When the financial world appears to be going to hell, smart investors look for a safe haven, and many times, that haven lies in gold. With the TSX plunging to five-week low amid recession concerns,
Vancouver-based Contact Gold Corp. (TSX-Venture:C) exulted Wednesday in what it called cyanide solubility recoveries in reverse circulation sample splits from drilling completed by Ely Gold in 2015.
Assay results indicate that gold mineralization in the E and C Zones are entirely oxidized and averages between 96% - 100% gold recoveries in cyanide solubility tests compared to Fire Assay/Atomic Absorption gold values.
The Green Springs gold project is located in White Pine County, Nevada, and is surrounded by several other significant Carlin Type gold deposits
Finds at Green Springs included one of 5.05 grams per ton gold (g/t Au) over 39.6 metres from 65.5 m in hole GS15-06 . Another sample included 9.01 g/t Au over 16.7 m from 71.6 m
CEO Matt Lennox-King said, "We are very excited with these new results from Green Springs, which demonstrate for the first time the oxidized nature of the high-grade gold mineralization at the E and C Zones.”
Shares in C improved a penny in price, or 5.6%, to 19 cents, on volume of 71,500 shares.