Sept. 15, 2021, 7:31 a.m. EDT

Contact Gold Drills 0.7 g/t Gold over 16.7 Metres Beneath the Mine Trend at the Green Springs Project, Nevada

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Vancouver, British Columbia, Sep 15, 2021 (Newsfile Corp via COMTEX) -- Vancouver, British Columbia--(Newsfile Corp. - September 15, 2021) - Contact Gold Corp. (otcqb:CGOLF) /zigman2/quotes/210557792/delayed CA:C +9.09% (the "Company" or "Contact Gold") is pleased to announce the discovery of gold mineralization at the Pilot Shale / Guilmette Limestone contact beneath the historic Mine Trend at the Green Springs Gold Project, Nevada. Hole GS 21-22 returned 0.7 g/t Au over 16.7 metres; the best intercept from this deeper host horizon to date beneath the Mine Trend.

The discovery of a significant thickness and grade of gold mineralization in the Pilot Shale beneath the 3 km Mine Trend (drillholes GS 21-22 and 21-55) is proof of concept that the host horizon has been underexplored at Green Springs where prior explorers focused on the overlying "stacked" host horizon in the lower Chainman shale. These holes provide significant proof of concept for Alligator Ridge style of mineralization beneath the historic Mine Trend; a key end member of Carlin Type gold deposits in eastern Nevada; and open up the rest of the Mine Trend for further discoveries in undrilled areas, punctuating a successful 2021 drill program that delivered two new gold discoveries at the outcropping Tango (see news release June 15, 2021 ) and X-Ray (see news release June 28, 2021 ) targets.

Highlights:

Northern Mine Trend:

  • 0.70 g/t Au over 16.76 m in drill hole GS 21-22, from a depth of 224m:

  • 0.44 g/t Au over 3.05 metres in hole GS 21-55, from a depth of 152 metres.

Southern Mine Trend:

  • Seven Holes were completed south of the 2020 discovery hole (see news release November 23, 2020 ) on the southern end of the Mine Trend.

  • The Mine Trend remains completely open for further exploration to the south.

  • Intercepting variably oxidized gold mineralization in all 7 holes south of the previous Mine Trend extent justifies further drilling in that direction where cross faults that provide structural preparation for higher grades to develop are mapped by geology and geophysics.

"The team's delivery of an ore-grade intercept from the Pilot/Guilmette contact in two very large gaps in drilling that reached Guilmette beneath the Mine Trend has further validated our target concept. The Pinion and Alligator Ridge deposits demonstrate that this host horizon is capable of hosting plus one-million-ounce gold deposits. We also know that drilling deeper for the next host horizon down in and near existing mines and deposits has worked over and over again in Nevada. Coming on the heels of two undisputable new discoveries at Tango and X-Ray in the first half of 2021, I couldn't be more pleased with these encouraging intercepts from beneath the Mine Trend. It is a great accomplishment by our exploration team and speaks to both the prospectivity of the project and the rigorous targeting approach employed by Contact," said Matt Lennox-King, President & CEO of Contact Gold. "In Q4, we look forward to following up on all four of the gold discoveries we've made since 2019 as we continue to pursue our goal of defining high quality gold deposits at Green Springs."



Figure 1 - Green Springs Mine Trend Long Section Looking West

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5350/96544_0381980cd4b8fac1_004full.jpg



Figure 2- Green Springs Plan Map 

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5350/96544_0381980cd4b8fac1_005full.jpg

2021 Green Springs drill hole results from this news release:

Drill Hole Zone From (m) To (m) Interval Grade g/t Oxidation
GS 21-07 Zulu 94.49 100.59 6.10 0.316 Partial Oxide (59% CN Recovery)
GS 21-08 Zulu 91.44 94.49 3.05 0.276 Unoxidized (6% CN Recovery)
GS 21-09 Zulu 128.02 134.11 6.10 0.247 Oxide (65% CN Recovery)
GS 21-10 Zulu 132.59 146.31 13.72 0.248 Partial Oxide (48% CN Recovery)
GS 21-11 Zulu 129.54 132.59 3.05 0.211 Partial Oxide (54% CN Recovery)
GS 21-12 Zulu 102.11 105.16 3.05 0.177 Partial Oxide (53% CN Recovery)
GS 21-13 Zulu 111.25 117.35 6.10 0.182 Partial Oxide (53% CN Recovery)
GS 21-14 D-E Gap 38.10 42.67 4.57 0.929 Oxide (89% CN Recovery)
GS 21-15 D-E Gap 36.58 39.62 3.05 0.605 Oxide (80% CN Recovery)
GS 21-16 D-E Gap 32.00 51.82 19.81 0.306 Oxide (79% CN Recovery)
GS 21-17 D-E Gap 27.43 42.67 15.24 0.277 Partial Oxide (52% CN Recovery)
GS 21-18 D-E Gap 27.43 45.72 18.29 0.245 Oxide (79% CN Recovery)
GS 21-19 B-C Gap 35.05 38.10 3.05 0.255 Oxide (71% CN Recovery)
GS 21-20 B-C Gap



No reportable intercepts
GS 21-21 B-C Gap 99.06 109.73 10.67 0.181 Oxide (65% CN Recovery)
GS 21-22 B-C Gap 224.03 240.79 16.76 0.700 Partial Oxide (27% CN Recovery)
including
227.08 230.13 3.05 1.242 Unoxidized (3% CN Recovery)
GS 21-23 B-C Gap



No reportable intercepts
GS 21-54 C-D Gap 0 3.05 3.05 0.717 Oxide (69% CN Recovery)
GS 21-55 C-D Gap 152.4 155.45 3.05 0.439 Partial Oxide (39% CN Recovery)
GS 21-56 Charlie



No reportable intercepts
GS 21-57 Charlie



No reportable intercepts
GS 21-58 B-C Gap 88.39 92.97 4.57 0.544 Oxide (77% CN Recovery)

 

/zigman2/quotes/210557792/delayed
CA : Canada: TSX Venture
$ 0.06
+0.0050 +9.09%
Volume: 177,730
Oct. 20, 2021 3:34p
P/E Ratio
N/A
Dividend Yield
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Market Cap
$13.24 million
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