Signal Gold Identifies Significant Growth Potential West of the Goldboro Deposit, Initiates Drilling at the Past Producing Dolliver Mountain Gold Mine

TORONTO, September 7, 2023 - Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce that it has initiated drilling at the past-producing Dolliver Mountain Gold Mine to the west of the Goldboro Mineral Resource based on encouraging results of a 14-line kilometre Induced Polarization geophysical survey ("IP Survey") at the Goldboro Project ("Goldboro", or the "Project") in Nova Scotia. The IP Survey, part of a broader 50-line kilometre IP Survey started in 2022, demonstrates that the chargeability response coincident with the Goldboro Deposit continues westward for at least 1.4 kilometres through the past producing Dolliver Mountain Gold Mine* (Exhibits A and B).

This is especially encouraging as the discovery of gold mineralization up to 325 metres to the west of the Goldboro Deposit announced in February 2023, which includes intercepts of 20.59 g/t Gold over 3.0 metres and 7.29 g/t Gold over 2.5 metres, demonstrated that increased gold mineralization and alteration is coincident with the targeted IP chargeability and Very Low Frequency ("VLF") trends. Based on these geophysical results, drilling has started at the past-producing Dolliver Mountain Gold Mine which was historically mining the same anticlinal structures as the Goldboro Deposit (Exhibits C and D).

"Signal Gold is excited to commence drilling to the west of the Goldboro Deposit by the historic Dolliver Mountain Gold Mine as part of our ongoing 12,000 metre diamond drill program, the Company's largest ever growth exploration program. The initial phase of the geophysical survey and recent drill results confirmed that the structure, alteration, and gold mineralization associated with the Goldboro Deposit continues to the west and the most recent results demonstrate that the chargeability response associated with the Goldboro Deposit continues through the past producing Dolliver Mountain Gold Mine. The best location to find a gold deposit is next to an existing deposit or in the shadow of a head frame - this opportunity meets those criteria and is associated with a clear and encouraging IP Survey. Armed with this knowledge, we have initiated drill testing in the Dolliver Mountain area with the aim of further demonstrating the significant opportunity to expand the near surface mineral resources at Goldboro and continue to demonstrate the scale potential of the emerging Goldboro Gold Camp."

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

Signal Gold successfully discovered continuous gold mineralization up to 325 metres to the west of the Goldboro Deposit in early 2023 based on the initial phase of the IP Survey undertaken in 2022 and the subsequent diamond drilling, and also demonstrated that mineralization remains open along strike to the west and at depth. The most recent IP Survey results confirm that this geological trend continues on through the historic Dolliver Mountain Gold Mine, extending the strike potential further west by at least 1.4 kilometres.

The ongoing 12,000 metre diamond drill program is currently focused on the delineation of near surface gold mineralization along strike to the west at Goldboro and is now targeting the area around Dolliver Mountain based on the new geophysical data, which also provides geophysical characteristics to depths of approximately 250 metres, within range of any further potential open pit mineralization. The drill program is targeting a known mineralized anticline at Dolliver Mountain as shown in the historic cross section in Exhibits C, which bears strong similarity the anticlinal structures hosting the Goldboro Deposit outlined in Exhibit D.

*Operations began at the Dolliver Mountain Gold Mine in 1901 and the operation ceased in 1904.

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.