Mining News: News Nuggets: With 39 meters of 1.66 oz./t gold, Tetlin drilling continues to impress

Contango Ore Inc. Aug. 16 provided another round of drill results from the second phase of 2016 drilling at the Tetlin project near the crossroads town of Tok in eastern Alaska. The results, from 13 holes drilled in the North Peak and Connector zones, include the best intercept ever encountered at Tetlin when you consider the very high gold grade encountered over long lengths. TET16210, the last hole of the 2016 phase-1 program, carried out during the winter months, tested an idea that the North Peak zone and Peak deposit may be two parts of a continuous band of skarn mineralization. Drilled about 200 meters southeast of North Peak and 200 meters northeast of Peak, TET16210 cut two mineralized intercepts, including 43.96 meters averaging 3.28 g/t gold, 30.6 g/t silver and 0.402 percent copper. “The Connector hole (TET 16210) was originally drilled in an attempt to test a geologic model indicating the Main Peak zone may connect to North Peak,” explained Contango Ore CEO Brad Juneau. ”The new core holes show that gold mineralization is present from the Connector hole to North Peak, and hole TET16235 in this newly delineated area has the highest amount of gold grade (times) thickness drilled to date.” Drilled about 150 meters northwest of the Connector discovery hole, TET16235 cut three gold-rich intercepts, including 38.88 meters averaging 51.62 grams per metric ton gold from a depth of 14.5 meters. Most of the 13 holes reported have multiple intercepts of high-grade gold in this area. TET16237, drilled about 70 meters north of 235, cut five gold intercepts, including 14.19 meters averaging 45.33 g/t gold from a depth of 9.75 meters. The exploration at Tetlin is being conducted by Peak Gold LLC, a joint venture between Contango Ore and Royal Gold Inc. This year’s US$11 million program is being funded by Royal Gold, which also manages the JV. Peak Gold is awaiting assays from another 20 holes drilled during the phase-2 program and Juneau said drilling is slated to continue through September. “Following completion of our 2016 exploration program, we expect to analyze the results and produce a resource update for the Tetlin project by next spring,” the Contango Ore CEO added.

-Shane Lasley

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