Vancouver - Contact Gold Corp. (the 'Company' or 'Contact Gold') (TSXV: C; OTCQB: CGOLF) is pleased to announce its financial and operating results for the three- and nine-months ended September 30, 2021.
Announced a non-brokered private placement financing of up to 60,000,000 units (each comprising a common share and a 1/2 common share purchase warrant) ('PP Units') at a price of $0.05 per PP Unit for gross proceeds of up to $3,000,000. Each PP Unit consists of one Common Share and one half of one Common Share purchase warrant (each whole Common Share purchase warrant, a 'Warrant'). Subject to certain acceleration provisions, each Warrant entitles the holder to purchase an additional Common Share at a price of $0.075 per share for a period of 24 months from the closing date. Closing is expected to occur on November 23, 2021.
In June 2021, completed an internal reorganization to redomicile the Company back into Canada.
Completed 7,511 metres in 59 drill holes at the Green Springs gold project, Nevada.
Made two new oxide gold discoveries at Green Springs, providing a blueprint for an expansion opportunity at the property: o Tango - Located in the northern portion of the property; represents a step out of over 500 metres from the next closest drill holes at the Alpha Zone, and remains open for expansion, particularly to the south and west o X-Ray - Sits midway between the northern end of the Mine Trend and the Alpha Zone, and bridges a gap with no prior drilling of over 500 metres between these zones.
About Contact Gold Corp.
Contact Gold is incorporated and maintains a head office in British Columbia. The Company is focused on advancing the Green Springs and Pony Creek gold projects in Nevada, both of which host extensive and robust Carlin-type gold systems. 3/3 Green Springs is located near the southern end of the Cortez Trend of Carlin-type gold deposits in Nevada, east of Fiore Gold's Pan Mine and Gold Rock Project, and south of Waterton's Mount Hamilton deposit. The Green Springs property is 18.5 km2, encompassing 3 shallow past-producing open pits and numerous targets that were not mined. Pony Creek is strategically located immediately south of Gold Standard Ventures' Railroad Project, on the Southern Carlin Trend, and totals 81.7 km2 underpinned by a Carlin-type system with historic gold resources.
Tel: (604) 449-3361
Cautionary Note Regarding Forward-Looking Information
This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking statements') within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to planned expenditures through the remainder of the year, anticipated closing of the Offering and receipt of approvals thereof, and the anticipated exploration activities of the Company at Green Springs or Pony Creek. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: impacts arising from the global disruption caused by the Covid-19 coronavirus outbreak; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities) and title to properties. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.