C:CC - Contact Gold Reports Rock Sample Assays up to 3.64 g/t Au and Defines Additional Drill Targets at Green Springs Gold Project

(TheNewswire)

Vancouver, BC - TheNewswire - December 5, 2023 - Contact Gold Corp. (the “Company” or“Contact Gold”) (TSXV:C ) ( OTC:CGOLF) is pleasedto provide initial results from geochemical sampling at the GreenSprings gold project located on the prolific Cortez Trend innortheastern Nevada.

The geochemical sampling program was designed toincrease confidence in planned drill targets ahead of the 2024 drillprogram.  Rock s ampling to the east of theAlpha Zone returned 3.64 g/tAu, 1.68 g/t Au , and 0.86 g/t Au , furthervalidating the potential along the key X-Ray –Alpha – Tango corridor.

2023 Green Springs Rock and SoilSampling Program:

• 268 Rock samples collected for analysis across keyareas of Green Springs.

  • 3.64 g/t Au isthe single highest grade rock sample in the Green Springsdatabase.

  • The three rock samples from Alpha also returned highsilver values of 12.9 g/t Ag,14.5 g/t Ag, and 10.6 g/t Ag.

  • Results are pending for 40 rock samples collected inOctober.

• 1,178 soil samples collected for geochemical analysisto further develop and refine exploration targets.

  • Results are pending for 131 follow-up soil samplescollected in October.

• The gold in new rock samples at Alpha is hosted alongthe contact between the Pilot Shale and the Guilmette Limestone, a keyhost of mineralization at Green Springs as well as minesnearby.

• The mineralized samples are associated with variableiron oxides, and moderate silicification.

• The samples were collected 190 metres to the East ofthe current drill pattern at Alpha, representing a logical andstraightforward opportunity to extend mineralization in the 2024 drillprogram.

Click Image To View Full Size

Alpha Zone Rock Sampling -Gold

Soil sampling at the undrilled Zulu target, on thesouthern end of the Mine Trend have defined a cohesive anomaly of arsenic, silver, gold, copper, molybdenum, andzinc, measuring 800 x 400 metres.

“The Contact Gold team has continued to generateimpressive exploration targets at Green Springs, through mapping,sampling and interpretation. The success in developing new targetareas across the project has been impressive and underlines theuntapped exploration potential at Green Springs.” said VanceSpalding, Contact Gold’s VP Exploration. “The high-grade rocksamples from Alpha show a clear pathway to expand the X-Ray – Alpha– Tango corridor in drilling, while the Zulu target has continued toevolve to the point where we are dealing with a potential zonemeasuring 800 x 400 metres supported by multiple data sets.  BothZulu and Alpha will be key areas of focus for the 2024 drillprogram.”

Rock and soil sampling are a key exploration tool forCarlin Type gold deposits in Nevada and the wider Great Basin.  AtGreen Springs, there is a strong correlation between gold mineralizedsurface samples and subsurface gold mineralization in drilling.  Keypathfinder elements arsenic, mercury, and antimony are elevated in theAlpha Zone samples from 2023.

Link to Green Springs map showing Green Springs rocksampling coverage: https://contactgold.com/_resources/news/nr-20231205_GS-rock-sampling-with-zones.jpg

Link to Alpha Zone map showing rock sampling withsilver values:

https://contactgold.com/_resources/news/nr-20231205_Alpha-Zone-Ag-geochem.jpg

The main Zulu target is defined by scattered low-levelgold and several other elements, including silver, arsenic, and somebase metals.  The core of the anomaly is partially coincident withareas of stronger alteration, principally limonite staining,bleaching, and local silicification. The anomaly is hosted within theupper Chainman Shale formation, which overlies the lower Chainmanlimestone host horizon.  The anomaly in the upper Chainman isimportant as it may represent leakage over higher grade mineralizationwithin the known lower Chainman limestone host horizon. The Zulu target is supported by CSAMTanomalies and mapped faults at the surface, and it will be a key drilltarget for the 2024 program at Green Springs.

The 2023 program was completed under Year 1 of theCenterra Earn In, a four year US$ 10 millionearn-in with a wholly-owned subsidiary of Centerra Gold Inc. (“Centerra”) (TSX: CG;NYSE: CGAU).  Contact Gold is the project operator and remains the 100% owner of Green Springs until the completionof all earn-in requirements.

Gold mineralization at the X-Ray – Alpha – Tangocorridor is characterized by strong grades, oxidation and continuity,and is hosted at the lower Pilot Shale contact with the underlyingGuilmette limestone, as well as along a thrust fault within the PilotShale.  The Pilot Shale is an important regional host unit in easternNevada and is host to the Pan Mine and Alligator Ridge Mine, amongothers.  2023 Drilling has highlighted the high degree of structuralcomplexity in the north of Green Springs, a key for fluid pathways andformation of gold deposits.

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 National Instrument43-101, Standards ofDisclosure for Mineral Projects (“NI43-101”).

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 exploration expenditures of US$ 10,000,000 andaggregate cash payments to the Company of US$ 1,000,000.  For further details on the earn -in with Centerra see Contact Gold news release dated December 9, 2022 .

On November 24, 2023, the Company received the USD175,000 anniversary payment due in connection with Centerra’scontinued participation in the earn-in on the Green Springs oxide goldproject.

Green Springs is an early-stage exploration propertyand does not contain any mineral resource estimates as defined by NI43-101 due to insufficient exploration to define such a mineralresource estimate. Additional information about Green Springs issummarized in the NI 43-101 Technical Report entitled, “NI 43-101Technical Report for the Green Springs Project, White Pine County,Nevada, USA” prepared for Contact Gold, with an effective date ofJune 12, 2020, and dated August 5, 2020, by John J. Read, C.P.G; anindependent consultant and qualified person under NI 43-101, and canbe viewed under Contact Gold’s issuer profile 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 117.4 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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