C:CC - Contact Gold Presents The Recently Generated Oscar Target At The Green Springs Gold Project
(TheNewswire)
Vancouver, B.C. -- TheNewswire -- January 31,2024 – Contact Gold Corp. (the “Company” or “Contact Gold”)(TSXV:C ) ( OTC:CGOLF) is excitedto announce the discovery of new Carlin-type gold mineralizationconfirmed from rock and soil sampling results from its 2023exploration program at its Green Springs gold project (“GreenSprings”) located on the prolific Cortez Trend in northeasternNevada.
These new results define the Oscar Target, an excitingnear-surface and large-scale drill target that encompasses thenortherly projection of the unexplored northernmost portion of theGreen Springs Mine Trend.
New claims cover the Oscar Target that was generatedover the course of the 2023 exploration program utilizing mapping withsoil and rock sampling by the Contact Gold team, adding yet anotherdrill target generated by Contact Gold since acquiring Green Springs. Other key targets expected to be drilled in 2024 include Whiskey,Foxtrot, and Zulu.
Oscar Target Highlights:
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800 metres from closest drill holes
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Significant Carlin Type pathfinder element anomaly define the core of thetarget
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Gold in soil values increase in the direction of theTango Zone, located 600 metres to the east
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Similar geochemical anomalies to those atTango
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Fully permitted for the 2024 drill program
“The new Oscar target is yet another high convictionexploration target generated by the Contact Gold team at GreenSprings,” said Matt Lennox-King, President & CEO at ContactGold, “The geologic environment at Green Springs is very prospectivefor near surface, oxidized, Carlin Type gold mineralization, and whencombined with the systematic exploration programs being carried out bythe team, has been delivering new drill targets and newly drilleddiscoveries.”
Green Springs is strategically located 7 km immediatelyeast of the Gold Rock project operated by Calibre Mining Corp. (TSX:CXB; OTCQX: CXBMF) and 20 km southeast of their Pan Mine.
Oscar Target:
The Oscar target encompasses the northerly projectionof the unexplored northernmost portion of the Green Springs MineTrend. Oscar had never been sampled or drilled by previous operators,and the nearest drill holes lie over 800m to the south of the Oscartarget. The claims at Oscar were staked in the spring of 2023 and werefollowed by a soil sampling campaign that yielded encouraging results.Well-known pathfinder elements associated with Carlin-stylemineralization – Arsenic, Antimony and Thallium – form a coherentanomaly at Oscar that represents a favorable drill target for ContactGold’s planned 2024 summer drill program. Oscar is within theCompany’s Plan of Operations boundary with drill sites easilypermittable for drilling.
Gold in soil samples at Oscar appear in clusters atrelatively low values and strengthen to the east. The pathfindersurface geochemical anomaly coincides with the intersection of mappedN, NNW, and WNW trending structures. Surface geology at Oscar iscomprised of alternating Guilmette limestone and dolomite. Theexploration team has interpreted that this large block of Guilmettelimestone has been emplaced due to eastward directed thrusting andlikely overlies favourable stratigraphy (Chainman-Joana) present alongthe mine trend.
600m to the east of Oscar is the Tango Zone, where theCompany has successfully drilled gold mineralization in recent drillprograms. Tango displays similar geology and geochemical soilanomalies to those at Oscar, and Contact Gold’s geologists havediscovered gold proximal to thrust faults which in some cases placeolder Guilmette limestone over younger Pilot, Joana, and Chainmanformation rocks. A WNW oriented structure is mapped running from Tangoto Oscar and presents an interesting structural target. Geophysicaldata from a 2020 gravity survey further supports the theory of a WNWconnection between Tango and Oscar via a significant gravity break inthe Guilmette. This gravity break corresponds to geochemical anomaliesat both targets.
Additional mapping of the surface geology between Oscarand Tango is planned, along with expanding the soil grid to fill inthe gap between the two target areas and delineate high-confidencedrill targets before the 2024 drill program commences this summer.
Figure 1. Map of Green Springs project area showinglocation of Oscar in relation to the Mine Trend and Tango-Alpha-X-Raycorridor.
Figure 2. Oscar surface geochemistry anomaly with As,Sb and Tl soil contours and Au soil point data shown.
Green Sprigngs
In December 2022 the Company entered into an earn-inagreement with a wholly-owned subsidiary of Centerra providing Centerra the option to acquire a 70% interest in GreenSprings for cumulative exploration expenditures of US$ 10,000,000 andaggregate cash payments to the Company of US$ 1,000,000. For further details on the earn -in with Centerra see Contact Gold news release dated December 9, 2022 .
