Announcement Date: 2022-01-11
Announcement Type: Deposit Estimation
Announcement Code: NI43-101
Company name: Contact Gold Corp.
Project name: Pony Creek
Location: United States
Commodities: Gold
Highlight: Initial Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Vancouver, B.C. (January 11, 2022) – Contact Gold Corp. (the “Company” or “Contact Gold”) (TSXV: C; OTCQB: CGOLF) is pleased to announce an initial mineral resource estimate at its Pony Creek gold project located in Elko County, northeastern Nevada. Pony Creek is one of the Company’s two advanced exploration-stage, Carlinstyle gold projects in the Nevada. The 100% owned Pony Creek project is strategically located immediately south of Gold Standard Ventures’ South Railroad Project which is in the process of completing a feasibility study and permitting an open pit heap leach gold mining operation. Contact Gold acquired Pony Creek in 2016 following the encouraging early exploration results of Gold Standard Ventures at the adjacent South Railroad property, the history of mining activities in the region by Newmont and the considerable historical exploration at the property by various operators dating back to the early 1980s. At the time of acquisition 263 drill holes had been drilled on the property. Since then, Contact Gold has drilled 118 holes totaling 25,874 metres on the property and discovered and defined 5 zones of gold mineralization at shallow depths. The Pony Creek Mineral Resource Estimate (“MRE”) announced today pertains to the Bowl, Appaloosa, and Stallion zones, with the Bowl deposit containing approximately 79% of total inferred resources. The mineralization is principally hosted within altered and silicified calcareous clastic rocks of the Penn-Perm Moleen Formation and at the Bowl Zone within a Tertiary (or Jurassic) rhyolite.
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