Contango Intersects 506 g/t AgEq over 13.90 Meters at Torbrit and 807 g/t AgEq over 4.96 Meters at North Star Infill and Expansion Drilling

Early 2026 drilling at Kitsault Valley shows high-grade silver and confirms a mineralized corridor linking the Torbrit and North Star deposits.

Rhea-AI Summary

Contango Silver and Gold (CTGO) reported initial 2026 infill and expansion drilling results from the Torbrit and North Star silver deposits at the Kitsault Valley Project in British Columbia, including 506 g/t AgEq over 13.90 meters at Torbrit and 807 g/t AgEq over 4.96 meters at North Star.

Step-out drilling has confirmed mineralization connecting Torbrit and North Star, indicating a unified silver system beneath the valley floor. Highlights at Torbrit include DV26-480 with 304 g/t AgEq over 25.00 meters, including 881 g/t AgEq over 2.30 meters, and DV26-515 with an upper zone grading 33.50 meters of 262 g/t AgEq plus a lower zone grading 66.35 meters of 165 g/t AgEq. At North Star, DV26-494 returned 2,254 g/t AgEq over 1.00 meter within 4.96 meters of 807 g/t AgEq. The 2026 program has expanded from 40,000 to over 50,000 meters with five rigs, and assays from most holes are still pending. None of the 2026 drilling is included in the Mineral Resource Estimate update expected later in September 2026.

Positive

• DV26-480 (Torbrit): 304 g/t AgEq over 25.00 m, including 506 g/t AgEq over 13.90 m and 881 g/t AgEq over 2.30 m
• DV26-488 (Torbrit): 1,576 g/t AgEq over 2.00 m, including 2,878 g/t AgEq over 0.98 m
• DV26-494 (North Star): 807 g/t AgEq over 4.96 m, including 2,254 g/t AgEq over 1.00 m
• DV26-515 (Torbrit): upper zone 33.50 m at 262 g/t AgEq and lower zone 66.35 m at 165 g/t AgEq
• Unified system: step-out drilling demonstrates a mineralized corridor connecting Torbrit and North Star
• Program scale increased: 2026 Kitsault Valley drill program expanded from 40,000 m toward over 50,000 m

Negative

• None.

News Explained

Reported intercepts are downhole lengths with estimated true widths of 80% to 95%; connection-zone results are planned for the 2027 resource estimate.

The 2026 program remains underway, and the reported intercepts are downhole core lengths; estimated true widths range from 80% to 95% of those lengths, pending further modeling.

The release defines AgEq as a calculated composite using silver, lead, zinc and gold prices plus recoveries; it says silver contributes approximately 90% to 94% of the calculated grade across the reported infill and expansion drilling.

The company says the new connection-zone intersections will be integrated into the geological model and will drive a subsequent Mineral Resource Estimate planned for 2027.

Market Context

The -1.1% 24-hour move recorded after the Sep 08 Kitsault project update preceded this release's ini...

Analysis

The -1.1% 24-hour move recorded after the Sep 08 Kitsault project update preceded this release's initial assays, which added Torbrit-North Star intercepts and a reported connection between the deposits.

Key Figures

Torbrit intercept: 506 g/t AgEq over 13.90 meters North Star intercept: 807 g/t AgEq over 4.96 meters High-grade Torbrit interval: 881 g/t AgEq over 2.30 meters +5 more

Torbrit intercept

506 g/t AgEq over 13.90 meters

DV26-480

North Star intercept

807 g/t AgEq over 4.96 meters

DV26-494

High-grade Torbrit interval

881 g/t AgEq over 2.30 meters

Within DV26-480

High-grade North Star interval

2,254 g/t AgEq over 1.00 meter

Within DV26-494

Torbrit upper zone

262 g/t AgEq over 33.50 meters

DV26-515

Torbrit lower zone

165 g/t AgEq over 66.35 meters

DV26-515

Reported drill holes

34 holes

Initial assays from Torbrit and North Star

Expanded drill program

over 50,000 meters

2026 Kitsault Valley program

Historical Context

1 past event · Latest: Sep 08

1 event

1. Sep 08

   Kitsault project update

   24h Move

   -1.1%

   Kitsault drilling reached 123 holes and over 46,446 meters ahead of the MRE update

