Hawkeye Increases Its Railway Land Package Ahead of 2020 Exploration at McBride and Railway Properties, Golden Triangle of British Columbia

VANCOUVER, July 30, 2020 - Hawkeye Gold & Diamond Inc. (the "Company" or "HAWKEYE") (TSXV:HAWK)(Frankfurt:HGT) (ISIN: CA42016R3027; WKN: A12A61): is pleased to announce that it has acquired by staking a 100% interest in an additional 412.84 hectares increasing the size of the Railway property to 1,341.8 hectares. The Company staked the claims to cover the intrusive and structural contact between the Railway Pluton and the Stikine Assemblage to the northwest and the Klastline Formation, a Hazelton-equivalent volcanic-dominant assemblage, and the overlying Spatsizi Formation, to the southwest. The new claims are prospective for porphyry and vein-style Cu-Au-Mo mineralization, with two known gold and copper showings, and are located contiguous with the northeastern boundaries of the current Railway and McBride properties.

HAWKEYE's 100% owned McBride (4,202.08 ha) and Railway (1,341.8 ha) properties are strategically located in the northeast corner of the BC Golden Triangle, approximately 12 kilometres north of the Red Chris Cu-Au mine, and 18 kilometres east of GT Gold Corp's Saddle North Cu-Au and Saddle South Au-Ag discoveries.

HAWKEYE plans to perform its summer work program over the promising northern IP chargeability target located on the McBride property. This target was not drilled in 2019 because of the onset of severe winter conditions. The Railway property, which the Company acquired between August and October 2019, is contiguous with the northwest part of the McBride property. The Railway acquisition extends the target area through the undrilled northern chargeability anomaly along a 3 kilometre belt of known mineralized porphyry and breccia mineral occurrences on HAWKEYE's mineral tenures (Figure 1). Assays from the previous exploration reported Cu values to 6.92%, Au to 5.18 g/t and Ag to 57 g/t with highly variable Cu:Au ratios.

The proposed 2020 summer exploration program includes but is not limited to detailed mapping, prospecting, rock and soil sampling, followed by an expansion of the current Induced Polarization (IP) survey coverage. This work is focused on the delineation of the highest priority drill targets while investigating the geological, geochemical and structural controls which may be spatially associated with a porphyry system at depth.

Figure 1.

Qualified Person

Technical information in this news release has been reviewed and approved by Greg Davison, M.Sc., P.Geo., and a qualified person for the purposes of National Instrument 43-101.

About HAWKEYE

Hawkeye Gold & Diamond Inc. is a junior mineral exploration and development company based in Vancouver, British Columbia, Canada. The Company's precious and base metals properties are located in the prolific Golden Triangle of northwest BC, in the world-class Barkerville gold camp, and on Vancouver Island, BC, Canada. HAWKEYE's corporate mandate is to build strong asset growth and shareholder value through the acquisition of low-cost, high-potential opportunities with discovery potential, and to manage its business in an environmentally responsible manner while contributing to the local community and economy.

Hawkeye Gold & Diamond Inc.
Per:

"Greg Neeld"

President & CEO
Vancouver: (778) 379-5393
Email: greg@hawkeyegold.com
Web Site: www.hawkeyegold.com

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.

Cautionary Notes Regarding Forward Looking Statements

This News Release contains forward-looking statements. Forward-looking statements are statements that relate to future events. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

SOURCE: Hawkeye Gold & Diamond Inc.