Mr. Matthew Lennox-King reports

CONTACT GOLD PROVIDES DRILLING AND EXPLORATION UPDATE FOR GREEN SPRINGS GOLD PROJECT

Contact Gold Corp. has provided an update on the 2023 exploration program at the Green Springs gold project located on the prolific Cortez trend in northeastern Nevada.

The 2023 program is being carried out as part of the $10-million (U.S.) earn-in agreement with a wholly owned subsidiary of Centerra Gold Inc. and ramped up on May 30, 2023. Contact Gold is the project operator for the planned 4,500 metres of reverse circulation (RC) drilling.

"We've had a safe and efficient start to the program, with drilling, geophysics and surface work all under way," said Matt Lennox-King, president and chief executive officer of Contact Gold. "Green Springs boasts incredible exploration potential, and our work to date in 2023 continues to reinforce that opportunity. Next up on the target list are the C-D Gap target and the X-Ray zone, a recently discovered outcropping zone of oxidized gold mineralization."

2023 program update:

• Six hundred three metres of RC drilling have been completed out of a planned total of 4,500 metres, representing 13 per cent of the planned program.
• Drilling to date has been focused at the Echo zone at the southern end of the three-kilometre-long Green Springs mine trend.
• A total of 47 claims have been added to the project, representing a 19-per-cent increase in the project area.
• The Oscar target has been identified to the north of the mine trend with soil samples returning anomalous low-level gold and pathfinder elements; detailed mapping is scheduled to further define the target for drilling.
• Soil sampling crews have collected over 802 samples covering the Zulu, North Whiskey and Whiskey-Foxtrot corridor target areas.
• A CSAMT survey is being conducted over the Kilo and Zulu targets to better understand the stratigraphic and structural setting ahead of drilling later in the program.
• The company's earthwork contractor has been actively building new access roads at the X-Ray, Alpha and Tango zones and will be completing additional drill pad construction in the coming weeks.

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 of exploration, Contact Gold, who is a qualified person within the meaning of National Instrument 43-101.

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

In December, 2022, the company entered into an earn-in agreement with a wholly owned subsidiary of Centerra 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 an overview of the planned program for 2023 please see Contact Gold news releases dated Dec. 9, 2022, April 5, 2023, and May 31, 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, 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 145 square kilometres of target rich mineral tenure hosting numerous known gold occurrences, ranging from early to advanced exploration and current gold resources.

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