Business
Contango ORE and Royal Gold Drill 29 Meters of 2.53 g/t Gold at Tetlin Project
September 8, 2017 - HOUSTON -- (BUSINESS WIRE)--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced today that Peak Gold, LLC, the Company’s jo
About this update from Contango Silver & Gold Inc.
[{"type":"text","content":"September 8, 2017 - HOUSTON -- (BUSINESS WIRE)--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced today that Peak Gold, LLC, the Company’s joint venture with Royal Alaska, a wholly-owned subsidiary of Royal Gold, Inc., completed its 2017 Phase II drilling program on July 31, 2017 which was comprised primarily of testing targets within 1.5 kilometers of known mineralization in Main and North Peak, in addition to three holes drilled through the Main Peak zone to prove the geometry of that deposit and to provide samples for further metallurgical testing. There was also a significant surface recon program carried out in the Tetlin Hills, and at our state claims on the Noah block. The Company also announced approval of a calendar year 2017 Phase III drilling program and increase to the 2017 calendar year capital budget. Exploration Results The exploratory effort resulted in the discovery of a new mineralized area northwest of the Main Peak deposit referred to as West Peak Extension. The table below shows all of the core holes that had significant mineralization in this new mineralized area, with the most significant being Hole 17379 that intercepted two separate gold bearing intervals: the first containing 8.1 meters with a grade of 5.22 gpt gold from 103m to 111m depth; and the second containing an additional 29 meters with a grade of 2.53 gpt gold from 117m to 146m depth. The new mineralization is open to mineralization up-dip to the southwest as well as along strike and down-dip to the southeast along the undrilled north side of the Main Peak deposit. Results of Metallurgical Testing The results of the recent 48-hour cyanide leach bottle roll metallurgical testing on samples from the North Peak zone showed that gold recoveries from 19 composites in the samples ranged from 90.4% to 99.6% and averaged 97.5%. Only three of the 19 composites were lower than 93% gold extraction. The majority of the composites (15 of 19) demonstrated gold leaching was primarily completed within 24 hours. Average silver extraction was 65% (low of 26%; high of 92%) with silver grades ranging from 2.0 gpt up to 147 gpt. The 3 holes drilled for metallurgical testing in the Main Peak zone returned outstanding grades, as expected. The significant intercepts for these holes are included in the table below, and it should be noted that these p...