C:CC - Contact Gold Expands the Green Springs Project by 19% Begins Field Season in Advance of June Drill Program

(TheNewswire)

Vancouver, BC - TheNewswire - May 9, 2023 - Contact Gold Corp. (the “Company” or “Contact Gold”)(TSXV:C ) ( OTC:CGOLF) is pleased to announce it hasexpanded the property position at the Company’s Green Springs oxidegold project by 19% through staking 47 new claims ahead of the startof the 2023 drill program.

Green Springs is strategically located 7 km immediatelyeast of the Gold Rock project operated by Calibre Mining Corp. (TSX:CXB; OTCQX: CXBMF) and 20 km southeast of their Pan Mine.

This additional ground was staked to cover areas ofprospective host rocks and new target areas identified during acomprehensive, holistic evaluation of all project data during winterof 2022/23.  The new staking was completed by Contact Gold personnel.

2023 Staking:

• Contact Gold has staked 47 new claims, expanding theGreen Springs project by 19% from 19.53 sq. km to 23.24 sq.km.

• The new claims cover key areas, including the extensionof the Whiskey target on the extreme NE corner of the property and thenewly identified Oscar target along a northern projection of the MineTrend.

• The newly identified Oscar target has seen no historicdrilling, and it is supported in the CSAMT data with associated goldand trace element soil anomalies.  It sits dead centre upon thenorthern projection of the Mine Trend; a series of historic open pitmines and the intact zones of, shallow, high-grade, oxide goldmineralization at the Bravo, Charlie North, and Echo zones.

“Adding claims in key areas at Green Springs ensuresthat we are covering newly generated targets and protecting potentialextensions to existing zones.” said Matt Lennox-King, President andCEO of Contact Gold.  “We were recently notified that our drillrig, originally scheduled for May 15 th , has beendelayed due to the historic snow and cold that the past winter broughtto Nevada, and our contractor estimates the rig will now arrive inJune, initially targeting extensions to the recently discovered X-Rayand Tango oxide gold zones.  In the meantime, target refinementactivities are underway, with the team eagerly conducting mapping andsoil grid sampling over these new targets to develop precise drillhole locations.”

Map Showing new Staking and GreenSprings targets:

Click Image To View Full Size

Field program

Contact Gold has also begun the 2023 field work atGreen Springs to refine existing targets priorto drilling, and generate new drill targets in areas of Green Springsthat have seen little exploration work in the past . Initial work will include additional,detailed geological mapping and rock sampling of the property area,and soil grid sampling over keyareas. A CSAMT survey in May will be addingcoverage over the Zulu target in the SW part of the property.

The planned exploration program at Green Springsencompasses:

• The program is funded by Centerra with Contact Goldoperating, with a total budget of US$ 1.85 million.

• 4,500 metres of reverse circulation drilling for up to45 drill holes, stepping out from existing zones and testing newtarget areas.

• A Record of Decision for an expanded Plan of Operationspermit is anticipated in September, which will allow drill testing ofadditional targets throughout the property.

Qualified Person and technicaldisclosure

The scientific andtechnical information contained in this news release has been reviewedand approved by Vance Spalding, CPG, VP Exploration, Contact Gold, whois a “qualified person” within the meaning of NI 43-101.

In December 2022 the Company entered into an earn-inagreement with a wholly-owned subsidiary of Centerra Gold Inc. (“Centerra”) (TSX: CG) (NYSE:CGAU) providing Centerra the option to acquire a 70% interest in GreenSprings for cumulative earn-in exploration expenditures of US$10,000,000 and aggregate cash payments to the Company of US$1,000,000.  For further details on the earn-inwith Centerra and planned program for 2023 please see Contact Goldnews releases dated December 9,2022 , and April 5,2023 .

