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.
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TABLE 4 GLOBAL COMPARISON OF UNCAPPED VS.
CAPPED ID3 BLOCK MODELS (Graphic: Business Wire)
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 not dense enough to result in a substantial amount
of indicated resources, but future drilling is planned to convert
much of the reported inferred to indicated resources in 2023. Now
that we have completed access to the downdip projection of the
Lucky Shot vein exploration area via the expanded Enserch Tunnel,
we will be able to accomplish more detailed infill drilling to
define better quality resources. At the Coleman segment, where the
drill density is much higher (146 holes versus only 35 at Lucky
Shot – see Figures 2 through 5), the QP was unable to justify a
measured category (though supported by variography) because
Contango did not drill these holes. Our QP recommended a few infill
holes to confirm previously drilled areas of the Coleman segment of
the vein. One other area of upside refers to the amount of coarse
free gold and capping strategy. The current conservative capping
strategy reduces global gold content by over 30% compared to
uncapped grades (see Table 4). More drilling - particularly in the
areas of the higher-grade ore shoots evident in the grade-thickness
model (see Figure 1), and bulk sampling of the vein material will
assist in a better understanding of grade definition – including a
renewed look at the capping strategy. We are very pleased with this
initial resource at Lucky Shot and are planning a follow-up surface
and underground drill program to augment resources sufficient to
begin mine planning.”
For more context, please join CEO Rick Van Nieuwenhuyse in a
live event on June 15th at 12pm EST/9am PST. Q&A will follow a
brief presentation. Click here to register:
https://events.6ix.com/preview/6484d8e796a68cd2152d5f39
ABOUT THE LUCKY SHOT VEIN
The Lucky Shot vein is hosted within a shear zone in medium to
coarse grained granodiorite intrusive rock. The granodiorite
country rock is normally very competent and stands well
underground. The shear zone ranges from 1 to 5 meters (3 to 15
feet) thick and hosts one or more brecciated and sheared quartz
veins containing sulfides and fine free gold. Individual quartz
veins can be 30 cm (1ft) to over 3 meters thick with associated
silicified and stockwork mineralized zones. The Lucky Shot vein is
offset along northwest striking and northeast dipping faults that
sub-divide the vein structure into segments referred to in the TRS
as the Lucky Shot segment and the Coleman segment. The Company
completed a total of 3,816 meters (12,519 feet) of underground
drilling in 29 HQ drill holes from the Enserch tunnel (see Figures
2, 4, 5 and 6, and Table 5 for location and results). The quartz
vein and associated silicified shear zone have elevated very fine
grained dark grey sulfides (sulfosalt and telluride mineral
species) and medium to coarse grained pyrite. Detailed mineralogic
studies are underway. Samples have been taken from vein material as
well the immediate footwall and hanging wall of the vein
structure.
Gold was discovered in the Lucky Shot area in 1918, with
subsequent mining from 1922 to 1942. The Willow Creek mining
district historically produced 19 metric tonnes or approximately
610,874 troy ounces of gold from ore ranging between 30 and 60g/t
making it the third largest historic lode gold producing district
in Alaska (Harlan, et al., 2017). The Lucky Shot mine itself
produced a reported 252,000 oz from 169,000 tons of free-milling
ore indicating an average head grade of 40 g/t (1.6 oz/tonne)
(Stoll, 1997), with additional minor production from the Coleman
and War Baby mines. The Company has not undertaken any independent
work to verify or confirm the previously reported information
(Harlan, et al., 2017 and Stoll, 1997). The historical information
may not be representative of future results of the Company’s
activities.
ABOUT THE S-K 1300 TECHNICAL REPORT
The TRS on the Lucky Shot Project as of May 26, 2023 was
prepared by Sims Resources LLC ("SR"). John Sims, C.P.G., with SR,
is the qualified person ("QP") who authored the TRS in accordance
with Item 1302 of subpart 1300 of Regulation S-K (“S-K 1300”). The
TRS was prepared in compliance with Item 601(b)(96) of Regulation
S-K and S-K 1300 and mineral resource estimates have been
classified in accordance with the definitions for mineral resources
in S-K 1300. The mineral resource estimates were developed using a
computer-based block model based on drill hole assay information
available through February 2023 and geologic interpretation of the
mineralization boundaries. Mineral resources were estimated using
the block model and underground shapes created in Leapfrog software
at a 3.0 g/t Au cutoff grade to establish the areas of the deposit
with reasonable prospects for economic extraction. The mineral
resources are contained within two deposits: Lucky Shot and
Coleman. The Lucky Shot and Coleman mineralization was modeled
incorporating structural offsets and is tabulated in the resource
tables of the TRS. The TRS may be viewed on the Company’s website
at: https://www.contangoore.com/investors/overview
ABOUT CORE
Contango is a New York Stock Exchange-American (NYSE – A)
company that engages in exploration for gold and associated
minerals in Alaska. Contango has a lease on the Lucky Shot Project
from the underlying owner, Alaska Hardrock Inc. and through its
subsidiary Contango Mineral Alaska, LLC, has 100% ownership of
approximately 8,000 acres of peripheral State mining claims. The
Company also holds a 30% interest in Peak Gold, LLC (the “Peak Gold
JV”), which leases approximately 675,000 acres of exploration and
development, with the remaining 70% owned by a subsidiary of
Kinross Gold Corporation (“Kinross”), operator of the Peak Gold JV.
