Colomac Centre/Satellite Deposits

The Colomac camp site is located within the Colomac Centre (see Figure 1) and is accessed by winter road from Whatì via Yellowknife, NWT for approximately three months each year, or year-round by aircraft to a 5,000-foot airstrip on site. The five gold deposits within the Colomac Centre (Colomac Main, Goldcrest, Grizzly Bear, 24 and 27) and four higher-grade satellite deposits (Kim, Cass, Damoti and Treasure Island; discussed in further detail below) represent the updated Mineral Resource Estimate (the “2022 MRE [https://www.nighthawkgold.com/indin-lake/mineral-resources/]”). Colomac saw historical, intermittent mining from 1990 to 1997 (see discussion above) and was limited to one of three shallow open pits developed on a steeply dipping quartz diorite intrusion. Mining activities exploited only a small portion of the 7 km mineralized strike length. All mining and processing equipment and infrastructure have been removed from site.

Figure 1 – Colomac Centre Deposits

Colomac Centre Deposits
COLOMAC CENTRE


The Colomac Main was arbitrarily divided into six mineralized zones (Zones 1.0, 1.5, 2.0, 2.5, 3.0 and 3.5) along a 7 km strike length (plus an additional 2km to the south which has never been tested). The Colomac Main has received the majority of drilling metres since its acquisition in 2012, and its estimated mineral resource ounces currently accounts for approximately 92% of indicated resources and 42% of inferred resources of the 2022 MRE [https://www.nighthawkgold.com/indin-lake/mineral-resources/] (refer to Figure 4 for a longitudinal section of Colomac Main mineral resource estimates). The discovery of high-grade at Zone 1.5 in 2014 became the focus of the exploration program, with drilling aimed at further delineating this discrete high-grade domain, as well as targeting the potential for other high-grade domains along the 7 km strike length. This prompted the Company to conduct deeper drilling within Zones 1.5, 2.0 and 3.5, which led to the discovery that the mineralized portion of the sill (the quartz diorite) expanded in true width from 30-50 metres in the near surface environment up to 155 metres at depths below 600 m vertical. Nighthawk believes that there remains considerable room for expansion along strike as well as to depth, but the near-term focus will be to optimize the near-surface mineral resource growth opportunities.

Figure 2 – 2022 MRE Colomac Main Deposit – Longitudinal Section

Colomac Main Deposit – Longitudinal Section

Located immediately to the west of Colomac Main’s Zone 3.5 lies a satellite sill which is host to Goldcrest. Goldcrest has an estimated 3 km strike length and previous drilling tested mineralization down to 350 metres below surface, where it remains open.

 

The Grizzly Bear is located west of Goldcrest within the contact between sedimentary and volcanic rocks. Drilling has supported the continuity of this deposit and extended it to a depth of 200 metres vertical, where it remains open.

The 24 and 27 are located approximately 3 km east of Colomac Main’s Zone 1.0. In 2019 and 2020, the Company carried out extensive outcrop stripping, mapping, and channel sampling programs on this highly prospective area to better understand the controls on mineralization in preparation for future drilling. The Company conducted drilling at all of these targets as part of the 2021 exploration program, where they were drilled principally on-strike for additional in-pit resources.

HIGHER-GRADE SATELLITE DEPOSITS


The Kim and Cass are located approximately 15 km southwest of Colomac Main. Drilling in 2021 focused on confirming the historical information, obtaining important geological information on the type of deposit that hosts mineralization, and testing the western extension of the mineralized zones. The resulting mineral resource estimates for Kim and Cass in the 2022 MRE [https://www.nighthawkgold.com/indin-lake/mineral-resources/]  demonstrated typically higher-grades (compared to the average, near-surface grades at the Colomac Centre) at consistently decent mineralized widths up to surface.

The Damoti lies 28 km south of the Colomac Main. Mineralization is hosted in folded Archean iron-formation associated with fold-related fracturing and hydrothermal alteration where gold is preferentially located within the fold noses and parasitic structures. Previous drilling has demonstrated near-surface, higher-grade gold mineralization. For the 2022 MRE [https://www.nighthawkgold.com/indin-lake/mineral-resources/], Damoti was re-evaluated as a potential open-pit deposit due to the proximity of the known mineralization to the surface and land access.

Treasure Island is located approximately 11 km north of the Colomac Main. The deposit is characterized by wide bands of consistent mineralization that hosts internal higher-grade domains. Recent drilling has encountered elevated grades within the near surface environment and demonstrates continuity of mineralization at depth.

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