Mr. Matthew Lennox-King reports

CONTACT GOLD EXTENDS X-RAY ZONE BY 120 METRES IN STEP-OUT DRILLING AT GREEN SPRINGS

Contact Gold Corp. has released the third batch of drill results from the 2023 exploration program at the Green Springs gold project located on the prolific Cortez trend in northeastern Nevada.

"Today's drill results from X-Ray significantly expand oxide gold mineralization to the west and south, and, most importantly, show that X-Ray remains wide open for growth and expansion. As of today's release, Contact Gold has drilled 20 holes at X-Ray since 2021, with the vast majority returning thick intervals of oxidized near-surface gold mineralization," commented Matthew Lennox-King, president and chief executive officer of Contact Gold. "Green Springs continues to surpass our expectations, with consistent shallow, oxidized gold intercepts coming from across the property. The team is already focused on designing the next phase of drilling, to continue expanding the known zones and to drill the significant Whiskey and Foxtrot targets for the first time."

X-Ray zone highlights in this release:

• 0.86 gram per tonne (g/t) gold (Au) over 35.05 metres, from a depth of 77.72 metres, in drill hole GS23-13 -- oxide:
  • Including 1.22 g/t Au over 18.29 metres -- oxide.
• 0.80 g/t Au over 48.77 metres, from a depth of 64.01 metres, in drill hole GS23-14 -- mixed:
  • Including 1.91 g/t Au over 15.24 metres -- oxide.
• 0.57 g/t Au over 18.29 metres, from a depth of 36.58 metres, in drill hole GS23-17 -- oxide:
  • Including 1.30 g/t Au over 3.05 metres -- oxide.

Drill holes GS23-13 and GS23-14 were drilled from the new drill pad located 100 metres to the south of the X-Ray discovery zone, with GS23-17 drilled from a location 150 metres to the southwest. The X-Ray zone remains wide open for expansion, especially to the south, west and northeast.

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, as well as along a thrust fault within the Pilot shale. The Pilot shale is an important regional host unit in eastern Nevada, and is host to the Pan mine and Alligator Ridge among others. Drilling in 2023 has highlighted the high degree of structural complexity in the north of Green Springs, a key for fluid pathways and formation of gold deposits.

The 2023 drill program wrapped up at the Tango zone, which was also discovered by Contact Gold during the 2021 drill program, focusing on stepout holes to the north and west of the discovery zone. The 2023 program was carried out as part of a $10-million (U.S.) earn-in at Green Springs by a wholly owned subsidiary of Centerra Gold Inc. Contact Gold is the project operator at Green Springs. A total of 4,028 metres of RC (reverse circulation) drilling in 29 drill holes were completed in this year's program.

Two thousand twenty-three drill results in this release are shown in the associated table.

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 -- Standards of Disclosure for Mineral Projects.

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. 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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