Mr. Kevin Bullock reports

SIGNAL GOLD DISCOVERS FURTHER GOLD MINERALIZATION WEST OF THE GOLDBORO DEPOSIT, INTERSECTING 26.09 G/T GOLD OVER 8.9 METRES AND 11.79 G/T GOLD OVER 4.1 METRES

Signal Gold Inc. has released diamond drill results from the company's growth exploration program at its Goldboro project in Nova Scotia. The 12,000-metre diamond drill program, the company's largest-ever growth exploration program, is targeting near-surface gold mineralization west of the Goldboro deposit and has now discovered gold mineralization up to at least 450 metres west of previous resource definition drilling. The company has completed 3,895 metres of the 12,000-metre program to date, with the current results comprising 1,710 metres of drilling in nine diamond drill holes.

Selected composited highlights (core length) from the drill program include:

• 26.09 grams per tonne gold over 8.9 metres (105.5 to 114.4 metres) in hole BR-23-393, including 79.18 g/t gold over 0.5 metre and 371.59 g/t gold over 0.5 metre;
• 11.79 g/t gold over 4.1 metres (49.9 to 54.0 metres) in hole BR-23-386, including 47.23 g/t gold over 1.0 metre;
• 19.15 g/t gold over 1.2 metres (114.7 to 115.9 metres) in hole BR-23-388;
• 10.85 g/t gold over 1.3 metres (209.6 to 210.9 metres) in hole BR-23-395;
• 21.16 g/t gold over 0.7 metre (80.5 to 81.2 metres) in hole BR-23-397.

"These exciting drill results demonstrate that mineralization associated with the Goldboro deposit continues westward for at least an additional 450 metres, and the recent geophysical results strongly suggest that the alteration system and structure associated with the Goldboro deposit continues for at least 1.4 kilometres through the past-producing Dolliver Mountain gold mine. Our ongoing growth exploration drill program continues to demonstrate the potential to significantly increase the scale of the Goldboro deposit, and we have now initiated drilling in the area of the historic Dolliver Mountain mine to test further strike potential with the goal of demonstrating continued resource growth immediately adjacent to planned mine and mill infrastructure," said Kevin Bullock, president and chief executive officer, Signal Gold.

The most recent drill results also included 16 instances of visible gold and 58 separate intersections of gold mineralization, and demonstrate that the mineralization remains open at depth and to the west toward the past-producing Dolliver Mountain gold mine, where the company is currently drilling.

Footnotes:

• Intervals are reported as core length only. True widths are estimated to be between 70 per cent and 100 per cent of the core length.
• All drill hole results are reported using fire assay only.
• All drill holes not reported in the attached table did not encounter significant mineralization, with the exception of drill holes BR-23-391, BR-23-394 and BR-23-396, which are part of geotechnical drilling program for which assays are pending.
• Drill holes were oriented along a north-south trend, with holes on the north limb of the hosting anticlinal structure drilled southward and holes located south of the anticlinal structure drilled northward. The dip of holes is dependent upon the location relative to the anticline, with the goal of intersecting mineralized zones orthogonally.

Quality assurance/quality control

All samples and the resultant composites referred to in this release are collected using quality assurance/quality control protocols, including the regular insertion of standards and blanks within the sample batch for analysis and check assays of select samples. All samples quoted in this release were analyzed at Eastern Analytical Ltd. in Springdale, Nfld., for Au by fire assay (30 g) with an AA finish.

All assays in this press release are reported as fire assays only. For samples analyzing greater than 0.5 g/t Au via 30 g fire assay, these samples will be reanalyzed at Eastern Analytical via total pulp metallics. For the total pulp metallics analysis, the entire sample is crushed to minus-10 mesh and pulverized to 95 per cent passing minus-150 mesh. The total sample is then weighed and screened to 150 mesh. The plus-150-mesh fraction is fire assayed for Au, and a 30 g subsample of the minus-150-mesh fraction is analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Total pulp metallics assays for drill holes cited within this press release may be updated in a future news release.

The drill program was partially funded by the MRDF Shared Funding Exploration Grant (MRDF-2023-SF-06). The company wishes to thank the government of Nova Scotia for the partial funding of the drill program.

This news release has been reviewed and approved by Paul McNeill, PGeo, vice-president of exploration at Signal Gold, a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Signal Gold Inc.

Signal Gold is advancing the Goldboro gold project in Nova Scotia, a significant growth project subject to a positive feasibility study which demonstrates an approximately 11-year open-pit life of mine with average gold production of 100,000 ounces per year and an average diluted grade of 2.26 grams per tonne gold. On Aug. 3, 2022, the Goldboro project received its environmental assessment approval from the Nova Scotia Minister of Environment and Climate Change, a significant regulatory milestone which enables the company to commence site-specific permitting processes, including the industrial approval and Crown land lease and mining lease applications. The Goldboro project also has the potential for further mineral resource expansion, particularly toward the west along strike and at depth. A future study will consider upgrading and expanding potentially minable underground mineral resources as part of the longer-term mine development plan.