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Contango ORE Announces Results of the First Batch of Gold Production from Manh Choh Gold Mine, Alaska
FAIRBANKS, Alaska / Aug 19, 2024 / Business Wire / Contango ORE, Inc. (“Contango” or the “Company”) (NYSE American: CTGO) is pleased to announce the results on
About this update from Contango Silver & Gold Inc.
[{"type":"text","content":"FAIRBANKS, Alaska / Aug 19, 2024 / Business Wire / Contango ORE, Inc. (“Contango” or the “Company”) (NYSE American: CTGO) is pleased to announce the results on gold production from the First Batch of Manh Choh ore processed at the Fort Knox mill located near Fairbanks, Alaska and operated by Kinross Alaska. Processing of ore from the First Batch started on July 3rd and continued through August 2nd. Results for the First Batch of Manh Choh Ore Processed1 Fort Knox processed approximately 210,000 tons (190,500 tonnes) of Manh Choh ore with an average grade of approximately 0.276 ounce/ton (9.46 grams/tonne (“g/t”)), with an average recovery of 95%. Recoveries were slightly better than the 90% estimated in the Manh Choh Technical Report Summary2 (the “TRS”), which is in part due to oxidized ores tending to have higher recoveries than sulfide ores. Attributable to the Peak Gold JV, approximately 55,000 ounces of gold and 11,000 ounces of silver contained in doré bars were poured at Fort Knox and sent to a third-party refinery for further refining. For Contango’s 30% share of the gold and silver production, 8,900 ounces of gold were delivered into its hedges at an average price of $2,025/ounce and 5,800 ounces of gold were sold at an average spot price of approximately $2,440. The blended weighted average of hedged and spot gold price realized was $2,188 per ounce of gold sold. In addition, 3,218 ounces of silver were sold at an average spot price of $27.58. Furthermore, there is still approximately 6,000 ounces of gold in Recoverable Inventory at Fort Knox (30% to the account of Contango equal to approximately 1,500 ounces of gold plus a small amount of silver). To date, the Company’s share of gold and silver sales totaled $32.2 million. The ounces of gold and silver in Recoverable Inventory will be sold and reported with Batch #2. Rick Van Nieuwenhuyse, CEO and President for Contango said: “The start of Q3 has been a transformative time for Contango - starting with Manh Choh’s first gold pour on July 8th and continuing with the first batch of production into early August. In addition, we closed the acquisition of HighGold and its Johnson Tract property, which increased the Company’s estimated mineral resources by threefold. At Manh Choh, the Peak Gold JV completed the first batch of ore processed through Fort Knox, producing approx...