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    C   CA21074F1036

CONTACT GOLD CORP.

(C)
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Contact Gold : Drills 0.7 g/t Gold Over 16.7 Metres Beneath The Mine Trend At The Green Springs Project, Nevada

09/15/2021 | 07:42am EDT

Suite 1040, 400 Burrard Street Vancouver, British Columbia V6C 3A6 Canada

+1 (604) 449-3361

CONTACT GOLD DRILLS 0.7 G/T GOLD OVER 16.7 METRES BENEATH THE MINE TREND AT

THE GREEN SPRINGS PROJECT, NEVADA

Vancouver, B.C. (September 15, 2021) - Contact Gold Corp. (the "Company" or "Contact Gold") (TSXV: C;

OTCQB: CGOLF) 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:
  1. Hosted within the lower Pilot Shale above the Guilmette Limestone contact - the host to Gold Standard Venture's Pinion, and Kinross' Alligator Ridge and Saga mining sites (all +1 Moz deposits) to the north of Green Springs.
  1. Intersected in a 900 metre gap in drilling in the Mine Trend, gold mineralization is open both north and south.
    1. There are no drill tests of the Pilot Shale / Guilmette limestone host horizon beneath the Mine Trend to the north of hole GS 21-22 in the 400 metres to the Bravo Zone, and only one test (GS 21-58) for 500 metres south of GS 21-22 towards the Charlie Pit.
  • 0.44 g/t Au over 3.05 metres in hole GS 21-55, from a depth of 152 metres.
    1. Drilled in a 650 metre gap of drilling on the Mine Trend between the two past producing pits.
  1. Hosted in the Pilot/Guilmette horizon, providing further justification for the exploration potential at this underexplored, slightly deeper gold host at Green Springs.
  1. There are no drill tests of the Pilot Shale / Guilmette Limestone host horizon beneath the Mine Trend to the north for 500 metres to the Charlie Pit, and for 150 metres south to the Delta Pit.

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.
  1. All holes encountered variably oxidized gold mineralization at the Chainman Shale / Joana Limestone host horizon.
  • 0.25 g/t oxide Au over 13.72 m in drill hole GS 21-10.
    1. Extends gold mineralization 250 metres south of the previously identified high-grade, oxidized gold mineralization at the Echo Zone.
  • The Mine Trend remains completely open for further exploration to the south.

1

  • 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."

2

Figure 1 - Green Springs Mine Trend Long Section Looking West

3

Figure 2- Green Springs Plan Map

4

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)

About the Green Springs Project:

Green Springs is located near the southern end of the Cortez Trend of Carlin-type gold deposits in White Pine County, 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 18.65 km2 encompassing 3 shallow past producing open pits and numerous targets that were not mined.

Contact Gold signed a purchase option agreement with Ely Gold Royalties ("Ely Gold") to acquire an undivided 100% interest in Green Springs in July 2019. Green Springs is an early-stage exploration property and does not contain any mineral resource estimates as defined by National Instrument 43-101,Standards of Disclosure for Mineral Projects ("NI 43-101"). There has been insufficient exploration to define a mineral resource estimate at Green Springs. Additional information about Green Springs is summarized in the NI 43-101 Technical Report entitled "NI 43-101 Technical Report for the Green Springs Project, White Pine County, Nevada, USA" prepared for Contact Gold, with an effective date of June 12, 2020, and dated August 5, 2020, as prepared by John J. Read, C.P.G; an independent consultant and qualified person under NI 43-101, and can be viewed under Contact Gold's issuer profile on SEDAR at www.sedar.com.

The scientific and technical information contained in this news release has been reviewed and approved by Vance Spalding, CPG, VP Exploration, Contact Gold, who is a "qualified person" within the meaning of NI 43-101. Drill intercepts were calculated using a minimum thickness of 3.05 metres averaging 0.14 ppm gold and allowing inclusion of up to 4.57 metres of material averaging less than 0.14 ppm gold for low grade intervals and higher- grade intervals were calculated using a minimum thickness of 3.05 metres averaging 1.00 ppm gold and allowing inclusion of up to 4.57 metres of assays averaging less than 1.00 ppm gold. Gravimetric assays are used for all Fire Assays above 4.00 ppm gold. Cyanide solubility assays are completed on all Fire Assays greater than 0.1 g/t.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Contact Gold Corp. published this content on 15 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2021 11:41:03 UTC.


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Net cash 2020 4,90 M 3,96 M 3,96 M
P/E ratio 2020 -0,84x
Yield 2020 -
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Matthew Lennox-King President, Chief Executive Officer & Director
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George Gregory Salamis Director
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