Signal Gold Intersects Further High-Grade Gold at the Goldboro Project During Geotechnical Drilling, Including 23.85 g/t Gold Over 6.0 Metres

TORONTO, October 12, 2023 - Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce that it has received final assays for the recently completed geotechnical drill program at the Goldboro Project in Nova Scotia ("Goldboro", or the "Project"), as previously announced on September 20, 2023. The recently completed geotechnical drill program comprised 1,357 metres in seven (7) HQ-diameter diamond drill holes to support the design of the proposed open pits from the Goldboro Feasibility Study filed on January 20, 2022. These drill holes that were completed within and surrounding the conceptual open pits predictably intersected zones of gold mineralization with highlight assays as follows (Exhibit A):

• 23.85 g/t gold over 6.0 metres (14.0 to 20.0 metres) in hole BR-23-400 including 159.09 g/t gold over 0.5 metres and 122.74 g/t gold over 0.5 metres;
• 7.74 g/t gold over 3.9 metres (84.6 to 88.5 metres) in hole BR-23-398 including 26.25 g/t gold over 1.0 metre; and
• 9.02 g/t gold over 1.5 metres (233.6 to 235.1 metres) in hole BR-23-394 including 16.85 g/t gold over 0.5 metres.

The most recent drill results also included eight (8) instances of visible gold and 32 separate intersections of gold mineralization (Exhibits A and B) and demonstrate that the mineralization remains open at depth and is also open to the west towards the past producing Dolliver Mountain Gold Mine as demonstrated by recent high-grade gold discoveries, and where the Company is currently drilling.

"We are pleased to continue to intersect high-grade gold mineralization within the area of the planned open pits from the Feasibility Study. These drill holes, completed for geotechnical studies for pit slope and stability analysis, are also critical in demonstrating the continuity of mineralized zones within and near the planned open pits. This information will further inform continuing refinement and upgrades to the Goldboro Mineral Resource estimate and assist in the definition of open pit design, all initiatives which further de-risk the Goldboro Project. At the same time, the Company continues to demonstrate the scale potential of the Goldboro Gold District as our current drill program, the Company's largest ever growth exploration program, continues in the area around the Dolliver Mountain Gold Mine with the aim of further expanding the Goldboro Deposit westward."

~ 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 B). 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. Terrane Geoscience is currently completing slope stability and design studies based on these drill holes and resultant data.

A table of selected composited assay results from the drill program

Footnotes:

• Intervals are reported as core length only. True widths are estimated to be between 70% and 100% of the core length.
• All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release.
• BR-23-391 not reported in the table above did not encounter significant mineralization.
• Drill holes were oriented at a variety of orientations based on favourably intersecting fault zones and other geological structures of interest for slope stability studies.

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.