Anuncio • Apr 30
Orla Mining Ltd. (TSX:OLA) completed the acquisition of Contact Gold Corp. (TSXV:C). Orla Mining Ltd. (TSX:OLA) entered into a definitive arrangement agreement to acquire Contact Gold Corp. (TSXV:C) for CAD 11.3 million on February 25, 2024. Pursuant to the terms of the Definitive Agreement, Contact Gold shareholders will receive 0.0063 of a common share of Orla for each Share held. Following the completion of the Transaction, Contact shareholders will own approximately 0.7% of the issued and outstanding Orla Shares. The transaction will result in consolidation of the Railroad-Pinion district in Nevada, combining Contact Gold’s Pony Creek oxide gold project with Orla’s South Railroad project, which is located immediately adjacent to the north of Pony Creek. Contact Gold will pay a termination fee of CAD 0.54 million to Orla in the case of certain terminating events. As of April 23, 2024, Contact Gold Securityholders approved the merger by Orla.
The transaction is subject to approval of Contact Gold shareholders, court approval, applicable regulatory approvals, including the approval of the TSX Venture Exchange and the Toronto Stock Exchange. The board of directors of Contact Gold, after consultation with its financial and legal advisors, and on the recommendation of a special committee of independent directors, unanimously approved the transaction. As of April 25, 2024, Contact Gold announce that it has received a final order from the Supreme Court of British Columbia approving the business combination with Orla Mining. The Transaction is expected to be completed by the end of April, 2024. As of April 25, 2024, the transaction is expected to close on or about April 29, 2024. Haywood Securities Inc. acted as financial advisor and Jay Goldman, Lindsay Clements, David Gardos, Danielle DiPardo and Tera Li Parizeau of Cassels Brock & Blackwell LLP acted as legal counsels to Contact Gold. Evans & Evans, Inc. provided a fairness opinion to the Contact Gold Board. Orla's legal advisors are Blake, Cassels & Graydon LLP with respect to Canadian matters and Neal, Gerber & Eisenberg LLP regarding US matters.
Orla Mining Ltd. (TSX:OLA) completed the acquisition of Contact Gold Corp. (TSXV:C) on April 29, 2024. Anuncio • Feb 27
Orla Mining Ltd. (TSX:OLA) entered into a definitive arrangement agreement to acquire Contact Gold Corp. (TSXV:C) for CAD 11.3 million. Orla Mining Ltd. (TSX:OLA) entered into a definitive arrangement agreement to acquire Contact Gold Corp. (TSXV:C) for CAD 11.3 million on February 25, 2024. Pursuant to the terms of the Definitive Agreement, Contact Gold shareholders will receive 0.0063 of a common share of Orla for each Share held. Following the completion of the Transaction, Contact shareholders will own approximately 0.7% of the issued and outstanding Orla Shares. The transaction will result in consolidation of the Railroad-Pinion district in Nevada, combining Contact Gold’s Pony Creek oxide gold project with Orla’s South Railroad project, which is located immediately adjacent to the north of Pony Creek. Contact Gold will pay a termination fee of approximately CAD 500,000 to Orla in the case of certain terminating events.
The transaction is subject to approval of Contact Gold shareholders, court approval, applicable regulatory approvals, including the approval of the TSX Venture Exchange and the Toronto Stock Exchange. The board of directors of Contact Gold, after consultation with its financial and legal advisors, and on the recommendation of a special committee of independent directors, unanimously approved the transaction. The Transaction is expected to be completed by the end of April, 2024. Haywood Securities Inc. acted as financial advisor and Cassels Brock & Blackwell LLP acted as legal counsel to Contact Gold. Evans & Evans, Inc. provided a fairness opinion to the Contact Gold Board. Orla's legal advisors are Blake, Cassels & Graydon LLP with respect to Canadian matters and Neal, Gerber & Eisenberg LLP regarding US matters. Anuncio • Feb 01
Contact Gold Corp. Announces Discovery of New Carlin-Type Gold Mineralization Confirmed from Rock and Soil Sampling Results from its 2023 Exploration Program at its Green Springs Gold Project Contact Gold Corp. announced the discovery of new Carlin-type gold mineralization confirmed from rock and soil sampling results from its 2023 exploration program at its Green Springs gold project located on the prolific Cortez Trend in northeastern Nevada. These new results define the Oscar Target, an exciting near-surface and large-scale drill target that encompasses the northerly projection of the unexplored northernmost portion of the Green Springs Mine Trend. New claims cover the Oscar Target that was generated over the course of the 2023 exploration program utilizing mapping with soil and rock sampling by the Contact Gold team, adding yet another drill target generated by Contact Gold since acquiring Green Springs. Other key targets expected to be drilled in 2024 include Whiskey, Foxtrot, and Zulu. Oscar Target Highlights: 800 metres from closest drill holes. Significant Carlin Type pathfinder element anomaly define the core of the target. Gold in soil values increase in the direction of the Tango Zone, located 600 