Business
Contango ORE, Inc. Announces Earnings For the Quarter Ended March 31,2019
HOUSTON--(BUSINESS WIRE)--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced today that it has filed its Form 10-Q for the quarter ended March
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 has filed its Form 10-Q for the quarter ended March 31, 2019 with the Securities and Exchange Commission. The Company reported a net loss of $1.4 million, or ($0.23) per basic and diluted share, for the three months ended March 31, 2019 compared to a net loss of $0.9 million or $(0.15) per basic and diluted share for the same period last year. For the nine months ended March 31, 2019, the Company reported a net loss of $6.2 million, or ($0.99) per basic and diluted share, compared to a net loss of $2.1 million, or ($0.46) per basic and diluted share, for the same period last year. Brad Juneau, President and CEO of the Company, commented, “The previously announced marketing process in coordination with our partner Royal Alaska, LLC, a wholly owned subsidiary of Royal Gold Inc, in Peak Gold, LLC, (“the Joint Venture”) is ongoing. Meanwhile, the Joint Venture is budgeting a 2019 Phase I budget of $6.9 million ($4.1 million net to our 60% share) which includes surface recon geochemistry, new IP data over new and existing exploration leads, permitting activities on the Peak/North Peak resource areas, and approximately 5,000 meters of new drilling on exploration prospects that is planned for an August 2019 start date. The Joint Venture’s technical team has identified both porphyry and skarn type exploration prospects following a comprehensive review of all data collected over the past 10 years on the project. Last year’s drilling program was the first attempt to drill for porphyry type deposits, and while no new commercial deposits of copper or gold were found, the information obtained did establish correlations of mineralized zones found in core holes (including sporadic gold, silver, and copper) with surface IP, airborne magnetics and resistivity, surface obtained Titan geophysics, surface geochemistry, and other data that will be incorporated into this year’s drilling efforts. A 2019 Phase II drilling effort would be contingent upon the results obtained from the IP, and geochemical survey results obtained in Phase I. We currently have $9.4 million in cash, no debt, and will continue to work with our advisors as to our strategic alternatives as we near completion of the current marketing process.” About CORE CORE is a Houston...