PRECIOUS METALS

Explorer contacts more gold mineralisation in Nevada

Contact Gold eyes further potential

Staff reporter
 Contact Gold sees more potential at the past-producing Green Springs gold project in Nevada

Contact Gold sees more potential at the past-producing Green Springs gold project in Nevada

The latest results included 42.6m at 1.4g/t gold, from 24.38m.

The company was looking for more potential now the road from the Alpha Zone to the never-drilled Tango target was complete. 

"In building the road from Alpha to Tango, we aim to make the next drill discovery at Green Springs and possibly link these two targets together," CEO Matt Lennox-King said.

Contact Gold struck a purchase option with Ely Gold Royalties for Green Springs in 2019.

Green Springs hosts a former mine, said to have produced 74,000 ounces from a series of shallow pit at an average grade of 2.32g/t in the late 1980s.

Contact Gold also has the Pony Creek gold project in Nevada.

The junior raised C$14.7 million in September at 20c per unit, and $13.5 million in a concurrent placement with Waterton Nevada Splitter enabling it to redeem and retire all remaining outstanding preferred shares.

It ended the year with about $4.7 million in cash.

Contact Gold shares (TSXV: C) are trading near a 12-month low, closing unchanged at 10.5c yesterday to capitalise it about $25 million (US$20 million).

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