Vancouver - Contact Gold Corp. (TSXV: C) (OTCQB: CGOLF) (the 'Company' or 'Contact Gold') is pleased to detail 2022 exploration plans for the Green Springs gold project which is anticipated to start in March 2022.

Green Springs is strategically located 7 km immediately east of Calibre Mining's Gold Rock project and 20 km southeast of their Pan Mine. The Gold Rock and Pan deposits are hosted within the same Chainman Shale and Pilot Shale units hosting gold mineralization at Green Springs. The wider Green Springs area hosts multiple Carlin Type gold occurrences, deposits, active and past producing heap leach gold mines. Green Springs is one of the Company's two advanced exploration-stage, Carlin-style gold projects in Nevada.

The first phase of the 2022 program includes a plan for up to 3,000 meters of drilling designed to expand the footprint of the Tango, X-Ray and B-C gap gold discoveries, which were all made in 2021. The X-Ray and Tango discoveries are near surface, well oxidized, Pilot shale-hosted, and remain wide open for expansion through drilling, with exceptional grades and thicknesses. The B-C gap discovery is the first significant grade-thickness intercept encountered to date in the lower Pilot shale, a new host horizon, from beneath the historically mined Chainman shale/Joana limestone contact.

Green Springs Next Steps

Targeted follow up drilling on the outcropping oxide Tango and X-Ray gold discoveries made by Contact Gold in 2021

Drilling to start in March 2020

Average depth of planned drill holes at X-Ray and Tango of 100 metres, and 200 metres at B-C gap

Full network of drill roads constructed in 2021 will facilitate efficient start up of drilling

The main target areas at Green Springs are fully permitted under a Plan of Operation (PoO) for up to 70 acres of road and drill pad construction. An amendment to the PoO is underway, which could open the remainder of the Green Springs claim block to exploration drilling, particularly the mine trend going south beyond the high-grade Echo zone, which has been drilled, as well as the Whiskey and Foxtrot targets.

Contact Gold anticipates a second phase of drilling later in the year after results from the first phase are received and integrated into the next phase plan.

About the Green Springs Project

Green Springs is located near the southern end of the Cortez Trend of Carlin-type gold deposits in White Pine County, Nevada, east of Calibre Mining's Pan Mine and Gold Rock Project and south of Waterton's Mount Hamilton deposit. The Green Springs property is 18.65 km2 encompassing 3 shallow past producing open pits and numerous targets that were not mined.

Drill intercepts were calculated using a minimum thickness of 3.05 metres averaging 0.14 ppm gold and allowing inclusion of up to 4.57 metres of material averaging less than 0.14 ppm gold for low grade intervals and higher-grade intervals were calculated using a minimum thickness of 3.05 metres averaging 1.00 ppm gold and allowing inclusion of up to 4.57 metres of assays averaging less than 1.00 ppm gold. Gravimetric assays are used for all Fire Assays above 4.00 ppm gold. Cyanide solubility assays are completed on all Fire Assays greater than 0.1 g/t. True width of drilled mineralization is unknown, but owing to the apparent flat lying nature of mineralization, is estimated to generally be at least 70% of drilled thickness in most cases. The Cyanide recovery percentages are equally averaged by interval, and are not weighted by gold content per interval. Quality Assurance / Quality Control consists of regular insertion of certified reference standards, blanks, and duplicates. All failures are followed up and resolved whenever possible with additional investigation whenever such an event occurs. All assays are completed at Paragon; an ISO 17025:2005 accredited lab. Check assays are completed at a second, reputable assay lab after the program is complete.

About Contact Gold Corp.

Contact Gold is an exploration company focused on making district scale gold discoveries in Nevada. Contact Gold's extensive land holdings are on the prolific Carlin and Cortez gold trends which host numerous gold deposits and mines. Contact Gold's land position comprises approximately 140 km2 of target rich mineral tenure hosting numerous known gold occurrences, ranging from early- to advanced-exploration and resource definition stage.

Contact:

Tel: +1 (604) 449-3361

Email: info@ContactGold.com

Cautionary Note Regarding Forward-Looking Information

This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking statements') within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the anticipated exploration activities of the Company at Pony Creek, or on the Green Springs property.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-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 from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: impacts arising from the global disruption by the Covid-19 coronavirus outbreak; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities) and title to properties. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

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