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Contact Gold Corp.
Summary
| Project: | Pony Creek | |
|---|---|---|
| Deposit: | Pony Creek | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 10/24/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 24-10-2018: Contact Gold Corp. announces a Supporting Acquisition report for its Pony Creek deposit at the Pony Creek project. Update to summary of property and transaction. Vance Spalding, C.P.G #10739 (the “Author”), has prepared this technical report o | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Vance Spalding (Internal) | |
| ABSTRACT: | Vance Spalding, C.P.G #10739 (the “Author”), has prepared this technical report on the Pony Creek project at the request of Contact Gold Corp. (“Contact Gold” or “Contact” or the “Company”). This report is an update to the 43- 101 report prepared by Mike Gustin for Mine Development Associates ("MDA") with an effective date, March 15, 2017 (the “MDA Report”). It has been prepared in accordance with the disclosure and reporting requirements set forth in the Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”), Companion Policy 43- 101CP, and Form 43-101F1, as amended. Contact Gold was formed pursuant to a reverse-takeover transaction between Winwell Ventures Inc (“Winwell”) and Carlin Opportunities Inc. (“Carlin”) by way of a court-approved statutory plan of arrangement (the “RTO Transaction”). Immediately thereafter, Winwell continued into the State of Nevada and changed its name to Contact Gold. Contact Gold then acquired Clover Nevada II LLC ("Clover Nevada") from a subsidiary of Waterton Precious Metals Fund II Cayman, LP ("Waterton"). Clover Nevada holds the Pony Creek property, along with 12 other exploration stage properties in Nevada. Contact Gold listed on the TSX Venture Exchange (“TSXV”) on June 15, 2017. Upon closing of the transaction, Waterton received CAD 7 million in cash, a 37% percent common share ownership position in Contact Gold, and preferred shares with a face value of CAD 15 million. Contact Gold is the sole owner of the Pony Creek property and the remaining exploration assets. This report has been prepared by Vance Spalding, V.P. Exploration for Contact Gold. Mr. Spalding is a Qualified Person under NI 43-101, but due to his affiliation with Contact Gold, is not an independent consultant. The Effective Date of this technical report is October 16, 2018. All amounts in this report are expressed in United States dollars "$", unless otherwise stated. Amounts in Canadian dollars are expressed as "CAD". 1.1 Property Description and Ownership The Pony Creek property is comprised of 1,345 unpatented lode mining claims located on federal lands managed by the Bureau of Land Management ("BLM") covering approximately 107 square kilometers in the southern part of the Piñon Range in Elko County, Nevada. The property is centered at approximately 40°21′10″N, 115°58′20″W, in the southern portion of the Carlin gold trend, approximately 27 kilometers south of the presently producing Emigrant gold mine of Newmont Mining Corporation (“Newmont”) and 11 kilometers south of Gold Standard Ventures’ Pinion and Dark Star gold deposits. Annual claim maintenance and County filing fees are the only government payments related to the unpatented mining claims, and these fees, totalling $224,625 annually have been paid in full through September 1, 2019. Other annual holding costs for 68 leased claims through September 14, 2019 were $10,000. | |
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