Contango ORE, Inc. Announces Final Results for the 2016 Drilling Program

The Map Depicts the Phase III 2016 Drill Holes (Graphic: Business Wire)

HOUSTON--()--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) is pleased to provide the final drilling results obtained during the Phase III 2016 drilling program being conducted by Peak Gold, LLC, a joint venture between the Company and Royal Alaska, LLC (“Royal”), a wholly owned subsidiary of Royal Gold, Inc., managed by Royal, on the joint venture’s gold exploration project in Tetlin, Alaska.

The data below includes 11 new drill holes and new intervals for previously released drill holes as shown on the accompanying base map. Sample intervals are calculated using 0.5 grams per tonne (gpt) lower cut off for gold with no internal waste less than cutoff grade that is greater than 3 meters in thickness. Intercepts shown are drill intercept lengths. True width of mineralization is unknown:

                                       
Zone       Drill Hole    

From (meters)

   

To (meters)

   

Interval (meters)

    Au_gpt     Au_gpt x Interval
North Peak       TET16277     7.45     9.75     2.30     1.66     3.82
North Peak       TET16277     16.90     18.14     1.24     1.84     2.28
North Peak       TET16277     41.15     42.95     1.80     1.49     2.68
North Peak       TET16277     65.02     67.13     2.11     1.02     2.15
North Peak       TET16277     83.27     95.79     12.52     2.56     32.05
North Peak       TET16277     121.47     123.70     2.23     1.91     4.26
North Peak       TET16277     129.97     134.00     4.03     1.45     5.84
North Peak       TET16278     31.81     45.86     14.05     10.58     148.65
North Peak       TET16278     55.81     59.03     3.22     1.56     5.02
North Peak       TET16278     73.02     83.97     10.95     3.08     33.73
North Peak       TET16278     119.33     120.33     1.00     1.90     1.90
North Peak       TET16278     104.62     105.77     1.15     1.46     1.67 *
North Peak       TET16278     142.97     148.53     5.56     2.78     15.46 *
North Peak       TET16278     156.32     157.87     1.55     2.14     3.32 *
North Peak       TET16279     129.88     134.47     4.59     1.75     8.03 *
North Peak       TET16279     160.22     163.75     3.53     1.52     5.37 *
North Peak       TET16279     169.94     173.50     3.56     5.06     18.01
North Peak       TET16279     176.61     178.79     2.18     5.40     11.77
North Peak       TET16280     141.16     143.23     2.07     1.07     2.21
North Peak       TET16280     165.74     167.70     1.96     1.15     2.25 *
North Peak       TET16280     198.15     200.08     1.93     1.96     3.78 *
North Peak       TET16280     205.20     205.70     0.50     5.95     2.98 *
North Peak       TET16280     210.98     212.89     1.91     0.91     1.74 *
North Peak       TET16281     14.33     22.86     8.53     22.01     187.75
North Peak       TET16285     7.32     21.63     14.31     11.59     165.85 *
North Peak       TET16286     37.80     56.58     18.78     5.02     94.28 *
North Peak       TET16287     75.60     81.72     6.12     7.35     44.98 *
North Peak       TET16288     96.32     105.77     9.45     1.11     10.49
North Peak       TET16289     10.52     36.00     25.48     18.73     477.24 *
North Peak       TET16289     39.12     55.70     16.58     13.52     224.16 *
North Peak       TET16291     0.60     4.63     4.03     6.39     25.75
North Peak       TET16291     11.28     33.21     21.93     4.69     102.85 *
North Peak       TET16291     42.30     44.98     2.68     2.05     5.49 *
North Peak       TET16291     50.90     53.27     2.37     5.48     12.99 *
North Peak       TET16292     5.79     21.18     15.39     1.58     24.32
North Peak       TET16292     24.63     28.80     4.17     0.83     3.46
North Peak       TET16293     7.11     11.89     4.78     1.26     6.02 *
North Peak       TET16294     9.10     16.71     7.61     6.88     52.36 *
North Peak       TET16295     5.66     20.65     14.99     11.67     174.93 *
North Peak       TET16296     6.13     9.80     3.67     1.78     6.53
North Peak       TET16296     24.13     26.28     2.15     0.87     1.87 *
North Peak       TET16297     6.91     30.09     23.18     3.72     86.23 *
North Peak       TET16297     39.91     41.44     1.53     11.50     17.60 *
North Peak       TET16298     6.75     14.30     7.55     4.37     32.99 *
