Green Springs Program Shows Some Of Highest Grades Seen At Project

VANCOUVER - Contact Gold Corp. repored on the exploration program at the Green Springs gold project located on the prolific Cortez Trend in northeastern Nevada. The 2023 program is being carried out as and earn-in with a wholly-owned subsidiary of Centerra Gold Inc.  Contact Gold is the project operator for the planned 4,500 metres of reverse circulation (RC) drilling.  A total of 3,377 metres of reverse circulation drilling in 24 drill holes have been completed so far in this year’s program.  

“We are excited to announce the results from the first seven step-out drill holes from this year’s Green Springs program.  The first results out of X-Ray are well oxidized, thick and boast some of the highest grades ever seen at Green Springs,” said, Matthew Lennox-King, President and CEO.  “Green Springs displays incredible exploration potential, and these initial results reinforce that opportunity.  We anticipate receiving results from the next round of step-out holes at the X-Ray Zone shortly and are keen to update our shareholders and the market once those are received.”

Results further extend mineralization to the east and southeast from the 2021 discovery holes and demonstrate the growth potential of the X-Ray Zone.  The X-Ray Zone remains wide open for expansion, especially to the south and west.  X-Ray is near-surface, well oxidized, with exceptional grades and thicknesses. Gold mineralization at the X-Ray Zone is characterized by strong grades, oxidation, and continuity, and is hosted at the lower Pilot Shale contact with the underlying Guilmette Limestone.  The highest grades, up to 9 g/t Au occur in a calcareous sandstone that has been decalcified during gold mineralization.  Calcareous sandstone is an excellent Carlin-Type host rock.  The Pilot Shale is an important regional host unit in eastern Nevada and is host to the Pan Mine and Alligator Ridge, among others.  

The first two X-Ray holes were drilled to extend mineralization to the east and southeast from the original drill pattern.

Echo Zone: 0.77 g/t Au over 19.81 metres, from a depth of 94.49 metres, in drill hole GS23-03 – oxide; and 0.38 g/t Au over 39.62 metres, from a depth of 83.82 metres, in drill hole GS23-04 – oxide. The Echo Zone is a zone of shallow, high-grade, oxide gold mineralization hosted along the lower contact of the Chainman Shale with the underlying Joana Limestone.  Based on previous drilling - mostly by sparse, shallow, vertical holes - the current footprint of gold mineralization at Echo measures 400m x 100m.  The strongest gold mineralization occurs along the main north-south mine trend, where two cross-structures have been recognized in drilling.  Due to previous operators' wide drill hole spacing outside of the high-grade pod, gold mineralization is open  to the south at the Chainman-Joana contact.  Four step-out, and in-fill holes were drilled at Echo in order to extend and infill gaps in the previously identified zone of oxidized Chainman-hosted gold mineralization.