Mr. Matthew Lennox-King reports

CONTACT GOLD REPORTS ROCK SAMPLE ASSAYS UP TO 3.64 G/T AU AND DEFINES ADDITIONAL DRILL TARGETS AT GREEN SPRINGS GOLD PROJECT

Contact Gold Corp. has provided initial results from geochemical sampling at the Green Springs gold project located on the prolific Cortez trend in northeastern Nevada.

The geochemical sampling program was designed to increase confidence in planned drill targets ahead of the 2024 drill program. Rock sampling to the east of the Alpha zone returned 3.64 grams per tonne (g/t) gold (Au), 1.68 g/t Au and 0.86 g/t Au, further validating the potential along the key X-Ray-Alpha-Tango corridor.

Two thousand twenty-three Green Springs rock and soil sampling program:

• 268 rock samples collected for analysis across key areas of Green Springs:
  • 3.64 g/t Au is the single highest grade rock sample in the Green Springs database;
  • The three rock samples from Alpha also returned high silver values of 12.9 g/t silver (Ag), 14.5 g/t Ag and 10.6 g/t Ag;
  • Results are pending for 40 rock samples collected in October.
• 1,178 soil samples collected for geochemical analysis to further develop and refine exploration targets:
  • Results are pending for 131 follow-up soil samples collected in October.
• The gold in new rock samples at Alpha is hosted along the contact between the Pilot shale and the Guilmette limestone, a key host of mineralization at Green Springs as well as mines nearby.
• The mineralized samples are associated with variable iron oxides and moderate silicification.
• The samples were collected 190 metres to the east of the current drill pattern at Alpha, representing a logical and straightforward opportunity to extend mineralization in the 2024 drill program.

Alpha zone rock sampling -- gold

Soil sampling at the undrilled Zulu target, on the southern end of the Mine trend, has defined a cohesive anomaly of arsenic, silver, gold, copper, molybdenum and zinc measuring 800 metres by 400 metres.

"The Contact Gold team has continued to generate impressive exploration targets at Green Springs, through mapping, sampling and interpretation. The success in developing new target areas across the project has been impressive and underlines the untapped exploration potential at Green Springs," said Vance Spalding, Contact Gold's vice-president of exploration. "The high-grade rock samples from Alpha show a clear pathway to expand the X-Ray-Alpha-Tango corridor in drilling, while the Zulu target has continued to evolve to the point where we are dealing with a potential zone measuring 800 by 400 metres, supported by multiple data sets. Both Zulu and Alpha will be key areas of focus for the 2024 drill program."

Rock and soil sampling is a key exploration tool for Carlin-type gold deposits in Nevada and the wider Great basin. At Green Springs, there is a strong correlation between gold mineralized surface samples and subsurface gold mineralization in drilling. Key pathfinder elements arsenic, mercury and antimony are elevated in the Alpha zone samples from 2023.

The main Zulu target is defined by scattered low-level gold and several other elements, including silver, arsenic and some base metals. The core of the anomaly is partially coincident with areas of stronger alteration, principally limonite staining, bleaching and local silicification. The anomaly is hosted within the upper Chainman shale formation, which overlies the lower Chainman limestone host horizon. The anomaly in the upper Chainman is important as it may represent leakage over higher-grade mineralization within the known lower Chainman limestone host horizon. The Zulu target is supported by CSAMT (controlled-source audio-frequency magnetotellurics) anomalies and mapped faults at the surface, and it will be a key drill target for the 2024 program at Green Springs.

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.

Gold mineralization at the X-Ray-Alpha-Tango corridor 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.

Qualified person and technical disclosure

The scientific and technical information contained in this news release has been reviewed and approved by Mr. Spalding, CPG, vice-president of exploration for Contact Gold, 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 Calibre's 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 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's news release dated Dec. 9, 2022.

On Nov. 24, 2023, the company received the $175,000 (U.S.) anniversary payment due in connection with Centerra's continued participation in the earn-in on the Green Springs oxide gold project.

Green Springs is an early-stage exploration property and does not contain any mineral resource estimates as defined by NI 43-101, due to insufficient exploration to define such a mineral resource estimate. 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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