C - Contact Gold Hits 5.06 G/T Oxide Gold Over 10.7 Metres Within 1.97 G/T AU Over 35.1 Metres at Green Springs

(TheNewswire)

Vancouver, BC - TheNewswire- July 27, 2023 - Contact Gold Corp. (the “Company” or “Contact Gold”)(TSXV: C; OTCQB: CGOLF) is pleased to announcethe first drill results from the 2023 exploration program at the GreenSprings gold project located on the prolific Cortez Trend innortheastern Nevada.

The 2023 program is being carried out as part of a US$10 million earn-in with a wholly-owned subsidiary of Centerra GoldInc. (“Centerra”) (TSX:CG; NYSE: CGAU).  Contact Gold is the project operator for theplanned 4,500 metres of reverse circulation (RC) drilling.  A totalof 3,377 metres of reverse circulation drilling in 24 drill holes havebeen completed so far in this year’s program.

“We are excited to announce the results from thefirst seven step-out drill holes from this year’s Green Springsprogram.  The first results out of X-Ray are well oxidized, thick andboast some of the highest grades ever seen at Green Springs,”commented Matthew Lennox-King, President and CEO of Contact Gold. “Green Springs displays incredible exploration potential, andthese initial results reinforce that opportunity.  We anticipatereceiving results from the next round of step-out holes at the X-RayZone shortly and are keen to update our shareholders and the marketonce those are received.”

2023 Drill Highlights:

X-Ray Zone:

• 1.14 g/t Au over 27.43metres , from a depth of 16.76 metres, in drillhole GS23-06 - oxide

  • Including: 1.73 g/t Au over 10.67 metres – oxide

• 1.97 g/t Au over 35.05metres , from a depth of 16.76 metres, in drillhole GS23-07 – oxide

  • Including: 5.06 g/t Au over 10.67 metres – oxide

  • Including:  6.96 g/t Au over 4.57metres – oxide

Results are pending for an additional 9 step-out andoffset holes drilled at X-Ray during this year’s program.

These new results further extend mineralization to theeast and southeast from the 2021 discovery holes and demonstrate thegrowth potential of the X-Ray Zone. The X-RayZone remains wide open for expansion, especially to the south andwest . X-Ray isnear-surface, well oxidized, with exceptional grades and thicknesses.

Gold mineralization at the X-Ray Zone is characterizedby strong grades, oxidation, and continuity, and is hosted at the lower Pilot Shale contact with the underlyingGuilmette Limestone.  The highest grades, up to 9 g/t Au occur in acalcareous sandstone that has been decalcified during goldmineralization.  Calcareous sandstone is an excellent Carlin-Typehost rock.  The Pilot Shale is an important regional host unit ineastern Nevada and is host to the Pan Mine and Alligator Ridge, amongothers.

The first two X-Ray holes were drilled to extendmineralization to the east and southeast from the original drillpattern.

Echo Zone :

• 0.77 g/t Au over 19.81 metres, from a depth of 94.49 metres, in drill holeGS23-03 – oxide

• 0.38 g/t Au over 39.62metres , from a depth of 83.82 metres, in drillhole GS23-04 – oxide

The Echo Zone is a zone of shallow, high-grade, oxidegold mineralization hosted along the lower contact of the ChainmanShale with the underlying Joana Limestone.  Based on previousdrilling - mostly by sparse, shallow, vertical holes - the currentfootprint of gold mineralization at Echo measures 400m x 100m.  Thestrongest gold mineralization occurs along the main north-south minetrend, where two cross-structures have been recognized in drilling. Due to previous operators' wide drill hole spacing outside of thehigh-grade pod, gold mineralization is open  to the south at theChainman-Joana contact.  Four step-out, and in-fill holes weredrilled at Echo in order to extend and infill gaps in the previouslyidentified zone of oxidized Chainman-hosted gold mineralization.

The drill is currently working on the Tango Zone,discovered by Contact Gold in 2023, drilling step out holes to thenorth and west of the discovery zone.

2023 Green Springs DrillResults:

Map Showing Location of 2023 GreenSprings Drill Holes

Click Image To View Full Size

Click Image To View Full Size

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.

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.

In December 2022 the Company entered into an earn-inagreement with a wholly-owned subsidiary of Centerra 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 an overview of the planned program for 2023 pleasesee Contact Gold news release s dated December 9, 2022 , April 5, 2023 ,and May 31,2023 .

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, by John J.Read, C.P.G; an independent consultant and qualified person under NI43-101, and can be viewed under Contact Gold’s issuer profile onSEDAR 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 145 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 thecompletion of the earn-in by Centerra at Green 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; risks and hazards associated withthe business 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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