Contango ORE, Inc. (“CORE” or the “Company”) (CTGO) is pleased to provide an update on operations being conducted by Peak Gold, LLC, a joint venture between the Company and Royal Alaska, LLC (“Royal”), a wholly owned subsidiary of Royal Gold, Inc., managed by Royal, on the joint venture’s gold exploration project in Tetlin, Alaska.
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Since our last update, the joint venture resumed drilling in February 2017 in a program designed to extend open-ended mineralization at North Peak, and to drill initial test holes in other prospects prior to the spring thaw. Drilling at North Peak is ongoing and results to date have extended the resource as detailed below. The attached map shows the location of the 2017 drill collars and the Significant Intercept table shows assay results for previously unreleased drill holes. We expect to test other undrilled prospects this summer that are near Main Peak and North Peak, focusing on resistivity/magnetic anomalies that have similar characteristics to our known resource areas.
The data below includes 9 new drill holes between TET17312 and TET321 and some new intervals in previously released drill holes as shown on the accompanying base map. Sample intervals are calculated using 0.5 grams per tonne (gpt) lower cut off for gold with no internal waste less than cutoff grade that is greater than 3 meters in thickness. Intercepts shown are drill intercept lengths. True width of mineralization is unknown:
|Zone||Drill Hole||From (meters)||To (meters)|| |
|Au_gpt||Au_gpt x Interval|
* Incomplete assays received
** Twin hole to TET17312
Brad Juneau, the Company’s President, commented, “We are encouraged that mineralization at North Peak is still open in several directions, and as such we are delaying our resource update until later in the second calendar quarter of 2017 to fully incorporate current drilling. Since late 2016, the joint venture has staked additional claims of approximately 68,000 acres of State of Alaska lands adjacent to the Tetlin project. This land was selected based on our drilling results, the reinterpretation of our proprietary geological, geophysical, and geochemical data, as well as recently released public data provided by the Alaska Division of Geological and Geophysical Surveys. The joint venture has designated this area as the Noah prospect, and plans to begin initial exploration this summer on the claims.”
CORE is a Houston-based company that engages in the exploration in Alaska for gold and associated minerals through Peak Gold, LLC, its joint venture company with Royal Alaska, LLC. Additional information can be found on our web page at www.contangoore.com.
This press release contains forward-looking statements regarding CORE that are intended to be covered by the safe harbor “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995, based on CORE’s current expectations and includes statements regarding future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as “expects”, “projects”, “anticipates”, “plans”, “estimates”, “potential”, “possible”, “probable”, or “intends”, or stating that certain actions, events or results “may”, “will”, “should”, or “could” be taken, occur or be achieved). Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those, reflected in the statements. These risks include, but are not limited to: the risks of the exploration and the mining industry (for example, operational risks in exploring for, developing mineral reserves; risks and uncertainties involving geology; the speculative nature of the mining industry; the uncertainty of estimates and projections relating to future production, costs and expenses; the volatility of natural resources prices, including prices of gold and associated minerals; the existence and extent of commercially exploitable minerals in properties acquired by CORE; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the interpretation of exploration results and the estimation of mineral resources; the loss of key employees or consultants; health, safety and environmental risks and risks related to weather and other natural disasters); uncertainties as to the availability and cost of financing; inability to realize expected value from acquisitions; inability of our management team to execute its plans to meet its goals; and the possibility that government policies may change or governmental approvals may be delayed or withheld, including the inability to obtain any mining permits. Additional information on these and other factors which could affect CORE’s exploration program or financial results are included in CORE’s other reports on file with the Securities and Exchange Commission. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. CORE does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.