Mr. Matthew Lennox-King reports

CONTACT GOLD WRAPS UP IMPACTFUL 2023 PROGRAM AT GREEN SPRINGS

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

"The 2023 results at Green Springs were outstanding. The team consistently drilled high-grade intersections of well-oxidized, near-surface gold mineralization at X-Ray, which rank among the top drill holes out of Nevada this year. We significantly expanded the footprint of this exciting new zone, and continued to gain more understanding of structural controls, which will allow the team to target further expansions to X-Ray," commented Matthew Lennox-King, president and chief executive officer of Contact Gold. "We have also expanded the size of the property and secured a key expansion of our drill permit. The expanded permit will allow us to drill high conviction exploration targets in the east of the property for the first time, where the team continues mapping and sampling to refine these targets ahead of the 2024 drill program."

2023 Green Springs program milestones and highlights:

• Completed 4,028 metres in 29 drill holes covering the Echo, C-D Gap, Alpha, X-Ray and Tango zones;
• Intersected intervals of oxidized gold mineralization at the Echo, Alpha, Tango and X-Ray zones;
• Over 7,896 hours worked with zero lost-time incidents;
• Expanded the property by 19 per cent via staking additional claims in the northeast and northwest of the claim block;
• Received a record of decision and finding of no significant impact from the U.S. Forest Service, expanding the plan of operations from 75 acres to 150 acres;
• Completed 11 line-kilometres of controlled-source audio-frequency magnetotellurics (geophysics) across the southern end of the property;
• Continued to develop and refine additional high-potential drill targets at Whiskey, Foxtrot, Zulu and the southern mine trend through geophysics, mapping and rock soil sampling.

The 2023 program was completed under year 1 of the Centerra earn-in, a four-year $10-million (U.S.) earn-in with a wholly owned subsidiary of Centerra Gold Inc. Contact Gold is the project operator and remains the 100-per-cent owner of Green Springs until the completion of all earn-in requirements.

2023 drill highlights

X-Ray zone:

Drilling at the X-Ray zone significantly expanded the footprint of the zone, which remains open to the south, west and northeast.

• 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;
• 1.90 g/t Au over 25.91 metres, from a depth of 89.92 metres, in drill hole GS23-10 -- oxide;
  • Including 2.50 g/t Au over 18.29 metres -- oxide;
• 0.86 g/t 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.

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.

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 mine, among others. Two thousand twenty-three drilling 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 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 to extend and infill gaps in the previously identified zone of oxidized Chainman-hosted gold mineralization.

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 -- Standards of Disclosure for Mineral Projects.

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 see Contact Gold news release dated Dec. 9, 2022.

Green Springs is an early-stage exploration property and does not contain any mineral resource estimates as defined by NI 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 117.4 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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