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Contact Gold Drills 70 Metres of 2.36 g/t Oxide Gold Mineralization at Green Springs

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Contact Gold Drills 70 Metres of 2.36 g/t Oxide Gold Mineralization at Green Springs

 

 

 

 

 

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

 

Contact Gold Drill Highlights:

 

  • 2.36 g/t oxide Au over 70.10 m from 80.77 m in hole GS19-07
    • Including 4.26 g/t Au over 38.10 m from 85.35 m
    • and including 8.05 g/t Au over 12.19 m from 89.92 m
  • 0.30 g/t oxide Au over 10.67 m from 68.58 m in hole GS19-08

 

“Extending the high-grade oxide gold at the Echo Zone is an important achievement in advancing the Green Springs project. This first hole into the Echo Zone shows the potential for continued growth of Chainman-Joanna hosted gold mineralization extending south from the past producing pits, in addition to the Pilot Shale hosted gold at Alpha announced in two weeks ago.” said Matt Lennox-King, President & CEO of Contact Gold. “These results from Alpha and Echo, separated by over 4 km, show a robust Carlin-type gold system with oxide gold grades significantly higher than the surrounding operations on the Carlin and Cortez Trends. These first holes from our initial drill program at Green Springs have been very successful in expanding the known zones of gold mineralization. We look forward to releasing results from the remaining drill holes, and to further drill testing of these zones in 2020.”

 

Drilling – Key Points:

 

  • GS19-07 was a 40m step back targeting a previously reported intercept (5.05 g/t Au over 39m see news release October 2, 2019). The hole hit and extended high grade oxide gold mineralization hosted at the intersection of north-south and northwest oriented structural zones
  • Gold mineralization at Echo is hosted at the Chainman – Joanna contact, within a zone of intense alteration, silicification and oxidation
  • GS19-07 bottomed in oxide gold grading 0.26 g/t Au over 1.52 metres, indicating potential for further Chainman-Joanna hosted mineralization at depth
  • GS19-08 targeted known mineralization at the Chainman – Joanna contact at the Charlie Zone
  • The Echo Zone is located 500m south of the past-producing Delta Zone and 1km south of the Charlie Zone.

 

The Echo Zone was discovered by RC drilling in the late 1980’s when drilling was mostly limited to extremely shallow depths, generally less than 150 metres. It is a zone of shallow, high-grade, oxide gold mineralization hosted along the lower contact of the Chainman Shale with the underlying Joanna Limestone. Based on previous drilling – mostly by sparse, shallow, vertical holes – the current footprint of gold mineralization at Echo measures 400m x 100m. The strongest gold mineralization occurs along the main north-south mine trend, where two cross-structures have been recognized in drilling. Due to the wide drill hole spacing by previous operators outside of the high-grade pod, gold mineralization is open in most directions at the Chainman-Joanna contact. The next favorable host horizon beneath the Joanna Limestone at the lower Pilot Shale contact with the Guilmette Limestone, the host at the Alpha Zone, has never been tested for a stacked gold mineralization system at Echo.

 

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. Results from two more holes are pending.

 

For a map of the Echo Zone please click:

http://www.contactgold.com/_resources/news/Green-Springs-Echo-20200128.jpg

 

For cross section of GS19-07 please click:

http://www.contactgold.com/_resources/news/EchoCrossSection20200128.jpg

 

For a map of the Green Springs project, please click:

http://www.contactgold.com/_resources/news/GreenSprings20200128.jpg

 

 

Table of Drill Results:

 

 

Zone Drill Hole From (m) To (m) Interval (m) Au (g/t) Oxidation
Echo GS19-07 80.77 150.88 70.10 2.36 Oxide
  including 85.35 123.45 38.10 4.26 Oxide
     and including 89.92 102.11 12.19 8.05 Oxide
Charlie GS19-08 68.58 79.25 10.67 0.30 Oxide

 

 

Contact Gold signed a purchase option agreement with Ely Gold Royalties 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. 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. 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 January 28, 2020

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