Contango Silver & Gold reports high-grade Kitsault hits
Contango Silver & Gold reports high-grade drill intercepts and a continuous silver system at Kitsault Valley, with a 2026 program exceeding 40,000 meters and more assays pending.
Rhea-AI Filing Summary
Contango Silver & Gold Inc. (CTGO) reported initial 2026 infill and expansion drill results from the Torbrit and North Star silver deposits at its Kitsault Valley Project in northwest British Columbia’s Golden Triangle. Systematic step-out drilling has confirmed a mineralized zone connecting Torbrit and North Star into one continuous silver system.
Key intercepts include 506 g/t AgEq over 13.90 meters within 25.00 meters grading 304 g/t AgEq in hole DV26-480 at Torbrit, and 807 g/t AgEq over 4.96 meters, including 2,254 g/t AgEq over 1.00 meter, in hole DV26-494 at North Star. Hole DV26-515 returned 33.50 meters grading 262 g/t AgEq, including lenses up to 1,071 g/t AgEq over 1.00 meter, plus a lower zone of 66.35 meters at 165 g/t AgEq. The 2026 Kitsault Valley drill campaign has expanded from 40,000 meters toward over 50,000 meters, with 32 holes completed at Torbrit and 21 at North Star and the connection zone, and additional assays still pending.
Positive
- High-grade silver-equivalent intercepts and confirmed Torbrit–North Star linkage support a unified mineralized system at Kitsault Valley, with standout results such as 506 g/t AgEq over 13.90 m and 807 g/t AgEq over 4.96 m, and an expanded 2026 drill program toward 50,000 meters.
Negative
- Kitsault Valley remains an exploration-stage property with no mineral reserves, and the company states the reported exploration results do not demonstrate economic viability at this time.
Filing Explained
The project remains exploratory: no mineral reserves or economic viability have been established, and further assays and resource updates remain pending.
This Contango Silver & Gold disclosure reports exploration results at Kitsault Valley, but the company states that no mineral reserves have been declared and the work does not demonstrate economic viability; the project therefore remains at an exploratory stage rather than an established mine-development stage.
Form 8-K Item 7.01 is being used to furnish the company’s press release about the event. The reported drill intervals are downhole core lengths, and their true widths are not yet known and may differ materially.
The release covers initial assays from 34 holes, while assays for the majority of the ongoing 2026 program remain pending. The new step-out results are to be incorporated into a subsequent Mineral Resource Estimate planned for
8-K Event Classification
Key Figures
Key Terms
silver-equivalent financial
Mineral Resource Estimate financial
Quality Assurance and Quality Control technical
Inductively Coupled Plasma Mass Spectrometry technical
exploration-stage property financial
qualified person regulatory
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did CTGO announce about drilling at the Kitsault Valley Project?
What are the key high-grade drill intercepts Contango Silver & Gold (CTGO) reported?
How large is CTGO’s 2026 drill program at Kitsault Valley?
Has Contango Silver & Gold (CTGO) defined mineral reserves at Kitsault Valley?
How much drilling has been completed at Torbrit and North Star in 2026 for CTGO?
What is Contango Silver & Gold’s interest in the Peak Gold JV mentioned in the filing?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On September 15, 2026, the Company issued a press release announcing drill results at its Kitsault Valley project. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information included herein and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Cautionary Note Regarding Forward-Looking Statements
Many of the statements included or incorporated in this Current Report on Form 8-K and the furnished exhibit constitute “forward-looking statements.” In particular, they include statements relating to future actions, strategies, future operating and financial performance, ability to realize the anticipated benefits of various transactions and the Company’s future financial results. These forward-looking statements are based on current expectations and projections about future events. Readers are cautioned that forward-looking statements are not guarantees of future operating and financial performance or results and involve substantial risks and uncertainties that cannot be predicted or quantified, and, consequently, the actual performance of the Company may differ materially from that expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, factors described from time to time in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein).
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
Description of Exhibit |
99.1 |
Press Release of the Company, dated September 15, 2026. |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CONTANGO SILVER & GOLD INC. |
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September 15, 2026 |
By: |
/s/ Mike Clark |
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Chief Financial Officer |
NEWS RELEASE
CONTANGO SILVER & GOLD
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
FAIRBANKS, AK - (September 15, 2026) - Contango Silver and Gold Inc. (“Contango” or the “Company”) (NYSE American / TSX: CTGO) 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
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.
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.
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.
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 |
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including |
192.43 |
193.77 |
1.34 |
600 |
0.75 |
0.47 |
0.01 |
616 |
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DV26-477 |
165.95 |
176.02 |
10.07 |
197 |
1.27 |
0.49 |
0.01 |
220 |
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including |
175.22 |
176.02 |
0.8 |
344 |
8.4 |
0.29 |
0.01 |
447 |
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DV26-478 |
114 |
126 |
12 |
77 |
0.02 |
0.05 |
0.01 |
78 |
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including |
114 |
116.47 |
2.47 |
246 |
0.04 |
0.03 |
0.01 |
247 |
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|
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 |
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including |
157.1 |
171 |
13.9 |
499 |
0.24 |
0.25 |
0.01 |
506 |
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including |
161.65 |
163.95 |
2.3 |
872 |
0.31 |
0.37 |
0.01 |
881 |
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DV26-482 |
N/S |
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DV26-483 |
172 |
184.53 |
12.53 |
77 |
0.16 |
0.23 |
0.01 |
83 |
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including |
172 |
177.8 |
5.8 |
149 |
0.33 |
0.35 |
0.01 |
159 |
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DV26-486 |
158.18 |
195.2 |
37.02 |
20 |
0.26 |
0.24 |
0.01 |
27 |
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including |
159.18 |
160.53 |
1.35 |
117 |
2.66 |
3.62 |
0.03 |
205 |
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DV26-487 |
202.28 |
205.43 |
3.15 |
120 |
1.43 |
4.86 |
0.01 |
211 |
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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 |
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|
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 |
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|
217.63 |
223.1 |
5.47 |
335 |
0.13 |
0.06 |
0.01 |
338 |
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DV26-495 |
N/S |
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DV26-496 |
164 |
167 |
3 |
402 |
0.72 |
0.29 |
0.01 |
415 |
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DV26-497 |
156.12 |
168.51 |
12.39 |
62 |
0.13 |
0.86 |
0.03 |
78 |
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including |
157.4 |
158.4 |
1 |
315 |
0.14 |
1.21 |
0.05 |
338 |
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DV26-500 |
118 |
155 |
37 |
52 |
0.32 |
0.83 |
0.01 |
69 |
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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 |
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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 |
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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.. 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.
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.
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 105 meters depth. Torbrit style mineralization with mm-scale layers of sulfosalts (black) interstitial with jasper (red) and barite (white).
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 270.38 meters grading 807 g/t AgEq over 4.96 meters. Silver mineralization is hosted in more barite/silica layered and brecciated style.
Figure 8. Cross sectional view B-B’ of North Star horizon and drill hole DV26-494 drilled perpendicular to mineralization layers
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.
Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to greater than 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to greater than 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.
Mr. Larimer verified the data disclosed in this news release by reviewing original laboratory certificates, drill logs, core-sampling records, chain-of-custody documentation, collar and downhole survey data, and the results of the Company’s quality assurance and quality control program. Mr. Larimer also independently checked the reported mineralized intervals and metal-equivalent calculations against the Company’s assay database. In Mr. Larimer’s opinion, the data are adequate for the purposes of this disclosure
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