10:50 AM EDT, 08/19/2024 (MT Newswires) -- Contango Ore ( CTGO ) said Monday it processed about 210,000 tons from the First Batch of Manh Choh ore with an average grade of about 0.276 ounce per ton and an average recovery of 95%.

The company said the ore was processed at the Fort Knox mill operated by Kinross Alaska near Fairbanks, Alaska from July 3 to Aug. 2.

Nearly 55,000 ounces of gold and 11,000 ounces of silver in dore bars poured at Fort Knox and sent to a third-party for further refining were attributable to the Peak Gold joint venture, the company said.

Contango said sales of its shares of gold and silver totaled $32.2 million and there is still about 1,500 ounces of gold and a small amount of silver in recoverable inventory at Fort Knox. Contango holds a 30% stake in the joint venture and an indirect subsidiary of Kinross owns the remaining 70%.

Shares of Contango were up nearly 4% in recent Monday trading.

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