Mr. Kevin Bullock reports

SIGNAL GOLD INTERSECTS FURTHER HIGH-GRADE GOLD AT THE GOLDBORO PROJECT DURING GEOTECHNICAL DRILLING, INCLUDING 23.85 G/T GOLD OVER 6.0 METRES

Signal Gold Inc. has received final assays for the recently completed geotechnical drill program at the Goldboro project in Nova Scotia, as previously announced on Sept. 20, 2023. The recently completed geotechnical drill program comprised 1,357 metres in seven HQ-diameter diamond drill holes to support the design of the proposed open pits from the Goldboro feasibility study filed on Jan. 20, 2022. These drill holes that were completed within and surrounding the conceptual open pits predictably intersected zones of gold mineralization, with highlight assays as follows:

• 23.85 grams per tonne gold over 6.0 metres (14.0 metres to 20.0 metres) in hole BR-23-400, including 159.09 g/t gold over 0.5 metre and 122.74 g/t gold over 0.5 metre;
• 7.74 g/t gold over 3.9 metres (84.6 metres to 88.5 metres) in hole BR-23-398, including 26.25 g/t gold over 1.0 metre;
• 9.02 g/t gold over 1.5 metres (233.6 metres to 235.1 metres) in hole BR-23-394, including 16.85 g/t gold over 0.5 metre.

The most recent drill results also included eight instances of visible gold and 32 separate intersections of gold mineralization, and demonstrate that the mineralization remains open at depth and is also open to the west toward the past-producing Dolliver Mountain gold mine as demonstrated by recent high-grade gold discoveries, and where the company is currently drilling.

"We are pleased to continue to intersect high-grade gold mineralization within the area of the planned open pits from the feasibility study. These drill holes, completed for geotechnical studies for pit slope and stability analysis, are also critical in demonstrating the continuity of mineralized zones within and near the planned open pits. This information will further inform continuing refinement and upgrades to the Goldboro mineral resource estimate and assist in the definition of open-pit design, all initiatives which further derisk the Goldboro project. At the same time, the company continues to demonstrate the scale potential of the Goldboro gold district as our current drill program, the company's largest-ever growth exploration program, continues in the area around the Dolliver Mountain gold mine, with the aim of further expanding the Goldboro deposit westward," said Kevin Bullock, president and chief executive officer of Signal Gold.

Geotechnical drill program

During the summer of 2023, the company completed 1,357 metres of drilling in seven HQ-diameter diamond drill holes (BR-23-391, 394, 396, 398, 400, 401 and 403) that were designed to further support pit slope design of the conceptual east and west open pits, as outlined in the 2022 feasibility study. Each of these drill holes was collared near or within the proposed open pits and intersected visual alteration and quartz veining coincident with existing mineralization zones within the Goldboro deposit. Terrane Geoscience is currently completing slope stability and design studies based on these drill holes and resultant data.

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.
• BR-23-391, not reported in the attached table, did not encounter significant mineralization.
• Drill holes were oriented at a variety of orientations based on favourably intersecting fault zones and other geological structures of interest for slope stability studies.

The geotechnical drilling programs were supervised by Terrane Geoscience of Halifax, N.S., and Signal Gold personnel. Terrane Geoscience employees recorded characteristics of the overburden material, collected samples for further testing and completed geotechnical logging on the drill core. Core was also logged by Signal Gold geologists and samples marked out for assaying of gold mineralization.

All samples 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 were submitted to Eastern Analytical Ltd. in Springdale, Nfld., for gold by fire assay (30 g) with an atomic absorption finish. Samples recording greater than 0.5 g/t Au via 30 g fire assay 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.

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.