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PRESS RELEASE

from Signal Gold Inc. (NASDAQ:SGNLF)

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

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.

Exhibit A. A map showing the location of the West and East pits of the Goldboro Project and the location of the past producing Dolliver Mountain Gold Mine one (1) kilometre to the west. Also shown is the trend of the host structure to the Goldboro Deposit and its anticipated westerly extension as shown by a recently completed IP Geophysical survey.
Exhibit B. A plan map showing the location of drill holes BR-23-386 to 390; 392, 393, 395 and 397, west of previous resource drilling against the backdrop of IP chargeability data that indicates that the host structure, alteration, and gold mineralization persists westward for at least 450 metres.
Exhibit C. A vertical longitudinal section through the west end of the Goldboro Deposit and including the area of recent the drill program. The drill program demonstrates that the structure that hosts the Goldboro Deposit and the same style of alteration and mineralization exist west of previous drill sections demonstrating that the Deposit has the potential to be expanded westward. Potential mineralized belts are shown as currently interpreted.

A table of selected composited assay results from the drill program

Drill holeFrom (m)To (m)Interval (m)Gold (g/t)Visible Gold
BR-23-386

49.9

54.0

4.1

11.79

VG

including

52.5

53.5

1.0

47.23

VG

and

65.5

67.0

1.5

7.94

VG

including

66.0

66.5

0.5

23.20

VG

and

137.1

139.2

2.1

3.55

including

137.6

138.1

0.5

12.70

and

154.8

156.3

1.5

43.18

VG

including

154.8

155.3

0.5

126.25

BR-23-387

13.7

14.2

0.5

1.45

and

54.9

56.4

1.5

2.54

and

69.1

69.6

0.5

3.85

VG

and

76.3

79.6

3.3

1.94

including

78.6

79.1

0.5

8.70

and

90.3

92.6

2.3

0.99

BR-23-388

92.3

97.2

4.9

0.52

and

114.7

115.9

1.2

19.15

VG

including

114.7

115.2

0.5

45.45

VG

and

124.0

126.8

2.8

0.66

VG

and

134.7

135.2

0.5

1.71

and

141.1

142.6

1.5

0.59

BR-23-389

20.0

22.5

2.5

0.86

and

29.0

29.7

0.7

5.58

and

35.3

37.0

1.8

1.89

and

42.0

43.0

1.0

0.92

and

66.5

67.0

0.5

2.82

and

87.3

87.8

0.5

6.37

VG

and

142.0

142.5

0.5

1.87

VG

and

157.7

158.2

0.5

5.18

BR-23-390

37.0

38.0

1.0

3.06

and

59.2

61.2

2.0

0.61

and

69.9

70.4

0.5

19.41

VG

and

123.6

124.1

0.5

5.13

VG

and

160.0

161.0

1.0

1.03

BR-23-392

29.6

30.1

0.5

3.75

VG

and

35.6

37.1

1.5

0.98

and

83.1

86.1

3.0

0.96

including

83.1

83.6

0.5

3.84

and

110.9

111.4

0.5

2.17

and

113.9

114.9

1.0

1.10

and

126.0

127.0

1.0

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