Mr. Kevin Bullock reports

SIGNAL GOLD CONTINUES TO INTERSECT GOLD WEST OF THE GOLDBORO DEPOSIT, EXTENDS MINERALIZATION OVER ONE KILOMETRE ALONG STRIKE

Signal Gold Inc. has released additional diamond drill results from the company's growth exploration program at its Goldboro project in Nova Scotia. The diamond drill results, comprising 2,382 metres of drilling in 13 diamond drill holes, targeted near-surface gold mineralization to the west of and along strike from the Goldboro deposit, specifically around the past-producing Dolliver Mountain gold mine*. This drilling is part of the larger growth exploration program that has now successfully tested a 1.1-kilometre strike extent of the Goldboro trend, including the recently announced drill results that discovered gold mineralization up to 450 metres to the west of previous resource definition drilling.

"We continue to be pleased with the results of diamond drilling to the west and along strike from the Goldboro deposit. The initial drilling at Dolliver Mountain has successfully intersected gold mineralization along a 200-metre strike extent and has now confirmed that the Goldboro mineralized system extends over one kilometre to the west of the Goldboro deposit. These results also suggest significant potential in the down-plunge eastern projection beneath the Goldboro deposit at depths greater than 550 vertical metres, in addition to immediate potential along strike to the east and west. We continue to demonstrate the potential scale of the Goldboro deposit, with mineralization now outlined over a strike length of at least 3.4 kilometres, with further drill results pending that targeted the remaining strike extent between Dolliver Mountain and the Goldboro deposit," said Kevin Bullock, president and chief executive officer, Signal Gold.

The most recent drill results from 13 diamond drill holes (BR-23-408 to 414, 416, 417, 419, 421, 427 and 428) included seven instances of visible gold and 40 separate intersections of gold mineralization that are hosted within the same anticline which hosts the Goldboro deposit. Selected composited highlights (core length) from the current drill holes include:

• 7.4 grams per tonne gold over 1.1 metres (108 to 109.1 metres) in hole BR-23-412, including 13.01 g/t gold over 0.6 metre;
• 12.73 g/t gold over 0.6 metre (92.9 to 93.5 metres) in hole BR-23-409;
• 10.02 g/t gold over 0.5 metre (118.9 to 119.4 metres) in hole BR-23-417;
• 0.61 g/t gold over six metres (191.5 to 197.5 metres) in hole BR-23-410.

The initial drilling at Dolliver Mountain has demonstrated that, similar to the Goldboro deposit, gold mineralization is hosted within multiple stacked argillite and quartz vein zones that are folded into an upright anticline that plunges gently to the east (approximately 20 degrees). Gold mineralization is associated with increased alteration, including pyrite and arsenopyrite, resulting in the induced polarization (IP) chargeability high targeted during the current drill program. Drilling tested the host anticline to a vertical depth of 185 metres, and mineralization continues to be open to the west, east and at depth. The intersection of gold mineralization at Dolliver Mountain also significantly demonstrates the potential for further discovery of gold down plunge and beneath the Goldboro deposit below 550 vertical metres.

Assays are pending for an additional 19 drill holes totalling 3,813 metres from the growth exploration drill program, which are expected to be reported early in the first quarter of 2024.

*Operations began at the Dolliver Mountain gold mine in 1901 and the operation ceased in 1904.

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 grams) with an atomic absorption 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-gram 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 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-gram subsample of the minus-150-mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Total pulp metallics assays for drill holes sited within this press release may be updated in a future news release.

This news release has been reviewed and approved by Paul McNeill, PGeo, vice-president, exploration, with 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 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 (LOM) with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 grams per tonne gold (please see the "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia" on Jan. 11, 2022, for further details). 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 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.