Canadian Gold Corp Drills Deepest Hole at Tartan - 415 m Below the Mine Resource Intersecting 12.7 GPT Gold Over 3.2 m, Meaningfully Expanding High-Grade at Depth

Newsfile Corp.
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Phase 2 Drilling Resumes Targeting Main Zone, South Zone and East Tartan VMS Prospect

Toronto, Ontario--(Newsfile Corp. - January 11, 2024) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce initial results from its Phase 2 Exploration Program at the Tartan Mine, located near Flin Flon, Manitoba, including the deepest hole in the project's history. Drilling continues to extend the vertical limits of the high-grade gold mineralization, now identified to at least 415 metres below the resource estimate, increasing the vertical extent of the high-grade mineralization by 72% compared to the resource (Fig. 1). Hole TLMZ23-26W5 returned 12.7 gpt gold over 3.2 m, inside of another wide interval of disseminated gold mineralization that returned 2.7 gpt gold over 25 m. The implication of these wider intervals surrounding the high-grade at depth (which are becoming common) is being reviewed by the Company's geological team in order to determine its importance and the ability to convert this mineralization into a potential resource.

Canadian Gold further announces that its phase 2 drill program at Tartan has resumed with a total of 4,000 metres planned. The initial focus will be targeting high-grade gold intersected at the Main Zone, followed by opportunities for discovery and resource expansion at the South Zone and at a promising VMS target situated east of the Mine.

Main Zone Targets

To start the year, drilling is targeting below the high-grade gold intersected in TLMZ21-12 which returned 47.6 gpt gold over 5.8 m, inside 23.8 gpt gold over 12.6 m. This was initially targeted during the 2023 phase 1 program; however, deviation of the drill hole prevented the Company from effectively targeting this location. The application of directional drilling will be used to correct the deviation and improve target accuracy.

South Zone Targets

The South Zone is a parallel zone of mineralization 75 m south of the Main Zone with mineralization occurring along 850 m of strike. The Company intends to strategically focus drilling on specific areas within the South Zone, with the primary objective of extending the mineralization to increase the existing resource for the area (Fig. 2). Currently, mineralization within the South Zone has been tested to depths of 250 metres and significant potential exists beyond these depths. Encouraging intersections, such as 9.6 gpt gold over 11.8 m and 8.8 gpt gold over 4.8 m, continue to remain open for expansion.

VMS Target

The VMS (Volcanogenic Massive Sulfide) target is situated 850 metres to the North-East of the Tartan Mine and was identified from an Induced Polarization (IP) survey where a coincident Airborne Electromagnetic (AEM) geophysical anomaly occurs. The IP survey discovered a 250 m East-West by 300 m North-South chargeable and resistivity low anomaly occurring 100 m below surface and extending to depth below the survey limit (Fig. 3). The prospect of a VMS system occurring on the Tartan property is highly favourable, given its proximity to numerous VMS deposits in the Flin Flon region. The Flin Flon greenstone belt is renowned for its prolific history of hosting significant VMS deposits, making it a promising geological setting for the exploration and discovery of such valuable mineral resources.

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