metres to the east. Similar geochemical anomalies to those at Tango. Fully permitted for the 2024 drill program. Green Springs is strategically located 7 km immediately east of the Gold Rock project operated by Calibre Mining Corp. and 20 km southeast of their Pan Mine. Oscar Target: The Oscar target encompasses the northerly projection of the unexplored northernmost portion of the Green Springs Mine Trend. Oscar had never been sampled or drilled by previous operators, and the nearest drill holes lie over 800m to the south of the Oscar target. The claims at Oscar were staked in the spring of 2023 and were followed by a soil sampling campaign that yielded encouraging results. Well-known pathfinder elements associated with Carlin-style mineralization Arsenic, Antimony and Thallium form a coherent anomaly at Oscar that represents a favorable drill target for Contact Gold's planned 2024 summer drill program. Oscar is within the Company's Plan of Operations boundary with drill sites easily permittable for drilling. Gold in soil samples at Oscar appear in clusters at relatively low values and strengthen to the east. The pathfinder surface geochemical anomaly coincides with the intersection of mapped N, NNW, and WNW trending structures. Surface geology at Oscar is comprised of alternating Guilmette limestone and dolomite. The exploration team has interpreted that this large block of Guilmette limestone has been emplaced due to eastward directed thrusting and likely overlies favourable stratigraphy (Chainman-Joana) present along the mine trend. 600m to the east of Oscar is the Tango Zone, where the Company has successfully drilled gold mineralization in recent drill programs. Tango displays similar geology and geochemical soil anomalies to those at Oscar, and Contact Gold's geologists have discovered gold proximal to thrust faults which in some cases place older Guilmette limestone over younger Pilot, Joana, and Chainman formation rocks. A WNW oriented structure is mapped running from Tango to Oscar and presents an interesting structural target. Geophysical data from a 2020 gravity survey further supports the theory of a WNW connection between Tango and Oscar via a significant gravity break in the Guilmette. This gravity break corresponds to geochemical anomalies at both targets. Additional mapping of the surface geology between Oscar and Tango is planned, along with expanding the soil grid to fill in the gap between the two target areas and delineate high-confidence drill targets before the 2024 drill program commences this summer. Green Sprigngs: The 2023 program was completed under Year 1 of the Centerra Earn In, a four year USD 10 million earn-in with a wholly-owned subsidiary of Centerra Gold Inc. Contact Gold is the project operator and remains the 100% owner of Green Springs until the completion of all earn-in requirements. The Year 2 program has been approved with a budget of USD 2 million and is expected to include 5,500 metres of drilling across key target areas at Green Springs. Anuncio • Oct 26
Contact Gold Corp. Provides the Final Drill Results from the 2023 Exploration Program At the Green Springs Gold Project Located on the Prolific Cortez Trend in Northeastern Nevada Contact Gold Corp. provided the final drill results from the 2023 exploration program at the Green Springs gold project located on the prolific Cortez Trend in northeastern Nevada. The 2023 results at Green Springs were outstanding. The team consistently drilled high-grade intersections of well-oxidized, near surface gold mineralization at X-Ray, which rank among the top drill holes out of Nevada this year. 2023 Green Springs Program Milestones & Highlights: Completed 4,028 metres in 29 drill holes covering the Echo, C-D Gap, Alpha, X-Ray, and Tango Zones. Intersected intervals of oxidized gold mineralization at the Echo, Alpha, Tango and X-Ray Zones. Over 7,896 hours worked with Zero Lost Time Incidents. received a Record of Decision and Finding of No Significant Impact from the US Forest Service, expanding the Plan of Operations from 75 Acres to 150 Acres. Completed 11-line kilometres of CSAMT (geophysics) across the southern end of the property. Continued to develop and refine additional high potential drill targets at Whiskey, Foxtrot, Zulu, and the southern Mine Trend through geophysics, mapping, and rock & soil sampling. The 2023 program was completed under Year 1 of the Centerra Earn In, a four year USD 10 million earn-in with a wholly-owned subsidiary of Centerra Gold Inc. ("Centerra"). Contact Gold is the project operator and remains the 100% owner of Green Springs until the completion of all Earn In requirements. X-Ray Zone: Drilling at the X-Ray Zone significantly expanded the footprint of the zone, which remains open to the south, west and northeast. 1.14 g/t Au over 27.43 metres, from a depth of 16.76 metres, in drill hole GS23-06 - oxide. Including: 1.73 g/t Au over 10.67 metres - oxide. Green Springs is an early-stage exploration property and does not contain any mineral resource estimates as defined by NI 43-101. There has been insufficient exploration to define a mineral resource estimate at Green Springs. Anuncio • Aug 18
