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Contact Gold - Overview of Green Springs Project
Overview of Green Springs Project
Source: Contact Gold
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  • Contact Gold Corp. (C) has released financial and operating results for Q3 2021
  • Some highlights include a non-brokered private placement financing for gross proceeds of up to $3,000,000
  • Contact Gold completed 7,511 metres in 59 drill holes at its Green Springs gold project in Nevada
  • The corporation made two new oxide gold discoveries at the project providing a blueprint for an expansion opportunity at the Tango and X-Ray properties
  • During Q3, Contact Gold discovered gold mineralization at the Pilot Shale / Guilmette Limestone contact beneath the historic Mine Trend at Green Springs
  • Contact Gold Corp. (C) is up 10 per cent trading at $0.05 per share as of 1:30 p.m. ET

Contact Gold (C) has released its financial and operating results for Q3 2021.

Some highlights from the period include a non-brokered private placement for gross proceeds of up to $3,000,000.

Each unit consists of one common share and one-half of one purchase warrant.

Each warrant entitles the holder to purchase an additional share at a price of $0.075 per share for a period of 24 months from the November 23 closing date.

In June, Contact Gold completed an internal reorganization to redomicile the corporation back into Canada.

Contact Gold also completed 7,511 metres in 59 drill holes at its Green Springs gold project in Nevada.

The corporation made two new oxide gold discoveries at the project providing a blueprint for an expansion opportunity at these properties:

  1. Tango – represents a step out of over 500 metres from the next closest drill holes at the Alpha Zone, and remains open for expansion, particularly to the south and west
  2. X-Ray – Sits midway between the northern end of the Mine Trend and the Alpha Zone, and bridges a gap with no prior drilling of over 500 metres between these zones

During Q3, Contact Gold discovered gold mineralization at the Pilot Shale / Guilmette Limestone contact beneath the historic Mine Trend at Green Springs.

This provides proof of concept of the Alligator Ridge style of mineralization within a “stacked” host horizon in the lower Chainman shale.

Additionally, the corporation expanded the Green Springs property position by staking 18 claims covering the possible northward extension of the Tango Zone.

Contact Gold Corp. (C) is up 10 per cent trading at $0.05 per share as of 1:30 p.m. ET.

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