Signal Gold Provides Permitting and Project Update for the Goldboro Gold Project

TORONTO, September 20, 2023 - Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL) (OTCQX:SGNLF) is pleased to provide an update on permitting and development initiatives completed at the Goldboro Project ("Goldboro", or the "Project") in Nova Scotia since the last update in July 2023. In addition to the ongoing success of the 12,000-metre growth exploration program at Goldboro, the Company has also achieved several key permitting milestones to advance the Project, including:

• Mineral Lease Application submission on July 27, 2023
• Industrial Approval Application submission on August 28, 2023
• Fisheries Act Authorization submission on August 28, 2023

The Goldboro Project previously received its Environmental Assessment approval from the Nova Scotia Minister of Environment and Climate Change on August 3, 2022.

The Company has also completed a geotechnical drill program comprising 1,357 metres in seven (7) HQ-diameter diamond drill holes at Goldboro to support the design of the proposed open pits from the Feasibility Study (filed in January 20, 2022), in addition to other geotechnical and water monitoring drilling (2,608.7 metres in 71 drill holes) and 59 test pits to support proposed site infrastructure and ongoing environmental monitoring studies (Exhibit A). All drill holes completed were selectively sampled for gold, utilizing fire assay procedures, which are pending and will be reported as they become available.

"While junior development companies are experiencing challenging capital markets, we have been able to continue to responsibly progress the Goldboro Project by focusing on key value-add initiatives including the filing of key Project permit applications, including the Industrial Approval and Fisheries Act Authorization applications, and important geotechnical programs to support these permit applications and further de-risk the Project. The geotechnical work and ongoing environmental monitoring programs allow us to continue to optimize the operating parameters of the Project with the goal of making Goldboro an efficient, sustainable, safe and profitable operation. At the same time, we continue to demonstrate the scale potential of the Goldboro Gold District through our ongoing diamond drill program, the Company's largest ever growth exploration program, with the aim of expanding the Goldboro Deposit westward towards, and beyond, the past producing Dolliver Mountain Gold Mine."

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

Geotechnical Drill Program
During the summer of 2023, the Company completed 1,357 metres of drilling in seven (7) HQ-diameter diamond drill holes (BR-23-391, 394, 396, 398, 400, 401 and 403) that were designed to further support pit slope design of the conceptual East and West open pits as outlined in the 2022 Feasibility Study (Exhibit A). Each of these drill holes were collared near or within the proposed open pits and intersected visual alteration and quartz veining coincident with existing mineralization zones within the Goldboro Deposit. Assays are pending for these drill holes and are expected in the fourth quarter of 2023.

Site Geotechnical and Environmental Work
Geotechnical work completed since November 2021 to support the 2022 Feasibility Study and recently submitted permit applications, includes 59 test pits, 20 geotechnical holes (266.2 m), 37 shallow water monitoring wells (750.0 m) and 14 deep water monitoring wells (1,592.5 m) (Exhibit A). This work was conducted at the Project to support detailed design and engineering and to assist in finalizing mine infrastructure plans. Data gathered from the water monitoring wells will determine baseline environmental levels and hydrogeological characteristics and allow for future groundwater quality monitoring. Geotechnical drilling was completed to test overburden depths and determine the characteristics and properties of the overburden and the upper few meters of bedrock at proposed infrastructure sites. Test pits were completed to test the depth and characteristics of overburden material, with the maximum depth of the test pit determined by the depth of bedrock.

The geotechnical drilling programs were supervised by Terrane Geoscience of Halifax, Nova Scotia and Signal Gold personnel. Terrane Geoscience employees recorded characteristics of the overburden material, collected samples for further testing and completed geotechnical logging on the drill core. Core was also logged by Signal Gold geologists and samples marked out for assaying of gold mineralization.

All samples are collected using QA/QC protocols including the regular insertion of standards and blanks within the sample batch for analysis and check assays of select samples. All samples were submitted to Eastern Analytical Ltd. in Springdale, NL, for Au by fire assay (30 g) with an AA finish.Samples recording greater than 0.5 g/t Au via 30 g fire assay will be re-analyzed at Eastern Analytical Ltd. via total pulp metallics. For the total pulp metallics analysis, the entire sample is crushed to -10mesh and pulverized to 95% -150mesh. The total sample is then weighed and screened to 150mesh. The +150mesh fraction is fire assayed for Au, and a 30-g subsample of the -150mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade.

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.