Signal Gold Discovers Gold Mineralization West of the Golboro Deposit, Intersecting 20.59 g/t Gold over 3.0 metres, 7.29 g/t Gold over 2.5 metres and 9.46 g/t Gold over 2.0 metres

TORONTO, February 23, 2023 - Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce diamond drill results from a growth exploration program at its Goldboro Project in Nova Scotia ("Goldboro", or the "Project"). The growth exploration program, comprised of 2,870 metres in 15 drill holes of diamond drilling, has successfully discovered continued gold mineralization up to 325 metres to the west of the existing Goldboro Deposit Mineral Resource, and mineralization remains open along strike to the west and at depth (Exhibits A, B and C).

Critically, the results demonstrated the same style of gold mineralization and host environment as the Goldboro Deposit. Eight (8) occurrences of visible gold were observed in 102 separate intersections of gold mineralization. Drilling also demonstrated that increased gold mineralization and alteration is coincident with the targeted Induced Polarization ("IP") chargeability and Very Low Frequency ("VLF") trends (Exhibit A). This geophysical signature, along with the current geological interpretation, suggests that the structure which hosts the Goldboro Deposit potentially extends two (2) kilometres west of the current mineralization and is coincident with the past producing Dolliver Mountain Mine.

Selected composited highlights from the drill program include:

• 20.59 g/t gold over 3.0 metres (122.4 to 125.4 metres) in hole BR-23-383 including 113.90 g/t gold over 0.5 metres;
• 9.46 g/t gold over 2.0 metres (123.5 to 125.5 metres) in hole BR-23-381 including 15.40 g/t gold over 0.5 metres;
• 7.29 g/t gold over 2.5 metres (103.0 to 105.5 metres) in hole BR-23-382;
• 4.84 g/t gold over 3.0 metres (54.9 to 57.9 metres) in hole BR-23-385; and
• 2.72 g/t gold over 3.5 metres (72.6 to 76.1 metres) in hole BR-23-385 including 13.40 g/t gold over 0.5 metres.

Significant high-grades were also intersected, including:

• 130.70 g/t gold over 0.5 metres at 79.9 metres in hole BR-22-380;
• 47.20 g/t gold over 0.5 metres at 229.7 metres in hole BR-22-374;
• 77.70 g/t gold over 0.5 metres at 123.0 meters in hole BR-22-379;
• 21.00 g/t gold over 1.0 metres at 210.3 metres in hole BR-22-377; and
• 28.10 g/t gold over 0.5 metres at 112.1 metres in hole BR-23-381.

"We are very pleased with the results of the recent growth exploration program that demonstrates the near surface expansion potential of the Goldboro Deposit, with significant room to grow towards the historic Dolliver Mountain gold mine. These drill results importantly validate our exploration approach of targeting IP and VLF geophysical signatures to the west along the host anticline. Further drilling will be required to outline the detailed geometry of the new mineralization, but we are pleased to have proven with this drilling the very real expansion potential at Goldboro. The initial addition of 325 metres of strike has led us to initiate permitting for further drilling near, and west, of the Deposit. With the recent financing announcement with Nebari Resources that will enable the execution of key optimization and de-risking activities at Goldboro combined with the significant increase in exploration licenses adjacent to the Goldboro Deposit, we are well situated to demonstrate expansion of mineral resources while developing a long-life Project."

~ Kevin Bullock, President and CEO, Signal Gold Inc.

The Company has identified a significant opportunity to expand the existing Mineral Resource west of the IP Survey where the host structure to the Goldboro Deposit continues for a further two (2) kilometres. This is demonstrated by historic near-surface geophysical anomalies and previous drilling towards the past producing Dolliver Mountain gold mine*. Additional IP surveying will cover this area of strike potential and will be initiated following the receipt of required permits and land access.

A table of selected composited assay results from the drill program

Footnotes:

• Intervals are reported as core length only. True widths are estimated to be between 70% and 100% of the core length.
• All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release.
• All drill holes not reported in the table above did not encounter significant mineralization.
• Drill holes were oriented along a north-south trend with holes on the north limb of the hosting anticlinal structure drilled southward and holes located south of the anticlinal structure drilled northward. The dip of holes is dependent upon the location relative to the anticline with the goal of intersecting mineralized zones orthogonally.

*Operations began at the Dolliver Mountain Gold Mine in 1901 and the operation ceased in 1905.

All samples and the resultant composites referred to in this release are collected using QA/QC protocols including the regular insertion of standards and blanks within the sample batch for analysis and check assays of select samples. All samples quoted in this release were analyzed at Eastern Analytical Ltd. in Springdale, NL, for Au by fire assay (30 g) with an AA finish.

All assays in this press release are reported as fire assays only. For samples analyzing greater than 0.5 g/t Au via 30 g fire assay, these samples will be re-analyzed at Eastern Analytical Ltd. via total pulp metallics. For the total pulp metallics analysis, the entire sample is crushed to -10mesh and pulverized to 95% -150mesh. The total sample is then weighed and screened to 150mesh. The +150mesh fraction is fire assayed for Au, and a 30 g subsample of the -150mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Total pulp metallics assays for drillholes sited within this press release may be updated in a future news release.

The drill program was partially funded by the MRDF Shared Funding Exploration Grant (MRDF-2022- SF-05). The Company wishes to thank the Government of Nova Scotia for the partial funding of the drill program.

This news release has been reviewed and approved by Paul McNeill, P. Geo., VP Exploration with Signal Gold Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects.

ABOUT SIGNAL GOLD
Signal Gold is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study which demonstrates an approximately 11-year open pit life of mine ("LOM") with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 grams per tonne gold. (Please see the 'NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' on January 11, 2022, for further details). On August 3, 2022, the Goldboro Project received its environmental assessment approval from the Nova Scotia Minister of Environment and Climate Change, a significant regulatory milestone which enables the Company to commence site-specific permitting processes including the Industrial Approval and Crown Land Lease and Mining Lease applications. The Goldboro Project also has potential for further Mineral Resource expansion, particularly towards the west along strike and at depth. A future study will consider upgrading and expanding potentially mineable underground Mineral Resources as part of the longer-term mine development plan.

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SOURCE: Signal Gold Inc.