Contango Ore Discovers New High-Grade Vein at Lucky Shot Project

Event summary

  • Contango Ore reported initial assay results from underground drilling at the Lucky Shot Project in Alaska, including a high-grade intercept of 294.77 g/t gold over 1.16 meters.
  • The drilling program, commenced in November 2025, has completed 20 HQ diamond drill holes totaling 2,063 meters from four underground drill stations.
  • A previously unmodeled mineralized structure, designated the “KM vein,” was identified, trending perpendicular to the main Lucky Shot shear zone.
  • The company plans to complete the first drilling phase by the end of April 2026, with a feasibility study targeted for H1 2027.

The big picture

Contango Ore’s discovery of the KM vein highlights the ongoing potential for resource expansion in Alaska’s goldfields, even within historically mined areas. The company’s focus on underground drilling allows for precise targeting and improved data quality, which is increasingly important for smaller-scale, high-grade gold projects seeking to avoid the capital intensity of large-scale open-pit operations. The planned feasibility study will be a key milestone in determining the project’s viability and attracting potential investors.

What we're watching

Geological Complexity
The discovery of the KM vein suggests the Lucky Shot system’s geological model is incomplete, potentially indicating further, previously unmapped mineralization.
Resource Expansion
The success of the current drilling program will be crucial in determining the extent of the KM vein and its contribution to the overall mineral resource estimate.
Feasibility Study
The ability to demonstrate a Direct Shipping (DSO) approach to development will depend on the ongoing drilling results and their impact on the project's economics.

Related topics

Mining Gold