Green Springs is an early-stage exploration propertyand does not contain any mineral resource estimates as defined byNational Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”). There has been insufficient exploration to define amineral resource estimate at Green Springs. Additional informationabout Green Springs is summarized in the NI 43-101 Technical Reportentitled “NI 43-101 Technical Report for the Green Springs Project,White Pine County, Nevada, USA” prepared for Contact Gold, with aneffective date of June 12, 2020, and dated August 5, 2020, as preparedby John J. Read, C.P.G; an independent consultant and qualified personunder NI 43-101, and can be viewed under Contact Gold’s issuerprofile on SEDAR at www.sedar.com .

About Contact Gold Corp.

Contact Gold is an exploration company focused onmaking district scale gold discoveries in Nevada.  Contact Gold’sextensive land holdings are on the prolific Carlin and Cortez goldtrends which host numerous gold deposits and mines. Contact Gold’sland position comprises approximately 149 km 2 of target richmineral tenure hosting numerous known gold occurrences, ranging fromearly- to advanced-exploration and current gold resources.

Additional information about the Company is availableat www.contactgold.com .

For more information, please contact: +1 (604)449-3361

Matthew Lennox-King – President & CEO

E-mail: info@ContactGold.com

Neither the TSXV nor its RegulationServices Provider (as that term is defined in the policies of theTSXV) accepts responsibility for the adequacy of this release. Nostock exchange, securities commission or other regulatory authorityhas approved or disapproved the information contained herein.

Cautionary Note RegardingForward-Looking Information

This news release contains"forward-looking information" and "forward-lookingstatements" (collectively, "forward-lookingstatements") within the meaning of the applicable Canadiansecurities legislation. All statements, other than statements ofhistorical fact, are forward-looking statements and are based onexpectations, estimates and projections as at the date of this newsrelease. Any statement that involves discussions with respect topredictions, expectations, beliefs, plans, projections, objectives,assumptions, future events or performance (often but not always usingphrases such as "expects", or "does not expect","is expected", "anticipates" or "does notanticipate", "plans", "budget","scheduled", "forecasts", "estimates","believes" or "intends" or variations of suchwords and phrases or stating that certain actions, events or results"may" or "could", "would","might" or "will" be taken to occur or beachieved) are not statements of historical fact and may beforward-looking statements. In this news release, forward-lookingstatements relate, among other things, to the anticipated explorationactivities of the Company at the Green Springs property (and thetiming thereof), and the completion of the earn-in by Centerra atGreen Springs.

These forward-looking statements arebased on reasonable assumptions and estimates of management of theCompany at the time such statements were made. Actual future resultsmay differ materially as forward-looking statements involve known andunknown risks, uncertainties and other factors which may cause theactual results, performance or achievements of the Company tomaterially differ from any future results, performance or achievementsexpressed or implied by such forward-looking statements. Such factors,among other things, include: fluctuations in general macroeconomicconditions; fluctuations in securities markets; fluctuations in spotand forward prices of gold, silver, base metals or certain othercommodities; fluctuations in currency markets (such as the Canadiandollar to United States dollar exchange rate); change in national andlocal government, legislation, taxation, controls, regulations andpolitical or economic developments (including those arising from theCovid-19 coronavirus outbreak); risks and hazards associated with thebusiness of mineral exploration, development and mining (includingenvironmental hazards, industrial accidents, unusual or unexpectedformations pressures, cave-ins and flooding); inability to obtainadequate insurance to cover risks and hazards; the presence of lawsand regulations that may impose restrictions on mining; employeerelations; relationships with and claims by local communities andindigenous populations; availability of increasing costs associatedwith mining inputs and labour; the speculative nature of mineralexploration and development (including the risks of obtainingnecessary licenses, permits and approvals from governmentauthorities); and title to properties. Although the forward-lookingstatements contained in this news release are based upon whatmanagement of the Company believes, or believed at the time, to bereasonable assumptions, the Company cannot assure shareholders thatactual results will be consistent with such forward-lookingstatements, as there may be other factors that cause results not to beas anticipated, estimated or intended. Readers should not place unduereliance on the forward-looking statements and information containedin this news release. The Company assumes no obligation to update theforward-looking statements of beliefs, opinions, projections, or otherfactors, should they change, except as required by law.

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