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Contango ORE, Inc. Announces Three Significant Corporate Updates

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Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) announced today three significant updates outlined below. For further information, please visit our website at www.contangoore.com.

Figure 1. Location map for the Shamrock Project, Alaska. (Graphic: Business Wire)

Figure 1. Location map for the Shamrock Project, Alaska. (Graphic: Business Wire)

  • Change of Project Name from Peak Gold to Athabascan Name – Manh Choh
  • Receipt of Resource Report Regarding the Company’s 30% Interest in the Manh Choh Project
  • Acquisition of Shamrock - a New Exploration Stage Project Located in the Richardson Mining District of Alaska

Manh Choh Project

The Company is pleased to announce that the Tetlin Tribal Council has approved of a new name for the Peak Gold Project. From now on the project will be referred to as the Manh Choh Project. The renaming was a result of close consultation with the local Upper Tanana Athabascan Village of Tetlin, on whose land the project is situated. The name ‘Manh Choh’ (“mon-CHO”) was chosen by the Village of Tetlin Tribal Council and can be translated from the Upper Tanana Athabascan language to ‘Big Lake,’ referring to the nearby Tetlin Lake, a site of high cultural and subsistence significance for the community. Chief Michael Sam said: “We look forward to the safe and responsible development of the project and the positive benefits it is expected to generate for our community.”

In other news on the Manh Choh project, the Company is happy to report that the Peak Gold LLC (joint venture company with Kinross 70% and CORE 30%) approved $18 million 2021 program budget (CORE’s 30% share is $5.4 million) is in full swing with three drill rigs currently operating around the clock. Drilling is focused on in-fill drilling to upgrade indicated and inferred resources to the measured and indicated categories as well as water monitoring wells for environmental baseline. Drilling to support further metallurgical test work and pit geotechnical studies is also being completed. Environmental baseline and community outreach efforts also continue. All work underway is to support initiation of permitting for the Manh Choh Project expected to begin in the second half of 2021, and the completion of a Feasibility Study in 2022.

Resource Report Received Regarding Company’s Interest in the Manh Choh Project

The Company is pleased to report that it has received a Resource Report for the Main Peak and North Peak deposits on the Manh Choh Project (formerly Peak Gold Project). The Company obtained the Resource Report in connection with its upcoming requirement to comply with new Subpart 1300 of Regulation S-K (“S-K 1300”). The report was completed by John Sims of Sims Resources LLC, a “qualified person” under S-K 1300 who provided a similar resource report for Kinross Gold under Canadian disclosure rules commonly known as NI 43-101. The two resource estimates in the two reports are identical. As background, the United States Securities and Exchange Commission (“SEC”) adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) include S-K 1300 and will replace the historical property disclosure requirements for mining registrants that are included in SEC Industry Guide 7. The Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules until its annual report for its first fiscal year beginning on or after January 1, 2021, unless earlier compliance is otherwise required. A copy of the Resource Report can be reviewed on the Company’s website site at www.contangoore.com/investors/overview.

Table 1 summarizes a mineral resource1 estimate for the Project effective December 31, 2020 held by Peak Gold LLC (100% basis), while Table 2 shows CORE’s 30% attributable ownership of the Project.

Table 1 Summary of Mineral Resources as of December 31, 2020 – Peak Gold LLC’s 100% Ownership

 

Category

Tonnage
(000 t)

Grade
(g/t Au)

Contained Metal
(000 oz Au)

Grade
(g/t Ag)

Contained Metal
(000 oz Ag)

Grade
(g/t AuEq)

Contained Metal
(000 oz AuEq)

Measured

473

6.4

97

16.7

254

6.6

101

Indicated

8,728

4.0

1,111

14.1

3,945

4.2

1,168

Total Measured + Indicated

9,201

4.1

1,208

14.2

4,199

4.3

1,267

 

 

 

 

 

 

 

 

Inferred

1,344

2.7

116

16.1

694

2.9

126

1 The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” as used in this press release are defined terms under S-K 1300. The estimation of measured resources and indicated resources are not reserves. Resources have greater uncertainty as to their existence and the legal and economic feasibility of extraction than the estimation of proven and probable reserves. Conversion of mineral resources to proven and probable mineral reserves requires a further economic study, such as a preliminary feasibility study or definitive feasibility study. Investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into mineral reserves.

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Table 2 Summary of Mineral Resources as of December 31, 2020 – CoRE’s 30% Attributable Ownership
 

Category

Tonnage
(000 t)

Grade
(g/t Au)

Contained Metal
(000 oz Au)

Grade
(g/t Ag)

Contained Metal
(000 oz Ag)

Grade
(g/t AuEq)

Contained Metal
(000 oz AuEq)

Measured

142

6.4

29

16.7

76

6.6

30

Indicated

2,618

4.0

333

14.1

1,183

4.2

350

Total Measured + Indicated

2,760

4.1

362

14.2

1,260

4.3

380