Contact Gold Expands Pony Creek Land Position by 30% Through Addition of 22 Square Kilometres of Strategic Claims

ID: 1520659
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(Thomson Reuters ONE) -


VANCOUVER, British Columbia, Sept. 13, 2017 (GLOBE NEWSWIRE) -- Contact Gold
Corp. (the "Company" or "Contact Gold") (TSX-V:C) is pleased to announce that it
has completed staking and acquiring an additional 270 unpatented mining claims
covering 22 square kilometres of prospective mineral tenure adjacent to the Pony
Creek gold property ("Pony Creek"), located approximately 25 kilometres south of
Elko, Nevada.  Contact Gold now controls approximately 127 square kilometres (49
square miles) in the district (including the Dixie Flats and North Star gold
properties).

"We are very pleased to significantly expand Pony Creek''s footprint by over
30%," stated Vance Spalding, Vice President, Exploration of Contact Gold.  "The
land expansion announced today, further solidifies Pony Creek''s importance on
the Southern Carlin Trend. The new claims cover prospective host rocks with
strong exploration potential that have seen minimal exploration effort in the
past. This land provides an excellent growth opportunity beyond the priority
targets we are currently drilling at Pony Creek."

At Pony Creek, the strategic expansion of the property focused on the east and
south of the property following evaluation of key regional exploration targets
in areas underlain by Pennsylvanian and Mississippian clastic and carbonate
rocks known to host gold occurrences in the Railroad-Pinion district. In
addition to staking new claims, Contact Gold acquired the Pony Spur property
which covers a key N80W striking (Rain parallel) structural zone on the western
boundary of Pony Creek.

Pony Creek is now comprised of a total of 1157 unpatented lode mining claims
covering approximately 95.4 square kilometers (36.8 square miles) located
squarely on the Southern Carlin Trend between the Railroad-Pinion district and


Kinross''s Bald Mountain mine.

North of Pony Creek, Contact Gold has also acquired the Poker Flats property,
which is adjacent to Contact Gold''s Dixie Flats gold property ("Dixie Flats")
and Newmont Mining''s Emigrant Mine.  Dixie Flats now comprises 324 unpatented
mining claims covering 27.1 square kilometres (10.5 square miles) of prospective
ground.

Total consideration for the acquisition of the Pony Spur and Poker Flats
properties was US$75,000 in cash and 112,500 shares in Contact Gold, with no
retained NSR.

For a map of the expanded Pony Creek land position, please
click: http://www.contactgold.com/_resources/news/Pony-Creek-Land-update-
September-13-2017-FINAL.pdf

Pony Creek Exploration Program

The Pony Creek project hosts a previously identified Carlin-type gold system and
numerous targets that have been the subject of intermittent past exploration
campaigns. Pony Creek is Contact Gold''s focus in 2017, with core and RC drilling
underway in the central zone of the property.  The Company is collecting
geological, geophysical and geochemical data to identify new exploration
targets, and is currently focused on drilling in areas of previously drilled
gold mineralization which have potential for expansion.

Assay results from the initial RC and core drilling programs are expected to
arrive in early Fall 2017.

Incentive Option Awards

Contact Gold will also be issuing a total of 150,000 incentive stock options at
an exercise price of $0.75 per share for a period of five years to certain
employees and consultants to the Company. The incentive stock options will vest
1/3 on each successive anniversary of the date of grant.

About Contact Gold Corp.

Contact Gold is a gold exploration company focused on leveraging its properties,
people, technology and capital to make district scale gold discoveries in
Nevada.  Contact Gold''s extensive land holdings are on the prolific Carlin and
Independence gold trends which host numerous gold deposits and mines. Contact
Gold''s land position is comprised of 28,082 hectares (281 square kilometres) of
target rich mineral tenure which hosts numerous known gold occurrences, ranging
from early- to advanced-exploration and resource definition stage.

Dixie Flats and Pony Creek are early stage exploration properties and do not
contain any mineral resource estimates as defined by National Instrument
43-101 Standards of Disclosure for Mineral Projects("NI 43-101"). There has been
insufficient exploration to define a mineral resource estimate at Pony Creek,
Dixie Flats, or on any of Contact Gold''s properties. Additional information
about Pony Creek is summarized in a technical report entitled "Technical Report
on the Pony Creek Gold Project, Elko County, Nevada, USA" dated April 18, 2017,
and effective March 15, 2017), prepared by Michael M. Gustin, C.P.G. of Mine
Developments Associates of Reno, Nevada (the "Technical Report"), which can be
viewed under Contact Gold''s issuer profile on SEDAR at www.sedar.com

The scientific and technical information contained in this news release has been
reviewed and approved by Vance Spalding, CPG, VP Exploration, Contact Gold, who
is a "qualified person" within the meaning of NI 43-101.

Additional information about the Company is available at www.contactgold.com.
For more information, please contact:

Matthew Lennox-King
President & Chief Executive Officer

Andrew Farncomb
SVP

E-mail: info(at)ContactGold.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined
in the policies of the TSXV) accepts responsibility for the adequacy of this
release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking
statements" (collectively, "forward-looking statements") within the meaning of
the applicable Canadian securities legislation. All statements, other than
statements of historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news release. Any
statement that involves discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions, future events or
performance (often but not always using phrases such as "expects", or "does not
expect", "is expected", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or
variations of such words and phrases or stating that certain actions, events or
results "may" or "could", "would", "might" or "will" be taken to occur or be
achieved) are not statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements relate, among other
things, to the anticipated exploration activities of the Company on the Carlin
Trend Properties.

These forward-looking statements are based on reasonable assumptions and
estimates of management of the Company at the time such statements were made.
Actual future results may differ materially as forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to materially
differ from any future results, performance or achievements expressed or implied
by such forward-looking statements. Such factors, among other things, include;
business integration risks; fluctuations in general macroeconomic conditions;
fluctuations in securities markets; fluctuations in spot and forward prices of
gold, silver, base metals or certain other commodities; fluctuations in currency
markets (such as the Canadian dollar to United States dollar exchange rate);
change in national and local government, legislation, taxation, controls,
regulations and political or economic developments; risks and hazards associated
with the business of mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected formations
pressures, cave-ins and flooding); inability to obtain adequate insurance to
cover risks and hazards; the presence of laws and regulations that may impose
restrictions on mining; employee relations; relationships with and claims by
local communities and indigenous populations; availability of increasing costs
associated with mining inputs and labour; the speculative nature of mineral
exploration and development (including the risks of obtaining necessary
licenses, permits and approvals from government authorities); and title to
properties. Although the forward-looking statements contained in this news
release are based upon what management of the Company believes, or believed at
the time, to be reasonable assumptions, the Company cannot assure shareholders
that actual results will be consistent with such forward-looking statements, as
there may be other factors that cause results not to be as anticipated,
estimated or intended. Readers should not place undue reliance on the forward-
looking statements and information contained in this news release. The Company
assumes no obligation to update the forward-looking statements of beliefs,
opinions, projections, or other factors, should they change, except as required
by law.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Contact Gold Corp. via GlobeNewswire






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Date: 09/13/2017 - 06:55
Language: English
News-ID 1520659
Character count: 2094
Kontakt-Informationen:
Firma: Contact Gold Corp.
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Stadt: Vancouver, British Columbia
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