Mr. Matthew Lennox-King reports

CONTACT GOLD PRESENTS THE RECENTLY GENERATED OSCAR TARGET AT THE GREEN SPRINGS GOLD PROJECT

Contact Gold Corp. has discovered new Carlin-type gold mineralization confirmed from rock and soil sampling results from its 2023 exploration program at its Green Springs gold project located on the prolific Cortez trend in northeastern Nevada.

These new results define the Oscar target, an exciting near-surface and large-scale drill target that encompasses the northerly projection of the unexplored northernmost portion of the Green Springs mine trend.

New claims cover the Oscar target that was generated over the course of the 2023 exploration program utilizing mapping with soil and rock sampling by the Contact Gold team, adding yet another drill target generated by Contact Gold since acquiring Green Springs. Other key targets expected to be drilled in 2024 include Whiskey, Foxtrot and Zulu.

Oscar target highlights:

• 800 metres from closest drill holes;

• Significant Carlin-type pathfinder element anomaly defines the core of the target;

• Gold in soil values increase in the direction of the Tango zone, located 600 metres to the east;

• Similar geochemical anomalies to those at Tango;

• Fully permitted for the 2024 drill program.

"The new Oscar target is yet another high conviction exploration target generated by the Contact Gold team at Green Springs," said Matt Lennox-King, president and chief executive officer at Contact Gold. "The geologic environment at Green Springs is very prospective for near-surface, oxidized, Carlin-type gold mineralization, and, when combined with the systematic exploration programs being carried out by the team, has been delivering new drill targets and newly drilled discoveries."

Green Springs is strategically located seven kilometres immediately east of the Gold Rock project operated by Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) and 20 km southeast of its Pan mine.

Oscar target

The Oscar target encompasses the northerly projection of the unexplored northernmost portion of the Green Springs mine trend. Oscar had never been sampled or drilled by previous operators, and the nearest drill holes lie over 800 metres to the south of the Oscar target. The claims at Oscar were staked in the spring of 2023 and were followed by a soil sampling campaign that yielded encouraging results. Well-known pathfinder elements associated with Carlin-style mineralization -- arsenic, antimony and thallium -- form a coherent anomaly at Oscar that represents a favourable drill target for Contact Gold's planned 2024 summer drill program. Oscar is within the company's plan of operations boundary with drill sites easily permittable for drilling.

Gold in soil samples at Oscar appear in clusters at relatively low values and strengthen to the east. The pathfinder surface geochemical anomaly coincides with the intersection of mapped north, north-northwest and west-northwest-trending structures. Surface geology at Oscar comprises alternating Guilmette limestone and dolomite. The exploration team has interpreted that this large block of Guilmette limestone has been emplaced due to eastward directed thrusting and likely overlies favourable stratigraphy (Chainman-Joana) present along the mine trend.

Six hundred m to the east of Oscar is the Tango zone, where the company has successfully drilled gold mineralization in recent drill programs. Tango displays similar geology and geochemical soil anomalies to those at Oscar, and Contact Gold's geologists have discovered gold proximal to thrust faults which in some cases place older Guilmette limestone over younger Pilot, Joana and Chainman formation rocks. A west-northwest-oriented structure is mapped running from Tango to Oscar and presents an interesting structural target. Geophysical data from a 2020 gravity survey further support the theory of a west-northwest connection between Tango and Oscar via a significant gravity break in the Guilmette. This gravity break corresponds to geochemical anomalies at both targets.

Additional mapping of the surface geology between Oscar and Tango is planned, along with expanding the soil grid to fill in the gap between the two target areas and delineate high-confidence drill targets before the 2024 drill program commences this summer.

Green Springs

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 news release dated Dec. 9, 2022.

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. (TSX: CG; NYSE: CGAU). Contact Gold is the project operator and remains the 100-per-cent owner of Green Springs until the completion of all earn-in requirements. The year 2 program has been approved with a budget of $2-million (U.S.) and is expected to include 5,500 metres of drilling across key target areas at Green Springs.

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 an early-stage exploration property and does not contain any mineral resource estimates as defined by National Instrument 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 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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