Signal Gold Completes Airborne Geophysical Survey and Identifies Multiple Exploration Targets in the Goldboro Gold District

TORONTO, April 18, 2024 - Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce that it has completed a 1,245-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). The Company now has geophysical and VLF data over the entirety of its exploration property package of approximately 27,200 hectares (~272 km²) of prospective exploration land in the Goldboro Gold District.

In addition, the Company has completed the compilation of historic geological and exploration data from the expanded property, which included databasing and the interpretation of more than 10,000 till and soil geochemical samples, 416-line kilometers of ground geophysics, 14 diamond drill holes, 116 reverse circulation drill holes, and more than 1,500 rock samples. The preliminary analysis of the historical data along with recently completed airborne and ground geophysical surveys has led to the identification of an initial four high priority growth targets: the Stewart, Fowler, Armstrong and Hurricane targets (Exhibit A and B). The Company is initiating exploration programs this spring which will further assess these prospective areas and develop specific drill targets, with the goal of identifying new discoveries while we continue drilling the western extension of the Goldboro Deposit.

"We are excited with the results of the recent airborne magnetic and VLF geophysical survey and historical compilation work over our significant land position in the Goldboro Gold District, which has highlighted numerous high-quality targets for gold discovery. We now have complete airborne geophysical data for our entire land position and a critical mass of valuable data, compiled at little cost, which has allowed us to construct a robust model for regional exploration targeting. We plan on sharing further details on each of these initial high-priority targets in the coming weeks and continue to work with our significant geological database to identify further targets. Our regional exploration activity continues to demonstrate the scale and gold camp potential of the Goldboro Gold District."

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

The Company has used historical exploration 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 Mineral Resource at the Goldboro Deposit and towards the past producing Dolliver Mountain Gold Mine*. Since 2023, the Company has conducted 3,945-line kilometres of airborne surveys which indicated numerous VLF anomalies consistent with our exploration model and associated with both the Goldboro and Lower Seal Harbour Trends, which cover a combined 51 kilometers of strike potential, including areas with little to no previous exploration work. The Company will continue to evaluate the geophysical data recently acquired to determine if there are additional high priority targets.

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

Exhibit A: A map showing the extent of an ~ 1,245-line kilometre airborne magnetic and VLF survey over the ~7,771 hectare of newly acquired licenses, shown in pink, at the Goldboro Gold Project. This survey is in addition to a similar survey conducted over the remainder of the property in 2023.

Exhibit B: A map showing the extent of airborne magnetic coverage over the entire property, including preliminary magnetic results from the recent airborne survey. Also shown are the four key exploration target areas including the Stewart, Fowler, Armstrong and Hurricane targets.

*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.