Signal Gold Extends Ground Geophysical Survey to the West of the Goldboro Deposit and Provides Update With Respects to the Forest Fires in Nova Scotia

TORONTO, June 6, 2023 - Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce the continuation of a 50-line kilometre Induced Polarization geophysical survey ("IP Survey") at the Goldboro Project ("Goldboro", or the "Project") in Nova Scotia. The IP Survey will extend a further 14-line kilometres west from the previous survey conducted in 2022, which demonstrated a chargeability response coincident with the Goldboro Mineral Resource. The IP Survey will critically extend over the area west of the Goldboro Deposit for approximately two kilometres, following a VLF geophysical survey which passes through the Goldboro Deposit and continues along strike to the past producing Dolliver Mountain Gold Mine* (Exhibit A and B).

The Company is also providing an update on recent forest fire activity in the Province of Nova Scotia, which early last week resulted in a restriction of all activity in and around forest land. The travel and work restrictions have now been lifted in most areas of the Province and the Company has begun to re-mobilize its work teams, including with respects to exploration drilling to the west of Goldboro. The Company is assessing the impact that the delay will have on its ongoing programs, including its updated Feasibility Study, in particular due to the delay of geotechnical drilling.

"We are relieved that the risks from the forest fires in Nova Scotia have been substantially reduced over the past few days and applaud the efforts of the Province to keep all residents and workers in Nova Scotia safe. While we are still assessing the potential impact of the delay on our schedule, we are happy to start drilling activity again at the Goldboro Project, both for exploration growth potential and geotechnical activity to support the Feasibility Study."

"Signal Gold is excited to initiate a further ground geophysical survey to the west of the Goldboro Deposit, as the best place to find a gold deposit is in the shadow of a headframe or next to an existing deposit - the area west of the Goldboro Deposit has both these characteristics. The first phase of the geophysical survey, along with recent drill results, confirmed that the structure, alteration, and gold mineralization at the Goldboro Deposit continues westward from the Deposit. Additionally, the first phase of ground geophysics and the subsequent drill results validate our exploration approach of targeting IP and VLF geophysical trends allowing us to optimize our exploration approach. With a diamond drill now testing the additional strike of mineralization identified by the first phase of the IP Survey and the extension of the ground geophysical program, there is significant opportunity to expand the near surface mineral resources at Goldboro."

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

The Company has identified significant opportunity to potentially expand the existing Mineral Resource to the west of the existing Deposit, and the IP Survey will assist in identifying such continuation along strike as well as any potential parallel zones north and south of the currently known extents of the Goldboro Deposit. Based on the first phase of the IP survey and follow-up diamond drilling, the Company successfully discovered continued gold mineralization up to 325 metres to the west of the Goldboro Deposit and demonstrated that mineralization remains open along strike to the west and at depth. An ongoing drill program is currently focused on continuing to add strike length to the near surface gold mineralization at Goldboro.

The IP Survey will also provide geophysical characteristics to depths of approximately 250 metres, within range of any further potential open pit mineralization, which will inform the drilling program for 2023. The IP Survey is currently designed to cover two (2) kilometers of strike west of the Goldboro Deposit, however, in addition, the Company has now acquired exploration licenses covering a further 3.5 kilometers of strike potential beyond the original mineral license.

*Please see the "NI43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia" on January 11, 2022, for further details.

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

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.