Contact Gold Corp. announced that the 2023 drill program has commenced at the Green Springs gold project located on the prolific Cortez Trend in northeastern Nevada. The 2023 drill program will be the first program carried out as part of the USD 10 million earn-in agreement with Centerra Gold Inc. and comes on the heels of drill programs by Contact Gold that have consistently delivered intervals of high grade oxidized gold mineralization and multiple gold discoveries.

2023 Drill Program: Approved budget for the 2023 program is USD 1.85 million (CAD 2.52 million) Contact Gold is the project operator. 4,500 metres of reverse circulation drilling (RC), for an expected 45 drill holes, indicating the near surface nature of gold mineralization at Green Springs. Drilling will focus on stepping out from existing zones of high-grade oxidized gold mineralization and testing new undrilled targets for new discoveries.

First drill holes will be at the X-Ray zone, followed by the Echo zone at the southern end of the 3 km long Green Springs Mine Trend. Both X-Ray and Echo host shallow, high grade gold mineralization. Drilling is also planned at the Tango and Alpha zones which are located NE and on trend with X-Ray, forming a 1.5 km trend of oxidized gold mineralization in drilling.

Map Showing Green Springs target areas: Key targets and intercepts: X-Ray Zone: Gold mineralization at X-Ray is hosted within the Pilot Shale, a key regional host unit across northeastern Nevada, including at the neighbouring Pan Mine. The X-Ray zone is wide open for expansion, particularly to the south and west of the original discovery location where drill pads are currently being constructed. Alpha and Tango sit to the northeast of X-Ray, indicating the potential to define a significant corridor of gold mineralization.

The discovery was drilled by Contact Gold in 2021, with following up drilling in 2022 returning exceptional results. Highlights of previous drilling at X-Ray: 1.66 g/t Au over 28.96 metres from a depth of 9.14 metres, in drill hole GS22-01. Including: 2.66 g/t Au over 15.24 metres 1.95 g/t Au over 41.15 metres, from a depth of 15.24 metres, in drill hole GS22-04.

Including: 3.71 g/t Au over 15.24 metres. Echo Zone: Gold mineralization at Echo is hosted within the Chainman Shale, at the contact with the underlying Joanna Limestone, and is also a well-known host rock across the northeast of Nevada. Contact Gold drilled numerous holes at Echo in 2019, 2020, and 2021, consistently hitting well oxidized gold mineralization.

Individual drill intervals at Echo run up to 20 g/t Au in well oxidized rock. Echo is open for expansion to the south towards the Zulu target, with the Chainman shale dipping shallowly in that direction. Highlights of previous drilling at Echo: 2.24 g/t oxide Au over 35.05 m from a depth of 35 metres in hole GS20-14.

Including: 3.14 g/t Au over 22.86 m. 2.36 g/t oxide Au over 70.10 m from a depth of 80.77 metres in hole GS19-07. Including: 4.09 g/t Au over 38.10 metres. and including: 8.05 g/t Au over 12.19 metres.