The company, which refers to itself as CORE, has a joint venture with Kinross Gold at the 1.3 million ounce Manh Choh deposit and other exploration projects, including Shamrock acquired in April.
"Although it is full steam ahead for the Manh Choh project based on the latest Kinross guidance, the Lucky Shot project represents an exciting opportunity to add significant additional value for Contango shareholders and marks a new focus for the company," president and CEO Rick Van Nieuwenhuyse said.
The newly-acquired project contains three former mines, Lucky Shot, Coleman and War Baby, which all closed due to the World War II effort in 1942.
The Lucky Shot mine produced 252,000 ounces of gold from 169,000 tons of ore indicating an average head grade of 1.5oz/t or 1.6 oz/tonne or 40g/t, CORE said, while historical production from the Willow district was estimated at 610,000oz at grades between 30-60g/t.
CORE acquired the project, 180km north of Anchorage, from a private Singapore company.
Niewenhuyse planned to re-establish access to drill the down-dip extension of the Lucky Shot and Coleman mines.
The Alaska Future Fund had invested $10 million in the company in June.
CORE describes Manh Choh as "Alaska's next gold mine" with plans to process ore at 70% partner Kinross' Fort Knox facilities.
The project, previously known as Peak Gold, was given an Athabascan name in April after consultation with the Tetlin Tribal Council.
The company had about $36 million in cash, according to a presentation this month.
Its shares (OTCQB: CTGO) have ranged from $10.50-$23 over the past year and closed unchanged yesterday at $18.50, valuing it at $113.8 million.
