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Contact Gold Reports 2018 Financial and Operating Results
Vancouver, British Columbia--(Newsfile Corp. - April 5, 2019) -  Contact Gold Corp. (T...
About this update from Commodore Metals Corp.
[{"type":"text","content":"Contact Gold Reports 2018 Financial and Operating ResultsVancouver, British Columbia--(Newsfile Corp. - April 5, 2019) -  Contact Gold Corp. (TSXV: C) (the \"Company\" or \"Contact Gold\") is pleased to announce its financial and operating results for the year ended December 31, 2018. Contact Gold's extensive land holdings are on Nevada's prolific Carlin, Independence and Northern Nevada Rift gold trends which host numerous gold deposits and mines. Contact Gold's land position comprises approximately 200 km2 of target-rich mineral tenure hosting numerous known gold occurrences, ranging from early- to advanced-exploration and resource definition stage (the \"Contact Gold Properties\"). The Company's focus is on the Pony Creek gold project.All dollar amounts are presented in Canadian dollars unless otherwise stated.2018 highlights and recent developments Closed a non-brokered private placement (the \"Offering\") of common shares of the Company (\"Common Shares\"). The Company issued 9,827,589 Common Shares at a price of $0.29 per Common Share for gross proceeds of $2,850,000. Net proceeds of the Offering are expected to be used to undertake further drilling at Contact Gold's Pony Creek project located in Elko County, Nevada, and for general working capital.Closed the sale of the \"Santa Renia\" and \"Golden Cloud\" properties on November 27, 2018, generating approximately $635,000 in additional cash; enhancing the Company's working capital balance to advance our strategic plan, and reduce land holding costs. Continued to report high-grade and oxide gold (\"Au\") drill results at Pony Creek's Bowl Zone, the majority of which are step-outs from the historical mineral resource area; confirming that the Bowl Zone is open for continued expansion. Highlights of most recent drill results include: 2.42 g/t over 35.05 metres (\"m\") from 266.7 m in hole PC18-33, including 3.15 g/t Au over 24.38 m from 274.32 m;0.55 g/t oxide Au over 25.91 m from 105.16 m in hole PC18-034; and 0.39 g/t oxide Au over 35.05 m from 92.97 m in hole PC18-31,including 1.77 g/t oxide Au over 4.57 m from 99.06 mAnnounced a new near-surface discovery of oxide gold at the 2 kilometre (\"km\") long \"West Zone\" at Pony Creek, approximately 1 km from the property's \"Bowl Zone\". Highlights of oxide gold drill results include:0.42 g/t Au over 33.53 m from 4.57 m ...