North Peak       TET16298     24.82     31.57     6.75     15.53     104.83 *
North Peak       TET16298     34.90     37.94     3.04     1.40     4.26 *
North Peak       TET16298     44.18     59.02     14.84     3.08     45.71 *
North Peak       TET16299     24.77     39.32     14.55     5.46     79.44 *
North Peak       TET16299     47.85     50.90     3.05     9.83     29.98 *
North Peak       TET16299     53.95     54.71     0.76     9.49     7.21 *
North Peak       TET16299     59.74     65.46     5.72     2.14     12.24 *
North Peak       TET16299     81.38     84.43     3.05     7.82     23.85
North Peak       TET16300     0.00     1.52     1.52     1.08     1.64 *
North Peak       TET16300     16.63     21.41     4.78     0.90     4.30
North Peak       TET16300     24.73     39.78     15.05     5.15     77.51
North Peak       TET16300     44.81     47.70     2.89     2.90     8.38
North Peak       TET16300     51.00     67.00     16.00     3.43     54.88
North Peak       TET16300     70.10     71.78     1.68     2.19     3.68
North Peak       TET16301     147.29     151.66     4.37     1.37     5.99 *
North Peak       TET16302     7.14     9.14     2.00     10.98     21.96
North Peak       TET16302     14.31     37.05     22.74     26.61     605.11
North Peak       TET16302     44.36     48.44     4.08     7.78     31.74
North Peak       TET16302     52.54     57.60     5.06     1.05     5.31
North Peak       TET16303     59.45     60.96     1.51     1.64     2.48
North Peak       TET16303     91.95     97.70     5.75     1.03     5.92
North Peak       TET16304     16.31     37.51     21.20     11.86     251.43
North Peak       TET16304     46.97     69.52     22.55     5.49     123.80
North Peak       TET16304     75.52     77.70     2.18     2.78     6.06
North Peak       TET16304     80.93     82.79     1.86     5.88     10.94
North Peak       TET16304     87.01     87.30     0.29     28.80     8.35
North Peak       TET16305     11.13     13.41     2.28     4.43     10.10
North Peak       TET16305     17.70     47.24     29.54     7.17     211.80
North Peak       TET16306     58.83     60.50     1.67     1.31     2.19
North Peak       TET16306     65.65     68.19     2.54     3.13     7.95
North Peak       TET16306     93.94     94.63     0.69     6.79     4.69
North Peak       TET16306     113.00     122.53     9.53     3.79     36.12
North Peak       TET16307     58.03     68.88     10.85     3.29     35.70
North Peak       TET16307     139.64     141.31     1.67     1.23     2.05
North Peak       TET16308     41.68     51.36     9.68     1.79     17.33
North Peak       TET16310     38.56     43.40     4.84     1.88     9.10
 

*Intervals previously released.

 

Brad Juneau, the Company’s President commented, “We continue to be encouraged by the drilling results at North Peak, which indicate that the area of known mineralization is comparable to the strong results we have seen in our original discovery at Main Peak to the south. We anticipate that drilling operations will resume in early February to target open areas at North Peak, as well as exploratory targets in close proximity to both North Peak and Main Peak. This first phase of 2017 drilling is expected to total 6,000 meters of new core drilling. We expect to receive a new resource report near the end of the first calendar quarter of this year.”

ABOUT CORE

CORE is a Houston-based company that engages in the exploration in Alaska for gold and associated minerals through Peak Gold, LLC, its joint venture company with Royal Alaska, LLC. Additional information can be found on our web page at www.contangoore.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements regarding CORE that are intended to be covered by the safe harbor “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; 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; inability to realize expected value from acquisitions; inability of our management team to execute its plans to meet its goals; and the possibility that government policies may change or governmental approvals may be delayed or withheld, including the inability to obtain any 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 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.

Contacts

Contango ORE, Inc.
Brad Juneau, (713) 877-1311
www.contangoore.com

Contacts

Contango ORE, Inc.
Brad Juneau, (713) 877-1311
www.contangoore.com