Signal Gold Initiates Airborne Geophysical Surveys Over Its Recently Expanded Land Position in the Goldboro Gold District

TORONTO, March 5, 2024 - Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce that it has commenced a 1,400-line kilometre airborne magnetic and very low frequency ("VLF") electromagnetic survey over its recently expanded exploration land position immediately north of, and contiguous with, the Goldboro Project ("Goldboro", or the "Project"), which was acquired through the staking of seven (7) exploration licenses covering 7,771.2 hectares. Excitingly, this newly acquired exploration area, known as Stewart Brook, covers an area of historic till sampling which defined a combined gold, antimony and tungsten till anomaly over a 10 by 4-kilometre area (Exhibit A). These anomalous till samples and associated geophysical targets have not been previously drill tested and represent additional discovery potential in the Goldboro Gold District.

"We are pleased to further our regional exploration programs to cover our recently expanded exploration land package in the Goldboro Gold District. Combined magnetic and VLF geophysical surveys are a first-step-tool in the discovery of mineral resources at the Goldboro Project as demonstrated in previous surveys that have successfully outlined alteration and associated gold mineralization along a 3.4-kilometre section of the Goldboro Trend that hosts the Goldboro Deposit and the historic Dolliver Mountain Gold Mine*. We anticipate the generation of new exploration targets and trends based on recent compilation work and previous geological investigations. The discovery of other satellite deposits provides an opportunity to leverage the planned mine and mill infrastructure at Goldboro and potentially provide additional mill feed to a long-lived central milling complex."

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

Signal Gold has now consolidated its exploration license area to over 27,200 hectares (~272 km²) surrounding the Company's Goldboro Gold Project in Nova Scotia, which encompasses a 28-kilometre strike length along the Goldboro Trend and a 23-kilometre strike length along the Seal Harbour Trend. (Exhibit B).

The airborne geophysical survey is critical as compilation of historic geophysical data by the Company indicates that the VLF signatures form a distinct, linear conductive-high response that is closely aligned with the hinge of the host anticline along the Goldboro Trend, including the host structure of the Goldboro Deposit. The Company has used this historic data, in conjunction with recent ground Induced-Polarization (IP) surveys, to construct a robust model for regional exploration targeting. This model has proved successful in our recent drilling west of the current resource model and towards the past producing Dolliver Mountain Gold Mine* where multiple gold bearing quartz veins have been intersected. In 2023, the Company conducted a 2,700-line kilometre airborne survey which indicated numerous VLF anomalies associated with both the Goldboro and Lower Seal Harbour Trends, a combined 51 kilometers of strike potential, including areas with little to no previous exploration work (Exhibit C). Based on the high-resolution magnetic and VLF data sets, the Company is undertaking a geological mapping and prospecting program to further refine and test new targets and develop detailed exploration plans to ultimately drill test the highest priority targets.

The survey is being completed by Terraquest Ltd. and comprises high-resolution aeromagnetics, horizontal gradiometer and matrix digital VLF electromagnetics. The survey will be flown at 100m north-south line spacing with one (1) kilometre tie lines.

Exhibit C: A map showing the extent of a 2,700 line-kilometre airborne magnetic and VLF survey, conducted in 2023, over approximately 19,450 hectare (195 km²) of the Goldboro Gold District and the interpreted VLF anomalies along the trace of the Goldboro and Seal Harbour Trends totaling 51 kilometres of strike.

*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 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, and the Company has now submitted all key permits including the Industrial Approval, Fisheries Act Authorization and Schedule 2 Amendment, and the Mining and Crown Land Leases. The Goldboro Project has significant potential for further Mineral Resource expansion, particularly towards the west along strike and at depth, and the Company has consolidated 27,200 hectares (~272 km²) of prospective exploration land in the Goldboro Gold District.

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SOURCE: Signal Gold Inc.