C:CC - Contact Gold Returns 1.66 G/T Oxide Gold Over 28.96 Metres at Green Springs Gold Project Cortez Trend Nevada

(TheNewswire)

Vancouver, B.C. - TheNewswire - (August 9, 2022) – Contact Gold Corp.(the “Company” or “Contact Gold”) (TSXV:C ) ; ( OTC:CGOLF) is pleasedto announce results from the first 3 drill holes from the 2022step-out drill program at the Green Springs oxide gold project. Results for the remaining 20 holes are pending.

X-Ray Zone Drill Highlights:

• 1.66 g/t Au over 28.96metres , from a depth of 9.14 metres, in drillhole GS22-01

  • • Including: 2.66g/t Au over 15.24 metres

• 0.82 g/t Au over 35.05metres , from a depth of 9.14 metres, in drillhole GS22-02

  • • Including:  1.32 g/t Au over 16.76 metres

These initial results are from the X-Ray Zone, andextend mineralization to the SE, NE, and NW from the 2021 discoveryholes ( see news release dated,June 28, 2021 ). The recently discovered zone, one of several areas ofinterest across the property, remains wide open for expansion,especially to the north, south and west .

Drilling at Green Springs wrapped up in late June with 23 holescompleted for 2,123 metres, and was dedicated to growing thehigh-grade Tango, X-Ray, and B-C Gap oxide gold discoveries made byContact Gold in 2021.

Gold mineralization at X-Ray ishosted at the lower Pilot Shale contact with the underlying Guilmettelimestone.  X-Ray is near-surface, well oxidized, with exceptionalgrades and thicknesses.

“We are extremely pleased with these exceptional step-out holes atour high-grade X-Ray discovery.  These three drill holes increase thedrilled footprint at X-Ray, while demonstrating the same excellentgrades, thicknesses and oxidation seen in last year’s discoveryholes.” said Vance Spalding, VP Exploration at Contact Gold. “The X-Ray Zone remains unconstrained by drilling to the east,south and west and is wide open for growth.  There are wide expansesof undrilled Pilot Shale in all the open directions at X-Ray”.

Green Springs Drill Program Update:

• A total of23 drill holes totalling 2,123 metres were completed at Green Springsin the 2022 program, with results pending for 20 holes.  Due to drillefficiencies, the total meterage was approximately 30 percent morethan budgeted.

• Five holes were drilled at the outcropping X-Ray Zone, offsetting andstepping out from the high-grade oxide discovery made in the 2021program.

  • • Average depth of completed drill holes at X-Ray was 86.8 metres

    • The X-Ray target area is open forexpansion to the north, south and west

    • The overlying Joanna limestone occurs to the southwest of the currentdrill holes, rendering the target blind to soil and rock geochemistryin that most-open direction

• Fifteen holes were also drilled to follow up and stepout from the high-grade Tango discovery drilled by Contact Gold in2021 (see news release dated June15, 2021 ).

  • • Average depth of completed drill holes at Tango in 2022 is 74 metres

    • The Tango target area currently encompasses an area 250 x 500 metres,and is open for expansion.

• Reverse circulation drilling has intersected broad intervals of welloxidized, silicified and altered Pilot Shale, which is the principalhost of both of these exciting new oxide zones.

• Two holes were completed following up on the 2021 B-C gap discovery hole which sits beneath the Green Springs Mine Trend:

  • • The B-C gap is the first thick, good-grade interceptencountered to date in the lower Pilot Shale beneath the old minetrend, where previous mining and exploration focused solely on theoverlying host horizon at Chainman Shale/Joana limestonecontact.

Contact Gold anticipatesa second phase of drilling later in the year after all results fromthe first phase are received and integrated into the next phaseplan .  This is expected to include additionalfollow up drilling at Tango, X-Ray, and the B-C Gap zones.  TheCompany believes that ongoing surface exploration at Green Springswill be successful in identifying additional prospective areas anddeveloping further compelling drill targets, especially in theunderexplored Pilot Shale, the host horizon to the Tango, X-Ray, andBC Gap discoveries.

