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FAIRBANKS, Alaska, Sept. 9, 2024 /PRNewswire/ – Contango ORE, Inc. (“Contango” or the “Company”) (NYSE American: CTGO) is happy to announce that the Top Gold JV has began processing Marketing campaign #2 of Manh Choh ore during the Kinross Citadel Knox mill positioned similar Fairbanks, Alaska. Processing of ore for the 2nd Marketing campaign began on August 27th and can proceed into past due September. As well as, the Corporate reported please see common company updates:
- it gained the 404 Wetlands Allow from the USA Military Corps of Engineers (the “USCOE”) to build an get right of entry to street from the Johnson Tract camp website online to the proposed portal and laydown branch;
- it entered right into a memo of working out (the “MOU”) with the Segment of Herbal Assets Place of work of Undertaking Control and Allowing (“OPMP”) to start out allowing the exploration portal and laydown branch for the Johnson Tract venture;
- it has swamped SRK Consulting Canada Inc. (“SRK”) to finish a Initial Financial Evaluate for the Johnson Tract venture the use of our Direct Transport Ore (“DSO”) means; and
- it has finished roughly 1,500 meters (5,000 toes.) or part of the deliberate 2024 floor drilling program on the Johnson Tract venture and plans to finish this system, which left-overs on price range and time table, by means of early October.
Rick Van Nieuwenhuyse, CEO and President for Contango mentioned: “It is great see the start of the second campaign of Manh Choh ore going through the Fort Knox mill. Our representatives are on site to monitor the progress. We expect Campaign #2 to produce a target of 10,000 ounces of gold for Contango’s 30% share of production. In addition, the Company also sold an additional 1,500 ounces of gold and a minor amount of silver from the remaining Campaign #1 recoverable inventory, bringing the total production from Campaign #1 to 16,200 ounces of gold and 3,500 ounces of silver, yielding total sales of $36 million. With gold prices near an all-time high, we expect Campaign #2 sales to realize a blended price between $2,100 to $2,200 per ounce while delivering 60% of our gold into our hedges at $2,025 per ounce and selling the remaining 40% of our gold at the spot market price. All-in Sustaining Costs (“AISC”) for both Campaign #1 and #2, along with a discussion of our earnings and financial results for the quarter ended September 30, 2024, are expected to be announced in the first half of November. Mining and transportation of ore mined at Manh Choh continues to be delivered to the stockpile at Fort Knox and at this stage we continue to believe AISC remain in line with the feasibility study (TRS)1. A third campaign of similar size delivering an estimated 10,000 gold ounces for Contango’s account is currently planned to be processed in November, bringing our total gold production guidance for 2024 to approximately 36,000 ounces.”
Mr. Van Nieuwenhuyse persisted, “meanwhile, the Company is making great progress advancing our newly acquired Johnson Tract project. We received the 404 “Wetlands Allow” from the USCOE on August 21st, which allows the Company to construct a 2.3 mile (3.7 km) access road connecting the existing camp and airstrip with the proposed portal site and associated laydown area. The permit also allows the Company to re-align and expand the airstrip to 5,000 ft. (~1.5km) to accommodate a L-100 Hercules air-cargo plane (~20 tonne capacity). In conjunction, we have entered into a MOU with OPMP to start permitting the underground exploration tunnel. Once the tunnel is completed, it will provide underground access to carry out in-fill definition drilling for measured and indicated resources along with detailed geotechnical, hydrology, environmental, engineering and mine planning studies to complete a feasibility study. The 2024 drill program is a little more than halfway completed and is on track to accomplish what we set out to complete: in-fill drilling on the top 1/3rd of the deposit along with collecting geotechnical, metallurgical and hydrologic information, as well as environmental studies on acid-base accounting and metal leaching characteristics of the host rocks. The program should wrap up by the end of September to early October timeframe – on plan and on budget. Information gathered during this program will also be used to support permitting of the underground tunnel, which is currently underway with OPMP.”
