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Contango ORE Inc.
Summary
| Project: | Tetlin | |
|---|---|---|
| Deposit: | Tetlin | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 8/16/2016 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 16-8-2016: Contango ORE Inc. announces an Exploration/Drilling Update report for its Tetlin deposit at the Tetlin project. JV - Drilling results incl. 38.88m @ 51.62g/t Au from 14.50m. HOUSTON--(BUSINESS WIRE)--Contango ORE, Inc. (“CORE” or the “Company”) | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | HOUSTON--(BUSINESS WIRE)--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) is pleased to provide an update of recent drilling results obtained during our Phase II 2016 drilling program being conducted by Peak Gold, LLC, managed by Royal Alaska, LLC, a wholly owned subsidiary of Royal Gold, Inc., on its gold exploration project in Tetlin, Alaska. The following table shows the most recent significant intercepts drilled on the project for which assay results have not been previously released. 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 TET16226 to TET16241 and their locations are shown on the accompanying base map. Brad Juneau, CEO, commented, “We are very pleased with these new drilling results. The Connector hole (TET 16210) was originally drilled in an attempt to test a geologic model indicating the Main Peak zone may connect to North Peak. The new core holes show that gold mineralization is present from the Connector hole to North Peak, and hole TET16235 in this newly delineated area has the highest amount of gold grade x thickness drilled to date. We continue to refine the exploration model and, with new drilling in West Peak, are testing for mineralization zones which are connected to the Main Peak deposit. We are also testing the East Peak area that has shown promising results to date for zones similar to Connector. We are experiencing a lag time of approximately a month from drilling to receiving assay results, and have drilled 20 holes for which we do not yet have assays. Drilling operations are ongoing and will continue through September. Following completion of our 2016 exploration program, we expect to analyze the results and produce a resource update for the Tetlin project by next spring.” | |
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