Contact Gold Corp. Announces the Second Batch of Drill Results from the 2023 Exploration Program at the Green Springs Gold Project Located on the Prolific Cortez Trend in Northeastern Nevada Contact Gold Corp. announced the second batch of drill results from the 2023 exploration program at the Green Springs gold project located on the prolific Cortez Trend in northeastern Nevada. The 2023 program was carried out as part of a USD 10 million earn-in at Green Springs by Centerra Gold Inc. Contact Gold is the project operator at Green Springs. A total of 4,028 metres of RC drilling in 29 drill holes were completed in this year's program. X-Ray Zone highlights in this release: 1.90 g/t Au over 25.91 metres, from a depth of 89.92 metres, in drill hole GS23-10 - oxide. Including: 2.50 g/t Au over 18.29 metres - oxide; 1.67 g/t Au over 10.67 metres, from a depth of 85.34 metres, in drill hole GS 23-12 - oxide; Including: 2.03 g/t Au over 7.62 metres - oxide. These drill holes are the first holes drilled from the new pattern of drill roads and drill pads located to the south and west of the X-Ray discovery zone. Drill holes GS23-10, GS23-11 and GS23-12 were angled to the northeast to further confirm and extend mineralization from the 2021 discovery holes at X-Ray, (X-Ray discovery release). The X-Ray target remains wide open for expansion, especially to the east, south and west. The program wrapped up at the Tango Zone, which was also discovered by Contact Gold during the 2021 drill program, (Tango discovery release) focusing on step-out holes to the north and west of the discovery zone. Anuncio • Jun 01
Contact Gold Corp. Announces the 2023 Drill Program Commences At the Green Springs Gold Project Located on the Prolific Cortez Trend in Northeastern Nevada Contact Gold Corp. announced that the 2023 drill program has commenced at the Green Springs gold project located on the prolific Cortez Trend in northeastern Nevada. The 2023 drill program will be the first program carried out as part of the USD 10 million earn-in agreement with Centerra Gold Inc. and comes on the heels of drill programs by Contact Gold that have consistently delivered intervals of high grade oxidized gold mineralization and multiple gold discoveries. 2023 Drill Program: Approved budget for the 2023 program is USD 1.85 million (C$ 2.52 million) Contact Gold is the project operator. 4,500 metres of reverse circulation drilling (RC), for an expected 45 drill holes, indicating the near surface nature of gold mineralization at Green Springs. Drilling will focus on stepping out from existing zones of high-grade oxidized gold mineralization and testing new undrilled targets for new discoveries. First drill holes will be at the X-Ray zone, followed by the Echo zone at the southern end of the 3 km long Green Springs Mine Trend. Both X-Ray and Echo host shallow, high grade gold mineralization. Drilling is also planned at the Tango and Alpha zones which are located NE and on trend with X-Ray, forming a 1.5 km trend of oxidized gold mineralization in drilling. Map Showing Green Springs target areas: Key targets and intercepts: X-Ray Zone: Gold mineralization at X-Ray is hosted within the Pilot Shale, a key regional host unit across northeastern Nevada, including at the neighbouring Pan Mine. The X-Ray zone is wide open for expansion, particularly to the south and west of the original discovery location where drill pads are currently being constructed. Alpha and Tango sit to the northeast of X-Ray, indicating the potential to define a significant corridor of gold mineralization. The discovery was drilled by Contact Gold in 2021, with following up drilling in 2022 returning exceptional results. Highlights of previous drilling at X-Ray: 1.66 g/t Au over 28.96 metres from a depth of 9.14 metres, in drill hole GS22-01. Including: 2.66 g/t Au over 15.24 metres 1.95 g/t Au over 41.15 metres, from a depth of 15.24 metres, in drill hole GS22-04. Including: 3.71 g/t Au over 15.24 metres. Echo Zone: Gold mineralization at Echo is hosted within the Chainman Shale, at the contact with the underlying Joanna Limestone, and is also a well-known host rock across the northeast of Nevada. Contact Gold drilled numerous holes at Echo in 2019, 2020, and 2021, consistently hitting well oxidized gold mineralization. Individual drill intervals at Echo run up to 20 g/t Au in well oxidized rock. Echo is open for expansion to the south towards the Zulu target, with the Chainman shale dipping shallowly in that direction. Highlights of previous drilling at Echo: 2.24 g/t oxide Au over 35.05 m from a depth of 35 metres in hole GS20-14. Including: 3.14 g/t Au over 22.86 m. 2.36 g/t oxide Au over 70.10 m from a depth of 80.77 metres in hole GS19-07. Including: 4.09 g/t Au over 38.10 metres. and including: 8.05 g/t Au over 12.19 metres. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Director Riyaz Lalani was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Director Riyaz Lalani was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Jun 02
Independent Director has left the company On the 26th of May, Mark Wellings' tenure as Independent Director ended after 4.0 years in the role. As of March 2021, Mark personally held 1.13m shares (€54k worth at the time). Mark is the only executive to leave the company over the last 12 months.