Rich, shallow gold in Nevada

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Rich, Shallow Gold In Nevada

Near-surface oxide gold over 1 g/t is a valuable commodity anywhere — but that value soars if the gold deposit lies in Nevada.

Contact Gold (C.V; CGOLF.OTC) has not one, but two near-surface gold projects in the state...and a drill program that’s continuing to deliver great grades from its Cortez Trend project.

Dear Fellow Investor,

Nevada is a Mecca for gold mining.

In 2021, the state produced 4.47 million ounces of the yellow metal, accounting for fully 77% of U.S. gold production.
 

The Carlin and Cortez Trends in the state, which host the majority of this gold production, are teeming with mining and processing capacity and infrastructure. This advantage can allow even low-grade gold projects to deliver rich returns.

Contact Gold (C.V; CGOLF.OTC) has the good fortune to own not one, but two gold projects in Nevada, one located along the Cortez Trend and one along the Carlin Trend.

And at a time while the big players in the state like Nevada Gold Mines are increasingly going deep to find more gold, Contact Gold’s projects both boast easily-mineable, near-surface gold.
 

It’s getting better by the day because — as you’re about to see — recent drilling on the company’s Green Springs project promises to grow its near-surface gold potential significantly.
 

Not only that, but with the company’s valuation mainly hinged upon Green Springs, investors get the significant near-surface gold resource at its Pony Creek project essentially for free.

Green Springs:
$10 Million Being Spent By Centerra Gold

Contact Gold’s Green Springs project is located at the southern end of the Cortez Trend.

The project is now growing significantly, thanks to aggressive drilling funded by a $10 million joint venture deal with Centerra Gold.

Centerra can earn a 70% interest in Green Springs by spending $10 million exploring the project over a four-year period.
 

It’s a sweet deal for Contact, made sweeter by the $1 million in cumulative cash payments it will receive from Centerra over those four years.
 

Contact acts as operator on Green Springs and, as you can see, is essentially getting paid to expand its flagship project with the drill bit.

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Great Early Results From 2023 Drilling

The partners have embarked on a 4,500-meter, reverse circulation drill program at Green Springs — and the drills are already producing great results.
 

The project’s X-Ray zone is hitting very mineable grade, near-surface oxide gold, highlighted by...

Hole 7, which cut 1.97 g/t gold over 35.1 meters, including 5.06 g/t gold over 10.7 meters. Within that narrower interval was an even higher-grade interval of 6.96 g/t gold over 4.6 meters.
 

Hole 6, which intersected 1.14 g/t gold over 27.4 meters, including 10.7 meters of 1.73 g/t gold.

These grades would be great for an open-pit project anywhere in the world...but in Nevada, blessed as it is with infrastructure, they are extraordinary.
 

Results are still pending from the Tango zone, which in 2022 returned 0.51 g/t over 30.5 meters, 0.70 g/t over 16.8 meters, 0.50 g/t over 13.7 meters and 0.45 g/t over 24.4 meters.
 

Green Springs boasts a number of additional targets generated by ground work and sampling — including some targets extending over a kilometer in extent. This is why the partners are hoping to outline a major deposit of near-surface gold as the drills keep turning.

Bonus:
A Carlin Trend Gold Resource

Adding to Contact Gold’s allure is its Pony Creek project located along the southern end of the prolific Carlin Trend.

Pony Creek has an inferred, pit-constrained resource of 433,000 ounces gold — and that resource remains wide open for expansion.

Contact Gold’s hit rate at Pony Creek has been extraordinary, with no less than 90% of its holes hitting measurable gold.
 

The project is adjacent to Orla Mining’s feasibility-stage South Railroad project. That project has a $315 million after-tax NPV, discounted at 5% and an IRR of 44% at $1,650 gold. It contains 1.6 million ounces of gold at 0.77 g/t.
 

Not only could further drilling expand Pony Creek, but its position next to South Railroad makes it an obvious acquisition target for Orla as it looks around for other sources of ore.

More Drill Results On The Way

The timing is perfect to take a hard look at Contact Gold.
 

The company and JV partner Centerra still have a number of holes outstanding from various targets at Green Springs.

If those holes return more instances of near-surface oxide gold at the grades detailed above, it will bode well for Contact Gold’s share price, particularly as the gold market rebounds this fall.

Note that, even in Nevada, it would take a lot of gold to move the needle for Centerra Gold. That this big gold producer signed on to spend up to $10 million for its stake is a clear sign of the size of target they see here.
 

Obviously, success should result in a major re-rating for Contact Gold.
 

Near-surface oxide gold is a rare commodity in Nevada these days. Contact Gold has it in spades — and the drills are turning now to discover more.
 

With gold waking up as the summertime doldrums fade away, the time to look into Contact Gold and its exciting drill results is now.

CLICK HERE
To Learn More about Contact Gold Corp.