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CTGO.TO · PR Newswire ·

Contango Enhances Economics with High-Grade Drill Results and Strategic Acquisition of the Lucky Shot Lease and Royalty

Drill Results Mergers & Acquisitions Corporate Updates

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FAIRBANKS, Alaska, May 5, 2026 /PRNewswire/ - Contango Silver and Gold Inc. ("Contango" or the "Company") (NYSE American: CTGO) (TSX: CTGO) is pleased to announce the successful completion of the initial phase of the 2025/2026 underground diamond drilling program at the Lucky Shot Project in Alaska. This program represents the first phase of a multi-phase 18,000 meter underground and surface exploration campaign designed to support potential resource expansion, increase confidence in the geologic model, and advance technical studies in support of a mineral resource update and feasibility study targeted for H1 2027. The Company is also pleased to announce the acquisition of the underlying Lucky Shot lease and net smelter returns royalty.

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Figure 1. Map showing the completed and planned underground drilling of the Lucky Shot (L2) Vein from the West Drift underground development. (CNW Group/Contango Silver & Gold Inc.)
Figure 1. Map showing the completed and planned underground drilling of the Lucky Shot (L2) Vein from the West Drift underground development. (CNW Group/Contango Silver & Gold Inc.)
Figure 2. Cross-section views through drill stations 514 and 538 showing logged geology, interpreted vein locations, visible gold observations, and reported gold assays. A-A': drill fan through station 514, looking east. B-B': drill fan through station 538, looking east. (CNW Group/Contango Silver & Gold Inc.)
Figure 2. Cross-section views through drill stations 514 and 538 showing logged geology, interpreted vein locations, visible gold observations, and reported gold assays. A-A': drill fan through station 514, looking east. B-B': drill fan through station 538, looking east. (CNW Group/Contango Silver & Gold Inc.)
Figure 2. Cross-section views through drill stations 514 and 538 showing logged geology, interpreted vein locations, visible gold observations, and reported gold assays. A-A': drill fan through station 514, looking east. B-B': drill fan through station 538, looking east. (CNW Group/Contango Silver & Gold Inc.)
Figure 2. Cross-section views through drill stations 514 and 538 showing logged geology, interpreted vein locations, visible gold observations, and reported gold assays. A-A': drill fan through station 514, looking east. B-B': drill fan through station 538, looking east. (CNW Group/Contango Silver & Gold Inc.)
Figure 3. Plan view of the existing underground Lucky shot development completed (in black) and planned exploration development excavations (in blue). (CNW Group/Contango Silver & Gold Inc.)
Figure 3. Plan view of the existing underground Lucky shot development completed (in black) and planned exploration development excavations (in blue). (CNW Group/Contango Silver & Gold Inc.)

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