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Contango ORE, Inc. Announces Earnings for the Quarter Ended March 31, 2016
HOUSTON--(BUSINESS WIRE)--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced today that it filed its Form 10-Q for the quarter ended March 31,
About this update from Contango Silver & Gold Inc.
[{"type":"text","content":"HOUSTON--(BUSINESS WIRE)--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced today that it filed its Form 10-Q for the quarter ended March 31, 2016 with the Securities and Exchange Commission. The Company reported a net loss of $0.2 million or ($0.05) per basic and diluted share for the three months ended March 31, 2016 compared to a loss of $0.3 million or $(0.09) per basic and diluted share for the same period last year as restated. For the nine months ended March 31, 2016, the Company reported a net loss of $0.9 million compared to a net loss of $2.0 million for the same period last year. Peak Gold, LLC (“Peak Gold”), managed by our Joint Venture partner Royal Alaska, LLC (“Royal Alaska”), a wholly owned subsidiary of Royal Gold, Inc. (‘RGLD”), expended approximately $1.9 million in the three months ended March 31, 2016 for our first ever winter exploration program (“Phase I”) and for project management of the Peak Zone gold deposit discovery on its Tetlin properties near Tok, Alaska. The winter drilling program was conducted during February and March, 2016, was road-supported using a single drilling rig and was designed to test specific targets in the greater Peak deposit area. During Phase I, Peak Gold completed 4,040 meters (13,255ft) of diamond core drilling in 19 holes at the North Peak, West Peak, Two O’clock and Connector zones. Royal Alaska will earn up to 40% interest in Peak Gold by contributing up to $30 million to the joint venture company by October 31, 2018. Of this amount, Royal Alaska has contributed $8.4 million to Peak Gold of which, $1.8 million was held in cash equivalents at March 31, 2016. As of March 31, 2016, Royal Alaska has earned 6.8% member’s equity interest in Peak Gold. Brad Juneau, President and CEO of the Company, commented, “The winter drilling program was successful in expanding the known limits of both the Peak and North Peak zones, and perhaps most importantly found new, significant mineralization in its first drill hole in the Connector Zone that may lead to a better understanding of the relationship between Peak and North Peak and possible further expansion of the mineral system (see attached location map and Table of Significant Mineral Intercepts). It was previously thought that the Peak and North Peak areas were separate zones, but the mineralization found at the...