Signal Gold Initiates Further Drilling to Follow-Up on Discovery West of the Goldboro Mineral Resource

TORONTO, March 23, 2023 - Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce further growth exploration drilling to the west of the Goldboro Deposit at its Goldboro Project in Nova Scotia, Canada ("Goldboro", or the "Project"). The near-surface diamond drill program is designed to continue stepping out to the west of the current Mineral Resource to follow-up on the drill results from an initial 325-metre step-out along strike to the west, as outlined in the press release dated February 23, 2023 (Exhibit A).

The initial drill results to the west of the Mineral Resource demonstrated that the same style of gold mineralization and host environment as the Goldboro Deposit continues westward and the structure which hosts the Goldboro Deposit potentially extends further along the Goldboro Trend over a total known and prospective strike length to 7.5 kilometres, coincident with the past producing Dolliver Mountain Mine**(Exhibit B).

Selected composited highlights from the initial step-out drill program include:

• 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.

The initial drill results, combined with a recent Induced Polarization ("IP") geophysical survey demonstrate the ability to further grow the Mineral Resource, which currently includes a combined open pit and underground Measured and Indicated Mineral Resources of 2.58 million ounces (21.6 million tonnes at 3.72 grams per tonne ("g/t") gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold)*(Open Pit cutoff grade of 0.45 g/t and Underground cutoff grade of 2.40 g/t).

"We are very excited with the continued growth potential of the Goldboro Deposit, with a total known and prospective strike length to 7.5 kilometres, and which also remains open at depth. We were very pleased with the initial results along 325 metres of strike length immediately to the west of the Goldboro Mineral Resource, which importantly validate our exploration approach of targeting IP and VLF geophysical trends. While we initiate further drilling to continue stepping out towards the west, we are also advancing permitting for further geophysical surveys and drill programs along with the compilation of historical data, all with the view to demonstrate the district-scale potential of Goldboro, which is already a long-life, high-grade gold development project in Nova Scotia."

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

*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.