Signal Gold Inc. announced results from a recent drill program at its 100%-owned Goldboro Gold Project in Nova Scotia. The infill drill program, consisting of 3,865 metres in 31 diamond drill holes, was conducted to aide in the conversion of Inferred Mineral Resources within the East Goldbrook Pit into Indicated Mineral Resources. The existing constrained open pits outlined in the Phase 1 Open Pit Feasibility Study1 were designed using only Measured and Indicated Resources, however they captured 975,000 tonnes of Inferred Mineral Resources at a grade of 2.11 grams per tonne, mainly in the East Goldboro Pit.

This represents an opportunity to positively impact Project economics by upgrading these Inferred Mineral Resources which are currently accounted for as waste tonnes. Drill holes BR-22-237 to BR-22-339 were drilled prior to holes BR-22-240 to BR-22-270, but were drilled for the purposes of testing mineralization, evaluating geotechnical properties as well as water testing. Assays for these holes have not been received and will be reported at a future date once data is available.

The Mineral Resource Estimate presented was prepared by Independent Qualified Person Glen Kuntz, P. Geo., of Nordmin Engineering Ltd. The Mineral Resource Estimate is based on validated results of 681 surface and underground drill holes for a total of 121,540 metres of diamond drilling completed between 1984 and the effective date of November 15, 2021, including 55,803 metres conducted by Signal Gold.