The 2023 program was completed under Year 1 of theCenterra Earn In, a four year US$ 10 millionearn-in with a wholly-owned subsidiary of Centerra Gold Inc. (“Centerra”) (TSX: CG;NYSE: CGAU). Contact Gold is the project operator and remains the 100% owner of Green Springs until the completionof all earn-in requirements. The Year 2 program has been approvedwith a budget of US$ 2 M and is expected to include 5,500 metres ofdrilling across key target areas at Green Springs.
Qualified Person and technicaldisclosure
The scientific andtechnical information contained in this news release has been reviewedand approved by Vance Spalding, CPG, VP Exploration, Contact Gold, whois a “qualified person” within the meaning of National Instrument43-101, Standards ofDisclosure for Mineral Projects (“NI43-101”).
Green Springs is an early-stage exploration propertyand does not contain any mineral resource estimates as defined by NI43-101 due to insufficient exploration to define such a mineralresource estimate. Additional information about Green Springs issummarized in the NI 43-101 Technical Report entitled, “NI 43-101Technical Report for the Green Springs Project, White Pine County,Nevada, USA” prepared for Contact Gold, with an effective date ofJune 12, 2020, and dated August 5, 2020, by John J. Read, C.P.G; anindependent consultant and qualified person under NI 43-101, and canbe viewed under Contact Gold’s issuer profile on SEDAR at www.sedar.com .
About Contact Gold Corp.
Contact Gold is an exploration company focused onmaking district scale gold discoveries in Nevada. Contact Gold’sextensive land holdings are on the prolific Carlin and Cortez goldtrends which host numerous gold deposits and mines. Contact Gold’sland position comprises approximately 117.4 km 2 of target richmineral tenure hosting numerous known gold occurrences, ranging fromearly- to advanced-exploration and current gold resources.
Additional information about the Company is availableat www.contactgold.com .
For more information, please contact: +1 (604)449-3361
Matthew Lennox-King – President & CEO
E-mail: info@ContactGold.com
Neither the TSXV nor its RegulationServices Provider (as that term is defined in the policies of theTSXV) accepts responsibility for the adequacy of this release. Nostock exchange, securities commission or other regulatory authorityhas approved or disapproved the information contained herein.
Cautionary Note RegardingForward-Looking Information
This news release contains"forward-looking information" and "forward-lookingstatements" (collectively, "forward-lookingstatements") within the meaning of the applicable Canadiansecurities legislation. All statements, other than statements ofhistorical fact, are forward-looking statements and are based onexpectations, estimates and projections as at the date of this newsrelease. Any statement that involves discussions with respect topredictions, expectations, beliefs, plans, projections, objectives,assumptions, future events or performance (often but not always usingphrases such as "expects", or "does not expect","is expected", "anticipates" or "does notanticipate", "plans", "budget","scheduled", "forecasts", "estimates","believes" or "intends" or variations of suchwords and phrases or stating that certain actions, events or results"may" or "could", "would","might" or "will" be taken to occur or beachieved) are not statements of historical fact and may beforward-looking statements. In this news release, forward-lookingstatements relate, among other things, to the anticipated explorationactivities of the Company at the Green Springs property, and thecompletion of the earn-in by Centerra at Green Springs.
These forward-looking statements arebased on reasonable assumptions and estimates of management of theCompany at the time such statements were made. Actual future resultsmay differ materially as forward-looking statements involve known andunknown risks, uncertainties and other factors which may cause theactual results, performance or achievements of the Company tomaterially differ from any future results, performance or achievementsexpressed or implied by such forward-looking statements. Such factors,among other things, include: fluctuations in general macroeconomicconditions; fluctuations in securities markets; fluctuations in spotand forward prices of gold, silver, base metals or certain othercommodities; fluctuations in currency markets (such as the Canadiandollar to United States dollar exchange rate); change in national andlocal government, legislation, taxation, controls, regulations andpolitical or economic developments; risks and hazards associated withthe business of mineral exploration, development and mining (includingenvironmental hazards, industrial accidents, unusual or unexpectedformations pressures, cave-ins and flooding); inability to obtainadequate insurance to cover risks and hazards; the presence of lawsand regulations that may impose restrictions on mining; employeerelations; relationships with and claims by local communities andindigenous populations; availability of increasing costs associatedwith mining inputs and labour; the speculative nature of mineralexploration and development (including the risks of obtainingnecessary licenses, permits and approvals from governmentauthorities); and title to properties. Although the forward-lookingstatements contained in this news release are based upon whatmanagement of the Company believes, or believed at the time, to be reasonable assumptions, theCompany cannot assure shareholders that actual results will beconsistent with such forward-looking statements, as there may be otherfactors that cause results not to be as anticipated, estimated orintended. Readers should not place undue reliance on theforward-looking statements and information contained in this newsrelease. The Company assumes no obligation to update theforward-looking statements of beliefs, opinions, projections, or otherfactors, should they change, except as required by law.
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