Signal Gold extends gold mineralization up to 450 metres west of Goldboro deposit, Nova Scotia

Signal Gold Inc. [TSX-SGNL; OTCQX-SGNLF] reported diamond drill results from the initial step-out exploration program at the company’s Goldboro Project in Nova Scotia. The step-out drilling program, comprising 6,026.5 metres from 31 holes, targeted near-surface gold mineralization immediately west of the Goldboro Deposit and has now discovered gold mineralization up to at least 450 metres west of previous resource definition drilling. This initial program is part of a larger growth exploration program that has successfully tested a 1.4-km strike extent of the Goldboro Trend west of the existing Goldboro Mineral Resource.

Kevin Bullock, President and CEO, commented, “We are excited with the results of our initial step-out drilling completed in 2023, which has discovered further high-grade, near surface gold mineralization for at least 450 metres west of the Goldboro Deposit. We have now also completed the exploration drill program testing the IP geophysical target that extends 1.4 km to the west through the past-producing Dolliver Mountain Gold Mine. While we wait for those drill results in the new year, we look forward to testing further resource growth potential on strike and adjacent to planned mine infrastructure, while continuing our regional exploration programs to demonstrate the scale potential of the Goldboro Gold District.”

Operations began at the Dolliver Mountain Gold Mine in 1901 and the operation ceased in 1904.

The current results comprise 1,446.5 metres of drilling from seven diamond drill holes (BR-23-399, 402, and 404 to 407) and include 27 separate intersections of gold mineralization and three instances of visible gold. Selected composited highlights (core length) from the current drill holes including: 109.91 g/t gold over 0.5 metres (92.8 to 93.3 metres) in hole BR-23-399; 2.44 g/t gold over 1.7 metres (167.6 to 169.3 metres) in hole BR-23-405 and 1.76 g/t gold over 2.4 metres (167.6 to 169.3 metres) in hole BR-23-399.

Previously reported drilling in this area has outlined high-grade gold mineralization with selected composited highlights (core length) including 26.09 g/t gold over 8.9 metres (105.5 to 114.4 metres) in hole BR-23-393 including 79.18 g/t gold over 0.5 metres and 371.59 g/t gold over 0.5 metres; 11.79 g/t gold over 4.1 metres (49.9 to 54.0 metres) in hole BR-23-386 including 47.23 g/t gold over 1.0 metres; 19.15 g/t gold over 1.2 metres (114.7 to 115.9 metres) in hole BR-23-388; 10.85 g/t gold over 1.3 metres (209.6 to 210.9 metres) in hole BR-23-395 and 21.16 g/t gold over 0.7 metres (80.5 to 81.2 metres) in hole BR-23-397.

Drilling in the area up to 450 metres west of the Goldboro Deposit continues to identify gold mineralization and demonstrate that the mineralization remains open at depth and to the west towards the past producing Dolliver Mountain Gold Mine, where the Company recently completed drilling.

Drill holes BR-23-402 and 406 were designed to target IP chargeability anomalies parallel to, but north and south of the main host structure and IP chargeability Trend. Drill hole BR-23-402 to the north of the Goldboro Trend did not intersect any significant gold mineralization associated with the flanking chargeability response. Similarly drill hole BR-23-407 to the south of the Goldboro Trend did not intersect significant gold mineralization associated with the flanking chargeability response but did intersect gold deeper within the hinge of the anticline within the West Goldbrook System.

Assays are pending for an additional 32 drill holes totaling 6,195 metres from the Drill Program and will be reported in future news releases

Signal Gold is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study which demonstrates an approximately 11-year open pit life of mine (LOM) with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 g/t gold.

On August 3, 2022, the Goldboro Project received its environmental assessment approval from the Nova Scotia Minister of Environment and Climate Change, a significant regulatory milestone which enables the Company to commence site-specific permitting processes including the Industrial Approval and Crown Land Lease and Mining Lease applications.

The Goldboro Project also has potential for further Mineral Resource expansion, particularly towards the west along strike and at depth. A future study will consider upgrading and expanding potentially mineable underground Mineral Resources as part of the longer-term mine development plan.