19.4 gpt Gold over 4.5 M Within 7.4 gpt Gold over 13.5 M Western Flank Continues to Grow 8.0 gpt Gold over 5.2 M
Canadian Gold Corp. announce that ongoing exploration of the Tartan Mine Gold Project, near Flin Flon, Manitoba, continues to yield positive results in resource expansion, definition, and deepening the geological team’s understanding of the project.
These recent results from the Company’s ongoing Phase 4 drill program successfully met their objectives, namely: 1) Target a large undrilled area of the Main Zone located between historic and recent exploration holes below the limit of the 2017 resource estimate (Fig. 1), and 2) continue to build gold ounces along the western flank of the Main Zone, where the Company has been intersecting encouraging results, as highlighted in prior news releases (Fig. 1). Additionally, assays are pending along the deeper portion of the western flank, which appears promising and contains occurrences of visible gold.
Initial Phase 4 Drill Highlights
- Hole TLMZ21-11W1 intersected a high-grade area of the Main Zone with significant visible gold (Fig. 2), returning 19.4 gpt gold over 4.5 metres within a wider interval of 7.4 gpt gold over 13.5 metres. This drill hole targeted a 90-metre gap in the Main Zone at 590 metres below surface, which was below the lower limit of the resource estimate (Fig. 1). Additional drilling of this area is warranted and could demonstrate a particularly rich part of the orebody that could potentially deliver increased gold grades and enhanced economics for the deposit.
- Hole TLMZ21-04W3 continued with the Company’s plan of growing the western limits of the Main Zone, returning 8.0 gpt gold over 5.2 metres, including 12.5 gpt gold over 2.55 metres, and expanding the width of the Main Zone by approximately 90% over a 50-metre stretch between 525 and 580 metres below surface (Fig. 1). The Company’s geological team believes that there remains excellent potential to grow the limits of the Main Zone to the west and east, where similar growth opportunities may exist. Two additional holes further targeting the western limits between 680 and 730 metres below surface are currently pending. Both holes were drilled another 40 to 50 metres to the west and contained occurrences of visible gold.
- Additional planned drilling for the Phase 4 program includes a deeper test of the South Zone, which is currently underway (Fig. 3), and two deep holes along the western flank of the Main Zone (Fig. 1). The drilling is designed to maximize the total potential gold ounces before the Company makes a decision on commencing an updated mineral resource estimate and mine economics study.
Since the previous resource estimate was published in 2017, the Company has completed over 23,000 metres of drilling, expanding the vertical extent of the gold mineralization by approximately 79%, from 575 metres to 1,030 metres below surface.
Table 1. Drilling Assay Highlights
| Drill Hole | From (metres) | To (metres) | Interval1 (metres) | Depth Below Surface (metres) | Gold Grade (gpt) | Zone2 |
| TLMZ21-11W1 | 692.00 | 705.50 | 13.50 | 590 | 7.4 | MZ |
| Including | 697.00 | 701.50 | 4.50 | 19.4 | ||
| Including | 697.00 | 698.00 | 1.00 | 67.4 | ||
| TLMZ21-04W1 | 661.75 | 668.70 | 6.95 | 550 | 3.2 | MZ |
| Including | 664.75 | 665.75 | 1.00 | 5.2 | ||
| And Including | 667.70 | 668.70 | 1.00 | 7.6 | ||
| TLMZ21-04W2 | 677.50 | 689.50 | 12.00 | 580 | 3.9 | MZ |
| Including | 683.00 | 686.00 | 3.00 | 4.7 | ||
| Including | 683.00 | 684.00 | 1.00 | 7.2 | ||
| And Including | 685.00 | 686.00 | 1.00 | 6.0 | ||
| And | 648.00 | 649.00 | 1.00 | 570 | 2.2 | HWZ |
| And | 654.00 | 655.00 | 1.00 | 5.1 | ||
| TLMZ21-04W3 | 645.00 | 655.00 | 10.00 | 525 | 5.3 | MZ |
| Including | 645.70 | 650.90 | 5.20 | 8.0 | ||
| Including | 648.35 | 650.90 | 2.55 | 12.5 | ||
| Including | 650.00 | 650.90 | 0.90 | 20.4 |
2MZ and HWZ refers to the Main Zone and Hanging Wall Zone.
Table 2. Details of Drill Holes Reported in This Press Release
| Drill Hole | Azimuth (Degrees) | Dip (Degrees) | Length (metres) | Easting (UTM) | Northing (UTM) |
| TLSZ21-11W1 | 207 | -63.5 | 740 | 324473 | 6082450 |
| TLMZ21-04W1 | 208 | -64 | 701 | 324450 | 6082401 |
| TLMZ21-04W2 | 208 | -64 | 710 | 324450 | 6082401 |
| TLMZ21-04W3 | 208 | -64 | 677 | 324450 | 6082401 |
For Further Information, Please Contact:
Michael Swistun, CFA
President & CEO
Canadian Gold Corp.
(204) 232-1373
[email protected]
Qualified Person
The 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.
Technical Information
The samples collected by Canadian Gold Corp. described in this news release were transported in secure sealed bags for preparation and assay by ALS Labs in Thunder Bay, Ontario. The samples reported were crushed in their entirety to 80% passing 2 mm, with one 500 g subsample analysed for gold by photon assay.
About Canadian Gold Corp.
Canadian Gold Corp. is a Toronto-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). 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), and The Hammond Reef Project (ON). The Company is 34% owned by Robert McEwen, who was the founder and CEO of Goldcorp and is Chairman and CEO of McEwen Mining.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This 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.
