Contact Gold Corp. (TSX-V: C) is pleased to report that exploration drill results from the first three holes of the 2019 program have extended previously defined oxide gold mineralization at the Bowl Zone on the Pony Creek gold property. Pony Creek is located on the Carlin Trend in Elko County, Nevada, adjacent to Gold Standard Ventures’ Railroad-Pinion Project.
The first 10 holes of the 2019 program at Pony Creek were drilled to follow up and offset the high grade, more oxidized gold corridor discovered in June 2018 west of the focal point of previous explorers at Pony Creek (see June 21, 2018 news release).
Drill Highlights – Bowl Zone:
“These new drill holes continue the growth and definition of the major oxide gold discoveries from 2018 and further demonstrate the dominant oxide gold component at the Bowl Zone. The first three holes from the 2019 program are very encouraging, with long runs of near surface gold in all holes, and we look forward to more results from the Bowl, Appaloosa and Stallion Zones.” stated Matt Lennox-King, President & CEO of Contact Gold.
The Bowl Zone remains open for further expansion to the north, south and west, with these step-out drill holes demonstrating continuity of gold mineralization north of the oxide gold discovery in 2018.
As a follow up to the successful 2017 and 2018 programs which resulted in new oxide gold discoveries at the Bowl and Stallion zones, Contact has completed 4,660 metres in 25 drill holes at the Bowl, Appaloosa and Stallion zones. Assays are pending for 21 drill holes.
For a map of the Pony Creek target areas please click:
For a detailed plan map of Bowl Zone, please click:
For a section of Bowl Zone, please click:
For a detailed 3D model of the Bowl Zone, please click:
Table of 2019 Bowl Zone Drill Results:
|Area||Drill Hole||From (m)||To (m)||Interval||Au (g/t)|
Pony Creek is an early stage exploration property and does not contain any mineral resource estimates as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). There has been insufficient exploration to define a mineral resource estimate at Pony Creek. Additional information about Pony Creek is summarized in the NI 43-101 Technical Report entitled “NI 43-101 Technical Report on the Pony Creek Project, Elko County, Nevada, USA” prepared for Contact Gold, with an effective date of October 16, 2018, and dated October 22, 2018, as prepared by Vance Spalding, C.P.G; VP Exploration of Contact Gold, and can be viewed under Contact Gold’s issuer profile on SEDAR at www.sedar.com.
The scientific and technical information contained in this news release has been reviewed and approved by Vance Spalding, CPG, VP Exploration, Contact Gold, who is a “qualified person” within the meaning of NI 43-101. Drill intercepts were calculated using a minimum thickness of 3.05 metres averaging 0.14 ppm gold and allowing inclusion of up to 4.57 metres of material averaging less than 0.14 ppm gold for low grade intervals and higher grade intervals were calculated using a minimum thickness of 3.05 metres averaging 1.00 ppm gold and allowing inclusion of up to 4.57 metres of assays averaging less than 1.00 ppm gold. Gravimetric assays are used for all Fire Assays above 4.00 ppm gold. Cyanide solubility assays are completed on all Fire Assays greater than 0.1 g/t. True width of drilled mineralization is unknown, but owing to the apparent flat lying nature of mineralization, is estimated to generally be at least 70% of drilled thickness. Quality Assurance / Quality Control consists of regular insertion of certified reference standards, blanks, and duplicates. All failures are followed up and resolved whenever possible with additional investigation whenever such an event occurs. All assays are completed at ALS Chemex; an ISO 17025:2005 accredited lab. Check assays are completed at a second, reputable assay lab after the program is complete.
Contact Gold also announced that the Company and certain officers and directors of the Company have agreed to cancel an aggregate of 3,233,000 stock options held by the Optionees. An additional 80,000 stock options were forfeit pursuant to the termination of a service arrangement with a consultant. Upon completion of the cancellation, the Company will have 6,555,000 stock options outstanding under its approved Stock and Incentive Stock Option Plan and may grant up to an additional 3,371,899 options or equity incentive units in the future.
About Contact Gold Corp.
Contact Gold is an exploration company focused on producing district scale gold discoveries in Nevada. Contact Gold’s extensive land holdings are on the prolific Carlin, Independence and Northern Nevada Rift gold trends which host numerous gold deposits and mines. Contact Gold’s land position comprises approximately 200 km2 of target rich mineral tenure hosting numerous known gold occurrences, ranging from early- to advanced-exploration and resource definition stage.
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