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Contact Gold Drills 38 Metres of 3.5 g/t Oxide Gold Mineralization at Green Springs

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Contact Gold Drills 38 Metres of 3.5 g/t Oxide Gold Mineralization at Green Springs

 

 

 

 

 

Contact Gold Corp. (TSX-V: C) is pleased to announce results from the final 2 drill holes of the 2019 drill program, including the first drill hole from the Bravo Zone, at the Green Springs gold project located on the Cortez Trend in Nevada.

 

Contact Gold Drill Highlights:

 

  • 3.53 g/t oxide Au over 38.10 m from 76.2 m in hole GS19-09 (Echo)
    • Including 4.79 g/t Au over 25.91 m from 79.25 m
    • and including 11.19 g/t Au over 6.1 m from 89.92 m
  • 1.02 oxide g/t Au over 22.86 m from 12.19 m in hole GS19-10 (Bravo)
    • Including 1.79 g/t Au over 10.67 m from 13.72 m

 

“Our first drill program at Green Springs was very successful with nine of ten drill holes intersecting significant grades and widths of oxide gold mineralization across three separate targets outside of the past producing Charlie and Delta pits,” said Matt Lennox-King, President & CEO of Contact Gold. “Echo continues to deliver impressive gold grades and widths and is certainly our highest priority for follow up. The first cyanide solubility assays from drilling Bravo confirmed both significant gold mineralization and that gold mineralization at Bravo is oxidized, which was previously unknown. The team is incorporating these drill results into our geological model and planning an aggressive drill program for 2020.”

 

Drilling – Key Points:

 

Echo Zone – GS19-09

 

  • GS19-09 offset drill hole GS19-07 and extended oxide gold mineralization 25m south from the previously reported intercept (2.3 g/t Au over 70m in GS19-07, see news release January 28, 2020).
  • The drill hole was in gold mineralization when it was lost in a void, with the last sample grading 0.65 g/t Au over 1.5m

 

Bravo Zone – GS 19-10

 

  • The Bravo Zone is located 750m north of the past-producing Charlie pit and 900m southwest of the Alpha Zone.
  • GS19-10 is the first hole Contact Gold drilled into the Bravo zone, and it returned oxidized gold mineralization with excellent cyanide assay recoveries
  • Situated at the northern end of the north-south Green Springs trend at a structural intersection with a major northeast striking fault that extends to the Alpha Zone. (see news release January 14, 2020)

 

The core of the Bravo Zone is an elongated ENE-striking zone with increased drill hole density and currently unquantified higher-grade gold values that is approximately 200m x 85m. Drilling at the Bravo Zone by previous operators reported strong gold intercepts, including drill hole 86-160 that encountered 9.1 m with an average grade of 3.07 g/t Au starting at a depth of 30 meters. Exploration targets in the Chainman Formation in this area include infill drilling of local gold intercepts defined by historical drilling, following the NNE trend to the south, and testing fault intersections to the north.

 

Contact Gold completed 1,300 metres in 10 drill holes at the Alpha, Echo, Charlie and Bravo zones in its first drill program at Green Springs.

 

For a map of the Echo Zone please click:


http://www.contactgold.com/_resources/news/GS-Echo-20200212.jpg

 

For a cross section of the Echo Zone please click:


http://www.contactgold.com/_resources/news/Echo-Cross-Section-20200212.jpg

 

For a map of the Bravo Zone, please click:


http://www.contactgold.com/_resources/news/GS-Bravo-20200212.jpg

 

Table of Drill Results:

 

 

Zone Drill Hole From (m) To (m) Interval (m) Au (g/t) Oxidation
Echo GS19-09 76.2 114.3 38.1 3.53 Oxide
  including 79.25 105.16 25.91 4.79 Oxide
  and including 89.92 96.01 6.1 11.19 Oxide
Bravo GS19-10 12.19 35.05 22.86 1.02 Oxide
  including 13.72 24.38 10.67 1.79 Oxide

 

 

Contact Gold signed a purchase option agreement with Ely Gold Royalties (“Ely Gold”) to acquire an undivided 100% interest in Green Springs in July 2019. Green Springs 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 Green Springs.

 

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, and the highest grade intervals were calculated using a minimum thickness of 3.05 metres averaging 5.00 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.

 

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 140 km2 of target rich mineral tenure hosting numerous known gold occurrences, ranging from early- to advanced-exploration and resource definition stage.

 

Posted February 12, 2020

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