Mr. Matt Lennox-King reports

CONTACT GOLD EXPANDS THE GREEN SPRINGS PROJECT BY 19%, BEGINS FIELD SEASON IN ADVANCE OF JUNE DRILL PROGRAM

Contact Gold Corp. has expanded the property position at the company's Green Springs oxide gold project by 19 per cent through staking 47 new claims ahead of the start of the 2023 drill program.

Green Springs is strategically located seven kilometres immediately east of the Gold Rock project operated by Calibre Mining Corp. and 20 km southeast of its Pan mine.

This additional ground was staked to cover areas of prospective host rocks and new target areas identified during a comprehensive, holistic evaluation of all project data during winter of 2022/2023. The new staking was completed by Contact Gold personnel.

2023 staking:

• Contact Gold has staked 47 new claims, expanding the Green Springs project by 19 per cent from 19.53 square km to 23.24 square km.
• The new claims cover key areas, including the extension of the Whiskey target on the extreme northeast corner of the property and the newly identified Oscar target along a northern projection of the mine trend.
• The newly identified Oscar target has seen no historic drilling, and it is supported in the CSAMT (controlled-source audio-magnetotelluric) data with associated gold and trace element soil anomalies. It sits dead centre upon the northern projection of the mine trend, a series of historic open-pit mines and the intact zones of shallow, high-grade, oxide gold mineralization at the Bravo, Charlie North and Echo zones.

"Adding claims in key areas at Green Springs ensures that we are covering newly generated targets and protecting potential extensions to existing zones," said Matt Lennox-King, president and chief executive officer of Contact Gold. "We were recently notified that our drill rig, originally scheduled for May 15, has been delayed due to the historic snow and cold that the past winter brought to Nevada, and our contractor estimates the rig will now arrive in June, initially targeting extensions to the recently discovered X-Ray and Tango oxide gold zones. In the meantime, target refinement activities are under way, with the team eagerly conducting mapping and soil grid sampling over these new targets to develop precise drill hole locations."

Field program

Contact Gold has also begun the 2023 fieldwork at Green Springs to refine existing targets prior to drilling and to generate new drill targets in areas of Green Springs that have seen little exploration work in the past. Initial work will include additional, detailed geological mapping and rock sampling of the property area, and soil grid sampling over key areas. A CSAMT survey in May will be adding coverage over the Zulu target in the southwest part of the property.

The planned exploration program at Green Springs encompasses:

• The program is financed by Centerra with Contact Gold operating, with a total budget of $1.85-million (U.S.).
• A total of 4,500 metres of reverse circulation drilling for up to 45 drill holes, stepping out from existing zones and testing new target areas.
• A record of decision for an expanded plan of operations permit is anticipated in September, which will allow drill testing of additional targets throughout the property.

Qualified person and technical disclosure

The scientific and technical information contained in this news release has been reviewed and approved by Vance Spalding, CPG, vice-president, exploration, Contact Gold, who is a qualified person within the meaning of National Instrument 43-101.

In December, 2022, the company entered into an earn-in agreement with a wholly owned subsidiary of Centerra Gold, providing Centerra the option to acquire a 70-per-cent interest in Green Springs for cumulative earn-in exploration expenditures of $10-million (U.S.) and aggregate cash payments to the company of $1-million (U.S.). For further details on the earn-in with Centerra and planned program for 2023 please see Contact Gold news releases dated Dec. 9, 2022, and April 5, 2023.

Green Springs is an early-stage exploration property and does not contain any mineral resource estimates as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. There has been insufficient exploration to define a mineral resource estimate at Green Springs. Additional information about Green Springs is summarized in the NI 43-101 technical report entitled "NI 43-101 Technical Report for the Green Springs Project, White Pine County, Nevada, USA," prepared for Contact Gold, with an effective date of June 12, 2020, and dated Aug. 5, 2020, as prepared by John J. Read, CPG, an independent consultant and qualified person under NI 43-101, and can be viewed under Contact Gold's issuer profile on SEDAR.

About Contact Gold Corp.

Contact Gold is an exploration company focused on making district-scale gold discoveries in Nevada. Contact Gold's extensive landholdings are on the prolific Carlin and Cortez gold trends which host numerous gold deposits and mines. Contact Gold's land position comprises approximately 149 square km of target-rich mineral tenure hosting numerous known gold occurrences ranging from early to advanced exploration and current gold resources.

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