Contango ORE, Inc. Announces Final Results for the 2016 Drilling Program

HOUSTON--(BUSINESS WIRE)--Contango ORE, Inc. (“CORE” or the “Company”) (OTCQB: CTGO) is pleased to provide the final drilling results obtained during the Phase III 2016 drilling program being conducted by Peak Gold, LLC, a joint venture between the Company and Royal Alaska, LLC (“Royal”), a wholly owned subsidiary of Royal Gold, Inc., managed by Royal, on the joint venture’s gold exploration project in Tetlin, Alaska.

The data below includes 11 new drill holes and new intervals for previously released drill holes as shown on the accompanying base map. Sample intervals are calculated using 0.5 grams per tonne (gpt) lower cut off for gold with no internal waste less than cutoff grade that is greater than 3 meters in thickness. Intercepts shown are drill intercept lengths. True width of mineralization is unknown:

Brad Juneau, the Company’s President commented, “We continue to be encouraged by the drilling results at North Peak, which indicate that the area of known mineralization is comparable to the strong results we have seen in our original discovery at Main Peak to the south. We anticipate that drilling operations will resume in early February to target open areas at North Peak, as well as exploratory targets in close proximity to both North Peak and Main Peak. This first phase of 2017 drilling is expected to total 6,000 meters of new core drilling. We expect to receive a new resource report near the end of the first calendar quarter of this year.”

ABOUT CORE

CORE is a Houston-based company that engages in the exploration in Alaska for gold and associated minerals through Peak Gold, LLC, its joint venture company with Royal Alaska, LLC. Additional information can be found on our web page at www.contangoore.com.