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 to meet 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.