Canadian Gold Corp. Field Exploration Underway at Hammond Reef South and Tartan West
Hammond Reef South
The 2025 field exploration program is designed to follow up on the high grade gold samples discovered last year, which remain open along strike. This program will be funded using proceeds of a recently closed $385,000 private placement of flow-through shares.
Last year's program successfully identified a new high-grade gold zone with assays returning 35.4 gpt, 11.6 gpt, 7.1 gpt, and 2.9 gpt gold (see: September 25, 2024 CGC News Release). The Hammond Reef South property is located only 2 km from Agnico Eagle's Hammond Reef Deposit, which contains a large mineral resource of more than 5 million ounces of gold and occurs in the same geological environment (Fig. 1). Exploration is currently focused on evaluating the extent of the gold system as well as the broader mineralized corridor that extends over a 6.7 km strike and parallel to Agnico Eagle's Hammond Reef Deposit (Fig.1).
The current program will include follow-up surface work along strike to better evaluate the lateral extent, width and continuity of the gold system, building on last year's strong results (Fig.2).
In addition, the Company is also planning a geophysical program to target areas of higher sulphide content, which have shown a strong correlation with the gold mineralization. Together, the surface work will focus on tracing the trend of the mineralization while the geophysics will help identify potential extensions of the system beneath cover and at depth to refine high-priority targets for drilling.
Tartan West Property
Field crews have also commenced a ground reconnaissance program along the Tartan Shear Zone on the Tartan West Property (Fig. 3).
The current Tartan West program consists of detailed mapping, prospecting, and sampling to evaluate and verify the historic high-grade surface showings (Fig.4), which will aid with prioritization of areas for additional work such as trenching, stripping and diamond drilling.
Historic high-grade gold surface samples with no follow-up drilling returned: 118 gpt gold and 53.5 gpt gold (Fig. 4).
Highlights of the historic drilling include extremely high-grade results: 44.2 gpt gold over 2.5 metres, 68.9 gpt gold over 1.1 metres, 60.0 gpt over 1.1 metres and 595.2 gpt over 0.2 metres. Additional drill assays have returned results comparable to the Tartan Mine, including 11.6 gpt gold over 3.8 metres, 7.7 gpt gold over 4.4 metres, 6.4 gpt gold over 2.4 metres and 12.9 gpt gold over 1.13m (Fig. 4).
The program at the Tartan West property is an important first step toward a goal of potentially levering future infrastructure investments over an expanded resource base, delivering enhanced economies of scale including:
the potential to build a single process facility at the Tartan Mine and source ore from multiple areas along the contiguous Tartan Shear Zone, reducing the capital needed on a per ounce basis once a decision has been made to restart production; and
ability to access Tartan West mineralization in the future from current and planned Tartan Mine underground infrastructure.
For Further Information, Please Contact:Michael Swistun, CFA President & CEOCanadian Gold Corp.(204) 232-1373info@canadiangoldcorp.com
Social Media Accounts:X (Twitter) InstagramFacebookLinkedIn
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Qualified PersonThe scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the Company, and a Qualified Person as defined under National Instrument 43-101.
About Canadian Gold Corp.Canadian Gold Corp. is a Canadian-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The historic Tartan Mine currently has a 2017 indicated mineral resource estimate of 240,000 oz gold (1,180,000 tonnes at 6.32 g/t gold) and an inferred estimate of 37,000 oz gold (240,000 tonnes at 4.89 g/t gold). (Tartan Lake Project Technical Report, Manitoba, Canada, April 2017 authored by Mining Plus Canada Consulting Ltd.). The Company also holds a 100% interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). McEwen Inc. (NYSE & TSX: MUX) holds a 5.6% interest in Canadian Gold, and Robert McEwen, the founder and former CEO of Goldcorp, and Chairman and CEO of McEwen Inc., holds a 32.5% interest in Canadian Gold.
CAUTION REGARDING FORWARD-LOOKING INFORMATIONThis news release of the Company contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Canadian Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Figure 1: Hammond Reef South Gold Trend
To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3276/259099_b04364b4045a6984_001full.jpg
Figure 2: Hammond Reef South 2024 Surface samples
To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3276/259099_b04364b4045a6984_002full.jpg
Figure 3. Location of the Tartan West Property.
To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3276/259099_b04364b4045a6984_003full.jpg
Figure 4. Location of highlight historic gold occurrences on the Tartan West Property.
To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3276/259099_b04364b4045a6984_004full.jpg
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259099
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