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    C   CA21074F1036

CONTACT GOLD CORP.

(C)
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Contact Gold : Makes Major Gold Discovery at the Green Springs Project, Nevada, Drills 54 Metres of 0.55 gt Oxide Gold

06/16/2021 | 10:09am EST

Vancouver - Contact Gold Corp. (the 'Company' or 'Contact Gold') (TSXV: C; OTCQB: CGOLF) is pleased to announce the drilling of a new gold discovery at its Green Springs gold project in White Pine County, Nevada.

Drill Highlights

0.55 g/t oxide Au over 54.86 m in drill hole GS21-31,from a depth of 19.81 metres, including 1.34 g/t

Au over 3.05 m

1.01 g/t oxide Au over 13.72 m in drill hole GS21-32from a depth of 24.38 metres, including 2.71 g/t Au over 3.05 m

0.87 g/t oxide Au over 13.72 m in drill hole GS21-27from a depth of 15.24 metres, including 1.5 g/t Au over 4.57 m

Key Points

New gold discovery made at the Tango Target in the northern portion of Green Springs

Tango represents a step out of over 500 metres from the next closest drill holes at the Alpha Zone, and remains open for expansion, particularly to the south and west

An additional 15 drill holes drilled at the Tango Target all intercepted intervals of near surface, oxidized gold mineralization over an area of 250 x 500 metres

Tango was identified by soil and rock geochemical sampling and was never before drilled; all holes drilled by Contact Gold at Tango intersected significant gold mineralization

Road cut sampling and additional detailed mapping are underway to refine targeting ahead of the next phase of drilling

Contact Gold has staked an additional 18 claims to the north of the Tango discovery, covering 15.5 Hectares or 36 Acres of prospective ground

'We are ecstatic to have discovered a large new zone of oxidized gold mineralization at Green Springs. Opportunities to generate and drill shallow, new targets that result in new discoveries are becoming increasingly rare in Nevada, especially on the major gold trends.' said Matt Lennox-King, President & CEO of Contact Gold, 'The Tango discovery, with its large surface footprint, strong oxide grades and thicknesses is a testament to the quality of targets that Vance Spalding, Contact Gold's Vice President of Exploration and his team have generated at Green Springs. We are excited to get back on the ground at Tango and continue growing this exciting new discovery. In the meantime, we are excited to receive results from the newly drilled connector zone, which are the first ever holes into a 500-metre gap between the Mine Trend and Alpha Zone.'

The Tango Discovery

Tango is located 500 metres to the NE of the Alpha Zone, and represents an entirely new gold zone.

Tango is hosted at the Devonian limestone/shale contact, host to Kinross's 1.5 Moz Alligator Ridge/Vantage and Saga deposits at the Bald Mountain mine 40 km to the north

The Devonian limestone/shale host at Tango and Alpha is underexplored at Green Springs where it underlies the Mississippian limestone/shale contact that was previously exploited along the mine trend

Gold mineralization at Tango is mostly hosted within decalcified and variably oxidized and silicified Pilot Shale with minor mineralization in collapse breccia of the underlying Guilmette limestone

Northwest and North-South striking, high angle faults control the gold mineralization at Tango

Tango is open for expansion, particularly to the south and west 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 Fiore Gold'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. Contact Gold signed a purchase option agreement with ElyGold Royalties ('ElyGold') to acquire an undivided 100% interest inGreen Springs in July 2019. Green Springs is an early-stage exploration property and does not contain any mineral resource estimates as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects ('NI 43-101'). There has been insufficient exploration to define a mineral resource estimate at Green Springs.

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 advancedexploration and resource definition stage.

Contact:

Tel: +1 (604) 449-3361

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 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

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2020 - - -
Net income 2020 -17,7 M -13,9 M -13,9 M
Net cash 2020 4,90 M 3,83 M 3,83 M
P/E ratio 2020 -0,84x
Yield 2020 -
Capitalization 14,9 M 11,7 M 11,7 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 8
Free-Float 95,4%
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Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 0,05 CAD
Average target price 0,55 CAD
Spread / Average Target 1 000%
Managers and Directors
Matthew Lennox-King President, Chief Executive Officer & Director
John Eric Wenger Chief Financial Officer, Secretary & VP-Strategy
John Andrew Dorward Chairman
George Gregory Salamis Director
Charlie Davies Director
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