Signal Gold Initiates Further Drilling at the Western Extension of Goldboro, Targeting Increased Mineral Resources

TORONTO, ON / ACCESSWIRE / April 16, 2024 / Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce it will initiate further exploration drilling on the western extension of the Goldboro Deposit at the Company's Goldboro Project in Nova Scotia ("Goldboro", or the "Project"). The drill program, which will be comprised of up to 5,000 metres of diamond drilling, will follow-up on the Company's discovery in 2023 of near-surface, high-grade gold mineralization immediately west of the Goldboro Deposit, all located within the same anticline which hosts the Goldboro Deposit (Exhibit A and B). Initial geological modelling of the gold mineralization identified in 2023 indicates the potential to delineate additional open-pit Mineral Resources, and the potential for further gold discoveries.

"We are excited to initiate further drilling at the western extension of the Goldboro Deposit and follow-up on our 2023 discovery of continued gold mineralization to the west, which brings the total strike length of known gold mineralization to 3.4 kilometres at Goldboro. Preliminary geological modelling of the drill results from the western extension demonstrates the potential to both develop an open-pit mineral resource and expand the known gold mineralization. This drill program will allow us to further advance and refine the geological model and the open-pit mineral resource potential. Concurrently, we also see further potential for discovery regionally following recent data compilation and ongoing airborne geophysical surveys over our significantly expanded land package and will be providing further guidance on regional exploration targets in the near future. The initiation of drilling of the western extension combined with ongoing regional exploration continues to demonstrate the scale potential of the Goldboro Gold District."

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

Selected composited highlights from previously reported drilling located within the western extension target area 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;
• 10.85 g/t gold over 1.3 metres (209.6 to 210.9 metres) in hole BR-23-395;
• 109.91 g/t gold over 0.5 metres (92.8 to 93.3 metres) in hole BR-23-399;
• 1.76 g/t gold over 2.4 metres (167.6 to 169.3 metres) in hole BR-23-399;
• 19.15 g/t gold over 1.2 metres (114.7 to 115.9 metres) in hole BR-23-388;
• 21.16 g/t gold over 0.7 metres (80.5 to 81.2 metres) in hole BR-23-397; and
• 2.44 g/t gold over 1.7 metres (167.6 to 169.3 metres) in hole BR-23-405

Drill results in 2023 conclusively demonstrate continuous gold mineralization between the western extent of the Goldboro Deposit and the past producing Dolliver Mountain Mine, bringing the total strike length of known mineralization to 3.4 kilometres. Further drilling success of the western extension of Goldboro could potentially result in additional open-pit Mineral Resources that could leverage planned mine and mill infrastructure.

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