Signal Gold Inc. announced that a second diamond drill has been mobilized to the Goldboro Project in Nova Scotia to accelerate a growth exploration drill program with an additional 10,000 meters, in addition to the initial program announced on March 23, 2023, for a total of 12,000 metres. With the discovery of gold mineralization to the west of the Goldboro Deposit and the continuation of an Induced Polarization ("IP") geophysical survey towards the past producing Dolliver Mountain Gold Mine*, the Company is excited to ramp up its largest growth exploration program to date in order to demonstrate the potential scale of the Goldboro Deposit. The discovery of gold mineralization immediately to the west of the Mineral Resource along the Goldboro Trend demonstrates that the same style of gold mineralization, structure, and host environment as the Goldboro Deposit continues westward, and includes the following previously announced highlight intercepts: 20.59 g/t gold over 3.0 metres (122.4 to 125.4 metres) in hole BR-23-383 including 113.90 g/t gold over 0.5 metres; 9.46 g/t gold over 2.0 metres (123.5 to 125.5 metres) in hole BR-23-381 including 15.40 g/t gold over 0.5 metres; and, 7.29 g/t gold over 2.5 metres (103.0 to 105.5 metres) in hole BR-23-382.

As well as testing along strike of the Goldboro Deposit, the drill program will include drilling of other prospective areas including two parallel geophysical trends north and south of the Deposit (Exhibit A). The previously announced and ongoing IP geophysical survey, extending to the west through the Dolliver Mountain Gold Mine* area, will provide geophysical characteristics to depths of approximately 250 metres, within range of any further potential open pit mineralization, which will inform the drill program. In addition to the 12,000 metres of growth exploration diamond drill program, the Company is also undertaking 1,500 metres of diamond drilling within the existing Goldboro Deposit to provide additional geological and geotechnical information to inform an updated Mineral Resource.

The IP Survey is currently designed to cover two (2) kilometers of strike west of the Goldboro Deposit; however, the Company also acquired a further 3.5 kilometers of strike potential beyond the original mineral license (Exhibit B). Based on the first phase of the IP survey and follow-up diamond drilling, the Company has successfully discovered continued gold mineralization up to 325 metres to the west of the Goldboro Deposit and demonstrated that mineralization remains open along strike to the west and at depth.