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CORRECTION FROM SOURCE: Contact Gold Reports Q1 2018 Financial and Operating Results
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2018) - Contact Gold Corp. (TSXV: C) (...
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[{"type":"text","content":"CORRECTION FROM SOURCE: Contact Gold Reports Q1 2018 Financial and Operating ResultsVancouver, British Columbia--(Newsfile Corp. - May 29, 2018) - Contact Gold Corp. (TSXV: C) (the \"Company\" or \"Contact Gold\") is issuing a correction to its previously disseminated news release dated May 29, 2018. The correction is limited to the title of the release, whereby reference to \"2017\" was in error. All dollar amounts are presented in Canadian dollars unless otherwise stated.Quarterly highlights and recent developments Commenced a 16,000-metre exploration drill program at the Pony Creek gold project1 Further expanded the Pony Creek property with the acquisition of the 7.8 km2 East Bailey property2Reported final 2017 drill results from Pony Creek's \"Bowl Zone\" and the \"North Zone\" target3, including:2.12 g/t Au over 22.86 metres from 64.01 to 86.87 metres in drill hole PCC17-040 OXIDEIncluding 4.53 g/t Au over 9.14 metres from 65.53 to 74.67 metres OXIDE0.59 g/t Au over 32.00 metres from 25.91 to 57.91 metres in drill hole PC17-41 OXIDE3.95 g/t Au over 6.10 metres from 160.02 to 166.12 metres in drill hole PC17-191.88 g/t Au over 6.10 metres from 199.65 to 205.74 metres in drill hole PC17-28 OXIDEReported cyanide soluble gold-to-fire assay ratios of 85-90% on oxidized material from Pony Creek indicating that the oxidized portion of gold mineralization at the Bowl Zone is amenable to standard cyanidation processing4Pony Creek's North Zone now measures over 1,000 metres in strike length and 300 metres wide; the majority of drill intercepts are oxidized or partially oxidizedThe Bowl Zone, at Pony Creek, is host to a historical mineral resource estimate and features a significant drilled footprint (1200 metres x 400 metres), with room to expand in multiple directions, particularly to the north towards North Zone and to the northwest towards several planned 2018 drill targets.As of March 31, 2018, the Company had approximately $5.27 million available in cash and cash equivalents, with no significant balance of accounts payable or accruals due. OutlookExploration activities and the related budget for 2018 will continue to focus on creating value at Pony Creek with an aggressive and systematic exploration program.The 2018 drill program will focus on four priority target areas at Pony Creek: North Zone and the Bowl Zone, and the never-...