Contango reports 140.23 g/t gold in Lucky Shot drill hole

Contango Silver and Gold Inc. (NYSE American / TSX: CTGO) reported additional gold assay results from its 2026 surface diamond drilling program at the Lucky Shot Project in Alaska, with hole LSS26018 intersecting 140.23 grams per tonne gold over 0.63 meters. The company disclosed these figures on October 6, 2026, alongside an update on underground exploration development at the site.

The surface program, which ran from June 22 to August 31, 2026, completed approximately 5,800 meters in 27 holes from five drill pads. This release covers results for nine holes from Pads C, D, E, and F. In addition to the high-grade intersection in LSS26018, hole LSS26021 intersected 18.16 g/t gold over 3.65 meters, including a narrower interval of 61.73 g/t gold over 0.52 meters. Hole LSS26019 intersected 13.80 g/t gold over 2.74 meters, which included 118.36 g/t gold over 0.30 meters, as well as a separate interval of 27.28 g/t gold over 0.36 meters.

All reported assay interval lengths are downhole core lengths, and true widths are not yet known and may be materially different. The company noted that seven holes returned significant intervals in this batch, while two holes had no significant interval selected for reporting. One interval in hole LSS26031 remains pending assay results and will be reported after validation.

Underground exploration development has advanced 450 meters of a planned 830 meters, representing approximately 54 percent completion. Drilling to test the KM vein system began on September 16, 2026, with 10 of 17 planned holes completed as of the announcement.

Rick Van Nieuwenhuyse, the company's Chief Executive Officer, stated that the results demonstrate the continuity of the Coleman segment of the Lucky Shot vein system and better constrain the location of previously mined zones. He indicated this information will be instrumental in completing an updated mineral resource estimate in the first half of 2027. The company is targeting a feasibility level study aimed at a five-year mine plan delivering 40,000 to 50,000 ounces of annual production.