Rick Van Nieuwenhuyse President and CEO CONTANGO ORE
Can you introduce us to Contango Ore and its under-construction Manh Choh Project?
Contango Ore is a US-listed company (NYSE-A: CTGO). We are currently constructing the Manh Choh Project, a discovery we made on land owned by the Tetlin Tribe in Alaska, which boasts a 1-million-oz gold deposit with a high-grade ore of averaging 8 g/t. To develop the project, we established the Peak Gold Joint Venture (PGJV) with Kinross, whereby Contango is a 30% owner with Kinross managing and owning the remaining 70%.
To process Manh Choh’s ore, we will use Kinross’ underutilized mill at the Fort Knox Mine in Fairbanks. Our decision not to build another mill and tailings facility has significantly expedited the project’s progress, reduced capital requirements, and shortened the permitting timeline. We anticipate commencing production by July 2024, with an estimated annual gold output of 225,000 oz.
What is Manh Choh’s exploration upside?
The Manh Choh Project is on an expansive property of 675,000 acres. Because of its extent, we have explored less than 5% of the area. The project’s location is strategically significant as it lies within the Tintina Gold Belt, a geologic province that has yielded over 100 million oz of gold. We expect to uncover substantial additional gold ounces through extensive baseline stream geochemistry and diligent follow-up on numerous anomalies. The PGJV has a US$3 million budget for exploration this year. However, once the mine is operational, we anticipate augmenting this budget significantly.
Could you speak of Lucky Shot, the company’s other project?
Between Coleman and Lucky Shot we believe our currently planned drilling will outline in excess of 400,000 oz. Like the Manh Choh Project, our plan will evaluate the possibility of transporting the ore to the Fort Knox Mill for processing. The proximity of the railroad, a mere 20 miles from Lucky Shot, would significantly reduce transportation costs.
Ewan Downie CEO i-80 GOLD CORP
How has i-80 Gold Corp been advancing its three projects?
The first project, the Granite Creek operation, is the most advanced. We recently completed mining on the first four levels and built a substantial gold mineralization stockpile, which we have begun shipping to Nevada Gold Mines for processing. Moreover, we have also successfully delineated a new deposit, the South Pacific zone, which we plan to begin mining in the first quarter of 2024. This is the first project for our company that we are targeting to become cash flow positive.
The second project, the McCoy-Cove Project, is our flagship gold project. We have made significant progress in 2023, including establishing underground access for depth drilling and completing the necessary infrastructure for an underground drill program. We are currently performing definition drilling to upgrade our inferred resources to indicated ones and expect to deliver a full feasibility study in 2024.
Finally, the Ruby Hill Project is our most active in drilling. We plan to develop both gold and base metal deposits at this site. The gold mineralization will be transported to our processing facility. At the same time, we plan to convert the existing gold leach plant at Ruby Hill into a base metal flotation plant producing both zinc and lead concentrate.
What should we expect in the upcoming months from i-80?
The most significant catalyst for i-80 is obtaining the final permits for Cove and for Ruby Hill to begin the underground development program. Once we secure the permit for Ruby Hill, all three of our projects will be permitted for underground development or production by mid-2024. Given the increasing difficulty in obtaining permits to build mines due to ESG factors, achieving this at all three sites is a significant milestone for our company. We also anticipate a continued ramp-up of production at Granite Creek.