Mr. Matthew Lennox-King reports

CONTACT GOLD HITS 5.06 G/T OXIDE GOLD OVER 10.7 METRES, WITHIN 1.97 G/T AU OVER 35.1 METRES AT GREEN SPRINGS

Contact Gold Corp. has provided the first drill results from 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 a $10-million (U.S.) earn-in with a wholly owned subsidiary of Centerra Gold Inc. Contact Gold is the project operator for the planned 4,500 metres of reverse circulation (RC) drilling. A total of 3,377 metres of reverse circulation drilling in 24 drill holes have been completed so far in this year's program.

"We are excited to announce the results from the first seven step-out drill holes from this year's Green Springs program. The first results out of x-ray are well oxidized, thick and boast some of the highest grades ever seen at Green Springs," commented Matthew Lennox-King, president and chief executive officer of Contact Gold. "Green Springs displays incredible exploration potential, and these initial results reinforce that opportunity. We anticipate receiving results from the next round of stepout holes at the X-Ray zone shortly and are keen to update our shareholders and the market once those are received."

2023 drill highlights

X-Ray zone

• 1.14 grams per tonne Au over 27.43 metres, from a depth of 16.76 metres, in drill hole GS23-06 -- oxide:
  • Including 1.73 g/t Au over 10.67 metres -- oxide.
• 1.97 g/t Au over 35.05 metres, from a depth of 16.76 metres, in drill hole GS23-07 -- oxide:
  • Including 5.06 g/t Au over 10.67 metres -- oxide;
  • Including 6.96 g/t Au over 4.57 metres -- oxide.

Results are pending for an additional nine stepout and offset holes drilled at X-Ray during this year's program.

These new results further extend mineralization to the east and southeast from the 2021 discovery holes and demonstrate the growth potential of the X-Ray zone. The X-Ray zone remains wide open for expansion, especially to the south and west. X-Ray is near-surface, well oxidized, with exceptional grades and thicknesses.

Gold mineralization at the X-Ray zone is characterized by strong grades, oxidation, and continuity, and is hosted at the lower Pilot shale contact with the underlying Guilmette limestone. The highest grades, up to nine g/t Au, occur in a calcareous sandstone that has been decalcified during gold mineralization. Calcareous sandstone is an excellent Carlin-type host rock. The Pilot shale is an important regional host unit in eastern Nevada and is host to the Pan mine and Alligator Ridge, among others.

The first two X-Ray holes were drilled to extend mineralization to the east and southeast from the original drill pattern.

Echo zone

• 0.77 g/t Au over 19.81 metres, from a depth of 94.49 metres, in drill hole GS23-03 -- oxide;
• 0.38 g/t Au over 39.62 metres, from a depth of 83.82 metres, in drill hole GS23-04 -- oxide.

The Echo zone is a zone of shallow, high-grade, oxide gold mineralization hosted along the lower contact of the Chainman shale with the underlying Joana limestone. Based on previous drilling -- mostly by sparse, shallow, vertical holes -- the current footprint of gold mineralization at Echo measures 400 m by 100 m. The strongest gold mineralization occurs along the main north-south mine trend, where two cross-structures have been recognized in drilling. Due to previous operators' wide drill hole spacing outside of the high-grade pod, gold mineralization is open to the south at the Chainman-Joana contact. Four stepout and infill holes were drilled at Echo in order to extend and infill gaps in the previously identified zone of oxidized Chainman-hosted gold mineralization.

The drill is currently working on the Tango zone, discovered by Contact Gold in 2023, drilling stepout holes to the north and west of the discovery zone.

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 kilometres 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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