Contact Gold (C.V) has released the initial plans for this year’s exploration program on the Green Springs gold project in Nevada. As a reminder, Centerra Gold (CG.TO, CGAU) is currently earning a 70% stake in the project by making US$1M in cash payments to Contact Gold while completing US$10M in exploration and work commitments.
There was a firm exploration commitment of US$1.5M for 2023 but Centerra and Contact have approved a 23% larger budget and Centerra will be spending approximately US$1.85M at Green Springs this year. The majority of the budget will be spent on a 4,500 meter Reverse Circulation drill program where the focus will be on expanding the X-Ray and Tango zones while a portion of the planned 45 holes will be drilled on high conviction greenfield targets.
According to Contact’s press release, the partners will drill 4-6 holes at the B-C Gap and C-D Gap targets while they will also drill 6-8 holes on the yet undrilled Whiskey and Foxtrot targets. Additionally, 2-4 holes will be drilled on the Zulu target in the southernmost portion of the land package as Contact thinks the mine trend is ‘wide open for expansion to the south east’.
Disclosure: The author has a long position in Contact Gold. Contact is a sponsor of the website. Please read our disclaimer.
