Exploration Targets Identified Near Point Rousse In Newfoundland

TORONTO - Signal Gold Inc. reported on exploration drill results from the Point Rousse operation in the Baie Verte Mining District of Newfoundland. The diamond drill program included 4,222.0 meters in 29 drill holes testing five main exploration targets. Drill holes at the Corkscrew and Big Bear targets continue to demonstrate the presence of a strong gold mineralized system within the Goldenville Trend, building on prior results. The Company also completed and received data for a total of 90.1-line kilometers of Induced Polarization (IP) ground geophysical surveys on three (3) grid areas, Corkscrew-Big Bear, Animal Pond and Goldenville, outlining several new targets for follow-up drill testing.

Selected composited highlights from the Exploration Program include: 0.91 grams per tonne ("g/t") gold over 17.0 meters (54.0 to 71.0 meters) including 5.18 g/t gold over 1.0 meters in drill hole CS-21-005; 1.49 g/t gold over 3.8 meters (134.2 to 138.0 meters) in drill hole BB-22-003; 0.81 g/t gold over 4.9 meters (42.4 to 47.3 meters) in drill hole AP-21-011; and 4.09 g/t gold over 1.0 meters (52.0 to 53.0 meters) in hole AP-21-010.

Kevin Bullock, President and CEO, said, ”Our exploration programs at Point Rousse continue to identify new areas of exploration potential while also demonstrating the presence of large gold bearing systems, particularly in the Goldenville Trend where we see continued success along the Pumbly Point-Corkscrew-Big Bear corridor. Additionally, the discovery of gabbro-hosted mineralization at Animal Pond is significant in possibly identifying a new gold trend similar to Argyle and Stog'er Tight. The continued discovery of additional gold mineralization and identification of several high-priority targets from an extensive IP survey underscores the potential to delineate additional mineral resources proximal to the Company's operating mill and tailings facility at Point Rousse."

A review of the data generated during the Exploration Program including the recently completed 90.1 line-kilometer IP geophysical survey, as well as previous exploration data, has led to the identification of further high-priority exploration targets at Point Rousse, including the Pumbly Point, Corkscrew-Big Bear, Iron Formation, Animal Pond, Corkscrew Road and Goldenville targets. Several of the targets (e.g., Iron Formation, Pumbly Point, Corkscrew Road) were previously identified but not fully tested in the winter of 2022 due to early onset of spring conditions. Other targets such as Goldenville and Animal Pond were further outlined from a review of the recently received data from the IP geophysical survey and drill results.