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Contango ORE Issues Initial S-K 1300 Resource Technical Report Summary for the Lucky Shot Project, Alaska – Indicated grades average 15 g/t
HOUSTON / Jun 16, 2023 / Business Wire / Contango ORE, Inc. (“Contango,” “CORE” or the “Company”) (NYSE American: CTGO) announced that it has filed an initial T
About this update from Contango Silver & Gold Inc.
[{"type":"text","content":"HOUSTON / Jun 16, 2023 / Business Wire / Contango ORE, Inc. (“Contango,” “CORE” or the “Company”) (NYSE American: CTGO) announced that it has filed an initial Technical Report Summary (“TRS”) detailing the gold resources at the Lucky Shot Project located near Willow, Alaska. The mineral resource estimates held by Contango at the Lucky Shot Project, effective as of May 26, 2023 comprise Indicated mineral resource estimates of 226,963 tonnes grading 14.5 g/t Au for 105,620 oz Au and Inferred mineral resource estimates of 82,058 tonnes grading 9.5 g/t Au for 25,110 oz Au (see Tables 1 to 3). Estimation sensitivities were run at various capping levels as a check of the appropriateness of loss in total metal content for gold at incrementally lower and higher capping levels. An uncapped gold estimate within the resource shapes produces roughly 30 to 38% more total gold metal globally for both the Lucky Shot and Coleman segments of the Lucky Shot vein (Table 4). The capping level used might have resulted in a higher metal loss than normal (~10%), but this conservative approach was taken due to the extreme grades in some areas and the need to restrict them spatially. In the interest of caution at this stage of the project, the decision was made to use a conservative capping strategy in the current estimation process. With more data, a different approach may be taken. Figure 1 shows the gold composites vs gold estimation for the Coleman segment which has far more drilling than the Lucky Shot segment. The image shows a clear ore shoot geometry that can be used to guide future drilling. The deposits remain open with excellent exploration potential beyond the current mineral resources. As the area in general is underexplored, there is good potential to delineate additional exploration targets on the Lucky Shot Project lease. Rick Van Nieuwenhuyse, President, and CEO said: “We are indeed excited to report an initial resource at the Lucky Shot Project. What is most important for investors to understand is that when proper drill spacing is achieved, the average indicated grade of the deposit is over 15g/t or nearly half an ounce per ton. Our QP believes that further infill drilling will be able to convert indicated to measured resources and inferred to indicated resources. The current drill spacing, on the Lucky Shot segment in particular, is ...