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

Key Terms

step-out drilling, mineral resource estimate, pyrargyrite

3 terms

step-out drilling technical

"systematic step-out drilling has confirmed a mineralized zone"

Step-out drilling is an exploration technique where drill holes are placed progressively farther from a known mineralized zone to test whether the deposit continues outward. For investors, successful step-outs can grow a project's estimated size and economic potential—reducing risk and often increasing value—while unsuccessful results limit upside; it's like checking adjoining rooms to see if a discovered treasure continues beyond the first room.

mineral resource estimate technical

"none of this 2026 drilling is incorporated into our Mineral Resource Estimate"

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

pyrargyrite technical

"native silver, pyrargyrite, argentite, silver sulphosalts"

Pyrargyrite is a naturally occurring silver antimony sulfide mineral that is one of several primary ores of silver. It appears as dark red to black crystals and is mined where concentrations of silver-containing minerals occur; like finding a concentrated vein of ore in rock, higher pyrargyrite content can make a deposit more valuable to extract. Investors track it because its presence affects the potential size, grade and economics of mining projects and resource estimates.

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

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Fairbanks, Alaska--(Newsfile Corp. - September 15, 2026) - Contango Silver and Gold Inc. (NYSE American: CTGO) (TSX: CTGO) ("Contango" or the "Company") is pleased to announce initial assay results from the Torbrit and North Star silver deposits as part of the ongoing 2026 infill and expansion diamond drilling program at the Kitsault Valley Project, located in Northwest British Columbia's Golden Triangle. Highlighting these results, systematic step-out drilling has confirmed a mineralized zone connecting the Torbrit and North Star silver deposits. Notable high-grade, primary silver intercepts include 506 g/t AgEq over 13.90 meters in drill hole DV26-480 at Torbrit, and 807 g/t AgEq over 4.96 meters in drill hole DV26-494, located over 300 meters to the southwest at North Star.

Highlights

• DV26-480 (Torbrit): 506 g/t AgEq over 13.90 meters, including 881 g/t AgEq over 2.30 meters within a broader mineralized zone of 25.00 meters grading 304 g/t AgEq;
• DV26-488 (Torbrit): 272 g/t AgEq over 5.54 meters, and 0.98m of 2,878 g/t AgEq within 2.00 meters of 1,576 g/t AgEq;
• DV26-494 (North Star): 807 g/t AgEq over 4.96 meters, including 2,254 g/t AgEq over 1.00 meter; and
• DV26-515 (Torbrit): Several zones include an Upper zone (with lens A and B); and a Lower zone: Upper zone grading 33.50 meters of 262 g/t AgEq with lens A grading 436 g/t AgEq over 6.70 meters, and lens B grading 294 g/t AgEq over 17.00 meters including 1,071 g/t AgEq over 1.00 meter; and the Lower zone grading 66.35 meters of 165 g/t AgEq.

Rick Van Nieuwenhuyse, the Company's Chief Executive Officer said, "Infill drilling continues to demonstrate exceptional grade and continuity at Kitsault Valley-delivering 500 to 2,800+ g/t silver values over thick intervals that routinely match or beat our resource estimates. Keep in mind that over 90% of silver equivalent grades are due to the silver content and not base metals which is why Kitsault hosts such exceptional primary silver deposits.

