Signal Gold intersects 23.85 g/t gold over 6.0 metres at Goldboro, Nova Scotia

Signal Gold Inc. [TSX-SGNL; OTCQX-SGNLF] has received final assays for the recently completed geotechnical drill program at the Goldboro Project in Nova Scotia, as previously announced on September 20, 2023. The recently completed geotechnical drill program comprised 1,357 metres in seven HQ-diameter diamond drill holes to support the design of the proposed open pits from the Goldboro Feasibility Study filed on January 20, 2022. These drill holes that were completed within and surrounding the conceptual open pits predictably intersected zones of gold mineralization with highlight assays as follows: 23.85 g/t gold over 6.0 metres (14.0 to 20.0 metres) in hole BR-23-400, including 159.09 g/t gold over 0.5 metres and 122.74 g/t gold over 0.5 metres; 7.74 g/t gold over 3.9 metres (84.6 to 88.5 metres) in hole BR-23-398, including 26.25 g/t gold over 1.0 metre; and 9.02 g/t gold over 1.5 metres (233.6 to 235.1 metres) in hole BR-23-394 including 16.85 g/t gold over 0.5 metres.

The most recent drill results also included eight instances of visible gold and 32 separate intersections of gold mineralization and demonstrate that the mineralization remains open at depth and is also open to the west towards the past producing Dolliver Mountain Gold Mine as demonstrated by recent high-grade gold discoveries, and where the Company is currently drilling.

Kevin Bullock, President and CEO, commented: “We are pleased to continue to intersect high-grade gold mineralization within the area of the planned open pits from the Feasibility Study. These drill holes, completed for geotechnical studies for pit slope and stability analysis, are also critical in demonstrating the continuity of mineralized zones within and near the planned open pits.

“This information will further inform continuing refinement and upgrades to the Goldboro Mineral Resource estimate and assist in the definition of open pit design, all initiatives which further de-risk the Goldboro Project.

At the same time, the company continues to demonstrate the scale potential of the Goldboro Gold District as our current drill program, the company’s largest ever growth exploration program, continues in the area around the Dolliver Mountain Gold Mine with the aim of further expanding the Goldboro Deposit westward.”

During the summer of 2023, the company completed 1,357 metres of drilling in seven HQ-diameter diamond drill holes (BR-23-391, 394, 396, 398, 400, 401 and 403) that were designed to further support pit slope design of the conceptual East and West open pits as outlined in the 2022 Feasibility Study.

Each of these drill holes were collared near or within the proposed open pits and intersected visual alteration and quartz veining coincident with existing mineralization zones within the Goldboro Deposit.

Terrane Geoscience is currently completing slope stability and design studies based on these drill holes and resultant data.

Signal Gold is advancing the Goldboro Gold Project, 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.