Signal Gold Discovers Gold Mineralization West of the Golboro Deposit, Intersecting 20.59 g/t Gold over 3.0 metres, 7.29 g/t Gold over 2.5 metres and 9.46 g/t Gold over 2.0 metres

TORONTO, ON / ACCESSWIRE / February 23, 2023 / Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce diamond drill results from a growth exploration program at its Goldboro Project in Nova Scotia ("Goldboro", or the "Project"). The growth exploration program, comprised of 2,870 metres in 15 drill holes of diamond drilling, has successfully discovered continued gold mineralization up to 325 metres to the west of the existing Goldboro Deposit Mineral Resource, and mineralization remains open along strike to the west and at depth (Exhibits A, B and C).

Critically, the results demonstrated the same style of gold mineralization and host environment as the Goldboro Deposit. Eight (8) occurrences of visible gold were observed in 102 separate intersections of gold mineralization. Drilling also demonstrated that increased gold mineralization and alteration is coincident with the targeted Induced Polarization ("IP") chargeability and Very Low Frequency ("VLF") trends (Exhibit A). This geophysical signature, along with the current geological interpretation, suggests that the structure which hosts the Goldboro Deposit potentially extends two (2) kilometres west of the current mineralization and is coincident with the past producing Dolliver Mountain Mine.

Selected composited highlights from the drill program include:

• 20.59 g/t gold over 3.0 metres (122.4 to 125.4 metres) in hole BR-23-383 including 113.90 g/t gold over 0.5 metres;
• 9.46 g/t gold over 2.0 metres (123.5 to 125.5 metres) in hole BR-23-381 including 15.40 g/t gold over 0.5 metres;
• 7.29 g/t gold over 2.5 metres (103.0 to 105.5 metres) in hole BR-23-382;
• 4.84 g/t gold over 3.0 metres (54.9 to 57.9 metres) in hole BR-23-385; and
• 2.72 g/t gold over 3.5 metres (72.6 to 76.1 metres) in hole BR-23-385 including 13.40 g/t gold over 0.5 metres.

Significant high-grades were also intersected, including:

• 130.70 g/t gold over 0.5 metres at 79.9 metres in hole BR-22-380;
• 47.20 g/t gold over 0.5 metres at 229.7 metres in hole BR-22-374;
• 77.70 g/t gold over 0.5 metres at 123.0 meters in hole BR-22-379;
• 21.00 g/t gold over 1.0 metres at 210.3 metres in hole BR-22-377; and
• 28.10 g/t gold over 0.5 metres at 112.1 metres in hole BR-23-381.

"We are very pleased with the results of the recent growth exploration program that demonstrates the near surface expansion potential of the Goldboro Deposit, with significant room to grow towards the historic Dolliver Mountain gold mine. These drill results importantly validate our exploration approach of targeting IP and VLF geophysical signatures to the west along the host anticline. Further drilling will be required to outline the detailed geometry of the new mineralization, but we are pleased to have proven with this drilling the very real expansion potential at Goldboro. The initial addition of 325 metres of strike has led us to initiate permitting for further drilling near, and west, of the Deposit. With the recent financing announcement with Nebari Resources that will enable the execution of key optimization and de-risking activities at Goldboro combined with the significant increase in exploration licenses adjacent to the Goldboro Deposit, we are well situated to demonstrate expansion of mineral resources while developing a long-life Project."

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

The Company has identified a significant opportunity to expand the existing Mineral Resource west of the IP Survey where the host structure to the Goldboro Deposit continues for a further two (2) kilometres. This is demonstrated by historic near-surface geophysical anomalies and previous drilling towards the past producing Dolliver Mountain gold mine*. Additional IP surveying will cover this area of strike potential and will be initiated following the receipt of required permits and land access.

A table of selected composited assay results from the drill program