The Company is also expanding the existing Plan ofOperations permit to the south and east to test high conviction targets south of the Echo Zone, as well astackling the Whiskey and Foxtrot targets in the east of the propertyas part of the second phase of the 2022 drill program.

For a location map of the Green Springs project, please click:

https://contactgold.com/_resources/news/nr-20220809-CG-map1-Jun1.jpg

For a plan map of the X-Ray discovery and drill traces, please click:

https://contactgold.com/_resources/news/nr-20220809-X-Ray-plan-map-August-2022.jpg

For a cross section through the X-Ray discovery zone, please click:

https://contactgold.com/_resources/news/nr-20220809-X-Ray-cross-section-August-2022.jpg

About the Green Springs Project:

Green Springs is locatednear the southern end of the Cortez Trend of Carlin-type gold depositsin White Pine County, Nevada, 20 km southeast of Calibre Mining’sPan Mine and 7 km immediately east of their Gold Rock Project, andsouth of Waterton's Mount Hamilton deposit. The Green Springs propertyis 18.65 km 2 encompassing 3 shallow past producing open pits and numeroustargets that were not mined.  Gold mineralization at Green Springs ishosted within the same Chainman Shale and Pilot Shale units hostingGold Rock and Pan. The Green Springs project produced high-grade oxidegold from two open pits in the 1980’s, and is host to multiple,near-surface Carlin 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 in this newsrelease has been reviewed and approved by Vance Spalding, CPG, VPExploration, Contact Gold, who is a “qualified person” within themeaning of NI 43-101.  Drill intercepts were calculated using aminimum thickness of 3.05 metres averaging 0.14 ppm gold and allowinginclusion of up to 4.57 metres of material averaging less than 0.14ppm gold for low grade intervals and higher-grade intervals werecalculated using a minimum thickness of 3.05 metres averaging 1.00 ppmgold and allowing inclusion of up to 4.57 metres of assays averagingless than 1.00 ppm gold.  Gravimetric assays are used for all FireAssays above 4.00 ppm gold. Cyanide solubility assays are completed onall Fire Assays greater than 0.1 g/t. True width of drilledmineralization is unknown, but owing to the apparent flat lying natureof mineralization, is estimated to generally be at least 70% ofdrilled thickness in most cases. The Cyanide recovery percentages areequally averaged by interval, and are not weighted by gold content perinterval.  Quality Assurance / Quality Control consists of regularinsertion of certified reference standards, blanks, and duplicates.All failures are followed up and resolved whenever possible withadditional investigation whenever such an event occurs. All assays arecompleted at Paragon; an ISO 17025:2005 accredited lab.  Check assaysare completed at a second, reputable assay lab after the program iscomplete.

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 140 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 Regulation Services Provider (as that term isdefined in the policies of the TSXV) accepts responsibility for theadequacy of this release. No stock exchange, securities commission orother regulatory authority has approved or disapproved the informationcontained herein.

Cautionary Note RegardingForward-Looking Information

This news release contains "forward-looking information" and"forward-looking statements" (collectively,"forward-looking statements") within the meaning of theapplicable Canadian securities legislation. All statements, other thanstatements of historical fact, are forward-looking statements and arebased on expectations, estimates and projections as at the date ofthis news release. Any statement that involves discussions withrespect to predictions, expectations, beliefs, plans, projections,objectives, assumptions, future events or performance (often but notalways using phrases such as "expects", or "does notexpect", "is expected", "anticipates" or"does not anticipate", "plans","budget", "scheduled", "forecasts","estimates", "believes" or "intends" orvariations of such words and phrases or stating that certain actions,events or results "may" or "could","would", "might" or "will" be taken tooccur or be achieved) 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 are based on reasonable assumptionsand estimates of management of the Company at the time such statementswere made. Actual future results may differ materially asforward-looking statements involve known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to materially differ fromany future results, performance or achievements expressed or impliedby such forward-looking statements. Such factors, among other things,include: impacts arising from the global disruption by the Covid-19coronavirus outbreak; 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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