C:CC - Contact gold Returns 0.51 G/T Oxide Gold Over 30.48 Metres At The Tango Zone Green Springs Gold Project Cortez Trend Nevada

(TheNewswire)

Vancouver, B.C. - TheNewswire - September 6, 2022 – Contact Gold Corp. (the “Company”or “Contact Gold”) (TSXV:C ) ; ( OTC:CGOLF) is pleased to announce results fromthe final 16 drill holes completed at the Green Springs property onthe southern end of Nevada’s Cortez Trend, 20 km southeast of thePan Mine operated by Calibre Mining (TSX: CXB), and 7 km immediatelyeast of Calibre’s Gold Rock Project.

These final drill holes from the Spring 2022exploration program are from the Tango discovery zone (please see newsrelease dated June 15, 2021: http://contactgold.com/_resources/news/nr-20210615.pdf ), part of the 2022 step-out drill program at the GreenSprings oxide gold project.

Tango Zone Drill Highlights:

• 0.51 g/t Au over 30.48metres , from a depth of 4.57 metres, in drillhole GS22-09

  • Including: 1.02g/t Au over 3.05 metres

• 0.70 g/t Au over 16.76metres , from a depth of 3.05 metres, in drillhole GS22-08

• 0.50 g/t Au over 13.72metres , from a depth of 4.57 metres, in drillhole GS22-07

• 0.45 g/t Au over 24.38 metres, from a depth of 19.81 metres, in drill holeGS22-11

Tango Zone:

• Tango is located in the north of Green Springs 1,000metres NE of the high-grade X-Ray Zone, and is characterized by anoutcropping Pilot Shale hosted zone of oxidized gold mineralization.

• Approximate dimensions of this recently discovered zoneare 250 x 500 metres.

• There are significant expanses of untested Pilot Shaleto the west of the current drill pattern.

• Tango marks the northeastern continuation of theemerging 1.5 km long trend of oxide gold mineralization extending fromthe north-south Mine Trend and continuing through X-Ray, Alpha up toTango.

• Each of these zones hosts impressive drilledthicknesses of near-surface, oxide gold mineralization hosted withinthe Pilot Shale.

This recently discovered zone, one of several areas ofinterest across the property, remains open for expansion, especiallyto the north, south and west .

“These follow up holes reinforce the widespread oxidegold at the Tango discovery.  The footprint at Tango measures inexcess of 250 x 500 metres and remains open for growth throughtargeting key Northerly and Northwesterly striking structures in largeexpanses of undrilled Pilot Shale.” said Vance Spalding, VPExploration at Contact Gold.  “The Tango and X-Ray Zones have movedfrom new discoveries to rapidly growing gold zones, and pave the wayfor an exciting future at Green Springs.”

Gold mineralization drilled at the Tango Zone ischaracterized by thorough oxidation, thickness and continuity, and is hosted at the lower Pilot Shale contact, thesame host at Calibre’s Pan mine across the valley.

The Company believes that ongoing surface explorationat Green Springs will be successful in identifying additionalprospective areas and developing further compelling drill targets,especially in the underexplored Pilot Shale, the host horizon to theTango, X-Ray, and BC Gap discoveries.

For a location map of the Green Springs project, pleaseclick:

https://www.contactgold.com/_resources/news/20220906-Contact-Gold-project-location.jpg

For a property map of Green Springs showing zones andtarget areas, please click:

https://www.contactgold.com/_resources/news/20220906-Green-Springs-map-Sept-2022.jpg

For a plan map of the Tango discovery and drill traces,please click:

https://www.contactgold.com/_resources/news/20220906-Tango-plan-map-Sept-2022.jpg

About the Green SpringsProject:

Green Springs is located near the southern end of theCortez Trend of Carlin-type gold deposits in White Pine County,Nevada, 20 km southeast of Calibre Mining’s Pan Mine and 7 kmimmediately east of their Gold Rock Project, and south of Waterton'sMount Hamilton deposit. The Green Springs property is 18.36km 2 encompassing 3 shallow past producing open pits and numerous targetsthat were not mined.  Gold mineralization at Green Springs is hostedwithin the same Chainman Shale and Pilot Shale units hosting Gold Rockand Pan. The Green Springs project produced high-grade oxide gold fromtwo open pits in the 1980’s, and is host to multiple, near-surfaceCarlin Type gold zones and exploration targets.

Contact Gold signed a purchase option agreement withEly Gold Royalties (now a subsidiary of Gold Royalty Corp.) to acquirean undivided 100% interest in Green Springs in July 2019.  GreenSprings is an early-stage exploration property and does not containany mineral resource estimates as defined by National Instrument43-101, Standards ofDisclosure for Mineral Projects (“NI43-101”). 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 .

The scientific and technical information contained inthis news release has been reviewed and approved by Vance Spalding,CPG, VP Exploration, Contact Gold, who is a “qualified person”within the meaning of NI 43-101.  Drill intercepts were calculatedusing a minimum thickness of 3.05 metres averaging 0.14 ppm gold andallowing inclusion of up to 4.57 metres of material averaging lessthan 0.14 ppm gold for low grade intervals and higher-grade intervalswere calculated using a minimum thickness of 3.05 metres averaging1.00 ppm gold and allowing inclusion of up to 4.57 metres of assaysaveraging less than 1.00 ppm gold.  Gravimetric assays are used forall Fire Assays above 4.00 ppm gold. Cyanide solubility assays arecompleted on all Fire Assays greater than 0.1 g/t. True width ofdrilled mineralization is unknown, but owing to the apparent flatlying nature of mineralization, is estimated to generally be at least70% of drilled thickness in most cases. The Cyanide recoverypercentages are equally averaged by interval, and are not weighted bygold content per interval.  Quality Assurance / Quality Controlconsists of regular insertion of certified reference standards,blanks, and duplicates. All failures are followed up and resolvedwhenever possible with additional investigation whenever such an eventoccurs. All assays are completed at Paragon; an ISO 17025:2005accredited lab.  Check assays are completed at a second, reputableassay lab after the program is complete.

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 100 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.

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: impacts arising from the globaldisruption by the Covid-19 coronavirus outbreak; fluctuations ingeneral macroeconomic conditions; fluctuations in securities markets;fluctuations in spot and forward prices of gold, silver, base metalsor certain other commodities; fluctuations in currency markets (suchas the Canadian dollar to United States dollar exchange rate); changein national and local government, legislation, taxation, controls,regulations and political or economic developments; risks and hazardsassociated with the business of mineral exploration, development andmining (including environmental hazards, industrial accidents, unusualor unexpected formations pressures, cave-ins and flooding); inabilityto obtain adequate insurance to cover risks and hazards; the presenceof laws and regulations that may impose restrictions on mining;employee relations; relationships with and claims by local communitiesand indigenous populations; availability of increasing costsassociated with mining inputs and labour; the speculative nature ofmineral exploration 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.

Copyright (c) 2022 TheNewswire - All rights reserved.