Contango Launches 6,800m Lucky Shot Drill Program and Advances Permitting
CTGO•Contango Silver & Gold commenced a 6,800-meter surface drill program at Lucky Shot on June 22, mobilizing two helicopter rigs to infill known mineralization and test continuity between Coleman and Lucky Shot veins. Permitting for Johnson Tract access road and barge facility remains on schedule with six actions completed.
1. Lucky Shot Surface Drill Program
The surface drill program at Lucky Shot began June 22 with two helicopter-supported rigs on site. Contango plans 29 holes across five platforms totaling approximately 6,800 meters to infill the Coleman zone and execute step-out drilling toward the Lucky Shot vein system, with results released as available.
2. Johnson Tract Infrastructure Permitting Progress
Permitting for the Johnson Tract access road and barge facility has completed six key actions and remains on the federal FAST-41 timeline. The company opened its summer camp to conduct environmental and cultural baseline surveys, geotechnical drilling, and to build a 2.6-mile road on CIRI land, with construction extending into October.
3. Kitsault Valley Drilling and MRE
Over 14,000 meters of the 40,000-meter Kitsault Valley surface drill program have been completed at Torbrit, North Star, Wolf and Red Point. First samples from Torbrit and North Star have been dispatched for analysis, and an updated Mineral Resource Estimate is slated for release by late July.
4. Hedge Contract Settlement
Contango has delivered all 11,000 ounces of its 2026 gold hedge obligations ahead of schedule, increasing exposure to prevailing gold prices. The remaining 15,000 ounces of hedge contracts are scheduled for delivery in the first half of 2027 as the company works to eliminate its hedge book.
