C:CC - Contact Gold Receives Approval for Expanded Plan of Operations Permit for the Green Springs Gold Project Nevada
(TheNewswire)
Vancouver, BC - TheNewswire- October 4, 2023- Contact GoldCorp. (the “Company” or“Contact Gold”) (TSXV:C ) ( OTC:CGOL) is pleasedto announce receipt of a key permit amendment for the Green Springsgold project (“Green Springs”), which will allow the Company toramp up drilling across additional areas of the property that were notcovered under the original Plan of Operations. The 2023 program wascarried out as part of a four year, US$ 10 million earn-in at GreenSprings by a wholly-owned subsidiary of Centerra Gold Inc. (“Centerra”) (TSX: CG;NYSE: CGAU). Contact Gold is the project operator at Green Springs.
The Record of Decision from the U.S. Forest ServiceHumboldt-Toiyabe National Forest on the expanded Plan of Operations(the “Supplement”) will allow Contact Gold to drill additionalhigh priority drill targets developed by the Company that lie outsidethe boundary of the original Plan of Operations. The key drill targetsthat can now be drilled include the large-scale Whiskey and Foxtrottargets in the east of the Green Springs property, as well as thesouthern extension of the Green Springs Mine Trend, south of thehigh-grade Echo Zone.
The Supplement supports exploration activitiesincluding drill pad and road construction of up to 150 acres within anexpanded project area of 3,333 acres. This is a substantial increasefrom 75 acres of permitted exploration disturbance within the 801-acreproject area under the original Plan of Operations.
“The approval of the expanded Plan of Operations willallow the Contact Gold team to continue implementing our explorationstrategy across Green Springs. Since 2019 we’ve made key golddiscoveries at X-Ray and Tango and look forward to replicating thatsuccess in the newly permitted areas,” commented MatthewLennox-King, President & CEO of Contact Gold. “The 2023 drillprogram at Green Springs returned excellent results, especially at thehigh grade X-Ray Zone, with thick intercepts of high grade oxide gold,and an increase in strike length to over 200 metres. The team is busyplanning the 2024 program to build on this year’s success.”
Green Springs - New and Expanded POOBoundaries and Target Areas
A total of 4,028 metres of RC drilling in 29 drillholes were completed in this year’s program. Drill results from theX-Ray Zone significantly added to the footprint and strike length ofthe zone, with the strike length now over 200 metres. X-Ray remains wide open for expansion, especially tothe south, west, and northeast, with furthergrowth to be targeted in 2024.
Drill Highlights from the 2023Program:
X-Ray Zone:
-
1.14 g/t Au over 27.43metres , from a depth of 16.76 metres, in drillhole GS23-06 - oxide
-
Including: 1.73 g/t Au over 10.67 metres – oxide
-
-
1.97 g/t Au over 35.05metres , from a depth of 16.76 metres, in drillhole GS23-07 – oxide
-
Including: 5.06 g/t Au over 10.67 metres – oxide
-
Including: 6.96 g/t Au over 4.57metres – oxide
-
-
-
1.90 g/t Au over 25.91 metres, from a depth of 89.92 metres, in drill holeGS23-10 - oxide
-
Including: 2.50 g/t Au over 18.29metres – oxide
-
-
1.41 g/t Au over 12.19metres , from a depth of 85.34 metres, in drillhole GS23-11 – oxide
-
Including: 2.45 g/t Au over 4.57metres – oxide
-
-
1.67 g/t Au over 10.67metres , from a depth of 85.34 metres, in drillhole GS23-12 - oxide
-
Including: 2.03 g/t Au over 7.62 metres – oxide
-
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 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.
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 earn-in exploration expenditures of US$10,000,000 and aggregate cash payments to the Company of US$1,000,000. For further details on the earn -inwith Centerra, and an overview of the planned program for 2023 pleasesee Contact Gold news release dated December 9, 2022 .
Green Springs is an early-stage exploration propertyand does not contain any mineral resource estimates as defined by NI43-101. There has been insufficient exploration to define a mineralresource estimate at Green Springs. Additional information about GreenSprings is summarized in the NI 43-101 Technical Report entitled,“NI 43-101 Technical Report for the Green Springs Project, WhitePine County, Nevada, USA” prepared for Contact Gold, with aneffective date of June 12, 2020, and dated August 5, 2020, by John J.Read, C.P.G; an independent consultant and qualified person under NI43-101, and can be viewed under Contact Gold’s issuer profile onSEDAR 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 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 bereasonable assumptions, the Company cannot assure shareholders thatactual results will be consistent with such forward-lookingstatements, as there may be other factors that cause results not to beas anticipated, estimated or intended. Readers should not place unduereliance on the forward-looking statements and information containedin this news release. The Company assumes no obligation to update theforward-looking statements of beliefs, opinions, projections, or otherfactors, should they change, except as required by law.
Copyright (c) 2023 TheNewswire - All rights reserved.