Contango Launches Lucky Shot Underground Drill Program to Complete Feasibility Study
Contango Announces Start of Lucky Shot Underground Drill Program to Complete Feasibility Study
Nov 19, 2025, 17:00 ET
FAIRBANKS, Alaska, Nov. 19, 2025 /PRNewswire/ – Contango ORE, Inc. (“Contango” or the “Company”) (NYSE American: CTGO) is pleased to announce the start of the Lucky Shot drill program to support completion of a Feasibility Study. We will be conducting the drill program in a series of four phases, which will focus on a combination of drilling from underground drifts and surface exploration – expected to be executed during Summer 2026. The underground exploration drilling targets ~18,000 meters (~59,055 ft) across 210 drill holes and is designed to in-fill the Lucky Shot vein resource to Proven and Probable categories. In parallel with in-fill drilling, selected holes will undergo hydrological, and geotechnical testing and monitoring to characterize the overall deposit. In addition to assaying the core, selected drill core will undergo advanced metallurgical, geochemical, and specific gravity tests to assist in building a reserve model for the deposit in support of a final Feasibility Study. Drilling began on November 19, 2025, and is expected to extend through 2026 with the Feasibility Study expected to be completed in 2027. Assays are expected to start being reported in Q1 2026 and will be released in batches.
Dave Larimer, the Company’s Exploration Manager said, “It’s exciting to get back underground at the Lucky Shot mine! The initial phase of drilling is a decisive resource ‘In-Fill’ program on the Lucky Shot Vein. In addition, we will be drill testing mineralized conjugate and relay structures off the Lucky Shot Vein system that have recently been mapped underground in the West Drift. Channel samples from the West Drift structure included 26.1 g/t gold, 379 g/t gold, and 9.1 g/t gold over 0.5 meters in length averaging ~139 g/t gold over 1.5 meters. The goal of this drill program is to gather the data required to build a robust and mature resource model to support a Final Feasibility Study.”
QUALIFIED PERSONS
Dave Larimer, CPG, Exploration Manager, a qualified person under S-K 1300, has approved the scientific and technical information related to exploration contained in this news release.
ABOUT CONTANGO
Contango is a NYSE American listed company that engages in exploration for gold and associated minerals in Alaska. Contango holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres of land for exploration and development on the Manh Choh project, with the remaining 70% owned by KG Mining (Alaska), Inc., an indirect subsidiary of Kinross Gold Corporation, operator of the Peak Gold JV. The Company and its subsidiaries also have (i) a lease on the Johnson Tract project from the underlying owner, CIRI, (ii) a lease on the Lucky Shot project from the underlying owner, Alaska Hardrock Inc., (iii) 100% ownership of approximately 8,600 acres of peripheral State of Alaska mining claims, and (iv) a 100% interest in approximately 145,000 acres of State of Alaska mining claims that give Contango the exclusive right to explore and develop minerals on these lands. Additional information can be found on our web page at www.contangoore.com.
Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. NIA has received compensation from CTGO of US$80,000 cash for ten months of coverage. NIA’s President has purchased 2,000 shares of CTGO in the open market and intends to buy more shares. This message is meant for informational and educational purposes only and does not provide investment advice.
