Contact Gold Corp. announced the discovery of new Carlin-type gold mineralization confirmed from rock and soil sampling results from its 2023 exploration program at its Green Springs gold project located on the prolific Cortez Trend in northeastern Nevada. These new results define the Oscar Target, an exciting near-surface and large-scale drill target that encompasses the northerly projection of the unexplored northernmost portion of the Green Springs Mine Trend.

New claims cover the Oscar Target that was generated over the course of the 2023 exploration program utilizing mapping with soil and rock sampling by the Contact Gold team, adding yet another drill target generated by Contact Gold since acquiring Green Springs. Other key targets expected to be drilled in 2024 include Whiskey, Foxtrot, and Zulu. Oscar Target Highlights: 800 metres from closest drill holes.

Significant Carlin Type pathfinder element anomaly define the core of the target. Gold in soil values increase in the direction of the Tango Zone, located 600 metres to the east. Similar geochemical anomalies to those at Tango.

Fully permitted for the 2024 drill program. Green Springs is strategically located 7 km immediately east of the Gold Rock project operated by Calibre Mining Corp. and 20 km southeast of their Pan Mine.

Oscar Target: The Oscar target encompasses the northerly projection of the unexplored northernmost portion of the Green Springs Mine Trend. Oscar had never been sampled or drilled by previous operators, and the nearest drill holes lie over 800m to the south of the Oscar target. The claims at Oscar were staked in the spring of 2023 and were followed by a soil sampling campaign that yielded encouraging results.

Well-known pathfinder elements associated with Carlin-style mineralization ­ Arsenic, Antimony and Thallium ­ form a coherent anomaly at Oscar that represents a favorable drill target for Contact Gold's planned 2024 summer drill program. Oscar is within the Company's Plan of Operations boundary with drill sites easily permittable for drilling. Gold in soil samples at Oscar appear in clusters at relatively low values and strengthen to the east.

The pathfinder surface geochemical anomaly coincides with the intersection of mapped N, NNW, and WNW trending structures. Surface geology at Oscar is comprised of alternating Guilmette limestone and dolomite. The exploration team has interpreted that this large block of Guilmette limestone has been emplaced due to eastward directed thrusting and likely overlies favourable stratigraphy (Chainman-Joana) present along the mine trend.

600m to the east of Oscar is the Tango Zone, where the Company has successfully drilled gold mineralization in recent drill programs. Tango displays similar geology and geochemical soil anomalies to those at Oscar, and Contact Gold's geologists have discovered gold proximal to thrust faults which in some cases place older Guilmette limestone over younger Pilot, Joana, and Chainman formation rocks. A WNW oriented structure is mapped running from Tango to Oscar and presents an interesting structural target. Geophysical data from a 2020 gravity survey further supports the theory of a WNW connection between Tango and Oscar via a significant gravity break in the Guilmette.

This gravity break corresponds to geochemical anomalies at both targets. Additional mapping of the surface geology between Oscar and Tango is planned, along with expanding the soil grid to fill in the gap between the two target areas and delineate high-confidence drill targets before the 2024 drill program commences this summer. Green Sprigngs: The 2023 program was completed under Year 1 of the Centerra Earn In, a four year USD 10 million earn-in with a wholly-owned subsidiary of Centerra Gold Inc. Contact Gold is the project operator and remains the 100% owner of Green Springs until the completion of all earn-in requirements.

The Year 2 program has been approved with a budget of USD 2 million and is expected to include 5,500 metres of drilling across key target areas at Green Springs.