Contango Commences 40,000-meter 2026 Drill Program at the Kitsault Valley Silver-Gold Project

Rhea-AI Summary

Contango Silver & Gold (NYSE American: CTGO) has started its 2026 Kitsault Valley surface drill program, using three diamond drills with two more to follow. The program totals about 40,000 meters, mainly infill and resource expansion at Dolly Varden, Wolf and Homestake Ridge deposits.

About 10,000 meters target exploration holes across the Kitsault Valley in British Columbia’s Golden Triangle. Drilling will support a resource update and Initial Assessment economic study expected in H1 2027. A 2025 Wolf hole intersected 518 g/t Ag over 0.52 m within a wider mineralized zone.

Positive

• 2026 Kitsault Valley drill program totals approximately 40,000 m
• Around 10,000 m allocated to exploration holes in Kitsault Valley
• Drilling supports resource update and Initial Assessment targeted for H1 2027
• Multiple deposits targeted: Dolly Varden, Wolf, Homestake Ridge
• 2025 Wolf hole DV25-470 intersected 518 g/t Ag over 0.52 m
• Broader DV25-470 zone graded 66 g/t Ag over 12.45 m with native silver

Negative

• None.

News Market Reaction – CTGO

+1.12%

1 alert

+1.12% News Effect

+$7M Valuation Impact

$633.89M Market Cap

1.27K Volume

On the day this news was published, CTGO gained 1.12%, reflecting a mild positive market reaction. This price movement added approximately $7M to the company's valuation, bringing the market cap to $633.89M at that time.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement launches a fully planned 40,000 m 2026 drill program at Kitsault Valley, advancing...

Analysis

This announcement launches a fully planned 40,000 m 2026 drill program at Kitsault Valley, advancing the merged Contango–Dolly Varden asset toward a resource update and Initial Assessment targeted for H1 2027. It follows April’s disclosure of a funded 40,000 m campaign and large 2026 budgets. Investors may watch for follow‑up results from the Wolf discovery, progress on environmental and permitting work, and how these data feed into upcoming economic studies.

Key Figures

Drill program size: 40,000 meters Exploration drilling: 10,000 meters High-grade intercept Ag: 518 g/t Ag over 0.52 m +5 more

8 metrics

Drill program size 40,000 meters 2026 Kitsault Valley surface drill program

Exploration drilling 10,000 meters Planned exploration holes in Kitsault Valley and other areas

High-grade intercept Ag 518 g/t Ag over 0.52 m Drill hole DV25-470 at Wolf deposit

High-grade intercept Pb 0.19% Pb over 0.52 m Drill hole DV25-470 at Wolf deposit

High-grade intercept Zn 0.34% Zn over 0.52 m Drill hole DV25-470 at Wolf deposit

Wider mineralized interval Ag 66 g/t Ag over 12.45 m Broader zone at Wolf with Torbrit-style mineralization

Wider mineralized interval Pb 0.12% Pb over 12.45 m Broader zone at Wolf deposit

Wider mineralized interval Zn 0.19% Zn over 12.45 m Broader zone at Wolf deposit

Historical Context

5 past events · Latest: May 14 (Negative)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 14	Q1 2026 results	Negative	-6.3%	First Manh Choh production but derivative losses drove a net loss.
May 05	Lucky Shot acquisition	Positive	+1.7%	High‑grade Lucky Shot drill results and agreement to acquire project and royalty.
Apr 22	JV cash & budgets	Positive	+6.0%	$9M JV distribution and fully funded 2026 exploration programs including Kitsault.
Apr 13	TSX listing	Positive	+3.4%	TSX listing to enhance visibility and liquidity for Alaska and BC projects.
Mar 26	Dolly Varden merger	Positive	-6.7%	Completed merger combining high‑grade Alaska and BC assets under Contango.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news has often seen price moves align with the apparent tone: positive operational and financing updates tended to see gains, while complex earnings and merger news saw declines.

Recent Company History

Over the last few months, Contango advanced from completing the Dolly Varden merger on Mar 26, 2026 to securing a dual listing on the TSX, receiving a $9M JV cash distribution, and outlining a fully funded 2026 exploration budget including a 40,000 m Kitsault Valley program. It then added Lucky Shot drill results and acquisition terms and reported Q1 2026 results with derivative-driven losses but strong liquidity. Today’s Kitsault drilling launch operationalizes April’s outlined plans.

