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Contact Gold Corp
Symbol C
Shares Issued 352,306,637
Close 2023-08-17 C$ 0.02
Market Cap C$ 7,046,133
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Contact drills 25.91 m of 1.9 g/t oxide Au at Green

2023-08-17 11:23 ET - News Release

Mr. Matthew Lennox-King reports


Contact Gold Corp. has released the second batch of drill results from the 2023 exploration program at the Green Springs gold project located on the prolific Cortez trend in northeastern Nevada.

The 2023 program was carried out as part of a $10-million (U.S.) earn-in at Green Springs by a wholly owned subsidiary of Centerra Gold Inc. Contact Gold is the project operator at Green Springs. A total of 4,028 metres of RC (reverse circulation) drilling in 29 drill holes were completed in this year's program.

"The excellent results from the most recently received X-Ray drill holes are extremely significant as they successfully extended gold mineralization to the northeast, increasing the drilled footprint of gold mineralization at this emerging oxide gold zone. Just like the previous holes drilled at X-Ray, they are well oxidized, thick and boast some of the highest grades seen at Green Springs," commented Matthew Lennox-King, president and chief executive officer of Contact Gold. "We'd like to express our gratitude to our drill contractor, Boart Longyear, our partner, Centerra Gold, and, of course, the Contact Gold team on a safe and successful drill program at Green Springs."

X-Ray zone highlights in this release:

  • 1.90 grams per tonne (g/t) gold (Au) over 25.91 metres, from a depth of 89.92 metres, in drill hole GS23-10 -- oxide:
    • Including 2.50 g/t Au over 18.29 metres -- oxide;
  • 1.41 g/t Au over 12.19 metres, from a depth of 85.34 metres, in drill hole GS23-11 -- oxide:
    • Including 2.45 g/t Au over 4.57 metres -- oxide;
  • 1.67 g/t Au over 10.67 metres, from a depth of 85.34 metres, in drill hole GS23-12 -- oxide:
    • Including 2.03 g/t Au over 7.62 metres -- oxide.

These drill holes are the first holes drilled from the new pattern of drill roads and drill pads located to the south and west of the X-Ray discovery zone. Drill holes GS23-10, GS23-11 and GS23-12 were angled to the northeast to further confirm and extend mineralization from the 2021 discovery holes at X-Ray. The X-Ray target remains wide open for expansion, especially to the east, south and west. X-Ray is near surface and well oxidized, with exceptional grades and thicknesses.

Gold mineralization at the X-Ray zone is characterized by strong grades, oxidation and continuity and is hosted at the lower Pilot shale contact with the underlying Guilmette limestone. The Pilot shale is an important regional host unit in eastern Nevada and is host to the Pan mine and Alligator Ridge, among others.

Further results are pending from six additional stepout and offset holes drilled at X-Ray during this year's program. The program wrapped up at the Tango zone, which was also discovered by Contact Gold during the 2021 drill program focusing on stepout holes to the north and west of the discovery zone.

Qualified person and technical disclosure

The scientific and technical information contained in this news release has been reviewed and approved by Vance Spalding, CPG, vice-president, exploration, Contact Gold, who is a qualified person within the meaning of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

Green Springs is strategically located seven kilometres immediately east of the Gold Rock project operated by Calibre Mining Corp. and 20 km southeast of its Pan mine.

In December, 2022, the company entered into an earn-in agreement with a wholly owned subsidiary of Centerra providing Centerra the option to acquire a 70-per-cent interest in Green Springs for cumulative earn-in exploration expenditures of $10-million (U.S.) and aggregate cash payments to the company of $1-million (U.S.). For further details on the earn-in with Centerra and an overview of the planned program for 2023, please see Contact Gold news releases dated Dec. 9, 2022, April 5, 2023, and May 31, 2023. Green Springs is an early-stage exploration property and does not contain any mineral resource estimates as defined by NI 43-101. There has been insufficient exploration to define a mineral resource estimate at Green Springs. Additional information about Green Springs is summarized in the NI 43-101 technical report entitled "NI 43-101 Technical Report for the Green Springs Project, White Pine County, Nevada, USA," prepared for Contact Gold, with an effective date of June 12, 2020, and dated Aug. 5, 2020, by John J. Read, CPG, an independent consultant and qualified person under NI 43-101, and can be viewed under Contact Gold's issuer profile on SEDAR.

About Contact Gold Corp.

Contact Gold is an exploration company focused on making district scale gold discoveries in Nevada. Contact Gold's extensive landholdings are on the prolific Carlin and Cortez gold trends which host numerous gold deposits and mines.

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