Contango ORE Reports Exceptional High-Grade Gold Intersections at Lucky Shot Project, Alaska

Contango ORE, Inc. (NYSE American: CTGO) has released significant initial assay results from its ongoing 2025/2026 underground diamond drilling program at the Lucky Shot Project in Alaska. The results highlight major high-grade gold zones, potential for resource expansion, and technical advancements that could materially impact shareholder value and future project economics.

Key Highlights from the Underground Drilling Program

• Exceptional High-Grade Gold Intersections:
  • Drill hole LSU25031 intersected 5.92 meters averaging 60.22 g/t gold, including 1.16 meters averaging 294.77 g/t gold from the newly identified KM vein.
  • Other notable intersections include:
    • LSU25030: 2.45 meters at 8.17 g/t gold (L2 vein)
    • LSU25032: 8.22 meters at 2.92 g/t gold (L2 vein)
    • LSU25036: 1.90 meters at 8.29 g/t gold (KM vein)
    • LSU25039: 5.28 meters at 5.45 g/t gold (L1c vein)
    • LSU25041: 0.50 meters at 82.33 g/t gold (L1c vein)
    • LSU25042: 1.06 meters at 11.24 g/t gold (L1b vein)
    • LSU25050: 0.31 meters at 99.75 g/t gold (KM vein)
• Discovery of the KM Vein: The KM vein represents a new mineralized structural orientation at roughly right angles to the Lucky Shot shear zone. Its orientation and grade characteristics are consistent with previous underground gold exposures, suggesting additional exploration potential within the existing underground footprint.
• Resource Expansion and Confidence Upgrades: The drilling program is aimed at expanding the resource base and upgrading resource confidence for a planned feasibility study in H1 2027. The confirmation of multiple stacked and variably oriented mineralized structures (L2, L1b, L1c, and KM veins) enhances the project’s geological model and resource inventory.
• Technical Execution and Data Quality: Drilling is conducted from established underground infrastructure, allowing precise targeting and improved drill orientation. Approximately 40 more holes are planned, with the first phase expected to complete by April 2026.

Operational and Strategic Developments

• Successful Winter Operations: The drilling commenced in November 2025 and has completed 2,063 meters in 20 HQ diamond drill holes from four underground stations.
• Confirmation of Historically Mined Veins: The program confirms continuity of the Lucky Shot vein system and advances understanding of subsidiary veins (L1b, L1c) previously undeveloped. Visible gold was observed in several drill holes, affirming the presence of high-grade mineralization.
• Feasibility Study Progress: The drilling results are critical for the planned feasibility study that will demonstrate a Direct Shipping Ore (DSO) approach to developing Lucky Shot, potentially accelerating project timelines and reducing capital requirements.

Quality Assurance & Analytical Methodology

• Drill core is logged, photographed, and sampled under Qualified Person supervision. Quality control procedures include insertion of certified reference materials, blanks, and duplicates every 10 samples.
• Gold analyses use the PhotonAssay method, with a lower detection limit of 0.015 g/t Au. Multi-element ICP-MS analysis is also performed to quantify associated mineralization.

Shareholder-Relevant and Price-Sensitive Information

• Potential Share Price Impact: The exceptional high-grade gold intersections, particularly from the newly discovered KM vein, represent significant upside for Contango ORE shareholders. These results confirm both the continuity and potential expansion of high-grade zones, which are likely to positively influence future resource estimates, project economics, and share valuation.
• Resource Upgrade & Feasibility Timeline: The planned feasibility study for H1 2027, supported by these high-grade results and the disciplined technical approach, positions Contango for rapid project advancement and potential re-rating.
• Exploration Upside: The identification of new mineralized structures and confirmation of multiple stacked veins within the underground footprint substantially increases the exploration potential and future value of the Lucky Shot Project.

Upcoming Events

CEO Rick Van Nieuwenhuyse and VP Exploration Dave Larimer will host a live webinar on February 25, 2026, at 3:00pm EST / 12:00pm PST. Investors can attend and ask questions about the drilling results and project developments. Register here.

About Contango ORE, Inc.

Contango engages in exploration, development, and production of gold and associated minerals in Alaska. It holds a 30% interest in the Peak Gold JV (Manh Choh project), a lease on the Johnson Tract project, and owns mineral rights to multiple other projects including Lucky Shot and extensive State of Alaska mining claims.

Forward-Looking Statements & Disclaimer

This article contains forward-looking statements, including those regarding future exploration results, resource expansion, feasibility study progress, and potential share price impacts. Actual results may differ materially due to risks inherent to mineral exploration, market fluctuations, operational uncertainties, and regulatory changes. Investors should review Contango’s filings with the U.S. SEC for additional risk disclosures. This article is intended for informational purposes only and does not constitute investment advice. Always consult a financial advisor before making investment decisions.

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