Contact Gold Corp. announced the first drill results from the 2023 exploration program at the Green Springs gold project located on the prolific Cortez Trend in northeastern Nevada. The 2023 program is being carried out as part of a USD 10 million earn-in with a wholly-owned subsidiary of Centerra Gold Inc. ("Centerra").

Contact Gold is the project operator for the planned 4,500 metres of reverse circulation (RC) drilling. A total of 3,377 metres of reverse circulation drilling in 24 drill holes have been completed so far in this year's program. Results are pending for an additional 9 step-out and offset holes drilled at X-Ray during this year's program.

These new results further extend mineralization to the east and southeast from the 2021 discovery holes and demonstrate the growth potential of the X-Ray Zone. The X-Ray Zone remains wide open for expansion, especially to the south and west. X-Ray is near-surface, well oxidized, with exceptional grades and thicknesses.

Gold mineralization at the X-Ray Zone is characterized by strong grades, oxidation, and continuity, and is hosted at the lower Pilot Shale contact with the underlying Guilmette Limestone. The highest grades, up to 9 g/t Au occur in a calcareous sandstone that has been decalcified during gold mineralization. Calcareous sandstone is an excellent Carlin-Type host rock.

The Pilot Shale is an important regional host unit in eastern Nevada and is host to the Pan Mine and Alligator Ridge, among others. The first two X-Ray holes were drilled to extend mineralization to the east and southeast from the original drill pattern. Echo Zone: 0.77 g/t Au over 19.81 metres, from a depth of 94.49 metres, in drill hole GS23-03 - oxide; and 0.38 g/t Au over 39.62 metres, from a depth of 83.82 metres, in drill hole GS23-04 - oxide.

The Echo Zone is a zone of shallow, high-grade, oxide gold mineralization hosted along the lower contact of the Chainman Shale with the underlying Joana Limestone. Based on previous drilling - mostly by sparse, shallow, vertical holes - the current footprint of gold mineralization at Echo measures 400m x 100m. The strongest gold mineralization occurs along the main north-south mine trend, where two cross-structures have been recognized in drilling.

Due to previous operators' wide drill hole spacing outside of the high-grade pod, gold mineralization is open to the south at the Chainman-Joana contact. Four step-out, and in-fill holes were drilled at Echo in order to extend and infill gaps in the previously identified zone of oxidized hainman-hosted gold mineralization. The drill is currently working on the Tango Zone, discovered by Contact Gold in 2023, drilling step out holes to the north and west of the discovery zone.