Contact drills 1.66 g/t gold over 28.96 metres at Green Springs, Nevada

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Contact Gold Corp. [C-TSXV; CGOLF-OTCQB] has reported results from the first three drill holes from the 2022 step-out drill program at the Green Springs oxide gold project in White Pine County, Nevada. Results for the remaining 20 holes are pending.

X-Ray Zone drill highlights include 1.66 g/t gold over 28.96 metres from a depth of 9.14 metres in drill hole GS22-01, including 2.66 g/t gold over 15.24 metres. Drill hole GS22-02 returned 0.82 g/t gold over 35.05 metres from a depth of 9.14 metres, including 1.32 g/t gold over 16.76 metres.

These initial results are from the X-Ray Zone, and extend mineralization to the SE, NE, and NW from the 2021 discovery holes. The recently discovered zone, one of several areas of interest across the property, remains wide open for expansion, especially to the north, south and west .

Drilling at Green Springs wrapped up in late June with 23 holes completed for 2,123 metres, and was dedicated to growing the high-grade Tango, X-Ray, and B-C Gap oxide gold discoveries made by Contact Gold in 2021.

“We are extremely pleased with these exceptional step-out holes at our high-grade X-Ray discovery. These three drill holes increase the drilled footprint at X-Ray, while demonstrating the same excellent grades, thicknesses and oxidation seen in last year’s discovery holes.” said Vance Spalding, VP Exploration at Contact Gold. “The X-Ray Zone remains unconstrained by drilling to the east, south and west and is wide open for growth. There are wide expanses of undrilled Pilot Shale in all the open directions at X-Ray,”

A total of 23 drill holes totalling 2,123 metres were completed at Green Springs in the 2022 program, with results pending for 20 holes. Due to drill efficiencies, the total meterage was approximately 30% more than budgeted.

Five holes were drilled at the outcropping X-Ray Zone, offsetting and stepping out from the high-grade oxide discovery made in the 2021 program. The average depth of completed drill holes at X-Ray was 86.8 metres. The X-Ray target area is open for expansion to the north, south and west. The overlying Joanna limestone occurs to the southwest of the current drill holes, rendering the target blind to soil and rock geochemistry in that most-open direction

Fifteen holes were also drilled to follow up and step out from the high-grade Tango discovery drilled by Contact Gold in 2021. The average depth of completed drill holes at Tango in 2022 is 74 metres. The Tango target area currently encompasses an area 250 x 500 metres, and is open for expansion.

Reverse circulation drilling has intersected broad intervals of well oxidized, silicified and altered Pilot Shale, which is the principal host of both of these exciting new oxide zones. Two holes were completed following up on the 2021 B-C gap discovery hole which sits beneath the Green Springs Mine Trend:

The B-C gap is the first thick, good-grade intercept encountered to date in the lower Pilot Shale beneath the old mine trend, where previous mining and exploration focused solely on the overlying host horizon at Chainman Shale/Joana limestone contact.

Contact Gold anticipates a second phase of drilling later in the year after all results from the first phase are received and integrated into the next phase plan. 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.

The company is also expanding the existing Plan of Operations permit to the south and east to test high conviction targets south of the Echo Zone, as well as tackling the Whiskey and Foxtrot targets in the east of the property as part of the second phase of the 2022 drill program.

Contact Gold signed a purchase 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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