Thanks to exceptional drilling efficiencies on site this season, we've been able to expand our campaign to over 50,000 meters. Crucially, systematic step-out drilling between Torbrit and North Star has now defined a clear structural link, proving these deposits are part of one unified, interconnected silver system. It's important to note that none of this 2026 drilling is incorporated into our Mineral Resource Estimate update due later this month, meaning these initial results-and those still to come-represent brand-new growth upside that will feed directly into future resource expansion and mine planning. Confirming this mineralized corridor marks a major milestone for the project, laying the foundation to potentially merge two separate deposits into a single, integrated mine plan with shared development infrastructure. We have plenty more assays coming from the 2026 program and I eagerly anticipate the next batch of results."

2026 Kitsault Valley Drill Program

Mobilized in late May 2026 with five diamond drill rigs, the Kitsault Valley program was initially scoped at 40,000 meters but has expanded toward +50,000 meters thanks to exceptional operational efficiencies on site. Drilling has focused on infill and step-out expansion around established mineral resources, as well as testing multiple high-priority regional targets. The campaign covers the entire project footprint, spanning the silver-dominant Dolly Varden Target Area in the south, which includes Torbrit, North Star, Wolf, and the recently defined 470 target, as well as the gold-dominant Homestake Target Area in the north (Figure 1). Assays for the majority of the ongoing 2026 program remain pending and will be reported in batches as results are finalized.

Figure 1. Plan and long sectional view of the Kitsault Valley Project highlighting 2026 Torbrit and North Star drilling area from this release.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12610/314349_1c533b84849d291c_002full.jpg

The start of this season's drill program focused on the Torbrit and North Star deposits, where drilling has now successfully confirmed these two deposits form a connected mineralized system. Step-out drilling into the gap between the two deposits successfully intersected mineralization, demonstrating the continuity of mineralization below the valley bottom (Figures 2&3). These new step-out intercepts will be integrated into our evolving geological model and will drive a subsequent Mineral Resource Estimate (MRE) planned for 2027, providing immediate upside on top of our imminent 2026 MRE update.

Exploration Drill Results: Torbrit and North Star

The Torbrit and North Star silver deposits are characterized by barite rich stratiform mineralization overprinted by epithermal veining and brecciation, delivering high-grade silver and localized base metal values. Mineralization across both deposits consists of native silver, pyrargyrite, argentite, silver sulphosalts, argentiferous galena, and sphalerite.

Infill drilling at Torbrit and North Star delivered robust silver and base metal grades while upgrading confidence across wider-spaced areas that were previously modelled based on historic underground drilling from the 1960s. This year to date, 32 drill holes have been completed at Torbrit, with an additional 21 drill holes targeting North Star and the connection zone between the two deposits (Figures 2&3). Drilling remains active with one drill continuing expansion work along the North Star-Torbrit linkage, with 3 additional drills currently turning across the Homestake Target area, newly defined 470 target and Wolf deposit areas. The fifth rig has been demobilized.

This release includes initial assays from 34 holes across the Torbrit and North Star silver deposits, as detailed in Table 1 below. All reported downhole core lengths approximate 80% to 95% of true width, as drilling was oriented as close to perpendicular to the mineralized zones as possible. Assays for the balance of the 2026 program remain pending and will be released in batches as results are validated.

Figure 2. Plan view of the 2026 Torbrit and North Star drilling, including drill holes from this release and pending results shown with lithology. Historic drilling is shown with black drill hole traces.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12610/314349_1c533b84849d291c_004full.jpg

Rob van Egmond, P.Geo, and the Company's Vice President Exploration - Canada stated, "The initial Torbrit and North Star results improve confidence in the geological model and confirm the interconnectivity of the silver system in the southern portion of the property. Highlighted intercepts demonstrate strong silver dominance, with elemental silver accounting for approximately 90% to 94% of the calculated silver-equivalent grade across both infill and expansion drilling. Standout hits like 881 g/t silver-equivalent over 2.30 meters in DV26-480 and 262 g/t silver-equivalent over 33.50 meters in DV26-515 showcase the exceptional grade and scale of these deposits-frequently featuring exciting mineralogy with visible native silver, pyrargyrite, and coarse argentite overprinted on barite-rich stratiform zones. Crucially, step-out drilling has proven physical continuity across the valley floor between Torbrit and North Star, while infill drilling has successfully validated historic 1960s underground data to solidify structural continuity in our 3D model."

