Mining News: News Nuggets: JV to test outlying Tetlin targets

Contango ORE Inc. May 15 reported that US$5 million has been budgeted for an initial phase of exploration at the Tetlin gold project in eastern Interior Alaska. This will mark the first exploration at Tetlin under Peak Gold LLC, a joint venture between Contango ORE and Royal Gold Inc. The first phase of the 2015 program at Tetlin will test outlying exploration targets at Tars, Saddle, North Saddle and Saddle Skarn targets. The drilling also will test expansion targets at the Peak zone, which currently hosts an indicated resource of 5.97 million metric tons averaging 3.46 grams per metric ton gold, 11 g/t silver and 0.25 percent copper. “We expect to have a first phase of exploration to test new exploration targets, as well as a deeper test under the previously discovered Peak zone,” explained Contango ORE President and CEO Brad Juneau. “Depending upon the success of this first phase of exploration, the joint venture may enter into a second phase of exploration to follow up on any new discoveries before the drilling season ends later this year.” The initial phase of the 2015 program is expected to run from late May through July, with drill results anticipated by early August.

- Shane Lasley