Key Terms

diamond drills, preliminary economic study, initial assessment, native silver, +2 more

6 terms

diamond drills technical

"Three diamond drills are currently active, focused on infill and resource expansion"

Diamond drills are a type of drilling tool that uses industrial diamonds on the drill tip to cut solid rock and retrieve cylindrical core samples from below the surface. For investors, diamond drilling is a primary way mining and exploration companies prove whether valuable minerals exist and how much; it’s like taking a biopsy of the ground to see what’s inside, and the results directly affect a project’s value and future funding decisions.

preliminary economic study technical

"Drilling will support a new resource update along with a preliminary economic study expected"

A preliminary economic study is an early, high-level assessment of whether a proposed project could make money, using limited data and assumptions to estimate costs, revenues and basic risks. Think of it as a rough budget and feasibility check that helps investors decide whether to look closer — it signals potential value but is not a detailed or final forecast, so results can change as more information is gathered.

initial assessment technical

"preliminary economic study expected to be completed in H1 2027 (Initial Assessment "IA" – under US reporting standards)"

An initial assessment is a short, early review that identifies the main facts, risks and likely next steps about a business matter, product, clinical result or regulatory filing. It matters to investors because it sets first expectations—like a quick health check that signals whether deeper investigation, a change in valuation, or an urgent response is needed—and can influence short‑term market reactions and planning.

native silver technical

"including the presence of native silver. This intersection opens a very exciting kilometer"

Native silver is metallic silver found in nature in its elemental form, like nuggets or wires of the metal rather than locked inside other minerals. For investors, finding native silver in a deposit signals higher immediate metal content and simpler processing, which can lower production costs and raise the potential value of a mine; think of it as finding loose coins instead of having to extract them from complex jewelry.

P.Geo. technical

"Rob van Egmond, P.Geo., Vice-President Exploration - Canada for Contango"

P.Geo. is the professional designation for a licensed geoscientist who has met education, experience and ethical requirements to sign off on geological work. Think of it like a stamp of approval from a trained specialist — similar to a licensed engineer or doctor — that the rock, mineral or exploration data and interpretations were prepared by a qualified expert. For investors, seeing a P.Geo. attached to technical reports increases confidence that resource estimates and geological claims follow recognized standards and are less likely to be misleading.

NI 43-101 regulatory

"the "Qualified Person" as defined by NI 43-101 has reviewed and approved the scientific"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAIRBANKS, Alaska, May 26, 2026 /PRNewswire/ - Contango Silver & Gold Inc. ("Contango" or the "Company") (NYSE American: CTGO) (TSX: CTGO) is pleased to announce the start of the 2026 Kitsault Valley surface drill program. Three diamond drills are currently active, focused on infill and resource expansion on the Torbrit and North Star deposits, with two more drills expected to come online in the next week.

The 2026 drill program will consist of approximately 40,000 meters ("m") of drilling largely focused on infill and resource expansion at the Dolly Varden deposits (Torbrit, North Star, and Dolly Varden), the Wolf deposit, and the Homestake Ridge deposits (Homestake Main and Homestake Silver). Drilling will support a new resource update along with a preliminary economic study expected to be completed in H1 2027 (Initial Assessment "IA" – under US reporting standards).  Approximately 10,000 m of the planned program will be aimed at exploration holes in the Kitsault Valley and other areas of the extensive land package located in the highly prospective Golden Triangle of British Columbia.  

Rob van Egmond, the Company's VP Exploration – Canada, stated "It's exciting to get back drilling at the Kitsault Valley for another drilling season. The focus of this year's drill program is resource and infill holes which will support economic studies required to move these deposits from the exploration stage and into development stage. Drilling will initially focus on the Dolly Varden deposits (Torbrit and North Star) and Wolf deposits before moving north to finish the season out at the Homestake Ridge deposits. In addition to drilling, the Company will also focus efforts on environmental baseline studies, permitting, camp and infrastructure upgrades, metallurgical and hydrological studies."

Mr. van Egmond continued, "With the exciting new discovery of Torbrit style mineralization at Wolf towards the end of the 2025 season, we are eager to get back there to test the continuity of this unique style of mineralization. Drill hole DV25-470 intersected 518 g/t Ag, 0.19% Pb and 0.34% Zn over 0.52 meters, within a wider zone of mineralization and wall rock alteration grading 66 g/t Ag, 0.12% Pb and 0.19% Zn over 12.45 meters, including the presence of native silver. This intersection opens a very exciting kilometer scale area for further testing the extension of Torbrit style mineralization at Wolf."

QUALIFIED PERSONS

Rob van Egmond, P.Geo., Vice-President Exploration - Canada for Contango, the "Qualified Person" as defined by NI 43-101 has reviewed and approved the scientific and technical information contained in this news release.  Rob van Egmond, P.Geo. is not independent of the Company in accordance with NI 43-101.

ABOUT CONTANGO

Contango is a NYSE American and TSX listed company that engages in the exploration for and development and production of gold and associated minerals in Alaska and in the Golden Triangle in British Columbia. Contango holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres of land for exploration and development on the Manh Choh project, with the remaining 70% owned by KG Mining (Alaska), Inc., an indirect subsidiary of Kinross Gold Corporation, operator of the Peak Gold JV. The Company and its subsidiaries also have (i) a lease on the Johnson Tract project, which consists of mineral rights to approximately 21,000 acres located near tidewater, 125 miles southwest of Anchorage, Alaska, from the underlying owner, CIRI, (ii) a lease on the Lucky Shot project, which consists of mineral rights to approximately 8,600 acres of State of Alaska and patented mining claims located in the Willow Mining District about 75 miles north of Anchorage, Alaska, from the underlying owner, Alaska Hardrock Inc., (iii) mineral rights to approximately 145,000 acres of State of Alaska mining claims, and (iv) mineral rights to approximately 11,700 acres of State of Alaska mining claims and upland mining leases, all of which give Contango the exclusive right to explore and develop minerals on these lands, (v) mineral tenures of approximately 247,000 acres (100,000 ha) located in and around the Kitsault Valley in the Golden Triangle of northwest British Columbia.

