82%)

Five separate gold deposits make up the Colomac Gold Project (Colomac Main, Goldcrest (North & South, Grizzly Bear, and 24/27), but only Colomac, Goldcrest and more recently Grizzly Bear have been drilled by the Company to date. All deposits remain underexplored and open in all dimensions. The Colomac Main Deposit was intermittently mined from 1990 to 1997 with reported production of 527,908 ounces of gold with an average head grade of 1.66 grams per tonne gold. The other deposits remain untouched, thus mining activities have only impacted a small portion of the sill’s 7 km mineralized strike length. All mining and processing equipment and infrastructure have been removed from the property.

COLOMAC GEOLOGY & MINERALIZATION

BRIEF HISTORY OF COLOMAC

HISTORIC GOLD PRODUCTION FROM MAIN ZONE AT COLOMAC


Image source (left): Affleck et al. (2002) 2002 October Report of the Commissioner of the Environment and Sustainable Development. Office of the Auditor General of Canada. Retrieved from http://www.oag-bvg.gc.ca/ on February 20, 2018.