Figure 3. Long-section type Cross-sectional view A-A' of Torbrit with North Star to the west with the mineralized horizon dipping away. Historic underground levels and stopes are shown in grey.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12610/314349_1c533b84849d291c_005full.jpg

Table 1. Drill hole results from Torbrit and North Star deposit areas

Target	Hole ID	From		To		Total (m)	Ag (g/t)	Pb (%)	Zn (%)	Au (g/t)	AgEQ (g/t)
Torbrit	DV26-476	169.22		193.77		24.55	142	0.28	0.19	0.01	148
	including	192.43		193.77		1.34	600	0.75	0.47	0.01	616
	DV26-477	165.95		176.02		10.07	197	1.27	0.49	0.01	220
	including	175.22		176.02		0.8	344	8.4	0.29	0.01	447
	DV26-478	114		126		12	77	0.02	0.05	0.01	78
	including	114		116.47		2.47	246	0.04	0.03	0.01	247
		135.67		153.88		18.21	30	0.46	0.45	0.01	42
	DV26-480	146		171		25	300	0.15	0.18	0.01	304
	including	157.1		171		13.9	499	0.24	0.25	0.01	506
	including	161.65		163.95		2.3	872	0.31	0.37	0.01	881
	DV26-482	N/S
	DV26-483	172		184.53		12.53	77	0.16	0.23	0.01	83
	including	172		177.8		5.8	149	0.33	0.35	0.01	159
	DV26-486	158.18		195.2		37.02	20	0.26	0.24	0.01	27
	including	159.18		160.53		1.35	117	2.66	3.62	0.03	205
	DV26-487	202.28		205.43		3.15	120	1.43	4.86	0.01	211
	DV26-488	156.47		162.01		5.54	232	1.26	1.62	0.02	272
		188.75		190.75		2	1566	0.17	0.49	0.01	1576
	including	189.77		190.75		0.98	2860	0.28	0.9	0.01	2878
		199.5		217.01		17.51	112	0.46	0.31	0.01	123
	including	199.5		208.62		9.12	169	0.32	0.2	0.01	176
	DV26-491	167.9		174		6.1	87	0.41	0.18	0.01	95
	DV26-493	186.7		223.1		36.4	121	0.57	0.29	0.01	133
	including	196.3		200.33		4.03	179	3.54	0.09	0.01	222
		217.63		223.1		5.47	335	0.13	0.06	0.01	338
	DV26-495	N/S
	DV26-496	164		167		3	402	0.72	0.29	0.01	415
	DV26-497	156.12		168.51		12.39	62	0.13	0.86	0.03	78
	including	157.4		158.4		1	315	0.14	1.21	0.05	338
	DV26-500	118		155		37	52	0.32	0.83	0.01	69
	including	118		127		9	147	0.33	1.39	0.01	173