Contango also owns a 100% interest in an additional approximately
137,280 acres of State of Alaska mining claims through Contango
Mineral Alaska, LLC, its wholly owned subsidiary, which gives
Contango the exclusive right to explore and develop minerals on
these lands. Additional information can be found on our web page at
www.contangoore.com.
Tables 1 to 3 show the classified mineral resource estimate
as of May 26, 2023 for the Coleman and Lucky Shot Segments of the
Lucky Shot Vein on Contango’s 100% owned Lucky Shot
Project.
Table 1 COLEMAN SEGMENT
Mineral Resource Estimate
Classification
Tonnes
Au Grade
Au Ounces
(g/t)
Measured
-
-
-
Indicated
190,092
15.6
95,036
TOTAL
190,092
15.6
95,036
Inferred
74,265
9.9
23,642
Table 2 LUCKY SHOT SEGMENT
MINERAL Resource Estimate
Classification
Tonnes
Au Grade
Au Ounces
(g/t)
Measured
-
-
-
Indicated
36,871
8.9
10,584
TOTAL
36,871
8.9
10,584
Inferred
7,793
5.9
1,468
Table 3 COMBINED COLEMAN &
LUCKY SHOT MINERAL Resource Estimate
Classification
Tonnes
Au Grade
Au Ounces
(g/t)
Measured
-
-
-
Indicated
226,963
14.5
105,620
TOTAL
226,963
14.5
105,620
Inferred
82,058
9.5
25,110
Notes for Tables 1, 2 and 3:
1. The mineral resources were estimated as
of May 26, 2023 by SR, a third-party QP, under the definitions for
mineral resources in S-K 1300.
2. Mineral resources are estimated using
long term prices of US$1,600/oz Au price.
3. Mineral resources are reported using
un-diluted Au grades.
4. Mineral resources are reported as
contained within 3.0 g/t Au underground shapes applying a 3.0m min.
width at a 4.3 g/t COG.
5. Mineral resources that are not mineral
reserves do not have demonstrated economic viability. There are no
mineral reserves for the Lucky Shot Project.
6. Mineral resources are reported in dry
metric tonnes.
7. Numbers may not add due to
rounding.
8. Mineral resources are reported on a
100% ownership basis.
TABLE 5 SIGNIFICANT DRILL INTERCEPTS
FOR LSU22001-LSU22029
Drillhole Name
From (m)
To (m)
Interval (m)
Gold (g/t)
LSU22001
192.63
197.97
5.34
2.49
LSU22001
243.26
246.86
3.6
1.18
LSU22002
164.82
177.93
13.11
1.64
LSU22002
221.67
222.86
1.19
5.44
LSU22002
236.22
237.44
1.22
11.35
LSU22003
163.98
166.76
2.78
1.02
LSU22003
169.75
170.29
0.54
1.02
LSU22004
172.06
174.65
2.59
1.07
LSU22004
214.09
215.35
1.26
2.42
LSU22004
216.68
218.41
1.73
2.63
LSU22005
131.34
131.52
0.18
2.34
LSU22005
179.41
180.96
1.55
5.78
LSU22005
190.42
192.46
2.04
23.00
LSU22006
60.35
61.36
1.01
7.94
LSU22006
185
193.28
8.28
2.42
Incl.
190.37
191.11
0.74
6.06
LSU22007
59.13
61.16
2.03
1.39
LSU22007
167.93
168.49
0.56
11.95
LSU22007
171.6
175.19
3.59
3.74
Incl.
174.65
175.19
0.54
11.90
LSU22008
24.45
25.03
0.58
2.74
LSU22008
150.14
150.59
0.45
1.30
LSU22009
200.72
203.61
2.89
1.05
LSU22009
229.51
231.04
1.53
2.66
LSU22010
No Significant Intercepts
LSU22011
8.8
10.51
1.71
1.15
LSU22011
41.82
42.49
0.67
2.80
LSU22012
5.18
6.1
0.92
1.22
LSU22013
24.35
25.08
0.73
42.00
LSU22014
No Significant Intercepts
LSU22015
20.34
22.25
1.91
5.83
Incl.
