C:CC - Contact Gold Wraps up Impactful 2023 Program at Green Springs

(TheNewswire)

Vancouver, BC - TheNewswire- Oct 24, 2023 - Contact Gold Corp. (the “Company” or “Contact Gold”)(TSXV:C ) ( OTC:CGOLF) is pleased to provide the finaldrill results from the 2023 exploration program at the Green Springsgold project located on the prolific Cortez Trend in northeasternNevada.

“The 2023 results at Green Springs were outstanding. The team consistently drilled high-grade intersections ofwell-oxidized, near surface gold mineralization at X-Ray, which rankamong the top drill holes out of Nevada this year.  We significantlyexpanded the footprint of this exciting new zone, and continued togain more understanding of structural controls, which will allow theteam to target further expansions to X-Ray,” commented MatthewLennox-King, President & CEO of Contact Gold.  “We have alsoexpanded the size of the property and secured a key expansion of ourdrill permit. The expanded permit will allow us to drill highconviction exploration targets in the east of the property for thefirst time, where the team continues mapping and sampling to refinethese targets ahead of the 2024 drill program.”

2023 Green Springs Program Milestones& Highlights:

• Completed 4,028 metres in 29 drill holes covering theEcho, C-D Gap, Alpha, X-Ray, and Tango Zones.

• Intersected intervals of oxidized gold mineralizationat the Echo, Alpha, Tango and X-Ray Zones.

• Over 7,896 hours worked with Zero Lost Time Incidents.

• Expanded the property by 19% via staking additionalclaims in the northeast and northwest of the claim block.

• Received a Record of Decision and Finding of NoSignificant Impact from the US Forest Service, expanding the Plan ofOperations from 75 Acres to 150 Acres.

• Completed 11-line kilometres of CSAMT (geophysics)across the southern end of the property.

• Continued to develop and refine additional highpotential drill targets at Whiskey, Foxtrot, Zulu, and the southernMine Trend through geophysics, mapping, and rock soilsampling.

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.

2023 Drill Highlights:

X-Ray Zone:

Drilling at the X-Ray Zone significantly expanded thefootprint of the zone, which remains open to the south, west andnortheast.

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

  • Including 1.73g/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 5.06g/t Au over 10.67 metres – oxide

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

• 1.90 g/t Au over 25.91 metres, from adepth of 89.92 metres, in drill hole GS23-10 -oxide

  • Including: 2.50g/t Au over 18.29 metres – oxide

• 0.86 g/t Au over 35.05 metres, from a depth of 77.72 metres, in drill holeGS23-13 - oxide

  • Including : 1.22 g/t Au over 18.29 metres – oxide

• 0.80 g/t Au over 48.77metres , from a depth of 64.01 metres, in drillhole GS23-14 – mixed

  • Including : 1.91 g/t Au over 15.24 metres – oxide

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

Click Image To View Full Size

X-Ray Zone – Highlight DrillIntercepts – Drill Traces Projected to Surface

Click Image To View Full Size

X-Ray Zone – Cross Section –Looking West

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, 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.

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 to extend and infill gaps in the previously identifiedzone of oxidized Chainman-hosted gold mineralization.

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 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 see Contact Gold news releasedated December 9,2022 .

Green Springs is an early-stage exploration propertyand does not contain any mineral resource estimates as defined by NI43-101. There has been insufficient exploration to define a mineralresource estimate at Green Springs. Additional information about GreenSprings is summarized in the NI 43-101 Technical Report entitled,“NI 43-101 Technical Report for the Green Springs Project, WhitePine 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 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. TheCompany assumes no obligation to update the forward-looking statementsof beliefs, opinions, projections, or other factors, should theychange, except as required by law.

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