Contango ORE Announces Initial Results of 2013 Exploration Program

Before you go, we thought you'd like these...
Before you go close icon

Contango ORE Announces Initial Results of 2013 Exploration Program

HOUSTON--(BUSINESS WIRE)-- Contango ORE, Inc. (CTGO.PK) announced today the initial drilling results in its 2013 exploration program at its 765,000 acres near Tetlin, AK. The initial results are part of a $10 million 2013 exploration program that includes drilling 55-67 holes over a five-month period from June through the end of October. Results to date reflect 8 holes drilled and analyzed that are summarized in Table 1 below. Analytical results are pending from an additional 19 holes.

In general, all of the 2013 holes intercepted a 100 to 125 foot wide zone of mineralization. The drill intervals in holes 13062-064 represent infill drilling while those from holes 13066 to 069 represent infill and expansion drilling. See map below for drilling locations. The early results of our 2013 drilling program indicate that the previously identified Peak zone will be extended along both strike and dip relative to the known limits from previous drilling.


Mr. Brad Juneau, President of the Company, said, "The preliminary results of our 2013 exploration program at our Tetlin project continue tomeet our expectations in terms of gold, silver, and copper grade as well as thickness. Our goal is to identify sufficient mineral resources by the end of 2013 to justify initial reviews of economic and engineering parameters on the project. We expect to be drilling continuously with a two-rig program throughout the rest of the summer and early fall in an attempt to delineate the limits of the Peak Zone as well as test additional exploration prospects. We are awaiting final interpretations of new airborne geophysical data we acquired earlier this summer before selecting our exploratory drilling sites, anticipated to be in late July."

Contango ORE has taken additional mining claims this spring in the vicinity of Tok, AK covering 40,200 acres. These claims were selected based on proximity to known mineral occurrence, access to existing infrastructure, and which complement our existing exploration program in terms of leveraging our local knowledge based on our exploration results to date. We have initiated exploration activities on these new claims.

Contango ORE, Inc. (CORE) is a Houston-based company that engages in the exploration in Alaska for gold and associated minerals and rare earth elements. Additional information can be found on our web page at www.contangoore.com.

This press release contains forward-looking statements regarding CORE that are intended to be covered by the safe harbor "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, based on CORE'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", "potential", "possible", "probable", or "intends", or stating that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved). 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, 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 rare earth elements; the existence and extent of commercially exploitable minerals in properties acquired by CORE; 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 and risks related to weather and other natural disasters); uncertainties as to the availability and cost of financing; inability to realize expected value from acquisitions; inability of our management team to execute its plans to meet its goals; and the possibility that government policies may change or governmental approvals may be delayed or withheld, including the inability to obtain any mining permits. Additional information on these and other factors which could affect CORE's exploration program or financial results are included in CORE's other reports on file with the 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. CORE does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

Table 1

Significant 2013 gold drill results from initial drill holes at the Peak zone, Chief Danny prospect, Tetlin project, Alaska. Sample intervals are calculated using a 0.5 gpt lower cut off for gold with no internal waste greater than 3 meters less than cutoff grade. Intercepts shown are drill intercept lengths. All holes reported were completed at -60 degree inclination along azimuth 225 degrees to intercept mineralization at approximately right angles. The grade cutoff for gold (Au) is 0.5 gpt; for silver (Ag) is 10 gpt; and for copper (Cu) is 0.1 gpt.

<
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Gift Finder Promo
More to Explore
Thu, Dec 08
Set Your Location
City, State, or Zip
Num   Drill Hole   From_m   To_m   Int_m   Au_opt   Au_gpt   Ag_gpt   Cu_pct
1   TET13062   6.10   9.10   3.00   0.037   1.265   6.9   0.106
2   TET13062   79.40   80.80   1.40   0.052   1.783   1.1   0.031
3   TET13062   83.20   85.10   1.90   0.024   0.822   0.9   0.026
4   TET13062   88.90   153.70   64.80   0.382   13.101   21.0   0.482
5   including   109.70   118.90   9.20   0.923   31.640   28.5   0.711
6   including   115.40   116.20   0.80   2.013   69.000   72.5   1.785
7   and   125.80   126.50   0.70   1.286   44.100   52.1   0.836
8   and   128.10   133.70   5.60   0.985   33.774   56.5   0.833
9   including   132.80   133.70   0.90   1.394   47.800   172.0   3.260
10   TET13063   131.11   171.60   40.49   0.483   16.550   36.1   0.732
11   including   146.00   148.65   2.65   2.365   81.100   178.0   3.920
12   and   153.35   155.14   1.79   1.671   57.300   121.0   0.762
13   TET13064   89.10   95.10   6.00   0.007   0.257   26.5   0.325
14   including   91.00   93.20   2.20   0.017   0.591   59.9   0.691
15   TET13064   120.50   122.90   2.40   0.016   0.549   9.2   0.202
16   TET13064   147.20   152.20   5.00   0.043   1.487   1.9   0.052
17   TET13064   156.60   189.40   32.80   0.310   10.638   6.4   0.198
18   including   163.00   166.50   3.50   1.213   41.586   15.3   0.461
19   including   163.70   164.80   1.10   2.225   76.300   19.2   0.499
20   and   171.00   173.60   2.60   0.712   24.400   13.4   0.494
21   and   174.30   177.70   3.40   0.590   20.212   7.5   0.323
22   and   181.50   183.50   2.00   0.680   23.300   8.4   0.295
23   TET13065   157.60   159.10   1.50   0.039   1.325   3.4   0.110
24   TET13065   184.45   206.93   22.48   0.034   1.160   10.5   0.403
25   including   186.55   188.47   1.92   0.125   4.270   15.6   0.705
26   and   203.00   204.50   1.50   0.153   5.240   40.7