CTGO:CA:
CTGO:
SILVER:
GOLD:
CTGO:CA:
CTGO:
SILVER:
GOLD:
Rock sampling of mineralized skarn areas identified gold-rich mineralization, with pan concentrates from Hona Creek and 9 Gram Creek running 1 to 9 g/t gold.
Kennecott drilling in the late 1990s and follow-up Peak Gold JV holes both intersected gold mineralization, confirming a large, target-rich system.
A 1,006 line-kilometer airborne magnetics and VTEM survey, combined with State geophysics and ASTER alteration mapping, defines coincident targets.
Helicopter accessible today, with the State-maintained, all-weather Tok Cut-off to Glenn Highway within 10 kilometers.
Overview
Hona is an intrusion-related gold prospect in Contango Silver & Gold’s eastern Interior Alaska portfolio, located immediately south and west of the Eagle claim block. The block was staked in 2016 and is centered on a series of prospects historically known as Hona, Noah, or Natahona, at elevations ranging from 3,000 to 6,680 feet.
Kennecott Exploration originally identified and drilled the prospect in 1997 and 1998, completing three holes totaling 885 meters. Later re-logging demonstrated the holes intersected narrow, high-grade zones of gold and associated metals. Subsequent regional stream sediment and pan concentrate programs outlined several broad areas of anomalous gold and pathfinder elements, and rock sampling of mineralized skarn returned 4 to 14 g/t gold.
Layered modern datasets have sharpened the targets. ASTER-SWIR remote sensing mapped widespread montmorillonite and kaolinite alteration typical of porphyry and gold systems, State of Alaska airborne surveys added magnetics and resistivity coverage, and a Peak Gold JV airborne magnetics and VTEM survey flew 1,006 line-kilometers over the prospect. Multi-gram gold samples at Hona 2 coincide with a strong magnetic high, a discrete conductivity high, and the most intense alteration patterns. Two follow-up drill holes beneath the Hona 2 outcrops both intersected wide-spaced gold mineralization worthy of further drilling.
Key Project Metrics
Unlocking mineral potential
The Johnson Tract lease is held with Cook Inlet Region, Inc. (CIRI). CIRI selected the Johnson Tract lands through the Alaska Native Claims Settlement Act and, in addition to mineral and surface rights, was granted port and transportation easements across adjoining parkland specifically to support mineral extraction.
The lease has an Initial Term of 10 years, followed by a 5-year Development Term to reach a mine construction decision, and then a Production Term that continues for as long as operations and commercial production are maintained. Minimum exploration expenditures and annual lease payments maintain the lease until production. CIRI retains certain NSR royalty rights and a back-in right for up to a 25% participating interest.