Mr. Van Nieuwenhuyse concluded with “Contango expects to finish the year with a strong balance sheet and be well positioned to execute on our plan to advance our Lucky Shot and Johnson Tract development stage projects. Lucky Shot is fully permitted and ready to drill in 2025. With the Manh Choh feasibility study1 reflecting delivery of an average of 67,500 ounces of gold annually for Contango’s account in 2025 and beyond, and with gold at record highs, we remain committed to adding shareholder value by executing on our ‘Hybrid Royalty’ model focusing on efficiently advancing our development stage projects using our DSO approach.”
ABOUT CONTANGO
Contango is a NYSE American indexed corporate that engages in exploration for gold and related minerals in Alaska. Contango holds a 30% hobby within the Top Gold JV, which rentals roughly 675,000 acres of land for exploration and building at the Manh Choh venture, with the residue 70% owned by means of KG Mining (Alaska), Inc., an oblique subsidiary of Kinross, operator of the Top Gold JV. The Corporate additionally has a rent at the Johnson Tract venture from the underlying proprietor, CIRI Local Company, a rent on Fortunate Shot venture from the underlying proprietor, Alaska Hardrock Inc. and, via its subsidiary, 100% possession of roughly 8,600 acres of peripheral Surrounding of Alaska mining claims. As well as, Contango additionally owns a 100% hobby in an extra roughly 145,000 acres of Surrounding of Alaska mining claims via its absolutely owned subsidiary, which provides Contango the unique proper to discover and create minerals on those lands. Alternative knowledge will also be discovered on our internet web page at www.contangoore.com.
FORWARD-LOOKING STATEMENTS
This press leave incorporates forward-looking statements relating to Contango which might be supposed to be lined by means of the preserve harbor for “forward-looking statements” supplied by means of the Non-public Securities Litigation Reform Function of 1995, in accordance with Contango’s wave expectancies and contains statements relating to presen result of operations, component and nature of the asset bottom, the guesses upon which estimates are based totally and alternative expectancies, ideals, plans, goals, guesses, methods or statements about presen occasions or efficiency (continuously, however now not all the time, the use of phrases similar to “expects”, “projects”, “anticipates”, “plans”, “estimates”, “potential”, “possible”, “probable”, or “intends”, or pointing out that positive movements, occasions or effects “may”, “will”, “should”, or “could” be taken, happen or be accomplished). Ahead-looking statements are in accordance with wave expectancies, estimates and projections that contain various dangers and uncertainties, which might reason original effects to fluctuate materially from the ones, mirrored within the statements. Those dangers come with, however don’t seem to be restricted to: the hazards of the exploration and the mining trade (for instance, operational dangers in exploring for and creating mineral reserves; dangers and uncertainties involving geology; the speculative nature of the mining trade; the indecision of estimates and projections on the subject of presen manufacturing, prices and bills; the volatility of herbal assets costs, together with costs of gold and related minerals; the life and extent of commercially exploitable minerals in homes received by means of Contango or the Top Gold JV; skill to appreciate the expected advantages of the Top Gold JV; attainable delays or adjustments in plans with appreciate to exploration or building tasks or capital expenditures; the translation of exploration effects and the estimation of mineral assets; the lack of key workers or experts; fitness, protection and environmental dangers and dangers similar to climate and alternative herbal failures); uncertainties as to the supply and value of financing; Contango’s incapability to hold or guard its relative possession hobby within the Top Gold JV; incapability to appreciate anticipated worth from acquisitions; incapability of our control crew to explode its plans to satisfy its objectives; the level of disruptions led to by means of a plague of weakness, such because the COVID-19 pandemic; and the chance that executive insurance policies might alternate, political trends might happen or governmental approvals is also not on time or withheld, together with because of presidential and congressional elections within the U.S. or the lack to acquire mining allows. Alternative knowledge on those and alternative elements which might have an effect on Contango’s exploration program or monetary effects are incorporated in Contango’s alternative experiences on report with the U.S. Securities and Alternate Fee. Traders are cautioned that any forward-looking statements don’t seem to be promises of presen efficiency and original effects or trends might fluctuate materially from the projections within the forward-looking statements. Ahead-looking statements are in accordance with the estimates and reviews of control on the occasion the statements are made. Contango does now not suppose any legal responsibility to replace forward-looking statements must instances or control’s estimates or reviews alternate.
SOURCE Contango Ore
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