Contact drills 0.51 g/t gold over 30.48 metres at Green Springs, Nevada

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Contact Gold Corp. [C-TSXV] reported results from the final 16 drill holes completed at the Green Springs property on the southern end of Nevada’s Cortez Trend, 20 km southeast of the Pan Mine operated by Calibre Mining Corp. [CXB-TSX], and 7 km immediately east of Calibre’s Gold Rock Project.

These final drill holes from the Spring 2022 exploration program are from the Tango discovery zone.

Tango Zone Drill Highlights: Drill hole GS22-09 returned 0.51 g/t gold over 30.48 metres from a depth of 4.57 metres, including 1.02 g/t gold over 3.05 metres. GS22-08 returned 0.70 g/t gold over 16.76 metres from a depth of 3.05 metres.

GS22-07 returned 0.50 g/t gold over 13.72 metres from a depth of 4.57 metres. GS22-11 returned 0.45 g/t gold over 24.38 metres from a depth of 19.81 metres.

The Tango Zone is located in the north of Green Springs 1,000 metres NE of the high-grade X-Ray Zone, and is characterized by an outcropping Pilot Shale hosted zone of oxidized gold mineralization. Approximate dimensions of this recently discovered zone are 250 x 500 metres. There are significant expanses of untested Pilot Shale to the west of the current drill pattern.

Tango marks the northeastern continuation of the emerging 1.5-km long trend of oxide gold mineralization extending from the north-south Mine Trend and continuing through X-Ray, Alpha up to Tango.

Each of these zones hosts impressive drilled thicknesses of near-surface, oxide gold mineralization hosted within the Pilot Shale.

This recently discovered zone, one of several areas of interest across the property, remains open for expansion, especially to the north, south and west .

“These follow up holes reinforce the widespread oxide gold at the Tango discovery. The footprint at Tango measures in excess of 250 x 500 metres and remains open for growth through targeting key Northerly and Northwesterly striking structures in large expanses of undrilled Pilot Shale,” said Vance Spalding, VP Exploration. “The Tango and X-Ray Zones have moved from new discoveries to rapidly growing gold zones, and pave the way for an exciting future at Green Springs.”

Gold mineralization drilled at the Tango Zone is characterized by thorough oxidation, thickness and continuity, and is hosted at the lower Pilot Shale contact, the same host at Calibre’s Pan mine across the valley.

The company believes that ongoing surface exploration at Green Springs will be successful in identifying additional prospective areas and developing further compelling drill targets, especially in the underexplored Pilot Shale, the host horizon to the Tango, X-Ray, and BC Gap discoveries.

Green Springs is located near the southern end of the Cortez Trend of Carlin-type gold deposits in White Pine County, Nevada. The Green Springs property is 18.36 km2 encompassing three shallow past producing open pits and numerous targets that were not mined.

Contact Gold signed an option agreement with Ely Gold Royalties, now a subsidiary of Gold Royalty Corp., [GROY-NYSE American] to acquire an undivided 100% interest in Green Springs in July 2019.

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