	DV26-502	84.84		138		53.16	98	0.22	0.1	0.01	103
	including	101.2		104.2		3	579	1.66	0.18	0.01	602
	including	121		138		17	155	0.17	0.1	0.01	159
	including	122		123		1	476	0.18	0.11	0.01	480
	including	128.6		133		4.4	295	0.3	0.12	0.01	301
	DV26-505	140		167		27	43	0.16	0.25	0.02	50
	including	140		143		3	142	0.33	0.69	0.02	158
	DV26-507	N/S
	DV26-510	14.58		24		9.42	250	3.32	2.18	0.01	322
	including	14.58		16		1.42	836	16.9	10.25	0.01	1189
	including	14.58		21		6.42	320	4.8	3.15	0.01	424
		40		43.7		3.7	294	0.27	0.28	0.01	301
		72		84.5		12.5	133	1.17	0.19	0.01	149
	including	72		73		1	598	2.38	0.28	0.01	630
	DV26-515	37.5		71		33.5	244	0.68	0.63	0.01	262
	lens A	37.5		44.2		6.7	396	1.57	1.46	0.01	436
	including	41		43.2		2.2	728	0.08	0.21	0.01	732
	lens B	54		71		17	278	0.66	0.57	0.01	294
	including	54		62		8	369	0.79	0.96	0.01	393
	including	60		61		1	1060	0.4	0.43	0.01	1071
	lower	98.65		165		66.35	161	0.19	0.09	0.01	165
	including	108		109.63		1.63	604	0.32	0.42	0.01	614
		156.66		165		8.34	641	0.09	0.19	0.01	645
	DV26-517	99.6		100		0.4	622	0.01	0.07	0.01	623
		125		130.27		5.27	290	1.09	0.99	0.01	318
North Star	DV26-479	300		309.32		9.32	13	0.14	0.45	0.16	31
	DV26-484	316.3		317.8		1.5	170	0.91	0.09	0.2	194
		321		361		40	2	0.01	0.12	0.01	5
	DV26-485	298.8		302.89		4.09	358	0.24	0.67	0.19	382
	DV26-489	346.8		352.8		6	19	0.08	2.71	0.02	62
	DV26-492	278.8		290		11.2	103	0.37	1.69	0.04	135
		290		292.75		2.75	25	0.01	0.06	0.25	41
	DV26-494	265.42		270.38		4.96	750	3.45	0.5	0.15	807
	including	269.38		270.38		1	2140	7.26	0.3	0.43	2254
	DV26-498	256.76		265.22		8.46	121	1.05	2.28	0.01	169
	DV26-499	278.7		282.98		4.28	5	0	0.74	0.01	17
	DV26-503	N/S
	DV26-506	293.83		319.59		25.76	10	0.27	0.51	0.2	33
	including	293.83		306.27		12.44	10	0.32	0.44	0.33	40
	DV26-511	247.11		264		16.89	20	0.24	0.42	0.24	43
	DV26-514	254.67		299.78		45.11	7	0.09	0.76	0.13	27
	DV26-516	165.54		172.26		6.72	38	0.11	0.06	0.15	49