Additional information can be found on our web page at www.contangoore.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities ("Forward-looking Statements"). These include statements regarding Contango's plans and expectations for its properties and operations, the content within future annual filings, operations in respect of Contango mineral properties and any benefits of investment in Contango. The Forward-looking Statements regarding Contango are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, based on Contango's current expectations and includes statements regarding future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as "expects", "projects", "anticipates", "plans", "estimates", "intends", "believes", "ensures", "forecasts", "predicts", "proposes", "contemplates", "aims", "seeks", "continues", "potential", "positioned", "strategy", "outlook", "future", "going forward", "designed to", and similar expressions or other words of similar meaning, and the negatives thereof, or stating that certain actions, events or results "may", "might", "will", "should", "would", or "could" be taken, or that they are "possible", "probable", or "likely" to occur or be achieved). However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking Statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to: the risks of the exploration and the mining industry (for example, operational risks in exploring for and developing mineral reserves); risks and uncertainties involving geology; the speculative nature of the mining industry; the uncertainty of estimates and projections relating to future production, costs and expenses; the volatility of natural resources prices, including prices of gold and associated minerals; the existence and extent of commercially exploitable minerals in properties acquired by Contango or the Peak Gold JV; ability to realize the anticipated benefits of the Peak Gold JV; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the interpretation of exploration results and the estimation of mineral resources; the loss of key employees or consultants; health, safety and environmental risks; risks related to weather and other natural disasters; uncertainties as to the availability and cost of financing; Contango's inability to retain or maintain its relative ownership interest in the Peak Gold JV; inability to realize expected value from acquisitions; inability of our management team to execute its plans to meet its goals; the extent of disruptions caused by an outbreak of disease, such as the COVID-19 pandemic; and the possibility that government policies may change, political developments may occur or governmental approvals may be delayed or withheld, including as a result of presidential and congressional elections in the U.S. or the inability to obtain mining permits. Additional information on these and other factors which could affect Contango's operations or financial results are included in Contango's other reports on file with the U.S. Securities and Exchange Commission. Investors are cautioned that any Forward-looking Statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the Forward-looking Statements. Forward-looking Statements are based on the estimates and opinions of management at the time the statements are made. Contango does not assume any obligation to update Forward-looking Statements should circumstances or management's estimates or opinions change.

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SOURCE Contango Silver & Gold Inc.

FAQ

What did Contango (NYSE American: CTGO) announce about the 2026 Kitsault Valley drill program?

Contango announced the start of its 2026 surface drill program at the Kitsault Valley silver-gold project. According to Contango, three diamond drills are active, with about 40,000 meters of drilling planned across Dolly Varden, Wolf and Homestake Ridge deposits plus regional exploration.

How many meters will Contango drill in the 2026 Kitsault Valley program for CTGO?

Contango plans approximately 40,000 meters of drilling in the 2026 Kitsault Valley program. According to Contango, around 10,000 meters of this total will be devoted to exploration holes in the Kitsault Valley and other areas of its Golden Triangle land package.

Which deposits are targeted in Contango’s 2026 Kitsault Valley drilling for CTGO shareholders?

The 2026 program targets multiple silver-gold deposits across the Kitsault Valley. According to Contango, drilling focuses on Dolly Varden (Torbrit, North Star, Dolly Varden), the Wolf deposit, and Homestake Ridge (Homestake Main and Homestake Silver) for infill, resource expansion and exploration.

When is the Kitsault Valley resource update and Initial Assessment expected for Contango (CTGO)?

Contango expects a new resource update and a preliminary economic study in H1 2027. According to Contango, the 2026 drilling will support this Initial Assessment under US reporting standards, helping evaluate progression from exploration stage toward potential development of the Kitsault Valley deposits.

What were the key 2025 Wolf drill results referenced in Contango’s May 26, 2026 CTGO update?

Contango highlighted a 2025 Wolf drill intercept described as Torbrit-style mineralization. According to Contango, hole DV25-470 cut 518 g/t silver over 0.52 meters within a broader interval grading 66 g/t silver over 12.45 meters, including native silver.

What additional work will accompany Contango’s 2026 Kitsault Valley drilling for CTGO?

Alongside drilling, Contango plans several technical and baseline programs at Kitsault Valley. According to Contango, work includes environmental baseline studies, permitting activities, camp and infrastructure upgrades, plus metallurgical and hydrological studies to support advancing the deposits toward potential development decisions.