Vancouver - Contact Gold Corp. (TSXV: C) (OTCQB: CGOLF) (the 'Company' or 'Contact Gold') is pleased to announce the start of the 2022 drill program at the Green Springs oxide gold project.
Green Springs is strategically located 7 km immediately east of Calibre Mining's Gold Rock project, and 20 km southeast of their Pan Mine. Gold mineralization at Green Springs is hosted within the same Chainman Shale and Pilot Shale units hosting Gold Rock and Pan. The Green Springs project produced high-grade oxide gold from two open pits in the 1980's, and is host to multiple, near-surface Carlin Type gold zones and exploration targets.
The planned Spring 2022 program includes 3,000 metres of drilling designed to expand the footprint of the Tango, X-Ray, and B-C gap gold discoveries, which were all made in 2021. The X-Ray and Tango discoveries are hosted at the lower Pilot Shale contact within the underlying Guilmette limestone. They are near surface, well oxidized, and remain wide open for expansion with exceptional grades and thicknesses. The B-C gap discovery is the first thick, good-grade intercept encountered to date in the lower Pilot Shale beneath the old mine trend, where previous mining and exploration focused solely on the overlying host horizon at Chainman Shale/Joana limestone contact.
About the Green Springs Project
Green Springs is located near the southern end of the Cortez Trend of Carlin-type gold deposits in White Pine County, Nevada, east of Calibre Mining's Pan Mine and Gold Rock Project, and south of Waterton's Mount Hamilton deposit. The Green Springs property is 18.65 km2 encompassing 3 shallow past producing open pits and numerous targets that were not mined.
Contact Gold signed a purchase option agreement with Ely Gold Royalties (now a subsidiary of Gold Royalty Corp.) to acquire an undivided 100% interest in Green Springs in July 2019. Green Springs is an early-stage exploration property and does not contain any mineral resource estimates as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects ('NI 43-101'). There has been insufficient exploration to define a mineral resource estimate at Green Springs.
About Contact Gold Corp.
Contact Gold is an exploration company focused on making district scale gold discoveries in Nevada. Contact Gold's extensive land holdings are on the prolific Carlin and Cortez gold trends which host numerous gold deposits and mines. Contact Gold's land position comprises approximately 140 km2 of target rich mineral tenure hosting numerous known gold occurrences, ranging from early- to advanced-exploration and current gold resources.
Contact:
Tel: +1 (604) 449-3361
Cautionary Note Regarding Forward-Looking Information
This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking statements') within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the anticipated exploration activities of the Company at Pony Creek, or on the Green Springs property.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: impacts arising from the global disruption by the Covid-19 coronavirus outbreak; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities) and title to properties. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
CONTACT GOLD CORP. 