 

* Intervals shown are downhole core length. Estimated true widths vary depending on intersection angles and range from 80% to 95% of core lengths, further modelling of the new intersections is needed before true widths can be estimated. Composite intervals are reported as length-weighted averages. N/S means no significant interval selected for reporting. Selected intervals are those interpreted to represent targeted or newly recognized mineralized vein structures and are included because they are relevant to the current geological interpretation. **Silver Equivalents (AgEq) are calculated using metal prices of US$53/oz for Ag, US$0.90/lb. for Pb, US$1.25/lb. for Zn and US$3,500/oz for Au. Metal recoveries applied for the southern silver deposits are 85% for Ag, 85% for Pb, 80% for Zn and 75% for Au. These inputs result in a ratio formula AgEq = Ag + 11.64Pb + 15.22Zn + 58.27Au.

Table 2. Drill collar coordinates for drill holes reported in this release

Target	Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Total Depth (m)
Torbrit	DV26-476	468172	6171425	510	225	-69	198
	DV26-477	468058	6171582	462	225	-67	204
	DV26-478	468172	6171425	510	225	-62	189
	DV26-480	468172	6171425	510	245	-58	171
	DV26-482	468172	6171425	510	280	-73	178.8
	DV26-483	468058	6171582	462	225	-73	258
	DV26-486	468150	6171441	496	45	-85	231
	DV26-487	468150	6171441	496	320	-80	267
	DV26-488	468058	6171582	462	198	-60	222
	DV26-491	468058	6171582	462	190	-70	270
	DV26-493	468076	6171518	448	225	-71	231
	DV26-495	467807	6171742	347	50	-78	423
	DV26-496	468076	6171518	448	220	-78	225
	DV26-497	468076	6171518	448	220	-86	243
	DV26-500	468075	6171489	433	139	-75	162
	DV26-502	468075	6171489	433	225	-62	138
	DV26-505	468075	6171489	433	225	-89	171
	DV26-507	468021	6171475	393	225	-53	60
	DV26-510	468021	6171475	393	45	-85	90
	DV26-515	467998	6171518	397	160	-55	165
	DV26-517	468011	6171601	446	218	-61	180
North Star	DV26-479	467549	6171226	596	126	-56	354
	DV26-484	467549	6171226	596	128	-68	378
	DV26-485	467549	6171226	596	125	-48	363
	DV26-489	467549	6171226	596	145	-70	393
	DV26-492	467623	6171317	548	125	-63	309
	DV26-494	467623	6171317	548	128	-48	315.9
	DV26-498	467623	6171317	548	132	-54	297
	DV26-499	467623	6171317	548	120.5	-47	321
	DV26-503	467653	6171356	509	114	-58	417
	DV26-506	467653	6171356	509	90	-60	339
	DV26-511	467653	6171356	509	113	-63	330
	DV26-514	467653	6171356	509	85	-66	348

 

Torbrit Drill Holes

Drill holes DV26-480 and DV26-515 were drilled at the Torbrit deposit as infill and geological model confirmation.

DV26-480 tested mineralization modelled from 1960s era drilling near the historic underground workings at Torbrit. The drill hole cored mineralization adjacent to historic stopes and ended in mineralization when it broke through into the workings. Mineralization consisted of Torbrit style layered red jasper and barite underlain by low temperature epithermal hot spring type silica/barite layers and brecciated blocks with native silver, argentite and silver sulphosalts associated with minor galena and sphalerite (Figures 4&5).

Figure 4. Drill core from DV26-480 showing layer sequences including red jasper layers and silica/barite low temperature layers and breccias with native silver, argentite, silver sulphosalts associated with galena and sphalerite mineralization. NQ core size.

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https://images.newsfilecorp.com/files/12610/314349_1c533b84849d291c_006full.jpg

Figure 5. Cross sectional view C-C' zoom in of Torbrit deposit showing DV26-480 relative to historic underground workings and modelled mineralized lenses. 2026 drilling highlighted with lithology on trace and historic underground levels and stopes in grey.

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Drill hole DV26-515 was drilled to confirm the extent of a number of lenses or layers along the eastern edge of the Torbrit deposit. This hole was drilled along section into the centre of the deposit. The extension of the lenses was confirmed by encountering Torbrit style mineralization within jasper and barite crystal layers with silver sulphosalts and argentite the predominant silver mineralization (Figure 6).

Figure 6: Drill core from DV26-515 at 105m depth. Torbrit style mineralization with mm-scale layers of sulfosalts (black) interstitial with jasper (red) and barite (white).

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North Star and Connection Drill Holes

Drill holes at the North Star deposit were drilled from surface to intersect the mineralized horizon at a better angle with modern holes for resource confirmation . Drill hole DV26-494 tested up dip of the access adit at North Star and confirmed the thickness and continuity of mineralization (Figures 7&8). Mineralization at North star is base metal rich with increased galena and sphalerite within a barite/silica layer extending distal west from the Torbrit deposit.

Extension drilling confirmed the Torbrit-North Star connection in drill holes DV26-551, 548 and 545 (see Figure 2). Assays are pending for these mineralized zones.

Figure 7: Drill core from DV26-494 at North Star from mineralized zone at 265.42 to 270.38m grading 807 g/t AgEq over 4.96 meter. Silver mineralization is hosted in more barite/silica layered and brecciated style. 

