Signal Gold Mobilizes Second Diamond Drill at Goldboro and Intiates a Further 10,000-Metre Growth Exploration Program

TORONTO, June 14, 2023 - Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL) (OTCQX:SGNLF) is pleased to announce that a second diamond drill has been mobilized to the Goldboro Project ("Goldboro", or the "Project") in Nova Scotia to accelerate a growth exploration drill program with an additional 10,000 meters, in addition to the initial program announced on March 23, 2023, for a total of 12,000 metres. With the discovery of gold mineralization to the west of the Goldboro Deposit and the continuation of an Induced Polarization ("IP") geophysical survey towards the past producing Dolliver Mountain Gold Mine*, the Company is excited to ramp up its largest growth exploration program to date in order to demonstrate the potential scale of the Goldboro Deposit.

The discovery of gold mineralization immediately to the west of the Mineral Resource along the Goldboro Trend demonstrates that the same style of gold mineralization, structure, and host environment as the Goldboro Deposit continues westward, and includes the following previously announced highlight intercepts:

• 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; and
• 7.29 g/t gold over 2.5 metres (103.0 to 105.5 metres) in hole BR-23-382.

As well as testing along strike of the Goldboro Deposit, the drill program will include drilling of other prospective areas including two parallel geophysical trends north and south of the Deposit (Exhibit A). The previously announced and ongoing IP geophysical survey, extending to the west through the Dolliver Mountain Gold Mine* area, will provide geophysical characteristics to depths of approximately 250 metres, within range of any further potential open pit mineralization, which will inform the drill program.

"We are pleased to initiate Signal Gold's largest ever growth exploration program to test the expansion potential west of the Goldboro Deposit all the way to the past producing Dolliver Mountain Mine. A total of 12,000 metres of diamond drilling will allow us to assess the significant opportunity to expand the near surface mineral resources at Goldboro. The drill program has been designed to continue to test the IP and VLF geophysical trends outlined in the 2022 geophysical survey and the upcoming IP survey covering the Dolliver Mountain area and will also test potential parallel structures north and south of the Goldboro Deposit. With 7.5 kilometres of strike potential, the Company is encouraged by results to date and excited to continue testing the numerous targets to demonstrate the scale potential of Goldboro."

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

In addition to the 12,000 metres of growth exploration diamond drill program, the Company is also undertaking 1,500 metres of diamond drilling within the existing Goldboro Deposit to provide additional geological and geotechnical information to inform an updated Mineral Resource.

The IP Survey is currently designed to cover two (2) kilometers of strike west of the Goldboro Deposit; however, the Company also acquired a further 3.5 kilometers of strike potential beyond the original mineral license (Exhibit B). Based on the first phase of the IP survey and follow-up diamond drilling, the Company has 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.

*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.