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Contango ORE, Inc. Announces the 2016 Phase II Budget for its Joint Venture
HOUSTON--(BUSINESS WIRE)--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB:CTGO) is pleased to announce that the Management Committee of Peak Gold, LLC, (“Pe
About this update from Contango Silver & Gold Inc.
[{"type":"text","content":"HOUSTON--(BUSINESS WIRE)--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB:CTGO) is pleased to announce that the Management Committee of Peak Gold, LLC, (“Peak Gold”) managed by Royal Alaska, LLC, a wholly owned subsidiary of Royal Gold, Inc. (“Royal Gold”) has approved the 2016 Phase II budget of $6.8 million for the second half of the calendar year. This is in addition to the $4.2 million previously approved in connection with the Phase I 2016 budget, most of which was expended drilling core holes at the Tetlin Gold project. The 2016 Phase II budget will be expended on expansion and infill drilling on the North Peak, Connector, and West Peak existing target areas, as well as, initial drilling on additional new targets. We expect Peak Gold to publish a new resource estimate after 2016 Phase II drilling and subsequent analysis is complete. During the 2016 Phase II drilling, we expect to release assay results periodically, beginning in late July. The following table shows the most recent significant intercepts drilled on the project for which assay results are available for the 2016 drilling program. Sample intervals are calculated using 0.5 grams per tonne (gpt) lower cut off for gold with no internal waste less than cutoff grade that is greater than 3 meters in thickness. Intercepts shown are drill intercept lengths. True width of mineralization is unknown. The data below includes 13 new drill holes from TET16211 to TET16225: Zone Drill Hole From (meters) To (meters) Interval (meters) Au_gpt North Peak TET16211 16.11 26.42 10.31 3.50 North Peak TET16211 29.87 42.82 12.95 3.09 North Peak TET16211 50.04 54.25 4.21 2.70 North Peak TET16211 114.76 121.05 6.29 1.44 North Peak TET16212 52.88 55.85 2.97 0.90 North Peak TET16212 142.22 144.57 2.35 1.56 North Peak TET16213 115.98 127.84 &nb...