Contango Silver and Gold Inc. has intersected 2.45 meters grading 86.05 grams per tonne gold from the Coleman 2 vein extension during surface diamond drilling at the Lucky Shot Project in Alaska.

The 2026 surface diamond drilling program has completed approximately 5,700 meters across 27 holes from five drill pads, achieving roughly 93% of its planned 6,000-meter scope. Hole LSS26016 returned the high-grade intercept from the Coleman 2 vein, including 0.80 meters grading 244.30 grams per tonne gold and 0.30 meters grading 49.96 grams per tonne gold. Drilling from Pad C targeted lower, down-dip portions of the northeastern Coleman system near the Lucky Shot Fault, returning 0.50 meters grading 81.57 grams per tonne gold in hole LSS26003. Five of the seven reported holes encountered visible gold.

Underground exploration development has advanced 332 meters of a planned 830 meters, reaching approximately 40% completion on a two-shift, 24-hour schedule. The West Drift Extension has been completed to design, encountering two previously unmodeled KM-style mineralized vein structures tentatively designated KM2 and KM3. Preliminary characterization of selective hand samples from the stockpile yielded up to 395.10 grams per tonne gold. Contango expects to complete this phase of underground exploration development during the middle of the fourth quarter of 2026.

Meanwhile, the Alaska Industrial Development and Export Authority authorized up to US$25 million on September 2, 2026, to advance geotechnical drilling and essential works on the West Susitna Access Road, supporting regional infrastructure development near Nova Minerals Limited's Estelle project.

"These initial surface drill results validate our systematic approach to defining the Coleman vein geometry, even as our underground crews push forward on developing the access needed for our next underground drilling phase. Hitting 2.5 meters of nearly 3 ounce per tonne high-grade gold in LSS26016-along with multiple mineralized intercepts from Pad C-adds critical data that sharpens our geologic model. Furthermore, extending the West Drift and intercepting additional high-grade KM-style vein structures gives us immediate, high-priority targets that we can now drill efficiently from underground."

— Rick Van Nieuwenhuyse, Chief Executive Officer

The current surface and underground programs support technical studies for a feasibility study targeted for the first half of 2027. Contango previously acquired the underlying Lucky Shot lease and net smelter returns royalty in June 2026 by settling $18.75 million in milestone obligations for $5 million in cash and 100,000 common shares.

Read the full announcement: Contango Silver & Gold Intersects 2.45 Meters Grading 86.05 g/t Gold at Lucky Shot and Additional KM-Style Mineralization in West Drift Extension