Business
Operational & Corporate Update
Operational & Corporate Update.
About this update from Contango Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6478A\n Contango Holdings PLC\n 03 June 2021\n \n \n \n Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural Resources\n \n Contango Holdings Plc ('Contango' or the 'Company')\n 3 June 2021\n Operational & Corporate Update\n \n Highlights:\n \n · \n \n Further positive exploration results in Mali from Garalo and Ntiela\n \n \n \n · \n \n 8,000m of additional RC drilling in Mali\n \n \n \n · \n \n Zero Coupon GBP1M Convertible Loan entered into at 6p\n \n \n \n Contango Holdings Plc, the London listed natural resource development company, is pleased to provide a summary of recent work undertaken at the Garalo-Ntiela Gold Project Area ('the Project') in Southern Mali. The work programme was designed to assist in the Company's previously reported focus of fast tracking the Project into production by the end of 2021, as well as further increasing the understanding of the wider prospectivity of the licences.\n \n Given the focus on early production and cash generation, most of the exploration activities have centred on the Garalo permit, which has demonstrated potential for a 2Moz Resource. However, work on the more recently acquired Ntiela concession, has also continued to yield encouraging results with the intersection of two major structures already. A summary of operations is presented below:\n \n Work performed\n \n · \n Detailed regolith mapping on both Garalo and Ntiela sites;\n \n \n · \n Interpretation of historic data across both sites, identifying multiple new gold anomalies;\n \n \n · \n Over 1,000 samples collected and sent to in-country laboratory;\n \n \n · \n Land clearance completed for new operational camp, with buildings expected to arrive later this month\n \n \n Planned work programme:\n \n · \n Aeromagnetics and airborne geophysics for the collection of magnetic and radiometric data - expected to commence in July 2021\n \n \n · \n 8,000m of RC drilling to further increase the resource and understanding of the orebody\n \n \n · \n Core will be sent for oxide / sulphide testing to support final design work for the initial low-cost early production plant\n \n \n · \n First production remains targeted for end 2021\n \n \n GBP1M Convertible Loan\n The Company is pleased to advise it has received commitments for GBP1,000,000 in a ...