Canadian Gold Corp. Announces Results of Phase 2 Drill Program; Plans for Additional Drilling

Newsfile Corp.
8 min read

In This Article:

  • Phase 2 Drilling Continued to expand the Tartan Mine with meaningful high grade gold intersections

  • South Zone Discovers New Trend Open at Depth that remains open and untested below 250 Metres

  • 24.4 g/t Gold Over 0.9 Metres within 12.6 g/t Gold Over 2.9 Metres reported in the Main Zone

  • South Zone intersects 14.0 g/t Gold Over 0.95 Metres Within 5.9 g/t Gold Over 2.95 Metres

  • Phase 3 Drill Program Planning is underway.

Toronto, Ontario--(Newsfile Corp. - April 29, 2024) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce the results of its Phase 2 exploration drill program at the Tartan Mine, located near Flin Flon, Manitoba, and future plans for a Phase 3 Drill Program.

Notably drilling at the South Zone resulted in the discovery of a new trend, where mineralization remains open and untested below 250 metres depth.

Drilling at Main Zone continues to demonstrate expansion of the mineralized envelope, validating the upside potential of the project. (See Fig. 1, 2, 3 and Table 1).

1) Main Zone (MZ)

  • 12.6 g/t Gold Over 2.9 Metres including 24.4 g/t Gold Over 0.9 Metres

  • 6.2 g/t Gold Over 5.0 Metres including 22.0 g/t Gold Over 1.0 Metre

Drilling results from the Main Zone demonstrate continuity of the system with additional high-grade intersections. Grade and thickness of the recent MZ intersections are consistent with expectations and will support a potential update to the Company's mineral resource estimate and will help inform future mine development plans.

Hole TLMZ23-26W6 intersected the MZ at 788 metres below surface and returned 12.6 g/t gold over 2.9 metres including 24.4 g/t gold over 0.9 metres, demonstrating strong continuity of the zone 10 metres west and 25 metres below hole TLMZ23-26W1, which intersected 6.6 g/t gold over 6 metres including 15.1 g/t gold over 1.0 metre (Fig.1).

Hole TLMZ23-26W7 was originally planned to expand the high-grade Hanging Wall Zone (HWZ) in holes TLMZ21-12 and TLMZ21-12W4 which intersected 47.6 g/t gold over 5.8 metres and 30.4 g/t gold over 3 metres. Deviation of the wedge hole, even with the use of directional drilling, prevented the planned HWZ intersection and instead intersected the MZ, returning 22.0 g/t gold over 1.0 metre within 6.2 g/t gold over 5.0 metres. Although the hole ended up 80 metres below the intended target area, development of the HWZ was present and returned 7.2 g/t gold over 1.0 metre within 3.7 g/t gold over 8.65 metres. The last hole of the Phase 2 drilling program TLSZ24-29 was designed as a new drill wedge platform to better target the HWZ from the south (To date, all attempts to intersect the HWZ have been drilled from the North to South). The hole was successfully drilled and is currently at 653 metres, situated approximately 200 metres from the targeted HWZ area.

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