TORONTO, ON / ACCESSWIRE / September 12, 2023 / Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce diamond drill results from the Company's growth exploration program at its Goldboro Project in Nova Scotia ("Goldboro", or the "Project"). 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 comprised of 1,710 metres of drilling in nine (9) diamond drill holes (Exhibits A and B).

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

• 26.09 g/t 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 metres and 371.59 g/t gold over 0.5 metres;
• 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 metres;
• 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; and
• 21.16 g/t gold over 0.7 metres (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."

~ Kevin Bullock, President and CEO, Signal Gold Inc.

The most recent drill results also included 16 instances of visible gold and 58 separate intersections of gold mineralization (Exhibits B and C) and demonstrate that the mineralization remains open at depth and to the west towards the past producing Dolliver Mountain Gold Mine*, where the Company is currently drilling.

*Operations began at the Dolliver Mountain Gold Mine in 1901 and the operation ceased in 1904.

A table of selected composited assay results from the drill program

Footnotes:

• Intervals are reported as core length only. True widths are estimated to be between 70% and 100% of the core length.
• All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release.
• All drill holes not reported in the table above did not encounter significant mineralization, with the exception of drill holes BR-23-391, 394 and 396 that 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.

All samples and the resultant composites referred to in this release are collected using QA/QC 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, NL, 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 re-analyzed at Eastern Analytical Ltd. via total pulp metallics. For the total pulp metallics analysis, the entire sample is crushed to -10mesh and pulverized to 95% -150mesh. The total sample is then weighed and screened to 150mesh. The +150mesh fraction is fire assayed for Au, and a 30 g subsample of the -150mesh 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.

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, P.Geo., VP Exploration with Signal Gold Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects.

ABOUT SIGNAL GOLD

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 ("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 January 11, 2022, for further details). On August 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 towards the west along strike and at depth. A future study will consider upgrading and expanding potentially mineable underground Mineral Resources as part of the longer-term mine development plan.

FOR ADDITIONAL INFORMATION CONTACT:

SOURCE: Signal Gold Inc.