Contango ORE, Inc. Announces Updated Operations

HOUSTON--()--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) is pleased to provide an update of recent drilling results obtained during the Phase II 2016 drilling program being conducted by Peak Gold, LLC, a joint venture between the Company and Royal Alaska, LLC (“Royal”), a wholly owned subsidiary of Royal Gold, Inc., managed by Royal, on the joint venture’s gold exploration project in Tetlin, Alaska.

The following table shows the most recent significant intercepts drilled on the project for which assay results have not been previously released. Sample intervals are calculated using 0.5 grams per tonne (gpt) lower cut off for gold with no internal waste less than cutoff grade that is greater than 3 meters in thickness. Intercepts shown are drill intercept lengths. True width of mineralization is unknown. The data below includes 19 new drill holes from TET16251 and TET16273 and their locations are shown on the accompanying base map:

 
Zone       Drill Hole      

From

(meters)

     

To

(meters)

     

Interval

(meters)

      Au_gpt      

Au_gpt x

Interval

North Peak       TET16251       118.21       120.82       2.61       0.80       2.09
North Peak       TET16252       49.43       51.94       2.51       2.22       5.57
North Peak       TET16253       105.65       107.96       2.31       0.86       1.98
North Peak       TET16255       35.3       44.72       9.42       5.53       52.09
North Peak       TET16256       7.92       21.12       13.20       48.59       641.39
North Peak       TET16257       73.82       74.33       0.51       3.3       1.68
East Peak       TET16261       215.78       216.57       0.79       3.94       3.11
West Peak       TET16262       35.05       35.72       0.67       4.04       2.71
West Peak       TET16262       60.22       63.09       2.87       1.73       4.97
West Peak       TET16262       151.08       159.61       8.53       5.75       49.05
West Peak       TET16262       195.76       198.19       2.43       1.72       4.18
West Peak       TET16262       210.69       216.02       5.33       4.56       24.30
West Peak       TET16262       221.50       222.90       1.40       1.51       2.11
West Peak       TET16263       52.20       54.07       1.87       5.54       10.36
West Peak       TET16263       180.50       182.03       1.53       10.65       16.29
West Peak       TET16263       197.21       199.77       2.56       2.04       5.22
West Peak       TET16263       204.00       216.64       12.64       1.28       16.18
West Peak       TET16264       237.78       244.53       6.75       0.63       4.25
West Peak       TET16265       77.02       78.04       1.02       4.20       4.28
West Peak       TET16265       84.42       86.45       2.03       0.99       2.01
West Peak       TET16265       245.97       247.01       1.04       1.72       1.79
West Peak       TET16265       255.43       257.19       1.76       1.44       2.53
West Peak       TET16265       270.23       279.30       9.07       1.59       14.42
North Peak       TET16266       115.58       118.77       3.19       0.66       2.10
North Peak       TET16266       143.21       147.31       4.10       0.53       2.17
North Peak       TET16266       155.94       158.81       2.87       10.01       28.73
North Peak       TET16266       166.76       184.16       17.40       1.06       18.44
Main Peak       TET16267       110.39       161.24       50.85       12.05       612.74
Main Peak       TET16267       165.04       170.93       5.89       14.74       86.82
Main Peak       TET16268       16.61       19.05       2.44       0.66       1.62
Main Peak       TET16268       49.37       49.92       0.55       4.35       2.39
Main Peak       TET16268       90.31       93.66       3.35       11.86       39.73
Main Peak       TET16268       105.39       173.28       67.89       8.39       569.60
North Peak       TET16269       25.30       42.93       17.63       2.27       40.02
North Peak       TET16269       47.93       56.47       8.54       2.00       17.08
North Peak       TET16269       60.66       74.56       13.90       13.97       194.18
North Peak       TET16269       91.90       94.92       3.02       8.84       26.70
North Peak       TET16269       108.27       125.65       17.38       9.70       168.59
North Peak       TET16270       78.03       93.60       15.57       8.56       133.28
North Peak       TET16270       105.30       111.06       5.76       11.24       64.74
North Peak       TET16270       119.09       122.73       3.64       1.43       5.21
North Peak       TET16271       24.08       41.20       17.12       51.89       888.36
North Peak       TET16271       44.73       53.92       9.19       41.02       376.97
North Peak       TET16271       57.25       71.20       13.95       24.28       338.71
North Peak       TET16271       82.32       85.63       3.31       4.47       14.80
North Peak       TET16272       1.83       4.88       3.05       0.84       2.56
North Peak       TET16272       14.33       16.76       2.43       7.04       17.11
North Peak       TET16272       23.13       32.96       9.83       49.01       481.77
North Peak       TET16272       37.39       38.98       1.59       1.76       2.80
North Peak       TET16272       43.09       51.05       7.96       15.99       127.28
North Peak       TET16272       55.92       59.31       3.39       1.55       5.25
North Peak       TET16272       84.90       87.84       2.94       1.53       4.50
West Peak       TET16273       163.78       166.98       3.20       0.74       2.37
West Peak       TET16273       176.67       178.70       2.03       2.96       6.01
West Peak       TET16273       188.36       191.00       2.64       1.03       2.72
 

Brad Juneau, CEO, commented, “The primary goal of the 2016 Phase II drilling was to expand the known resource areas and to confirm the continuity of high grade gold mineralization between previously drilled fences in North Peak resource areas. The results exceeded our expectations and established continuity between previously drilled holes at Main Peak and the new infill holes at North Peak. The results also show excellent grade x thickness near the previously known limits in the eastern and southeastern portions of North Peak and in the western and northwestern margins of West Peak. Further drilling in Phase III which began in early October, will further define and possibly expand the known limits of what appears to be one common resource area at North Peak/Connector. The 2 holes drilled in Main Peak were designed to confirm predictability of the skarn geometry, grade, and thickness of gold mineralization, and the results were successful. The results of Phases II and III will be used in the upcoming comprehensive resource estimate that will include the Main Peak, North Peak, and Connector areas, expected to be completed near the end of the first quarter of calendar year 2017.”

About CORE

CORE is a Houston-based company that engages in the exploration in Alaska for gold and associated minerals through Peak Gold, LLC, its joint venture company with Royal Gold, Inc. Additional information can be found on our web page at www.contangoore.com.

FORWARD-LOOKING STATEMENTS

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 associated minerals; 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.

Contacts

Contango ORE, Inc.
Brad Juneau, 713-877-1311
www.contangoore.com

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