Contact Gold Develops New Carlin Gold Target at Pony Creek

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Vancouver, British Columbia--(Newsfile Corp. - October 16, 2018) - Contact Gold Corp. (TSXV: C) (the "Company" or "Contact Gold") is pleased to report the development of Elliott Dome; a new, high priority Carlin Type gold target located on the northern part of the Pony Creek gold property ("Pony Creek") immediately adjacent to the Jasperoid Wash discovery of Gold Standard Ventures.

Elliott Dome was identified through surface mapping, rock and soil sampling and geophysical anomalies apparent in seven lines of CSAMT data that the Company obtained from a neighbouring company. This newly acquired geophysical data further supports this new high priority target located on Contact Gold's ground.

The Elliott Dome target is one of five new, large, high-priority drill targets at Pony Creek. Other targets include Pony Spur, Moleen, North Zone, and the West Target that will be further tested in 2019. The Company made new gold discoveries at the never-before-drilled Pony Spur and West targets in 2018, and to date has reported 35 of 51 drill holes completed at Pony Creek this year.

Elliott Dome Target Highlights:

  • Significant gold in soil anomaly with values up to 341ppb Au and multiple samples above 100ppb Au
    • Total footprint of 1,200 x 700 metres
  • Elevated gold values in rock chip sampling
    • Values up to 0.5 g/t Au from rock chips
  • Located along the same structural corridor hosting Pony Creek's Bowl Zone and West Zone gold discovery, as well as the Dark Star and Emigrant Deposits
  • Significant size potential — over 1.5km of prospective strike length as defined in multiple data sets
  • Interpreted East-West oriented structure from Jasperoid Wash cuts Elliott Dome where the best gold in soil values occur
  • Paleozoic calcareous conglomerates are intensely altered by hematite, silicification and strong hydrothermal barite consistent with Carlin Type gold mineralization

For a location map of Pony Creek and Elliott Dome detail — please click on the following links:
http://www.contactgold.com/_resources/news/Pony-Creek-Soils-Map.jpg
http://www.contactgold.com/_resources/news/Elliott-Dome.jpg
http://www.contactgold.com/_resources/news/Elliott-Dome-CSAMT.jpg

"Target generation efforts at Pony Creek continue to produce new large-scale drill targets as an integral part of our successful 2018 drill program. The methods validated by the recent oxide gold discovery at the West Target also produced this new Elliott Dome target which is defined by the same exciting characteristics; strong gold values in rock and soil sampling, widespread hydrothermal alteration typically associated with Carlin-style gold mineralization and sits within the same structural corridor that hosts Pony Creek's Bowl Zone, the West Target gold discovery and the Dark Star and Emigrant deposits." stated Matt Lennox-King, CEO of Contact Gold.

The Company has completed 51 holes in 2018, totaling over 10,863m of drilling. Results are pending for 16 holes.

Pony Creek is an early stage exploration property and does not contain any mineral resource estimates as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). There has been insufficient exploration to define a mineral resource estimate at Pony Creek. Additional information about Pony Creek is summarized in a technical report entitled "Technical Report on the Pony Creek Gold Project, Elko County, Nevada, USA" dated April 18, 2017, and effective March 15, 2017), prepared by Michael M. Gustin, C.P.G. of Mine Development Associates of Reno, Nevada (the "Technical Report"), which can be viewed under Contact Gold's issuer profile on SEDAR at www.sedar.com

The scientific and technical information contained in this news release has been reviewed and approved by Vance Spalding, CPG, VP Exploration, Contact Gold, who is a "qualified person" within the meaning of NI 43-101.

Assays for gold are completed using Au-AA23 fire assay method. Multi-element geochemical assays are completed on composites using the MEMS 61 method. All assays are completed at ALS Chemex; an ISO 17025:2005 accredited lab.

About Contact Gold Corp.

Contact Gold is an exploration company focused on producing district scale gold discoveries in Nevada. Contact Gold's extensive land holdings are on the prolific Carlin, Independence and Northern Nevada Rift gold trends which host numerous gold deposits and mines. Contact Gold's land position comprises approximately 275 km2 of target rich mineral tenure hosting numerous known gold occurrences, ranging from early- to advanced-exploration and resource definition stage.

Additional information about the Company is available at www.contactgold.com.

For more information, please contact: +1 (604) 416-0576
John Glanville — Director Investor Relations
Chris Pennimpede — Corporate Development
E-mail: info@ContactGold.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the anticipated exploration activities of the Company on the Pony Creek property.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

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