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Figure 8. Cross sectional view B-B' of North Star horizon and drill hole DV26-494 drilled perpendicular to mineralization layers

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Cautionary Note Regarding Exploration Results

The Company cautions that drill intercept lengths reported in this release are downhole core lengths. True widths are not yet known and may be materially different from reported interval lengths. Visible-gold observations are qualitative geological observations and do not necessarily correlate with higher gold grades, mineral continuity, metallurgical performance or economic significance. Gold assay results derived from laboratory analysis are the only quantitative measure of gold content.

The Kitsault Valley is an exploration-stage property. No mineral reserves have been declared for the Kitsault Valley Project, and the work described in this release is exploratory in nature. The exploration results reported in this release do not demonstrate economic viability.

Quality Assurance and Quality Control

All drill core was logged and photographed at the Alice Arm Exploration Camp. Core was sawn lengthwise using a diamond saw. One half was placed in sealed bags for analysis and the remaining half was retained. Samples were transported under documented chain-of-custody procedures to ALS Canada Ltd. in North Vancouver, British Columbia. ALS is independent of Contango and is accredited to ISO/IEC 17025 for the applicable analytical methods. Quality assurance and quality control procedures include the regular insertion of certified reference materials, blanks and duplicate samples into the analytical stream. Third party laboratory checks on 5% of the samples are carried out at the end of the field program.

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is also determined by fire assay on a 30g split with either atomic absorption, or gravimetric finish, depending on grade range. Metallic screen on a 1.0kg sample may be completed on high-grade gold samples.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Dave Larimer, CPG, Vice President, Exploration of Contango. Mr. Larimer is a "qualified person" as defined in Subpart 1300 of Regulation S-K and National Instrument 43-101. Mr. Larimer is an employee of, and is not independent of, the Company. Mr. Larimer has verified the data disclosed in this news release as described under "Quality Assurance and Quality Control."

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, and (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.

CONTACTS:
Contango Silver & Gold Inc.
Rick Van Nieuwenhuyse
(907) 388-7770
www.contangoore.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314349

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How extensive is Contango's 2026 drill program at the Kitsault Valley Project?

The 2026 Kitsault Valley drill program mobilized in late May with five diamond drill rigs. It was initially scoped at 40,000 meters but has expanded toward more than 50,000 meters due to operational efficiencies. Drilling covers the silver-dominant Dolly Varden area in the south, including Torbrit, North Star, Wolf and the 470 target, and the gold-dominant Homestake area in the north.

How many drill holes and assays are included so far from Torbrit and North Star?

Year to date, 32 drill holes have been completed at Torbrit and 21 at North Star and the connection zone between the two deposits. This release reports initial assays from 34 holes across Torbrit and North Star, with assays for the majority of the 2026 program still pending and to be released in batches.

Are the 2026 drill results included in the current Mineral Resource Estimate for Kitsault Valley?

No. The company stated that none of the 2026 drilling is incorporated into the Mineral Resource Estimate update expected later in September 2026. The new intercepts are intended to support a subsequent Mineral Resource Estimate planned for 2027 and future mine planning.

How are silver-equivalent (AgEq) grades calculated in these drill results?

Silver-equivalent grades use metal prices of US$53/oz Ag, US$0.90/lb Pb, US$1.25/lb Zn and US$3,500/oz Au, with recoveries of 85% for Ag and Pb, 80% for Zn and 75% for Au. The formula applied is AgEq = Ag + 11.64Pb + 15.22Zn + 58.27Au, with Pb and Zn in percent and Au in g/t.

What portion of the AgEq grade comes from silver at Torbrit and North Star?

The company indicated that elemental silver accounts for approximately 90% to 94% of the calculated silver-equivalent grade across both infill and expansion drilling at the Torbrit and North Star deposits, reflecting the primary silver nature of these systems.

How do reported drill intervals relate to true widths of the mineralized zones?

The reported intervals are downhole core lengths. Estimated true widths vary depending on the intersection angles and are interpreted to range from 80% to 95% of core lengths. Further modelling of the new intersections is needed before precise true widths can be estimated.