Contact Gold Reports 2022 Financial and Operating Results and Provides Corporate Update
Original announcement by tmx on
- Company
- Contact Gold Corp.
- Ticker
- C
- Exchange
- TSX
- Region
- Nevada
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Drill results, Resource update, Other
- Extracted
- 2026-09-17 15:46:32 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Contact Gold reported its 2022 financial results, noting a net loss of $3.26 million and a working capital deficit. Operationally, the company highlighted high-grade 2023 drill intercepts at the Green Springs project and announced a maiden inferred resource at Pony Creek.
Reasoning: The release combines routine annual financial reporting with significant operational updates, including high-grade drill intercepts and a new maiden resource estimate, offset by a continuing cash burn.
Positive factors
- Strong 2023 drill intercepts at Tango and X-Ray targets
- Strategic earn-in agreement with Centerra Gold
- Maiden resource estimate established at Pony Creek
Negative factors
- Ongoing net losses and working capital deficit
- Resource at Pony Creek is entirely Inferred
Facts used in scoring: 4
Classification and evidence
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: Release names a Qualified Person (Vance Spalding, CPG) and references NI 43-101 technical reports.
Evidence · text
“reviewed and approved by Vance Spalding, CPG, VP Exploration, Contact Gold, who is a “qualified person” within the meaning of National Instrument 43-101”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The Pony Creek resource estimate is stated as being 100% inferred.
Evidence · text
“433,000 inferred pit total constrained ounces”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
Why it applies: The Pony Creek resource is described as an initial mineral resource estimate.
Evidence · text
“Announced an initial mineral resource estimate at Pony Creek”
Extracted facts
Stored fact records: 4. Some facts used in scoring do not have a stored record.
Drill Results (3)
GS22-09Green Springs · goldGrade: 0.51Grade Unit: g/tIntercept: 30.48 mView all detailsHide details
Identity
- Hole ID
- GS22-09
- Project
- Green Springs
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- usa_nv
- Ticker
- C
Geometry
- Grade
- 0.51
- Grade Unit
- g/t
- Intercept
- 30.48 m
- From
- 4.57 m
- To
- 35.05 m
- Intercept Depth
- 4.57 m
Classification
- Sample Type
- drill
- Group ID
- GS22-09:4.57-35.05
QA/QC
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2023-04-04T00:00:00.000Z
Reasoning: Standard exploration intercept at the Tango target.
Evidence · text
“0.51 grams per tonne ("g/t") gold ("Au") over 30.48 metres, from a depth of 4.57 metres, in drill hole GS22-09”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
GS22-08Green Springs · goldGrade: 1.02Grade Unit: g/tIntercept: 3.05 mView all detailsHide details
Identity
- Hole ID
- GS22-08
- Project
- Green Springs
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- usa_nv
- Ticker
- C
Geometry
- Grade
- 1.02
- Grade Unit
- g/t
- Intercept
- 3.05 m
- From
- 3.05 m
- To
- 6.1 m
- Intercept Depth
- 3.05 m
Classification
- Sample Type
- drill
- Group ID
- GS22-08:3.05-6.1
QA/QC
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2023-04-04T00:00:00.000Z
Reasoning: High-grade inclusion within GS22-08.
Evidence · text
“1.02 g/t Au over 3.05 metres”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
GS22-01Green Springs · goldGrade: 1.66Grade Unit: g/tIntercept: 28.96 mView all detailsHide details
Identity
- Hole ID
- GS22-01
- Project
- Green Springs
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- usa_nv
- Ticker
- C
Geometry
- Grade
- 1.66
- Grade Unit
- g/t
- Intercept
- 28.96 m
- From
- 9.14 m
- To
- 38.1 m
- Intercept Depth
- 9.14 m
Classification
- Sample Type
- drill
- Group ID
- GS22-01:9.14-38.1
QA/QC
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2023-04-04T00:00:00.000Z
Reasoning: Strong intercept at the X-Ray target.
Evidence · text
“1.66 g/t Au over 28.96 metres, from a depth of 9.14 metres, in drill hole GS22-01”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Resource Estimates (1)
inferredPony Creek · goldGrade: 0.52Grade Unit: g/tContained Metal: 433000Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pony Creek
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- Nevada
- Ticker
- C
Resource scope
- Estimate type
- resource
- Resource group id
- resource:6ac63e528955cf8e03fa
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- inferred
- Grade
- 0.52
- Grade Unit
- g/t
- Contained Metal
- 433000
- Contained Unit
- oz
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-02-28T00:00:00.000Z
Dates
- Event date
- 2023-04-04T00:00:00.000Z
Reasoning: Maiden resource provides a baseline but lacks geological confidence.
Positive factors
- Maiden resource established
Negative factors
- 100% Inferred category
Evidence · text
“433,000 inferred pit total constrained ounces at an average grade of 0.52 g/t Au”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.