#United States #Fairbanks #gold assay #Lucky Shot #Contango Silver

Contango Silver & Gold's Latest Exploration Achievements at Lucky Shot

Contango Silver and Gold Inc. has recently announced outstanding assay results from the Lucky Shot Project, located in Alaska. The final assays, part of their initial underground diamond drilling phase for the 2025/2026 campaign, have yielded an impressive intercept of 972.10 grams per tonne (g/t) of gold (Au) from drill hole LSU26091. This is a promising outcome that underscores the high-grade potential and complexity of the vein systems at Lucky Shot.

As part of a larger initiative that involves an 18,000-meter multi-phase exploration program, the initial phase has now seen the completion of 65 HQ diamond drill holes, totaling approximately 6,020 meters of drilling. This phase is crucial for refining the understanding of the vein systems, particularly the historically mined Lucky Shot Vein, also known as the L2 Vein, alongside several other sub-parallel veins like L1b, L1c, L1d, L1e, CK, and KM veins.

Highlights from the Assay Results

The assay results reveal several significant gold intercepts that include:

• - LSU26091: 0.17 m grading 972.10 g/t Au, with visible gold observed during core logging.
• - LSU26078: 5.30 m grading 8.89 g/t Au, including 0.60 m grading 35.15 g/t Au.
• - LSU26085: 0.30 m grading 38.97 g/t Au from the CK Vein.
• - LSU26084: 0.63 m grading 17.75 g/t Au from the CK Vein.
• - LSU26081: 0.21 m grading 15.41 g/t Au from the CK Vein.
• - LSU26092: 0.85 m grading 9.45 g/t Au from an unassigned vein structure.
• - LSU26082: 0.71 m grading 8.56 g/t Au from the CK Vein.
• - LSU26079: 0.87 m grading 2.24 g/t Au from the L2 Vein.
• - LSU26088: 0.82 m grading 4.47 g/t Au from the L1e Vein, also with visible gold.

Rick Van Nieuwenhuyse, CEO of Contango, expressed enthusiasm about these initial drilling results and the high-grade potential exhibited by the vein system. The completion of this drilling phase marks an important milestone, setting the stage for continued exploration and development of the Lucky Shot project.

Restart of Underground Exploration Development

After a successful drilling phase, Contango has also restarted its underground exploration development with GMS Mine Repair & Maintenance, Inc. mobilizing to the site to enhance exploration access and advance drill platforms. This next phase involves approximately 800 meters of underground excavation, anticipated to take about five months to complete, thereby enabling further drilling efforts.

The current exploration program aims to extend work in the West Drift to further investigate the KM vein, which has shown high potential based on previous drilling results. Following the extension of the West Drift, new developments will also be initiated at the 2070 East Drift, enhancing access for future drill sites and exploration.

Quality Assurance and Future Prospects

All drilling and sampling activities follow strict adherence to industry best practices, enhancing the confidence in the assay results and geological interpretations. The ongoing success of these exploration efforts will contribute to the company's objectives, including the preparation for a feasibility study scheduled for early 2027.

In summary, as Contango Silver & Gold continues its diligent exploration efforts at Lucky Shot, they remain committed to uncovering the potential of this significant mining region. The impressive assay results, paired with the strategic plans for underground development, reflect a promising future for the company in the vibrant mining landscape of Alaska.