Commencement Of Surface Drilling At The Newly Acquired Johnson Tract Deposit

FAIRBANKS, AK - Contango ORE, Inc. reported the start of a surface drilling campaign at the Johnson Tract property. The 2024 surface exploration drilling targets 3,000 meters (~9,850 ft) across 20 drill holes and is designed to in-fill the upper one-third of the near vertical resource. In parallel with the in-fill drilling, selected holes will undergo hydrological testing and monitoring to characterize the overall surficial and deposit hydrology and water quality. In addition to assaying the core, selected drill core will undergo advanced metallurgical, geochemical, and specific gravity tests to assist in building a geometallurgical model for the deposit. Camp opened in mid-July and the drilling program is expected to last approximately three months.

Rick Van Nieuwenhuyse, CEO and President, said, “We are excited to start the drills turning again at Johnson Tract. This year’s program will focus on three things: in-fill drilling to upgrade resources to the Indicated category; collection of metallurgical samples for more detailed metallurgical testing to support a geometallurgical model for the deposit; and support geotechnical and hydrologic studies in preparation for permitting an approximate 1.6 kilometer (1 mile) long tunnel to access the Johnson Tract deposit and support a detailed underground drilling program in preparation of a Feasibility Study. In addition to the drilling program, we are continuing on-going permitting efforts to support construction of an access road from the camp to the portal site as well as the laydown area for the tunnel site and underground support facilities. We expect to have permits in hand by the end of the year and be in a position to start construction of the portal access road next summer.”