Signal Gold Advances Permitting and Development of the Goldboro Gold Project

About Signal Gold

Signal Gold Inc. (TSX: SGNL) (OTCQX: SGNLF) is a Canadian gold mining company focused on advancing its 100% owned Goldboro gold project located in Nova Scotia, Canada. The Goldboro project is a significant development asset with strong economics as demonstrated in a feasibility study completed in January 2022. The study outlined an 11-year open-pit mine life producing 100,000 ounces of gold per year at an average diluted grade of 2.26 g/t gold.

Signal Gold is led by a management team with extensive experience in mine development, operations, and capital markets. The company is focused on responsibly advancing Goldboro through permitting and into production to build a profitable, sustainable mining operation. Signal Gold trades on the Toronto Stock Exchange and OTCQX in the United States.

Key Permitting Milestones Achieved

Since the feasibility study was completed, Signal Gold has continued to advance permitting and development activities at Goldboro. The company achieved several key permitting milestones, bringing the project closer to construction.

In July 2023, Signal Gold submitted the Mineral Lease application to the government of Nova Scotia. This application is required to secure the mining rights for the project.

In August 2023, the company submitted both the Industrial Approval application and Fisheries Act Authorization application. The Industrial Approval is the key operating permit required from the provincial government. The Fisheries Act Authorization is required under federal regulations related to fish habitat protection.

With the submission of these key permit applications, Signal Gold has now entered the formal regulatory review processes for securing the main permits required for mine development. Previously in August 2022, the Nova Scotia government had already granted environmental assessment approval for Goldboro following completion of a provincial EA process.

The permit submissions represent a significant de-risking step for Goldboro. Signal Gold is positioning the project for a construction decision pending successful completion of permitting.

Geotechnical and Site Investigation Programs

In parallel with permitting, Signal Gold also completed geotechnical drilling and site investigation work during 2022 and 2023. In total, the company drilled 2,608 meters in 71 geotechnical drill holes across the proposed mine site.

Additionally, 59 test pits were excavated to evaluate overburden characteristics and 7 HQ-diameter diamond drill holes totaling 1,357 meters were completed to support pit slope designs.

The data gathered from this field work will support engineering design and help optimize mine planning. This proactive geotechnical program provides valuable information on ground conditions and pit wall angles well in advance of any construction activity.

Ongoing environmental monitoring wells were also installed to establish baseline water quality data and hydrogeologic information as part of the company's commitment to environmental stewardship.

This comprehensive site investigation data will strengthen Signal Gold's permit applications and Feasibility Study designs. The work demonstrates the company's diligence in preparing for project development while managing risks.

Exploration Drilling Continues to Show Growth Potential

While progressing permitting and engineering de-risking efforts, Signal Gold has also been active with its largest exploration campaign ever underway at Goldboro.

The 12,000 meter diamond drill program is focused on expanding mineralization along strike to the west of the Goldboro deposit. Early results have shown promising intercepts including 4.23 g/t gold over 3.0 meters in hole BR-22-382.

The drill program is testing the high-potential zone between Goldboro and the historic Dolliver Mountain mine, which previously produced 184,000 ounces of gold. This area represents a key target for new discoveries to add resources and extend potential mine life.

Positive drill results to date confirm that Goldboro remains open to the west and at depth, with excellent opportunities to expand the resource base. Additional assay results from the ongoing drill campaign are pending.

Signal Gold's exploration efforts highlight the significant growth potential remaining at Goldboro beyond the current feasibility study. The company is leveraging its geological understanding to systematically target resource growth around the known deposit.

Conclusion

With key permits submitted and engineering de-risking activities underway, Signal Gold has positioned the Goldboro gold project for a construction decision over the coming 18-24 months.

The recently completed feasibility study demonstrates strong economic potential for an 11-year open pit mine producing 100,000 ounces of gold per year. Exploration upside provides investors with additional leverage to increasing resources and mine life.

Backed by a proven mine development and operating team, Signal Gold represents an attractive investment opportunity in the gold development sector.

The company offers exposure to a sizable gold project approaching construction in a top-tier mining jurisdiction of Nova Scotia, Canada.

As permitting advances towards approval in 2024, investors can look for Signal Gold to continue enhancing the value of Goldboro while maintaining financial discipline. The near-term milestone of securing operating permits will be a major rerating event for the company.