Core and Reverse Circulation Drill Holes Completed At Green Springs Project

VANCOUVER - Contact Gold Corp. reported results for 5 additional drill holes from the 2020 drill program at the Green Springs gold property. Contact Gold completed 5,785 meters in 10 core holes and 31 reverse circulation drill holes during the fall of 2020. Results are pending for 31 holes as of the date of this release from the Alpha, Bravo, Charlie, Delta, Golf and Echo Zones.

Key Points: Drilling infills gold mineralization in the northern part of Echo Zone and confirms that mineralization is well oxidized with the first cyanide assays from this high-grade pod located north of the area previously drilled by Contact Gold in 2019; and Gold mineralization intersected below the past-producing Charlie pit in the Pilot Shale horizon confirms Contact Gold's primary target concept that the unexplored Pilot Shale hosts gold mineralization beneath the Mine Trend at Green Springs.

Drill Highlights: Echo Zone - 2.24 g/t oxide Au over 35.05 m from a depth of 35 meters in hole GS20-14, 92% cyanide recovery, Including 3.14 g/t Au over 22.86 m from a depth of 42.67 meters, and This intercept further extends the footprint of gold mineralization in the northern Echo Zone; 1.49 g/t Au over 17.68 m from a depth of 38.1 m, in hole GSC20-01, 67% cyanide recovery, GSC20-01 represents the first core hole ever drilled at Green Springs providing invaluable subsurface structural and lithological data; and More detailed modeling of high-grade pods in the Echo Zone have revealed an east-west fault control to gold mineralization that has previously been unrecognized and will be targeted during the next phase of drilling in 2021.

Charlie Zone: 0.28 g/t Au over 3.05 meters from a depth of 28.96 meters in hole GS20-08, 78% cyanide recovery; and 0.15 g/t Au over 3.05 meters from a depth of 163.07 meters, in hole GS20-07, 100% cyanide recovery - Pilot Shale hosted.

Both Charlie drill holes were drilled from the bottom of the past producing open pit to target the Pilot Shale host horizon at the intersection of major northwest and east-west striking faults, delivering a significant gold intersection at the Pilot-Guilmette contact. This intercept provides further evidence, in addition to drilled mineralization at the Alpha and Bravo Zones, that the underexplored lower Pilot Shale horizon hosts gold mineralization beneath the Mine Trend and likely elsewhere on Green Springs. Due to the difficulty in completing RC holes through the cavernous Joana limestone, and in order to obtain more detailed geological information for targeting, the Company plans to drill more core holes going forward.

"The continued success of the team hitting well oxidized gold mineralization at Echo is extremely encouraging for the future of Green Springs," said, Matt Lennox-King, CEO. "Most significantly, successfully targeting and intersecting oxidized gold mineralization in the Pilot Shale beneath the Charlie Pit represents a further proof of concept at Green Springs, that the Pilot Shale can host gold mineralization along the Mine Trend. My team has recently located the old blast hole maps from mining and just completed digitizing the gold assays from them in 3D, allowing them to more precisely project and target controls to gold mineralization at depth in the Pilot Shale."