20.34
20.87
0.53
19.40
LSU22016
4.65
6.6
1.95
1.31
LSU22016
21.1
21.65
0.55
26.30
LSU22017
7.88
8.53
0.65
1.31
LSU22018
58.35
58.93
0.58
7.70
LSU22019
21.1
21.95
0.85
1.08
LSU22019
60.75
61.28
0.53
26.30
LSU22019
63.24
64.39
1.15
1.75
LSU22020
33.31
34.44
1.13
1.89
LSU22020
69.19
70.71
1.52
1.59
LSU22021
48.16
50.15
1.99
9.53
Incl.
49.44
50.15
0.71
21.50
LSU22021
78.64
81.95
3.31
3.92
Incl.
79.78
80.32
0.54
9.99
LSU22022
0
0.6
0.6
4.86
LSU22022
67.97
72.54
4.57
1.82
LSU22022
75.59
78.64
3.05
1.77
LSU22022
91.43
92.43
1
6.80
Incl.
91.93
92.43
0.5
12.00
LSU22023
2.44
3.46
1.02
1.22
LSU22023
8.03
9.65
1.62
7.64
Incl.
8.53
9.09
0.56
15.30
LSU22023
106.99
109.67
2.68
1.43
LSU22024
49.4
50.54
1.14
27.72
Incl.
49.4
49.99
0.59
51.30
LSU22024
53.78
54.56
0.78
1.17
LSU22024
56.08
56.67
0.59
1.43
LSU22025
19.92
20.48
0.56
3.43
LSU22025
50.19
50.95
0.76
27.20
LSU22025
54.16
55.78
1.62
4.26
LSU22026
24.5
25.02
0.52
2.22
LSU22026
31.3
31.92
0.62
1.31
LSU22026
57.38
57.99
0.61
4.23
LSU22027
55.6
56.35
0.75
1.72
LSU22027
74.95
76.5
1.55
1.15
LSU22028
104.85
105.41
0.56
1.57
LSU22029
45.82
48.25
2.43
2.19
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements regarding
CORE that are intended to be covered by the safe harbor for
“forward-looking statements” provided by the Private Securities
Litigation Reform Act of 1995, based on CORE’s current expectations
and includes statements regarding future results of operations,
quality and nature of the asset base, the assumptions upon which
estimates are based and other expectations, beliefs, plans,
objectives, assumptions, strategies or statements about future
events or performance (often, but not always, using words such as
“expects”, “projects”, “anticipates”, “plans”, “estimates”,
“potential”, “possible”, “probable”, or “intends”, or stating that
certain actions, events or results “may”, “will”, “should”, or
“could” be taken, occur or be achieved). Forward-looking statements
are based on current expectations, estimates and projections that
involve a number of risks and uncertainties, which could cause
actual results to differ materially from those, reflected in the
statements. These risks include, but are not limited to: the risks
of the exploration and the mining industry (for example,
operational risks in exploring for, developing mineral reserves;
risks and uncertainties involving geology; the speculative nature
of the mining industry; the uncertainty of estimates and
projections relating to future production, costs and expenses; the
volatility of natural resources prices, including prices of gold
and associated minerals; the existence and extent of commercially
exploitable minerals in properties acquired by CORE or the Peak
Gold JV; ability to realize the anticipated benefits of the Peak
Gold JV; potential delays or changes in plans with respect to
exploration or development projects or capital expenditures; the
interpretation of exploration results and the estimation of mineral
resources; the loss of key employees or consultants; health, safety
and environmental risks and risks related to weather and other
natural disasters); uncertainties as to the availability and cost
of financing; CORE’s inability to retain or maintain its relative
ownership interest in the Peak Gold JV; inability to realize
expected value from acquisitions; inability of our management team
to execute its plans to meet its goals; the extent of disruptions
caused by an outbreak of disease, such as the COVID-19 pandemic;
and the possibility that government policies may change, political
developments may occur or governmental approvals may be delayed or
withheld, including as a result of presidential and congressional
elections in the U.S. or the inability to obtain mining permits.
Additional information on these and other factors which could
affect CORE’s exploration program or financial results are included
in CORE’s other reports on file with the U.S. Securities and
Exchange Commission. Investors are cautioned that any
forward-looking statements are not guarantees of future performance
and actual results or developments may differ materially from the
projections in the forward-looking statements. Forward-looking
statements are based on the estimates and opinions of management at
the time the statements are made. CORE does not assume any
obligation to update forward-looking statements should
circumstances or management’s estimates or opinions change.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230611291179/en/
Contango ORE, Inc. Rick Van Nieuwenhuyse (713) 877-1311
www.contangoore.com
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